How to apply for a Chase business card

[ad_1]

Qualifying for a business card isn’t as difficult as it seems. While you do need a money-making venture to be eligible, you can open a business credit card for a side hustle or freelance gig. However, a business card application can be a touch trickier than a standard consumer credit card application.

Since Chase offers many of the best business credit cards, CNBC Select breaks down how to complete a Chase business card application.

Ink Business Preferred® Credit Card

  • Rewards

    Earn 3X points per $1 on the first $150,000 spent in combined purchases in select categories each account anniversary year (travel; shipping purchases; internet, cable and phone services; and advertising purchases with social media sites and search engines), 1X point per $1 on all other purchases

  • Welcome bonus

    Earn 100k bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fee

  • Credit needed

Read our Ink Business Preferred® Credit Card review.

Having a personal and business card tied to the same rewards program can unlock high-value deals. For example, Southwest offers a companion pass to anyone who earns 135,000 qualifying Southwest points in a calendar year (or takes 100 qualifying one-way Southwest flights in a calendar year). While that’s a steep threshold for anyone who doesn’t travel exclusively (and regularly) with Southwest, this deal is more attainable if you open both a personal and business Southwest credit card because the welcome bonuses count toward earning a Southwest Companion Pass.

You can earn 80,000 Southwest points after opening a Southwest® Rapid Rewards® Performance Business Credit Card and spending $5,000 in the first three months from account opening. Southwest cards receive a 10,000-point boost to their companion pass qualification each year. That boost and the intro bonuses from a personal and a business Southwest card can be enough to qualify for a companion pass without earning any additional points. Once you have a Southwest Companion Pass, you can bring a guest along on any Southwest flight (paid with points or cash) for only the cost of the taxes and fees.

Southwest® Rapid Rewards® Performance Business Credit Card

  • Rewards

    Earn 4X points on Southwest® purchases; 3X points on Rapid Rewards® hotel and car rental partners; 2X points on rideshare; 2X points on social media and search engine advertising, internet, cable, and phone services; 1X points on all other purchases

  • Welcome bonus

    Earn 80,000 points after you spend $5,000 on purchases in the first 3 months from account opening.

  • Annual fee

    $199 applied to first billing statement

  • Intro APR

  • Regular APR

  • Balance transfer fee

  • Foreign transaction fees

  • Credit needed

Member FDIC. Terms apply.

To be eligible for a Chase business card, you’ll need to have some sort of business venture. That doesn’t mean you need to be a titan of industry — a part-time independent contractor gig or the beginning stages of a side hustle can be enough.

When you apply for a Chase credit card, you’ll also have to contend with the Chase 5/24 rule. This rule generally prohibits you from most Chase credit cards if you’ve opened five or more credit cards with any card issuer in the past 24 months.

Chase business cards are affected by this rule, but because Chase business cards don’t appear on your personal credit report, they don’t add to your 5/24 count. This means if you’ve opened four credit cards in the past 24 months, you could open a Chase business card and still be eligible for other Chase cards.

If you’re filling out your first Chase business card application, a couple of parts can seem confusing.

Anyone who is the sole owner of the company and hasn’t set up a different legal business structure can qualify for a business card as a sole proprietor. For sole proprietors, you typically can use your Social Security Number as your business tax ID.

Unless you’ve filed for a fictitious business name or DBA (doing business as) name, you can use your name as the legal business name and the business name you want to appear on the card. If you run the business out of your home, the business address can be the same as your home address.

In addition to the business name, legal structure, business address and business tax ID, you’ll need to share the following information:

  • Authorizing officer title (this is typically “owner” for sole proprietors)
  • Your full name
  • Date of birth
  • Mother’s maiden name
  • Home address
  • Email Address
  • Phone number
  • Gross annual income (including the business’s profits)
  • Number of employees (enter “one” if you’re the only person working for the business)
  • Date the business was established (month and year)
  • Annual business revenue
  • Business category, type and sub-type
  • Estimated amount you expect to spend on the card

When you apply, you can add employee cards and choose whether you would like to receive paperless statements.

Subscribe to the CNBC Select Newsletter!

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.

Chase business credit cards can be exceptionally valuable and they pair well with Chase’s consumer cards. However, business credit card applications are slightly different than standard personal card applications. This doesn’t mean it’s more difficult to get approved for a business card, but it’s important to understand what it takes to qualify and how to accurately fill out the application.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every story is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select’s in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.



[ad_2]

Source link