What credit scores get approved for Chase Ink cards?
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Chase offers three “Ink” credit cards for small business owners looking to streamline expenses while earning rewards and enjoying numerous benefits: the Ink Business Preferred℠ Credit Card, the Ink Business Cash® Credit Card and the Ink Business Unlimited® Credit Card.
Each of the Chase Ink business credit cards allow cardholders to earn Chase Ultimate Rewards® points. Know that with the Chase Ink Business Preferred℠ Credit Card, the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, your points have more value when redeemed toward travel through the Chase Ultimate Rewards portal.
We walk through what credit score is needed to qualify for a Chase Ink Business credit card and evaluate which Ink card may be best suited for your business.
Compare the Chase Ink Business credit cards
Here’s how the three Ink cards stack up against each other:
|Chase Ink Business Credit Cards|
|Ink Business Preferred℠ Credit Card||Ink Business Cash® Credit Card||Ink Business Unlimited® Credit Card|
|Sign-up bonus||Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.||Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.||Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.|
|Rewards||Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn.||Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.||Earn unlimited 1.5% cash back on every purchase made for your business.|
|Foreign transaction fee||$0||3% of each transaction in U.S. dollars.||3% of each transaction in U.S. dollars.|
|Intro purchase APR||N/A||0% Intro APR on Purchases for 12 months.||0% Intro APR on Purchases for 12 months.|
|Regular purchase APR||15.99%-20.99% variable APR||13.24% - 19.24% variable APR||13.24% - 19.24% variable APR|
All of the cards offer certain benefits, including:
- Employee credit cards at no additional cost.
- Auto rental collision damage waiver (primary when renting for business purposes).
- Roadside dispatch when you call 1-800-847-2869.
- Purchase protection for 12 days up to $10,000 per claim and $50,000 per account.
- Extended warranty of one extra year on eligible warranties of three years or less.
The Chase Ink Business Preferred℠ Credit Card also offers additional benefits:
- Cellphone protection of up to $600 per claim with a $100 deductible per claim.
- Trip cancellation/trip interruption insurance up to $5,000 per person and $10,000 per trip.
Finally, the Chase Ink Business Preferred℠ Credit Card also allows cardholders to transfer points at a 1:1 value to the following airline and hotel partners:
- Aer Lingus AerClub
- British Airways Executive Club
- Emirates Skywards
- Flying Blue AIR FRANCE KLM
- Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- IHG Rewards Club
- Marriott Bonvoy
- World of Hyatt
If your business requires frequent travel, the Chase Ink Business Preferred℠ Credit Card offers the redemption flexibility and the benefits to make it worth the $95 annual fee.
However, if you don’t travel for business much or at all, the Chase Ink Business Cash® Credit Card or the Chase Ink Business Unlimited® Credit Card is likely a better choice due to their lack of annual fees. And if you need an intro APR period to pay off a big purchase over a year without incurring interest charges, you’ll want to take a closer look at one of the latter cards for sure.
What credit score is needed to get a Chase Ink Business card?
As the business owner, you are ultimately responsible for all charges on your business credit card. For this reason, it’s no surprise that issuers check your personal credit score when you apply for a business card. Most business cards require good or excellent credit to qualify, and the Chase Ink Business cards are no exception. Here are the credit score requirements:
- Chase Ink Business Preferred℠ Credit Card: Excellent
- Chase Ink Business Cash® Credit Card: Excellent
- Chase Ink Business Unlimited® Credit Card: Excellent/Good
Your FICO® Score, the most commonly used credit scoring model, can fall into one of five tiers:
- Excellent: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
So, while no credit card application is ever guaranteed approval, you’ll likely be in a better position to be apply for a Chase Ink Business card if your personal FICO Score is in the upper tiers.
How big must your company be for a Chase Ink Business card?
You don’t necessarily need to have a full-fledged corporation to qualify for one of the Chase Ink Business credit cards. These cards are designed for all types of business, both big and small, as well as those in various industries. However, if your business is very new, you might run a greater risk of being denied when applying for a Chase business credit card.
What revenue is required to get a Chase Ink Business card?
It’s not required to have a business with established revenue to apply for one of these cards.
However, the application form does ask for annual revenue, so be prepared with an estimate if you don’t have previous years of revenue numbers to rely on.
Be aware that if your business lacks revenue, your personal credit will be evaluated more heavily so that the lender can make an educated decision. If your business has substantial revenue, your personal credit may not be weighed as much as a business with no revenue, but lenders will still consider it during the application process.
How does the application process differ from a personal card?
When applying for a business card, you’ll have to enter some information that wouldn’t be requested on a personal card application, such as your legal business structure. Chase offers the following business structure options:
- Sole proprietorship
- Limited liability company (LLC)
The good news is that if you don’t have an Employer Identification Number set up for your business, you’ll have the option to apply with your Social Security number as the tax ID type.
Why you should consider a business credit card
Most every business requires some buying power to get the ball rolling. That’s where the Chase Ink Business credit cards can be very helpful.
Whether you’re consulting, babysitting for friends, selling on eBay or blogging, if you plan to earn money from it, you’ve got a business. Your startup costs can vary depending on the type of business you run, but one commonality is the need for a payment method, and credit cards are widely accepted and relatively simple to use — making them a great choice when used responsibly.
Plus, obtaining and using a business credit card allows you to establish a business credit profile. Your business credit influences a variety of factors, including:
- Whether your business can qualify for financing.
- What rates you’ll pay on loans, lines of credit and leases.
- How long vendors will give you for repayment periods.
- Your business insurance premiums.
The three main bureaus for tracking your business credit are Dun & Bradstreet, Equifax and Experian.
Finally, in the case of the Chase Ink Business credit cards, you’ll earn rewards on every dollar you spend and on employee spending, too. You’ll also get useful travel and purchase benefits, and with two of the Ink cards, an intro APR period that can make big purchases easier to manage.