Chase offers the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®. But Chase also has one of the more restrictive applicable rules for cards, the dreaded 5/24 rule.
Here's how it works: If he has opened five or more credit cards from any bank in the past 24 months, he is not eligible for a Chase credit card. It's tough, but there are ways around it. For example, business credit cards from most other banks won't show up on your personal credit report, so they won't be added to your 5/24 count. The exceptions are Discover and Capital One, where business credit cards are added to the 5/24 count.
Chase's small business cards are a little different. These cards do not increase his 5/24 count, but limit it. For example, let's say he applied for 4 cards in the past 24 months, so the count is now his 4/24. If you then apply for the Chase IHG One Rewards Premier Credit Card, come 5/24 you will no longer be eligible for the valuable Chase Ink business credit card.
However, if you apply for a Chase business card first, your 5/24 count will not increase because the Chase business card will not appear on your personal credit report. So even if you're approved for the Ink Business Preferred® credit card, there's still a chance you'll be approved for another Chase credit card. That's why it's important to include business cards as part of your miles and points strategy.
Who can get a Chase business card?
The Chase business card application is very similar to the Chase consumer card application, but there are some differences. The biggest difference is that you need a profitable business. It's easier to accomplish than you think. To be approved for a small business card, you don't even need his six-figure income from a full-time business or business activity.
If you run a business, having a business card is not only a good way to earn extra compensation, but it's also essential for keeping your business and personal expenses separate. For example, a part-time freelancer may qualify for a business card as a writer, designer, consultant, or artist. Non-employee jobs may also be eligible, such as Uber, Lyft, some food delivery apps, and dog walking apps (Rover or Wag).
How to fill out the Chase business card application form
Take a look at the Chase business card application and see what information might trip you up.
All Chase business credit card applications look the same, but if you're applying for an affiliated business card like the Southwest Rapid Rewards® Performance Business Credit Card or United Business Card, to name a few, here's what you need to do: Become. Option to add loyalty program number. If you don't add a number, one will be assigned to you and a new loyalty account will be created in your name. If you already have a loyalty account, this can be a bit of a headache as eventually he will have to merge the two accounts.
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Step 1: Business information
Let's take a look at the first online Chase business credit card application screen.
Here's the information you need to add to each part of your application:
- Legal entity name: If you are a sole trader, meaning your business only operates under your own name, you can use your name as your “legal business name.” However, if you have applied for her DBA (doing business as) name with your local or state government, enter that name here. Additionally, if you are establishing a legal business structure such as an LLC, the “legal business name” will be the name of the LLC or other entity. There is a very important caveat here. do not have If you don't have a DBA, create one for your company. Chase may ask for proof of your business, and if the business name you enter in this field (aside from your personal name) does not have a girlfriend DBA, your card may be declined.
- Company name on card: This does not need to be the official business name, as it is just the business name that is stamped on the card (just below the cardholder's name). You may need to abbreviate the name you enter here, as long names may not fit.
- Business email address: If you work from home or don't have a business address, it's fine to enter your home address.
- Industry: If you are the sole owner, select Sole Proprietor. If the business has two or more owners, select 'Partnership'. If your business is registered as any other option (LLC, corporation, non-profit), please select the appropriate option.
- Business phone: This can be your home phone or your mobile phone.
- Tax identification number: If you are a sole proprietor, you can use your Social Security number as your tax identification number. Otherwise, you'll need a federal EIN (Employer Identification Number), which you can easily apply to the IRS.
- Number of employees: Enter the number of all additional employees, excluding yourself. If you are the only employee, enter 0.
- Annual business revenue/sales: This is your business's total annual income before expenses and taxes are deducted. This doesn't have to be a large number. While some new businesses may be approved with little or no income, having business income definitely increases your chances of approval.
- Years in business: If the company has been in business for less than a year, please enter zero.
- General industry/category/specific type: Please select the option that best describes your business.
Step 2: Personal information
Next, proceed to the application screen for your second Chase business credit card.
Most of the personal information you need to enter is simple. If your home address is the same as your business address, check that box so you don't have to re-enter the same information. “Gross annual income” must include eligible income. According to Chase, these include:
- Full-time or part-time work.
- internship.
- seasonal work.
- interest.
- dividend.
- Social security benefits.
- public assistance.
You can also include “money that someone else deposits into your account on a regular basis.” You can also include income from others that you regularly use to pay your bills, if you are over 21 with her. So if you have a partner or spouse who splits the bills 50/50, it's okay to include their annual income in your annual income.
After entering your personal information, you can add an employee card (optional) and review the terms before submitting.at the bottom[送信]Just above the button there is a box that you must check to indicate that you have read and agree to the terms.
conclusion
Applying for a Chase business credit card is relatively easy. As with all credit card applications, Chase may ask for documentation to verify your input, so be sure to answer honestly. Many freelance and independent contractor jobs and side hustles qualify as businesses, so getting a business credit card isn't as difficult as you might think.
Business credit cards also make bookkeeping easier by allowing you to separate business and personal spending. Plus, you can earn valuable travel benefits at the same time. Most business credit cards won't show up on your personal credit report (including Chase business cards), so they won't be added to your Chase 5/24 count.
Finally, a business credit card is an essential part of your overall points and miles strategy. So if you're on the fence about getting a card, take another look at where you make your money outside of your regular job and see if you get a card that's right for you. You may be eligible.
Official application link: Chase Ink Business Preferred
Official application link: Chase Ink Business Cash
Official application link: Chase Ink Business Unlimited
Additional reporting by Ryan Wilcox.
