There is no question that Chase offers the most lucrative sign on bonuses and the best credit cards in the business. In reality, it really is down to between two companies in 2019-2020, American Express and Chase. My favorite card is still the Chase Sapphire Reserve which I use on a day to day basis. However, the Business Chase Ink Preferred offers the most lucrative sign on bonus at 80,000 points after spending $5,000 in 3 months. You can combine that with the two other business credit cards in Chase’s Ink portfolio, the Ink Unlimited and Ink Cash which are both offering a whopping 50,000 points sign on bonus.
What most people do not know is that you can game the system and actually apply for multiple of the same credit card as one person. Yes, this means you can apply for not one, but two Chase Ink Preferred credit cards and get 160,000 Ultimate Rewards points. Only Chase allows you to do this (AMEX does not). This post will lay out exactly how to go about doing this and proof of me doing so! This is all part of my travel hacking and credit cards guide which is lays out everything involving credit cards.
What to know about Business Credit Cards
There are a few noticeable differences between personal credit cards and business credit cards. The primary difference is that the business credit card does not go onto your personal credit report. The impact on your credit score will be very minimal even if you have 5 or 10 business cards. This is especially important when applying for Chase credit cards (both personal and business) because of the Chase 5/24 rule. To better understand this rule and why Chase cards are the best credit cards, read my Chase credit cards guide.
There are many other nuances that can span multiple posts, so luckily I’ve written such a post that goes into detail about business credit cards, do you actually need a business, how it affects your credit score and more. If you have not applied for a business credit card before, make sure to read that post before continuing otherwise this may be confusing.
What are the Chase Ink Business Credit Cards
Okay so now you’re a pro or at least aware of how business credit cards works. For the purpose of this post, it is to maximize taking advantage of Chase business cards so I am only focusing on the following:
- Chase Ink Preferred
- Chase Ink Unlimited
- Chase Ink Cash
I will not be talking about their personal cards with include
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Freedom
- Chase Freedom Unlimited
What do the Chase Ink cards offer? A LOT of free Ultimate Rewards points. If you’re not familiar with UR points, they are considered the most lucrative points in the game. You can use them to book travel at a discounted rated (1.5 cents per point if you hold the Chase Sapphire Reserve so 80,000 points equates to $1,200 in travel).
You can transfer them to airlines and book business class travel which is a great ROI. Alternatively, you can transfer them to hotel programs like Hyatt and stay at amazing places like the Park Hyatt Hadahaa in the Maldives.
Here are the details of Chase’s Ink portfolio and their respective sign on bonuses.
Chase Ink Preferred
Sign on bonus: 80,000 UR points after spending $5,000 in 3 months
Annual Fee: $95, not waived for the first year
Card Details: 3x per $1 spent on the following categories, 1x on everything else
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases made with social media sites and search engines
Chase ink Unlimited
Sign on bonus: 50,000 UR points after spending $3,000 in 3 months
Annual Fee: $0
Card Details: 1.5x per $1 spent on everything
Chase Ink Cash
Sign on bonus: 50,000 UR points after spending $3,000 in 3 months
Annual Fee: $0
Card Details: 5x back on office supply stores, and internet/cable/phone services, 2x back on gas stations and restaurants, 1x on everything else
How to get two chase Ink Preferred business cards
This is where the meat of the post will be so pay attention to this! For the slightly above average Joe that is into credit card churning, it is simple to apply for all three cards in Chase’s business portfolio and get approved. This means you can have all three Ink credit cards (Ink Preferred, Ink Unlimited, Ink Cash) at the same time which means you’ll have garnered a combined 80,000 + 50,000 + 50,000 = 180,000 UR points! This is a lot of points for anybody.
But what if you want more?
For the pros and the greedy, this is where it gets interesting. By applying for an EIN (Employee Identification number) which is what you’ll need to start a Sole Proprietorship or LLC, you can essentially apply for the same card a second time under a different business name. This means that if you have an EIN, you can apply for the same card again by using your EIN as your Business Tax ID instead of your social security number. Chase sees this as two separate applications, and therefore two credit cards with two sign on bonuses.
Essentially, this means you can apply for two Chase Ink Preferreds for 80,000 x 2 = 160,000 sign on points, or two Chase Ink Unlimited cards for 50,000 x 2 = 100,000 points. Confused? Yes it certainly can be and is why I always use a spreadsheet to track all my cards. Step by step it will look like this:
Apply for the first Ink Preferred using your SSN only
When filling out a business card application, Chase breaks the application down into two sections, one for your “business”, and the other for your personal details. On the business section, Chase will ask for your Tax ID number. The tax ID number is your EIN but you are not required to have one if you are a sole proprietorship, which is essentially doing business as yourself (think of doctors or dentists). You can use your SSN in place of your Tax ID instead. As such, for your business name, you can just put your personal name. For more details about how to fill out these applications, make sure to read my business credit card guide.
For your personal section, fill this out with your details and your SSN number as you would any other credit card application. Your business and personal sections will look quite similar in this case. This application is what we like to call the SSN application as you are only using your social security number.
I’ve filled out an application online as the following from Chase:
Apply for the second Ink Preferred using EIN and SSN
After waiting at least two months, you should be safe to apply for your second Chase Ink Preferred card. This time, you are using an actual EIN number (details on how to get one below) instead of your SSN for your business section. Whatever your business name is registered as, make sure to use that in the Business name section. You can still be a “sole proprietorship” even with an EIN so I would continue to select that as your type of business. For your personal section, keep it the same as the first card. This method is called the EIN + SSN method.
The application for the second card will look something like this:
By using your EIN on your second application, you are essentially filing a completely new application under a new business. Your personal section is still used to analyze your credit report (so if you cannot get approved for the first Chase Ink Preferred, then you will not get approved for the second) but using your EIN means you are now applying as a separate business.
Applying for an EIN
Applying for an EIN is very straight forward. Absolutely anyone can apply for an EIN and you don’t even need a real business. Perhaps you are planning to start a business, or perhaps you just think having an EIN sounds cool. Whatever the reason is, it is very easy and quick to get an EIN number from the Government.
When you’re ready, just visit the IRS website for EIN applications to apply for your own number. The application is not very complicated (just select sole proprietorship) and you should be able to get an EIN immediately after applying.
How long to wait between applications
So now you’re ready to apply for multiple Chase Ink cards which is great. However, you’ll need to space out your applications because Chase has a concrete anti-churning rule called the 2/30 rule. This states that they will not issue more than 2 cards in a 30 day period. This is any two cards. So at the very minimum, wait 30 days between applications.
However, I like to wait at least 1.5 months to be on the safe side. This means if I applied for the Chase Ink Preferred on Jun 20, I would only apply for a second Chase Ink Preferred or a Chase Ink Unlimited from August 1 at the very earliest. I mean you’re getting thousands of dollars for free so don’t try and raise any red flags.
Self Referring yourself to the second Ink Preferred
Currently, and this could change at any minute, you can refer a friend to the Chase Ink Preferred and receive a whopping 20,000 UR sign on bonus.
The pros trick is that you can actually refer yourself if you want to apply for the second Ink Preferred card since technically, you’re two entities. This means you can apply for your first Ink Preferred credit card and get the 80,000 points, refer yourself to get 20k and get another 80,000 on your second Ink Preferred.
- First Ink Preferred Card = 80,000 bonus points
- Referral bonus for referring yourself to the second card = 20,000 points
- Second Ink Preferred card = 80,000 bonus points
- Total = 180,000 bonus points, or at minimum $2,700 dollars towards travel!
This is exactly what I did and combined with the sign on bonus with the Ink Unlimited (just one card for now), that’s almost 250,000 UR in sign on points within a few months time!
What if I have more than one EIN?
If you already have an EIN through your Sole Proprietorship, you can get a new one through an LLC from the same IRS website. This means yes, you can essentially apply for another Chase Ink Preferred. If you have multiple EINs, technically you can apply for even more of the same cards.
While I’ve not indulged in this, I’ve read cases of people being able to get 4 or 5 Ink Preferreds for one person! This means, assuming they self referred themselves every time, they’re looking at almost a half million UR points!
A study case for another time!
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