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Chase has some of the all around most compelling credit cards, in terms of the sign-up bonuses, return on spend, and perks. This is especially true with their business credit cards.
For example, the Ink Business Preferred℠ Credit Card has the single best sign-up bonus of any credit card right now, while the Ink Business Cash℠ Credit Card has its best ever sign-up bonus right now, which is really compelling. A few weeks ago I wrote a guide about the process of applying for Amex business credit cards, and in this post I wanted to write a similar guide about applying for Chase business credit cards.
Who is eligible for a Chase business card card?
Eligibility for a small business credit card is easier than you might think. You don’t need to have a big company, and don’t even need to be incorporated. Even a small side business with limited business revenue makes you eligible for a business credit card, even if you’re just selling things on eBay, for example.
It goes without saying that you should always answer credit card applications honestly. You might be pleasantly surprised by how easily you’ll get approved.
What are the basic restrictions of applying for a Chase business credit card?
Chase’s general restrictions on applying for cards are as follows:
- There’s no hard limit on how many Chase credit cards you can be approved for, but rather there’s often a maximum amount of credit they’re willing to extend you, in which case you may be asked to switch around your credit limits on some cards in order to facilitate an approval
- You can typically be approved for at most two Chase credit cards in 30 days, though there are some inconsistencies when it comes to that; that means you could apply for two credit cards the same day if you want (assuming you haven’t applied for other Chase cards in the past 30 days), or you could space them out
- You won’t be approved for most Chase business credit cards (including the Ink Business Preferred℠ Credit Card and Ink Business Cash℠ Credit Card if you’ve opened five or more new card accounts in the past 24 months; the good news is that when you’re approved for a Chase business credit card, that application shouldn’t count towards the 5/24 limit, given that it won’t show up on your personal credit report
- You can hold each of the different “Ink” cards, so if you have the Ink Business Preferred you’re eligible for the Ink Business Cash, and vice versa
How should you fill out a Chase business credit card application?
Those who already have business credit cards are probably familiar with the application process, but for those who aren’t, here’s what you need to know. It can be intimidating to apply for your first business credit card, though even if you’re a small business or sole proprietorship, you should be eligible. When applying for a Chase business card, you’ll be asked the following questions, in addition to the typical personal questions about your income, Social Security Number, etc.:
- Legal name of business
- Business mailing address & phone number
- Type of business
- Tax identification number
- Number of employees
- Annual business revenue/sales
- Years in business
If you’re a sole proprietorship, how should you approach this? First of all, and most importantly, answer everything truthfully. I think the concern that a lot of people have is that they think they need an incorporated business, a separate office, etc., in order to be considered for a business card. That’s not the case:
- You can use your name as the legal name of your business
- The business mailing address and phone number can be the same as your personal address and phone number
- If you’re a sole proprietorship, you can select that as your type of business
- For the tax identification number, you can put your social security number
- For number of employees, saying just one is perfectly fine
- For your annual business revenue, there’s nothing with saying zero, or whatver the amount is
- For years in business, there’s no shame in saying that it’s new, that it has been 1-2 years, etc.
While a lot of people are intimidated by applying for their first business card, I think most are pleasantly surprised by the results. Again, the most important thing is to always be truthful on the application.
How hard is it to get approved for a Chase business credit card?
When it comes to getting approved for business credit cards, Chase certainly isn’t the easiest issuer. In general I find American Express business cards to be easiest to be approved for. However, getting approved for Chase business cards isn’t as tough as some people assume, at least if you have excellent credit.
In my experience instant approvals on Chase business cards are fairly rare, so don’t be worried if the approval doesn’t come through right away. You’ll usually get a pending decision response, and then eventually (hopefully) an approval. For example, my dad recently applied for two Chase cards — for both he got a pending decision, and both ended up getting approved without any need for intervention.
What are the most compelling Chase business credit cards right now?
There are two especially worthwhile Chase cards to consider right now.
First there’s the Ink Business Cash, which has its best ever sign-up bonus at the moment:
- Sign-up bonus: $500 cash back (which can potentially be converted into 50,000 Ultimate Rewards points) after spending $3,000 within three months
- Annual fee: $0
- Return on spend: 5x points on the first $25,000 of combined purchases per account anniversary year at office supply stores, and on internet, cable, and phone services, as well as 2x points on the first $25,000 of combined purchases per account anniversary year at restaurants and gas stations
Then there’s the Ink Business Preferred, which I consider to have the best sign-up bonus of any credit card out there at the moment:
- Sign-up bonus: 80,000 Ultimate Rewards points after spending $5,000 within three months
- Annual fee: $95
- Return on spend: 3x points on the first $150,000 of combined purchases per account anniversary year on travel, shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engines
Is there an ideal order in which to apply for Chase cards?
Given that applying for Chase business cards won’t count towards your 5/24 limit, in general I’d recommend applying for Chase business cards before applying for Chase personal cards. In other words, pick up the Ink Business Preferred℠ Credit Card and/or Ink Business Cash℠ Credit Card first, and then apply for the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®.
Chase has some fantastic credit cards, and in particular, they have great business credit cards. This includes the card that I consider to have the single best sign-up bonus out there, as well as a card with a best-ever sign-up bonus right now. Not only do the cards have great sign-up bonuses, but they have bonus categories offering 3-5x points, as well as great purchase protection.
Applying for business credit cards in general can be intimidating for new businesses, though I recommend giving it a try using the above tips, and you’ll probably be pleasantly surprised by the results.