Ink Plus and Ink Bold Minimum Spend to Increase, Time to Apply and FAQ

Ink Bold Business Charge Card: 50,000 points after $5000 spend within 3 months

Ink Plus Business Credit Card: 50,000 points after $5000 spend within 3 months

Word is that the Ink Bold and Ink Plus, which currently offer 50,000 Ultimate Rewards points after $5000 spend within 3 months, will see that minimum spend increase around the end of December. It's already December 7, and the increase could come slightly before the end of the year, so we could have fewer than 3 weeks for the lower minimum spend.

I've been procrastinating my next round of applications, trying to put a bit more time between my most recent card applications while also finalizing the cards I plan to apply for, but given this news, I'll definitely be applying for an Ink Plus before the end of the year, and most probably next week. I already have the Ink Bold charge card.

To keep this organized, here's a FAQ to hopefully help you figure out whether you want to apply or not, and if you do, what to keep in mind. If you already have both the Ink Bold and Ink Plus, you can stop reading here; but if your spouse, partner, colleague or friend loves traveling, and doesn't yet have the Ink Bold or Ink Plus, they might find this helpful.

Why Is the Ink Bold and Ink Plus Minimum Spend Being Raised?

I'm not Chase, so I can't say for sure, but the lowered minimum spend may have been to increase new signups to meet new member target numbers for 2012. Then, when 2013 begins, minimum spend will go back up, perhaps to the prior $10,000 level.

Why Does This Matter?

Why does this matter? Well, it doesn't matter if you have very high expenses and can easily meet much more than the $10,000 minimum spend in 3 months. But for those who don't have very high spend, it's more of an issue.

If you want to maximize miles and points, it's helpful to apply for several miles and points cards at once, so that no single issuer (Chase, AMEX, Citi, etc.) can see a slew of recent applications and potentially deny you, even with good credit, based on “too many recent credit inquiries.” So once you combine the Ink Bold or Ink Plus minimum spend with that of 2, 3, 4 or more other credit cards, that minimum spend, often all within a 3-4 month period, begins to add up.

This Is a Small Business Card and I Don't Have a Small Business. Can I Still Apply?

Many people have small businesses without realizing it. If you're a landlord, are paid for any consulting services, sell goods or services on eBay, Amazon, Etsy or at craft fairs, you have a small business and can apply for the card.

Even if you don't currently have a small business but are planning to have a small business, you can apply for the card, as a way of separating out your business from personal expenses.

Do I Need an EIN or an Incorporated Business to Apply?

Nope–you can apply using your social security number.

Can I Apply for and Get Approved for More Than One Business Card?

You can, although I wouldn't recommend this unless you have a really good reason and at least one business with decent revenues. For example, if you have an established small business, regularly put expenses on your existing Ink card, and are starting a new business, that would be a good reason, since you want to manage the businesses separately. People have been approved for two Ink cards applied for simultaneously.

What If My Current Revenue is $0 or Even Negative Due to Expenses?

You can still be approved for a small business card with $0 or negative revenue, if you have another source personal income to support it. Naturally, answer the questions truthfully and if you have $0 revenue, put $0 revenue. You'll be able to explain your business on the phone call with the business credit analyst.

What's So Great About the Ink Bold and Ink Plus?

To me, here are the top reasons to get the Ink Bold or Ink Plus:

50,000 Ultimate Rewards points is one of the best current bonuses–there are no higher publicly available Ultimare Rewards bonuses from a single card application

Ultimate Rewards points hold great value in being able to transfer instantly to United MileagePlus, Hyatt Gold Passport, and other partners include British Airways, Korean Airlines, Southwest, Marriott, InterContinental/Priority Club, and Amtrak. Remember that Membership Rewards points cannot be transferred to United, and SPG points only transfer at a poor 2:1 ratio and transfer isn't instant.

Great 5X category bonuses for office supply stores, as well as cellular and landline phone service, Internet, and cable TV. The great thing about the office supply store category is that you can pick up gift cards to get 5X on all your spend for those stores. My favorite is getting 5X on All Amazon Spend.

No foreign transaction fees: what good is a business card if it charges you foreign transaction fees on your international trips? Thankfull the Ink Bold and Ink Plus have no foreign transaction fees.

Access to the Ultimate Rewards Mall for even more points: Note that while usually the bonus amounts for the Ink Bold/Ink Plus, Sapphire Preferred and Freedom are the same, occasionally they differ, so you may only get access to the highest bonus with a certain card. The Ultimate Rewards bonuses post quickly, unlike a lot of other mileage malls, and I almost never buy anything unless I can get an extra bonus with the Ultimate Rewards Mall or am getting 5X with Amazon. It adds up!

Annual fee waived the first year

While not specific to the Ink Bold or Ink Plus, the great thing about business cards is that they do NOT show up on your personal credit report, so you don't have to be religious about paying them off until the statement due date (when of course you should pay them off in full). That is, your utilization (how much of your credit limit you've spent at any given point in time) for the Ink Plus is NOT reported to the credit bureaus. If most of your spend is business spend on the Ink Bold or Ink Plus, such that you have very low utilization of your personal credit cards, that's a good thing!

Ok, Devil's Advocate Time: Why Shouldn't I Get the Ink Bold or Ink Plus?

Here are a few reasons you might not want to get either card:

You don't earn *any* money from anything outside your current job for someone else, have no desire to have any kind of small business, and plain don't want a small business card

You don't pay your statement off in full every month, or have existing credit card debt

You will be applying for a mortgage, refinancing, student loan or other major loan within the next 6 months to 1 year

You can't manage even $5000 worth of spend over 3 months, so wouldn't be able to get the bonus

You just don't care much about traveling (but why are you reading this blog?!)

My Ink Bold/Ink Plus Application Wasn't Approved Instantly and is Pending. Should I Be Worried?

Nope–Chase very rarely automatically approves business applications, most will show as pending.

Should I Wait or Call a Chase Business Credit Analyst?

I'd definitely recommend calling a Chase Business Credit Analyst at 800-453-9719 and not waiting for a decision to arrive. You'll get the card sooner and can often avoid being declined while on the phone with the analyst.

What Will the Business Credit Analyst Ask About?

I'd recommend printing out your application before clicking the “submit” button so that you can ensure your answers remain consistent with your original application and what the analyst is seeing. Be prepared to respond to these questions:

What is your business?
How long have you been in business?
What was your 2011 revenue?
What was your income or loss for 2011?
What is your 2012 revenue, year to date?
Is the total income you entered on the application still $X?

I Have Several Other Chase Credit Cards, Should I Close Some Before I Call In?

No! One of the worst things you can do is to close a bunch of cards before calling a credit analyst to try to get a new card approved. You want to be able to keep ALL your credit lines intact, so that you can use them if needed to transfer to the new card. Now, this isn't really the case with the Ink Bold, since it's a charge card that needs to be paid in full every month anyway and doesn't have a credit line. But the Ink Plus is a credit card, so you might be asked to transfer over some of your credit from another Chase card in order to get the Ink Plus approved.

As we've noted above and in prior posts, it's good for your credit score to have plenty of available credit, and low utilization.

Ink Bold Business Charge Card: 50,000 points after $5000 spend within 3 months

Ink Plus Business Credit Card: 50,000 points after $5000 spend within 3 months

Disclosure: I receive referral credit if you apply for any of the Ink business cards via my links. My family and I are grateful for your support!

Ink Bold Signup Tips

Maximizing the Chase Ink Bold: How to Meet Minimum Spend

5X Points for All Amazon Spend

Make Your Own 100,000 Credit Card Bonus Offer

Check out and apply for the Best Travel Credit Cards.

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