The Chase Ink Preferred (CIP) business card has the best sign-up bonus currently available in the points-and-miles world – 80,000 Chase Ultimate Rewards (UR) points after $5,000 in purchases within the first 3 months (referral link). It’s also a valuable, well-rounded card with solid bonus categories that earn 3x UR points on up to $150,000 per cardholder year.
The confirmed data point that is the focus of this article is the fact that we were able to get approval for a second CIP card for the same primary cardholder. The second approval came 7 months after the first.
In fact, there are multiple data points on Reddit Churning of people actually getting three CIP cards for the same primary cardholder.
In this article, we’ll provide detailed information on our data point of being successfully approved for a second CIP card for the same primary cardholder. We’ll also cover a number of important topics related to CIP cards, such as:
- Features & benefits of the CIP card
- Sign-up bonus terms and value
- Am I eligible to get approved for a CIP card at all?
- Tips to help you get approved for a CIP card
- Can I self-refer for a second CIP card and get a referral bonus?
- Do we think there are risks associated with getting multiple CIP cards?
We think that this is incredibly valuable information to provide our readers. Knowing that you can get the best sign-up bonus in the business twice can be game-changing. You can certainly find this information publicly if you look hard enough. In particular, there are many data points on Reddit Churning if you read enough Daily Discussion threads. But I don’t believe I’ve seen an article devoted to this subject on any of the mainstream credit card or points-and-miles blogs (there are some relevant data points in this Doctor of Credit article, but that’s the strongest reference I found).
Let’s just say that you won’t be reading this information on The Points Guy any time soon – and probably not on any of the blogs that have affiliate relationships with Chase! As independent bloggers, though, we’re happy to provide you with this potentially very valuable information and data point, for the good of the points-and-miles community.
Our Confirmed Data Point – Getting 2 CIP Cards for the Same Primary Cardholder
In short, we were recently approved for a 2nd CIP card for the same primary cardholder, about 7 months apart. The applications were for two separate businesses under two different EINs.
We self-referred for the 2nd CIP card, using the referral link associated with the primary cardholder’s 1st CIP card. The 20,000-point referral bonus appears to have been awarded. It shows up in the online Ultimate Rewards account for the 1st CIP card as pending, and presumably the points will actually post into the UR account at the next statement closing date, consistent with Chase’s normal practice.
We do not anticipate any problems with receiving the 80,000-point sign-up bonus once we meet the minimum spend requirement of $5,000 within 3 months of approval. Typically, Chase won’t approve you for a card unless you’re eligible for the sign-up bonus.
Importantly, we’re not aware of any Chase terms and conditions that would preclude getting a 2nd CIP card and a second sign-up bonus. The Chase terms and conditions for an application under our referral link do not contain any “welcome bonus is not available to …” or similar language, as you can see here:
Application Timeline and Approval Process
Our approval process and timeline for the 2nd CIP application looked like this:
- February 20 – Submitted application
- February 20 – Received an email from Chase acknowledging the application (shown below)
- Note that the email doesn’t give any time frame for a decision. We haven’t seen this before. In the past, when an application went pending, we were given an expected time frame.
- We wonder whether this has to do with the fact that the business has multiple owners that were identified on the application. We’ll discuss this at more length below.
- Note also that the email doesn’t contain an application number or any other identifying information that would allow us to call in to determine the status of the application.
- February 26 – We received a call at the business telephone number from Wilmington, DE, which we believe was someone from Chase calling about this application. We were out of pocket and did not answer the call. The person who called did not leave a voice mail message. This is the only call we received that may have been about the application. We never spoke with Chase about the application.
- February 26 to March 1 – The CIP card was approved sometime during this 4-day window. Interestingly, we did not receive an email from Chase letting us know that the application was approved.
- Early March – We received the CIP cards for the primary cardholder and the AU in the mail at the business address, in separate envelopes.
Additional Information and Data Points Regarding Co-Owners
On the CIP application (as with all of Chase’s business card applications), Chase asks for full disclosure of all persons who have at least 25% ownership of the business. In this case, the business is owned 50/50 between the applicant/primary cardholder and a co-owner. Thus, we accurately disclosed all of the co-owner’s information to Chase in the application. This fact may have triggered a different review path for the application and led to us receiving a different email response than we’d seen before.
Also, Chase approved the card despite the co-owner being over 5/24. This gives us a data point that having and disclosing a co-owner over 5/24 should not preclude approval.
In addition, we sought out a further data point by also asking for an authorized user (AU) card for the over 5/24 co-owner. This also did not prevent Chase from approving the card. The over 5/24 co-owner’s AU card arrived without incident.
Other Relevant Information
A data point like this is only useful if you have all of the underlying information. Here is some other relevant data:
- First CIP application & approval: July 2018
- Second CIP application & approval: February 2019
- Number of intervening Chase applications: None
- Number of intervening card applications of any type: None
- Primary cardholder’s Chase 5/24 status: 3/24 (and 0/12)
- Primary cardholder inquiries on credit report: 3/24; 0/12
- Primary cardholder’s credit score: 800+
- Primary cardholder’s Chase relationship: Private Client for several years
As you can see, we’ve kept the primary cardholder’s credit report and Chase status very clean recently, which surely helped the chances of approval. Our hope is that this will also facilitate approval for other Chase Business cards over the coming months, such as the Chase Ink Cash, the Chase Ink Unlimited, and perhaps even a third CIP card.
Having reviewed the data point in detail, let’s work our way through the other topics we promised to discuss:
Features and Benefits of the CIP Card
Aside from the valuable sign-up bonus, which we’ll discuss a bit more below, the CIP card has a number of useful features and benefits, including:
- Bonus categories – 3x UR points per dollar of spend, up to a combined $150k per cardholder year, in the following categories:
- Internet, cable & phone services
- Advertising purchases made with social media sites and search engines
- 1x per dollar on everything else
- Just by holding the CIP, UR points are worth 1.25 cents per point when redeemed for travel through the Chase Ultimate Rewards Travel portal.
- In addition, UR points may be transferred between Chase cards, and between cardholders in the same household (or, for business cards, to a joint business owner)
- Thus, if anyone in your household has a personal Chase Sapphire Reserve (CSR) card, the UR points earned on your CIP card can be worth 1.5 cents per point when redeemed for travel through the Chase Travel portal.
- Holding the CIP allows your UR points to be transferred to Chase’s airline and hotel travel partners, which include:
- Aer Lingus AerClub
- British Airways Executive Club
- Flying Blue (Air France & KLM)
- Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- Hyatt (World of Hyatt)
- IHG Rewards Club
- Marriott Bonvoy
- Cell phone protection for you and your employees if you pay the bill with your CIP card
- Maximum coverage is $600, and the deductible is $100
- No foreign transaction fees
- Travel and purchase protection coverages (full details are beyond the scope of this article)
As an aside, Chase recently cracked down on 3x UR earning through some potentially lucrative vendors such as Venmo and Gift Card Mall. These vendors now earn only 1x UR per dollar.
Sign-Up Bonus Terms and Value
As we’ve mentioned, the current sign-up bonus for the CIP card is 80,000 UR points after $5,000 spend within 3 months of account opening. This same bonus is publicly available or available through referral links. We strongly encourage you to either self-refer or use someone else’s referral link if at all possible. You’ll get the same 80,000 points, plus the referrer will get 20,000 UR points. Please don’t leave the extra 20,000 points on the table! Of course, we would truly appreciate it if you help support our work at Middle Age Miles by using our referral link.
It used to be possible to get a bonus of 100,000 UR points by applying in person at a Chase branch through a Chase relationship manager, but that avenue died several months ago.
We give Chase UR points a baseline value of 1.5 cents per point, which we believe is quite conservative. At that value, the 80,000-point sign-up bonus is worth $1,200 in travel.
If you or your significant other already have a CIP card and can self-refer, you can earn a total of 100,000 points, worth $1,500 in travel.
In addition, you’ll be earning points on your spend as well while earning the sign-up bonus. Even if all of your spend is unbonused, you’d earn an additional 5,000 UR points when meeting the minimum spend requirement. Add that to your 80,000-point sign-up bonus, and you’ll have a total of 85,000 – which at 1.5 cents per point comes to $1,275. That’s a 25.5% return on your $5,000 in spend! And if you can spend in bonus categories and/or self-refer to get the referral bonus, your return will be even greater.
Based on both the sheer number of points you’ll earn and the percentage return on your spend while earning the sign-up bonus, we believe that the CIP sign-up bonus is clearly best-in-class among all cards on the market. That’s part of why it’s even more exciting to confirm that you can potentially get two cards (or more) with sign-up bonuses on each!
Am I Eligible to Get Approved for a CIP Card at All?
There are 2 key threshold criteria that you need to meet in order to be eligible to be approved for a CIP card:
- Under the Chase 5/24 Rule, you must be “under” 5/24; and
- You must have a business
There are, of course, many other factors that are part of your credit history that will impact whether you are approved or not. But if you don’t meet these threshold criteria, you won’t have any chance of being approved.
Let’s explore each of these criteria in a little more detail:
You must be “under” 5/24
The first thing you’ll need to be aware of is the Chase 5/24 Rule. You must be “under” 5/24 to be eligible for approval for the CIP card.
So what’s the Chase 5/24 Rule? Basically, the 5/24 Rule is that Chase will not approve you for certain cards if you have 5 or more new personal credit card accounts within the past 24 months, from any issuer.
Here’s a more detailed rundown of the 5/24 Rule:
- The 5/24 Rule applies to all of Chase’s own cards (that is, cards that are not co-branded cards), including personal and business cards.
- This includes the CIP card, all of Chase’s other “Ink” business cards, and Chase personal cards such as the Sapphire Reserve, the Sapphire Preferred, the Freedom, and the Freedom Unlimited.
- The 5/24 Rule also applies to most if not all of Chase’s co-branded cards.
- It is confirmed that 5/24 applies to Chase’s United, Southwest, Hyatt and British Airways cards.
- All new personal credit card accounts count toward 5/24
- It doesn’t matter if they have since been closed
- AU cards are included and count toward 5/24; however, there are reports that Chase will subtract AU cards from the count if you call their reconsideration line after being denied for a new card, and then approve you if subtracting the AU cards drops you under 5/24
- Most business cards do not count toward 5/24
- However, if the business card appears on your personal credit report, then it does count toward 5/24
- The only active business card issuer that appears on personal credit reports to our knowledge is Capital One
- However, if the business card appears on your personal credit report, then it does count toward 5/24
- If you have less than 5 cards that count toward 5/24 within the past 24 months, then you’re “under” 5/24 (and eligible to be approved for a CIP card)
- If you have 5 cards or more that count toward 5/24 within the past 24 months, then you’re “over” 5/24 (and thus ineligible to be approved for a CIP card)
You Must Have a Business – But What Constitutes a Business May Be Broader Than You Thought
Do you have a business? There is a very good chance that the answer is yes, even if you don’t think you have a business. For credit card purposes, pretty much anything you do to earn money other than work for a paycheck or collect government benefits qualifies as a business.
Here are some important points:
- A “business” for credit card purposes is not the same as a “business” for legal purposes. You do not have to have a formal corporation, limited liability company (LLC), or any other formal business form to have a “business” for credit card purposes. If the “business” is just you personally, it is a sole proprietorship, and you can apply for a business credit card using your personal name as the name of the business.
- A “business” for credit card purposes is not the same as a “business” for tax purposes. You do not have to have a Federal tax Employer Identification Number (EIN) to have a “business” for credit card purposes. Likewise, you do not have to file a tax return for a business in order to have a “business” for credit card purposes.
- Charges that you put on a business credit card do not have to be “business expenses” that would qualify as deductions for tax purposes. Taking this a step further, as a practical matter we think it’s fair to say that you can put any charge on a business credit card.
- Examples of legitimate businesses for credit card purposes include: (i) working as an independent contractor or freelancer; (ii) reselling items on eBay; (iii) selling homemade items; (iv) renting your home or apartment on Airbnb (or renting it directly to someone, for that matter); and (v) doing any odd jobs for which someone pays you.
As you can see, what qualifies as a “business” for credit card purposes can be quite broad. It is far broader and more lenient than what is required for a business for legal or tax purposes.
For more information on business cards, see the “Personal & Business Credit Cards” section of our reference article, Credit Card Basics.
Tips to Help You Get Approved
We have several tips to help you get approved for a CIP card. In general, one of the most important tips with Chase is to take it slow and steady. Note that we waited more than 6 months in between our two CIP applications, to maximize our chances of approval.
1 – We recommend at least 90 days between Chase applications. It’s certainly possible to go faster, and you can find plenty of reports where people were approved for two Chase business cards with only 30-60 days between applications. But we believe that this increased velocity decreases the chance that you’ll get approved and perhaps increases the chance that Chase underwriting further reviews all of your accounts.
2 – You must wait at least 30 days between Chase business card applications. To make the point somewhat more precise – if you have applied for any Chase card within the past 30 days (business or personal), then Chase will usually deny any additional application for a business card within that 30 day period.
3 – To get approved for a second (or third) CIP card, it’s best to use a different EIN with each application, or to use only your SSN on one application and then SSN+EIP on a subsequent application. The “best” pattern for multiple cards may be:
- CIP #1: SSN only (sole proprietorship; enter your SSN in the “Tax identification number” section of the application)
- CIP #2: SSN + EIN1
- CIP #3: SSN + EIN2
Our pattern of applications for our successful data point of getting approved for a 2nd CIP card for the same primary cardholder was actually:
- CIP #1: SSN + EIN1
- CIP #2: SSN + EIN2
With that pattern, we might be able to get a third CIP card for the primary cardholder if we use either only the SSN for CIP #3, or if we use SSN + EIN3 (we actually have 3 businesses, each with its own EIN)
That said, we do see some scattered reports of people approved for 2 CIP cards with SSN only, perhaps with some variation on their name such as using a middle initial. We’re not exactly sure where the boundaries lie here. But we have confirmed data points for the patterns listed above.
4 – If you are applying for a Chase business card as a sole proprietorship (that is, using only your SSN and no EIN), you should absolutely follow this rule – For the name of the business, use your own name as the name of the business, exactly as it appears in the “Personal Information” section of the application. Do not vary the name at all. Do not apply in the name of “[Last Name] Consulting” or anything like that. Follow this instruction to a “T” or you will run into challenges – endless follow-up requests for information and documentation from Chase, and potentially outright denial.
5 – We believe that you can enhance your chances of approval if you put at least $10,000 in annual business revenue/sales and at least 2 years in business. Never lie on the application. That said, it is our understanding that reasonable projections are ok, and you may wish to be broad in what you consider to be revenue/sales from the business. You’re not disqualified if you have lower revenues or only 1 year in business – and many people have been approved for Chase business cards even with zero revenue – but we believe chances of approval are better at these amounts.
6 – And finally, we’d reiterate: You have a better chance of getting approved if you have fewer recent accounts, applications and inquiries on your credit report. It’s especially helpful to not have any other recent new Chase accounts.
Can I Self-Refer for the CIP Card and Get the Sign-Up Bonus?
We’ve covered this earlier but want to reiterate it here – Yes.
If you have a CIP card already, you can self-refer for your 2nd CIP card and get the 20,000-point referral bonus, in addition to the 80,000-point sign-up bonus. If your significant other (or other household member) has a CIP card, you can use their referral link and they can get the 20,000-point referral bonus.
As we said earlier, please don’t leave these valuable points on the table. If you don’t have your own referral link or one from a significant other/family member/close friend, please use a referral link from a respected blogger or someone who has helped you in the past.
Do We Think There’s Risk Involved with Getting Multiple CIP Cards?
In short, yes.
Frankly though, we think the risk is quite minimal if you’re smart about spacing out your Chase applications and don’t do anything to blatantly get on Chase’s bad side. As we said above, getting 2 CIP cards and 2 sign-up bonuses seems to be expressly permitted under Chase’s own terms and conditions – or at a minimum, not expressly prohibited.
However, if you apply for too many Chase cards too quickly, if you do heavy manufactured spending, if you cycle your credit limit, if you spend more than your gross annual income in a short time period, or if your credit profile and activity looks like a bust-out risk, then you definitely put yourself at risk. Chase had a wave of shutdowns in 2018, presumably to chill these types of activities. This seems to have died down, but we certainly wouldn’t be surprised to see another wave of increased scrutiny by Chase, including shutdowns, in the future.
We hope that you’ve found this article and our confirmed data point of a 2nd CIP card for the same primary cardholder to be helpful. The opportunity is clearly very valuable, to potentially earn the best sign-up bonus in the points-and-miles world not just once, but twice (or more).
Best of luck with your applications, and we hope you can use the treasure trove of UR points from the CIP sign-up bonus to live your travel dreams!
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