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When we recommend credit cards, we look for value, ease of use, and the best redemption options that make sense for most people. So, Chase Ultimate Rewards® are easily some of the top credit card points for cash and travel rewards. They have lots of flexibility and some popular Chase travel partners, including United Airlines, Southwest Airlines, Marriott Bonvoy, and Hyatt.
Two top options you may be familiar with are the Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card. In fact, they are usually considered the best Chase has to offer for consumers and businesses. They also have some of the best bonuses:
New Chase Sapphire Preferred® Card cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 for travel when redeemed through Chase Travel℠.
New Ink Business Preferred® Credit Card cardholders can earn 100k bonus points after spending $8,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Travel℠.
Is it possible to have both the (personal) Chase Sapphire Preferred and the (business) Ink Business Preferred cards to maximize your personal and business spending? Yes, it is. But, there are some exceptions and rules to be aware of before applying.
Chase Credit Card Application Rules
It’s possible to have both the Chase Sapphire Preferred and the Chase Ink Business Preferred in your wallet at the same time. But, you will need to observe some of the Chase application guidelines. If you know about these ahead of time, you can plan accordingly.
5/24 Rule
For instance, these two cards fall under the Chase 5/24 rule. This unwritten policy only lets you qualify for new Chase credit cards when you haven’t opened five or more new credit cards in the last 24 months. Being an authorized user also counts toward this limit.
2/30 Rule
Also, you shouldn’t try for more than two Chase credit cards within 30 days. If you don’t have either card, you may decide to get one and earn the signup bonus before trying for the second card. This practice ensures you earn the signup bonus but also spaces your applications by several months.
Minimum Credit Score
You should also have a minimum credit score of 700 before trying for either card, as each card requires good or excellent credit. Here’s where you can get a credit score check for free.
For the Chase Ink Business Preferred® Credit Card, you also need to earn a business income of some kind. It’s possible for sole proprietors and incorporated businesses to qualify.
Recent data points from across the internet and feedback from Johnny Jet readers indicate that having an incorporated business (i.e., LLC) that’s at least several years old has the best approval odds.
Having a Chase business checking account or a Chase personal checking account may also increase your approval odds. Chase looks at many credit factors, including your credit report, annual income, and monthly expenses.
Having an active Chase Bank account may also help you earn loyalty perks if your application requires additional review.
Signup Bonus Requirements
You may also wait to try once you know you qualify for the signup bonus.
First, the Chase Sapphire Preferred® Card has a stricter signup bonus requirement. If you currently own the Chase Sapphire Reserve®, you cannot have a Sapphire Preferred as well. You must either request a downgrade to the Sapphire Preferred or cancel your Sapphire Reserve and try for a Sapphire Preferred.
If you’re a returning Sapphire cardholder, you must wait at least 48 months from receiving your last Sapphire signup bonus to qualify for a new Sapphire Preferred card and signup bonus.
The Ink Business Preferred has a more flexible signup bonus policy. It appears that you can have one of the other Ink Business credit cards at the same time and qualify for the Ink Business Preferred bonus.
These are some of the highest bonuses from Chase.
Chase Sapphire Preferred and Ink Business Preferred: Which Credit Card To Try For First?
If you aren’t a Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card cardholder, which should you try for first? Here is a quick rundown of each card to help you decide, as it can be several months before you can get the other card.
Once you get both cards, you can pool your Chase Ultimate Rewards to redeem your points for pricier rewards more often.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred can be the better option if you want to maximize your personal spending. It can also be easier to qualify for if you have a newer business or cannot meet the Ink Business Preferred’s signup bonus spending requirement at the moment.
You have the best approval odds for the Sapphire Preferred with a minimum credit score of 700. Having a 740 score puts you in the excellent credit category, which means you might have more leeway with your income and expenses.
The annual fee is $95, and there aren’t foreign transaction fees. Below are some of the main reasons to try for the Chase Sapphire Preferred.
Signup Bonus
New Chase Sapphire Preferred® Card cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 when redeemed through Chase Travel℠. Member FDIC
Purchase Rewards
The Chase Sapphire Preferred earns unlimited:
- 5x points on travel purchased through Chase Travel℠ (excluding hotel purchases that qualify for the $50 Anniversary Hotel Credit)
- 3x points on dining (including eligible delivery services, takeout, and dining out)
- 3x points on online grocery purchases (excluding Target®, Walmart®, and wholesale clubs)
- Also 3x points on select streaming services
- 2x points on all other travel purchases
- 1x point per $1 spent on all non-bonus purchases
There is a $50 annual Ultimate Rewards Hotel Credit. It comes in the form of a statement credit that will automatically be applied to your account when your card is used for hotel accommodation purchases made through Chase Travel℠, up to an annual maximum accumulation of $50.
Plus, on each account anniversary, you’ll earn bonus points equal to 10% of your total purchases made the previous year.
Redeeming Points
Your points are worth 1.25 cents each when booking award travel through Chase, making this card worth having. Cash and gift card rewards make each point worth 1 cent each. You can also transfer your points at a 1:1 ratio to Chase travel partners, including airlines and hotels like Air Canada, British Airways, and IHG.
Additional Benefits
This card also provides a variety of rental car insurance and travel insurance benefits. These benefits can offset your incidental fees due to travel mishaps.
Ink Business Preferred Credit Card
The Chase Ink Business Preferred® Credit Card is one of the best small business credit cards you can earn. It has a massive signup bonus and offers plenty of ways to earn Ultimate Rewards, along with valuable redemption options.
The annual fee is $95, and there aren’t foreign transaction fees.
Signup Bonus
New Ink Business Preferred® Credit Card cardholders can earn 100k bonus points after spending $8,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Travel℠.
Purchase Rewards
You can earn up to 3 Ultimate Rewards per $1 (on the first $150,000 in combined annual spending):
- Travel
- Shipping purchases
- Internet, cable, and phone services
- Social media and search engine advertising purchases
All non-bonus spending earns 1 point per $1 with the Ink Business Preferred® Credit Card.
Redeeming Points
Each Ultimate Reward point is worth the same with the Ink Business Preferred as the Sapphire Preferred.
You get the 25% travel redemption bonus when booking award travel through Chase Travel℠. The 1:1 airline and hotel transfer partners are the same, too.
Your points are worth 1 cent each for cash and gift card redemptions.
Additional Benefits
One of the best benefits is getting up to $600 in cell phone protection.
You also get primary rental car damage protection for business-related car rentals. Travel insurance and purchase protection benefits are complimentary, too.
Can You Get the Chase Sapphire Preferred and Ink Business Preferred?
It’s possible to have the Chase Sapphire Preferred Card and Ink Business Preferred Credit Card in your wallet simultaneously. But you can only try for one at a time. Choosing whether you want to maximize your personal or business spending first makes the decision easier.
60,000 Ultimate Rewards Bonus Offer: Chase Sapphire Preferred® Card
100,000 Ultimate Rewards Bonus Offer: Ink Business Preferred® Credit Card
FAQs
How do I get the Chase Ink Business Preferred?
You can try online for the Ink Business Preferred® Credit Card if you’re a sole proprietor or own an incorporated business. Preferably, your business will be open for several years, and it is profitable to have the best approval odds. It’s also wise to have a minimum credit score of 700 and, ideally, one above 740 to have “excellent credit.”
You should also ensure you’re below the “5/24 rule” and only try if you have four or fewer credit cards less than two years old.
While having an existing Chase Bank relationship isn’t necessary, having a Chase business checking account is one way to be a loyal Chase member. Qualifying for a Chase Ink business credit card can be somewhat difficult, but being an active bank member may improve your approval odds.
Is the Chase Sapphire Preferred prestigious?
While the Chase Sapphire Preferred isn’t one of the most exclusive credit cards, it’s one of the best credit cards. It earns some of the most valuable credit card points, and you get a 25% redemption bonus when booking award travel, or you can transfer them at a 1:1 ratio to airlines and hotels.
The Chase Sapphire Preferred® Card has a $95 annual fee and zero foreign transaction fees, which means you can spend more money on travel and less money paying credit card fees.
Can I try for a Chase Ink without a business?
You need self-employment or small business ownership income of some kind to qualify for a Chase business credit card. For example, you might qualify if you own a rental property, are an online freelancer, or have multiple employees.
Your approval odds can be higher if you have an incorporated business, such as an LLC, with an Employer Identification Number (EIN). Sole proprietors can try as well and you can try with your Social Security number if you don’t have an EIN. You can also try for an EIN for free on the IRS website.
In general, you should try for a Chase Ink after your business has several years of profit history. Qualifying for a business credit card can be more difficult than a consumer card. Established businesses are less likely to default on their account and can have an easier time qualifying as a result.
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Hi! thanks for your very clear explanation! I’m wondering if it is possible to get TWO Chase Sapphire Preferred cards? One for me personally AND a second for my LLC (that has selected S corp status and has EIN)? Assuming I meet the 5/24 and 2/30 rules? Thank you!
No you would need to apply for the Sapphire Preferred as your personal card, and the Ink Preferred for your S Corp. Hope this helps!
Can you get both sign up bonuses for the ink card and sapphire card within the 2/30 rule?
Yes, as long as you’re eligible.