There are a lot of great personal credit cards out there to help you travel for free but if you add business cards to your stash you open up even more opportunities! I love business cards because the majority don’t go towards your Chase 5/24 count (Chase’s rule where they won’t approve your application if you have opened more than 5 cards in 24 months). Only business cards from Capital One, Discover, and TD Bank will count towards your Chase 5/24.
Secondly, business credit cards sometimes offer higher signup bonuses than personal cards. Take the Chase Ink Business Preferred card for example. The standard welcome offer is 100,000 points. That is the highest signup bonus of any Ultimate Rewards earning card. The standard offer on the Chase Sapphire Preferred is 60,000 points. That is a significant difference!
Many co-branded cards (Marriott, Delta, etc) offer personal and business cards. If you just stick to personal cards you are leaving a lot of points on the table. Some people are scared off because they are unsure how to qualify for business credit cards. Luckily, it is easier than you may think!
Many of you might be wondering how to qualify for a business credit card if you are a stay-at-home mom or don’t have a business. Well, guess what, you might actually be participating in something that counts as a small business!
Do you sell items on eBay, Amazon, or the local classifieds? Teach music or sports, or nanny? Are you part of a network marketing company? Do you make and sell crafts? Are you a photographer, blogger, freelance writer, baker, Uber driver? Are you thinking of starting a business? If you do any of these things or provide any other service then you operate a small business.
First and maybe most important, don’t lie on your application. There is a chance you could be asked to provide documentation that proves you are a small business owner.
Here is the business information portion of the credit card application. For this example, we will use the application for the Chase Ink Business Preferred card.
This is the name of your business. As a sole proprietor without a registered business, don’t make up a business name, put down your own first and last name.
This is the name that will be displayed on the card. I would use the same name you used above.
Put your home address if you run your business out of your home.
From the drop-down menu select sole proprietor if you are the only owner in your business, or whichever one applies to your business.
If you don’t have one, then put in your social security number. If you would like to register for an EIN it is free and easy to do online.
This is the number of employees in your business. As a sole proprietor, you would select 1.
Enter the total amount of money you make annually from selling your goods or offering your services. If you haven’t started making any money yet, you can put your projected annual revenue.
This is the number of years you have been in business.
Choose the options that most accurately describe your business.
After completing the business portion you will then fill out a personal section. This portion is very similar to a regular credit card application. Remember under total gross income, to include what you and a spouse make, if applicable.
Submit the application and sit tight! You most likely won’t get an instant approval when applying for many business cards. Instead, it will go into pending.
To stay up to date on what is happening you can call this number:
Chase Application Status: 800-436-7927
If you get denied you can call this number:
Chase Reconsideration (Business): 800-453-9719. They may just need some more information about your business. Send me a message anytime if you have questions about applying for a business card or what to do if they ask you to verify your business. I’ve been there!
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5 Comments on How to Qualify for a Business Credit Card
What about tax implications? Do you need to claim the charges on the card as business expenses? DO you need to claim the money you get from selling on Facebook marketplace, for instance, as business income?
Thanks for this post! I’m interested in applying for a business card but to qualify for the MSR, I’d likely need to put some personal spend on the card. Are there any negative repercussions for using the card for non-business expenses?
Many people, us included, use business cards for personal expenses.
Hey! So I understand that the requirements for what qualifies as a “business” are not hyper rigorous, but are you then only able to buy things related to that business on the card?
Using your example, if your business was nannying, could you only use the card for things like toys/snacks/transport?
No, Justin. Most people use their business cards for personal expenses. We certainly do. We have readers who are accountants that do also.