What is the credit limit for the Chase Ink Business Preferred credit card?
- What's the credit limit for the Chase Ink Business Preferred?
- Which Chase credit cards have no preset spending limit?
- How often does Chase increase your business credit limit?
- How do I increase my Chase Business Ink limit?
- Chase Ink Business Preferred Credit Card overview
- What credit score do you need for the Ink Business Preferred?
- Does Chase Ink Business check personal credit?
- How to sign up for a Chase Ink Business Card
- Need a higher credit limit? Consider the Ramp Business Credit Card
The Chase Ink Business Preferred Credit Card is a popular choice for business owners thanks to its valuable rewards and travel perks. If you want to maximize your spending power and avoid unexpected roadblocks, it pays to understand the typical Chase Ink Business Preferred credit card limit before you apply.
We cover everything you need to know about the Ink Business Preferred credit limit, how to increase it, additional card benefits, and how it compares to the Ramp Business Credit Card.
What's the credit limit for the Chase Ink Business Preferred?
The Chase Ink Business Preferred typically starts with a $5,000 credit limit, but it can vary based on your personal and business financial situation. Expect a thorough review of your credit report and your company’s financial information, including your business credit score, revenue, repayment history, and debt.
The upper credit limit for the Ink Business Preferred can be significantly higher, potentially exceeding $25,000. However, if you need a higher line of credit, Chase might request additional information to justify it. This process ensures your credit limit is aligned with your financial capabilities and business needs, meaning you can use the card effectively without facing undue financial strain.
Other Chase business card limits
- Ink Business Cash Credit Card: $3,000 minimum
- Ink Business Unlimited Credit Card: $3,000 minimum
- Ink Business Premier Credit Card: $10,000 minimum
- Sapphire Reserve for Business Credit Card: $10,000 minimum
Which Chase credit cards have no preset spending limit?
Chase currently doesn’t offer credit cards with no preset spending limit. However, the Ink Business Premier and Sapphire Reserve for Business are considered “pay-in-full” cards, which means you need to pay off your full balance each month.
While they technically have spending limits, those limits can be more flexible and may adjust based on your payment history, credit profile, and spending patterns. These business cards are better suited for those with strong cash flow and high monthly business expenses.
Discover Ramp's corporate card for modern finance
How often does Chase increase your business credit limit?
Chase doesn’t have a specific schedule for increasing business credit limits, but it may automatically increase your limit every 6–12 months if your business borrowing is in good standing and you consistently make on-time payments.
You can also request a credit limit increase at any time by contacting customer service. Keep in mind that Chase may perform a hard credit inquiry when you request an increase, which could temporarily impact your credit score.
How do I increase my Chase Business Ink limit?
There are a few actions you can take to improve your chances of getting approved for a Chase credit limit increase:
- Establish a history of timely payments: Chase typically looks for a pattern of on-time payments over a period before considering a credit limit increase. Aim for at least 6 consecutive months of punctual payments to strengthen your case for a higher limit.
- Set a target increase amount: When requesting a credit limit increase, have a specific figure in mind. To maintain realistic expectations, aim for a moderate increase, typically between 10%–25% of your current limit.
- Optimize your credit utilization: The lower your credit card usage (around 30% or less), the more Chase will see that you're responsible with credit. This can help you get a higher credit limit.
- Reduce your outstanding debt: Paying down existing debts, whether personal or business-related, can improve your overall financial profile and increase your likelihood of qualifying for a higher credit limit
- Demonstrate financial growth: Showcasing an increase in your business revenue and consistent deposits into your accounts can signal your ability to manage a higher credit line effectively
How do I request a credit limit increase with Chase?
You can request a credit limit increase over the phone by calling the number on the back of your card. Alternatively, you can call Chase Business Customer Service at 1-800-242-7338.
Chase Ink Business Preferred Credit Card overview
Still deciding whether the Chase Ink Business Preferred is right for you? Here’s an overview of the card’s rewards, benefits, and credit score requirements to help you decide:
Rewards
The Chase Ink Business Preferred features rewards on essential business expense categories. You earn 3x points on the first $150,000 spent on eligible combined purchases each account anniversary year in the following categories:
- Shipping purchases
- Advertising purchases made with social media sites and search engines
- Internet, cable, and phone services
- Travel
After you reach this threshold, purchases in these categories earn 1x points. All non-category purchases will also earn 1x points, with no limit.
Redemption options
The Chase Ink Business Preferred offers multiple ways to redeem your points. You can redeem for travel through the Chase Travel portal, cashback as a statement credit or direct deposit, a gift card, or purchases in the Apple Ultimate Rewards Store.
You can also transfer your Chase Ultimate Rewards points to a variety of travel partners, including 11 airlines and 3 hotel programs partnered with Chase, which may increase their value. If you or your employees frequently travel for work, this perk can offer additional rewards while still allowing you to accumulate airline miles and elite benefits.
Welcome bonus
If you're approved for the Chase Ink Business Preferred, you'll have the opportunity to earn a signup bonus of 90,000 points after spending $8,000 on purchases within the first 3 months of account opening.
To meet the spending requirement for the intro offer, you need to average about $2,667 in spending per month over the first 3 months. For many small businesses, this level of spending is easily achievable.
Other benefits
Beyond rewards and welcome bonuses, the Chase Ink Business Preferred card offers a range of valuable protections and perks tailored to business needs:
Cell phone protection
By paying your monthly cell phone bill with the card, you qualify for coverage of up to $1,000 per claim for damage or theft. This benefit, alongside the card’s rewards on phone services, is especially helpful for business owners with frequent phone expenses.
Note that there’s a maximum of three claims per 12-month period, and a $100 deductible applies for each claim.
Purchase protection and extended warranty
The Ink Business Preferred extends its utility with purchase protection, covering new purchases against damage or theft for the first 120 days after purchase, up to $10,000 per claim.
It also offers extended warranty protection that extends a U.S. manufacturer's warranty by an additional year on eligible warranties of 3 years or less. These benefits may be useful for protecting high-value business purchases.
Travel coverage
For business owners who travel, the card’s trip cancellation and interruption insurance covers up to $5,000 per person and $10,000 per trip for non-refundable travel expenses. Additionally, if a trip is delayed by 12 hours or more, you can receive up to $500 per ticket in reimbursement for reasonable expenses.
This is complemented by primary car rental coverage when the rental is charged in full to the card, and the trip is for business purposes, covering theft and damage up to the vehicle's actual cash value.
Cost and fees
Here’s a quick breakdown of the key costs and fees associated with the Chase Ink Business Preferred:
- Annual fee: $95
- APR: 20.24%–26.24% variable
- Foreign transaction fees: None
- Employee cards: Free
What credit score do you need for the Ink Business Preferred?
You’ll typically need a personal FICO credit score of 670 or higher to qualify, making this card a strong option for applicants with good to excellent credit.
Does Chase Ink Business check personal credit?
Chase may check your personal credit when determining your Chase Ink Business Card credit limit. According to the Chase website, “For new businesses that haven't had time to establish credit yet, lenders will likely look at the business owner's personal credit.”
How to sign up for a Chase Ink Business Card
To apply for the Chase Ink Business Preferred, visit the Chase website. Click Credit cards and then Business credit cards. Then, you can select Apply Now next to the Ink Business Preferred.
You’ll need to provide the card issuer with business and personal information, including tax ID numbers and Social Security numbers. Once your application is submitted, Chase will review it and notify you of the decision. If approved, you can then pursue the Chase business preferred account activation.
Need a higher credit limit? Consider the Ramp Business Credit Card
While the Chase Ink Business Preferred offers some business-specific benefits, they’re mainly tied to its rewards structure. If your company doesn’t do much business travel and isn’t interested in travel rewards, it can be helpful to consider alternative options.
The Ramp Business Credit Card provides a more comprehensive solution for modern businesses. Here's how the two compare at a glance:
Feature | Ramp Business Credit Card | Chase Ink Business Preferred Card |
|---|---|---|
Annual fee | $0 | $95 |
Rewards | Cashback | Points |
Credit limit | No preset limit (spending power adapts to business finances) | $5,000 minimum |
Spend management tools | Included | N/A |
Accounting software integrations | 200+ | QuickBooks Onlin |
While the Chase Ink Business Preferred offers some benefits for business owners, Ramp's Business Credit Card provides a more comprehensive solution for modern businesses. Here's what you can expect:
- Higher credit limits and easier qualification: Ramp uses sales-based underwriting, making it easier for businesses to qualify for credit limits up to $100,000 or more
- Straightforward rewards: The Ramp Business Card earns straightforward cashback rewards and saves business owners an average of 5% across business spending, without the complicated category limits found in Chase's reward program
- No annual fee: While Chase charges a $95 annual fee, Ramp has no annual fee
- Enhanced spending control: The Ramp Business Card lets you set proactive spending limits, category and merchant restrictions, and receipt requirements at the vendor level. This granular control helps prevent unauthorized spending before it happens, and its automation goes beyond Chase's basic account alerts.
- Real-time visibility and management: Ramp offers immediate insights into company spending, making financial tracking effortless. You can set daily limits, auto-lock cards, and create card programs. The sub-admin role feature provides additional flexibility in managing your business finances.
- Superior integrations: Ramp seamlessly integrates with popular accounting software such as NetSuite, QuickBooks, Xero, and Sage Intacct, along with hundreds of other providers. This extensive integration capability surpasses Chase's limited business tools.
Ready to learn more? Watch our demo video and see why customers who choose Ramp save an average of 5% a year across all spending.
FAQs
If you travel often and can take full advantage of the rewards and protections, the Chase Ink Business Preferred can be a great fit. But for businesses with lower monthly spend or different priorities, the $95 annual fee and high welcome bonus threshold might not be worth it.
Similar to a personal credit card, small business credit cards typically have a limit on how much you can spend. However, many modern corporate charge cards have no preset spending limits.
The starting credit limit for a single credit card can range from $500–$10,000, depending on factors like the type of card and your credit score.
The upper credit limit for Chase Business Ink cards is $50,000, depending on the card. However, qualifying for a higher limit typically depends on factors like your credit score, payment history, business revenue, and overall financial health.
The Ink Business Premier and Sapphire Reserve for Business both feature credit limits starting at $10,000. For the Ink Business Premier in particular, you may receive a maximum credit limit of $50,000 or higher, depending on your financial standing.
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