Having business credit cards can be a great way to boost the points you earn. The cards often have great welcome bonuses, unique bonus categories (sometimes up to 5x points), and useful perks. This is an area where we’ve seen tons of improvements lately in terms of the bonuses and general value proposition of cards.
Often people are worried about applying for small business credit cards. They assume that they can only apply for a business card if they have a business that has been around for a long time with significant revenue, but that’s not the case at all.
I’d say the two most compelling business card welcome bonuses right now are on Chase cards:
- The Ink Business Preferred® Credit Card offers a welcome bonus of 100,000 Ultimate Rewards points after spending $8,000 within three months, which I consider to be the best welcome bonus available on any card at the moment; the card also has great bonus categories and an unrivaled cell phone protection plan
- The no annual fee Ink Business Cash® Credit Card has an excellent welcome offer, as you can earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening (in conjunction with other cards, those points can be converted into airline miles or hotel points)
I’ve written separate posts about who is eligible for Chase business cards, and about how you should fill out a Chase business card application. A reader just sent me a success story about his first business card application, which I wanted to share, in hopes of others being inspired to jump into the world of business cards as well. Reader Michael sent me the following message:
Lucky, I just wanted to thank you and let you know that I just applied for my first business card and got approved. I own a rental home and never realized that qualified me for a small business card but I finally applied. I wasn’t instantly approved but I just waited on a response and after two days received an email saying my application had been approved. Thanks to your tips I’ll be 50,000 points richer and have a card I can add to my spend rotation.
It’s always great to hear from people who get their first business card, especially those who may have otherwise been skeptical before. Assuming you have a small business (even if it’s not incorporated, and you’re just selling stuff online on the side), you’re really missing out on half the value you can get out of credit card points if you’re only getting personal cards.
With the big welcome bonus on the Ink Business Preferred® Credit Card, as well as the welcome bonus on the Ink Business Cash® Credit Card, you can’t go wrong with picking up either or both of those cards.
If you want to try your first business card application, there’s also very limited downside to applying. Typically business card applications won’t even be reported to your personal report, so there’s likely to be no impact on your credit score at all (and worst-case scenario your score would temporarily be pinged a couple of points for the inquiry).
Has anyone applied for a business card for the first time recently? What was your experience like?
I considered applying for a Southwest Airlines business card (Chase) and one of the stipulations I saw was that you had to only use the card for business expenses, not personal expenses. I doubt I could even make the initial spend with just business expenses, as I don't spend a lot on my businesses (teaching, blogging). How seriously are these stipulations really meant?
I have more than one business card, and more than one business checking account, so no real problem,
Just do business, you should have no problem,
Does anyone know of an app (paid or free, doesn't really matter) that will keep track of all of my cards?
Like, I'm looking for reminders set for 11 months after I apply for a card (if I want to avoid the [next] annual fee), and when I'm eligible for the 5/24 cards from Chase (i.e. when a card that 'counts' toward the 5/24 is 24 months old) and other cards from other banks...
Does anyone know of an app (paid or free, doesn't really matter) that will keep track of all of my cards?
Like, I'm looking for reminders set for 11 months after I apply for a card (if I want to avoid the [next] annual fee), and when I'm eligible for the 5/24 cards from Chase (i.e. when a card that 'counts' toward the 5/24 is 24 months old) and other cards from other banks (thinking especially about BoA's convoluted requirements).
I would also like it to tell me when I can reapply for a given card, based on opening/closing dates I would input. Like 'opened/closed in last 24 months' kind of thing.
Also, would like it to keep track of which cards I have opened/closed so I don't waste a hard pull on a card for which I'm not bonus-eligible (i.e. cards with a lifetime 1-bonus rule).
It should organize cards I don't have in several ways, like by minimum spend (averaged over months), or by airline/hotel affiliation, or by bank, etc., so I know which ones to apply for, and when (my spending varies greatly by season).
Am I ringing any bells for anyone? Am I dreaming big?
@Derek I would SM Chase with your distinctive invitation code for the 120k and see if they will match. Worth a shot for that many URs left on the table.
I have quite a few small business credit cards including ones from Chase, Amex, and Citi. My business is my blog which is not a big money maker but I’ve never been denied a small business card. Small business cards were how I continued to open new cards while I waited for my Chase 5/24 status to clear up so I could get the Chase Sapphire Reserve (which I finally got last week!)
BTW, I...
I have quite a few small business credit cards including ones from Chase, Amex, and Citi. My business is my blog which is not a big money maker but I’ve never been denied a small business card. Small business cards were how I continued to open new cards while I waited for my Chase 5/24 status to clear up so I could get the Chase Sapphire Reserve (which I finally got last week!)
BTW, I actually received a mailer for the Ink Business Preferred with a sign-up bonus of 120,000 points! Obviously this was targeted and I was sick that I had applied for the same cars at the 80,000 points that you mentioned only back in February. Maybe others will have better timing than I did!
I nominate this for Content-Free Post Of The Week.
How exactly does this describe a "reader's experience getting approved for a first business card"? It consists entirely of repeats of well-known details that you post frequently (with links back to those prior posts), and then you quote the reader saying "Hey thanks, I was approved!"
Where's the, you know, "experience"? All you have here is re-processed content, and voila, they got approved for a credit...
I nominate this for Content-Free Post Of The Week.
How exactly does this describe a "reader's experience getting approved for a first business card"? It consists entirely of repeats of well-known details that you post frequently (with links back to those prior posts), and then you quote the reader saying "Hey thanks, I was approved!"
Where's the, you know, "experience"? All you have here is re-processed content, and voila, they got approved for a credit card. That's the "experience"? Hmmmm. Pretty thin gruel passes for a blog post...
btw I have other business cards, but Chase is by far the toughest for underwriting I’ve experienced. I am used to auto-approvals.
I recently applied in-branch for both the 100k CIP & 50k CIC thru a BRM (since over 5/24). Both took 2-3 weeks to approve, but I took comfort in your dad’s own wait, Lucky! I didn’t call anybody throughout the long wait, & let the BRM do their job in getting both pushed thru manually.
All ended well, & I have cards in hand after having both expedited. I plan to downgrade the CIP in a year to the new CIU & hold onto the Cash 5x for dear life!
Business credit cards are the overlooked area in points... you can have a lot of cards for a lot of "businesses" and they won't impact your personal credit score.
I use mine interchangeably with my personal cards. Ran through all the personal ones a long time ago... but haven't run out of businesses to open.
I have a now dormant business legally incorporated (and properly maintained) in New York State since 1997. I applied for the SPG Business AMEX in April because I wanted access to the Sheraton lounges (oops!) Approval came swiftly if not immediately (I don't especially recall) and I've been using the card. It was the first time I ever tried to take a credit card for the business.
Not exactly super recent, but both within the last 18 months or so - I applied for both the (now defunct) Ink Business Plus and Amex Blue Business Plus. Both were painless. Chase gave me a "pending" message telling me to call customer service, but by the time I called the next day, my application had already been approved. Amex gave me instant approval.
After I got my Ink Preferred and Cash cards a few weeks ago (the former was an instant approval, the latter after 2 days - never received any approval emails), I asked my wife to apply for the Ink Preferred for herself. Got the dreaded: "we need more time" message. No news since then (10 days). Will call them today. She was at 4/24 and excellent credit score. Would be (would have been) her first...
After I got my Ink Preferred and Cash cards a few weeks ago (the former was an instant approval, the latter after 2 days - never received any approval emails), I asked my wife to apply for the Ink Preferred for herself. Got the dreaded: "we need more time" message. No news since then (10 days). Will call them today. She was at 4/24 and excellent credit score. Would be (would have been) her first business card.
My collegague who is a business owner also applied, same thing ("we need more time..").
Owning rental properties in an LLC is my in for biz credit cards, and the beauty is that the applications ask you for business REVENUE, not net income or profit. Even if your rentals are break-even or operating at a loss (and I hope they aren't), your revenue is the gross rent collected. Easy to hit the minimum annual $1000 revenue the AMEX cards want.
I applied for a Bank of America business credit card and they sent me a letter requesting a copy of my business license and a letter authorizing me to take out loans for the business. Is this SOP or is this just Bank of America?