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Wednesday, February 28, 2024

How to Apply for a Chase Business Credit Card (Step by Step)

Chase Bank offers four Ink Business credit cards with excellent cash back rewards, designed to meet the needs of businesses of all sizes.

We’ll discuss what you need to know about these four options and how to apply for a Chase business credit card.

Although the process is quite simple, there are some important differences between applying for a business credit card and a personal credit card.

This article explains what you need to know step by step.

How to Apply for a Chase Business Credit Card

You can apply on Chase’s website. It’s one application for all business credit card products, but if you’re applying for a co-branded business card, such as United or Southwest Rapid Rewards, you can add your loyalty program number.

There are two main steps in the application process, where you provide your company details and then your personal details.

1. Provide your company details

Here you will find the business information you need for your Chase business credit card application.

Legal name of your company

If you are a sole proprietorship and the business operates under your name, you can enter your name as the legal business name. But if you’ve filed for a DBA (doing business as) with your local government, you’ll need to enter that business alias here as well.

Public company name

This could be the name on your business card, LinkedIn profile, or website, such as “John’s Dog Walking Services.” This may not be your legally registered business name, but the name by which your business is known to customers. This is the company name that will be printed next to your name on your card.

Business mailing address

If you do not have a separate office or business address, you can simply see your home address.

Type of company

Indicate your business structure, whether it is a sole proprietorship, an LLC partnership, a nonprofit organization, or another entity.

Business phone number

This can be your mobile number or your home phone number if you do not have a dedicated business line.

Annual sales

This is the amount your business generates annually before you deduct any costs or taxes.

Number of employees

Enter the number of employees your company has. Do not enter zero (0). If you are the only employee, enter one.

Number of years in business

If you are a new company that has been in business for less than a year, enter zero (0).

Business industry

Choose the category that best describes your business.

Tax identification number (TIN)

This is your federal employer identification number (EIN), which the government uses to identify your business for tax purposes. If you don’t have an EIN, you can apply for one on the IRS website. Sole proprietors can use their Social Security Number (SSN) in place of an EIN.

2. Provide your personal information

This part should be fairly easy. Chase will ask you about your sources of income from the following sources:

  • A regular full-time or part-time employment contract
  • Internships
  • Seasonal or temporary work
  • Stocks, bonds, dividends and other investments
  • Public assistance
  • Spousal support or child support
  • Social Security Benefits

For a spouse, you can also include income from work, internships, and other category sources.

There is also an option to withdraw ‘money that someone else regularly deposits into your account’. Consider a parent or partner who regularly provides you with income to pay the monthly bills.

Application detail tips

  • Don’t make up a company name for the ‘legal name of your company’. Your application will probably be rejected. If you don’t have a legally registered business name, just use your own personal name.
  • Do not create gross annual income or sales figures for your business. Even if you only have a few thousand a year in income, write down that figure. Chase approves new businesses with little to no income.
  • Be honest. Please assume that any information you provide will be carefully investigated and may require additional verification.

Who is eligible for a Chase business card?

Any revenue-generating business can qualify for a Chase business card. It doesn’t have to be an LLC, corporation, or any particular type of business entity. And there are no specific operational or financial requirements.

As such, even small businesses and contractors can qualify for a Chase business credit card, even if it’s just a part-time gig.

This includes many popular side hustles:

  • Freelancing on Fiverr or Upwork
  • Driving for Lyft or Uber
  • Delivering food or meals for DoorDash, Shipt or Instacart
  • Airbnb rentals
  • Flipping used goods on eBay
  • Selling goods at farmers markets or flea markets
  • Dog walking for Roverr or Wag
  • Giving music lessons

Generating at least some revenue will increase your approval rating, but again, be honest. There are no specific requirements for annual operating income. And if you cannot prove your reported earnings, your application may be rejected.

Chase Ink business credit card options

Chase has four different Ink card options for small business and business credit cards. They’re coming along sign-up bonuses ranging from $750 to $1,250 and varying annual fees and bonus point structures.

1. Chase Ink Business Cash

  • Entry level to mid level
  • No annual fees
  • Differentiated cashback rates from 1% to 5%, depending on the spending category
  • $750 welcome bonus
  • 0% introductory APR for the first 12 months, then variable APR from 18.24% to 24.49%
  • 3% foreign transaction fee

Click here to get one.

2. Chase Ink Business Unlimited

  • Entry level to mid level
  • No annual fees
  • A fixed cashback percentage of 1.5% for all spending categories
  • $750 welcome bonus
  • 0% introductory APR for the first 12 months, then variable APR from 18.24% to 24.49%
  • 3% foreign transaction fee

Click here to get one.

3. Chase Ink Business is preferred

  • Large established or corporate companies
  • Annual fee of $95
  • 3% cash back on the first $150,000 of annual spend on travel or business expenses, 1% on all other expenses
  • $1,000 cash welcome bonus or $1,250 for Chase Ultimate Rewards travel
  • 0% introductory APR for the first 12 months, then variable APR from 21.24% to 26.24%
  • 0% foreign transaction fees

Click here to get one.

4. Chase Ink Business Premier

  • Large established or corporate companies
  • Annual fee of $195
  • 2% to 5% cashback on all ticket purchases, depending on spending category
  • $1,000 cash welcome bonus
  • 0% introductory APR for the first 12 months, then variable APR from 19.49% to 27.49%
  • 0% foreign transaction fees

Click here to get one.

You can request additional employee cards for each Chase Ink card. These employee cards allow you to earn Chase Ultimate Rewards points just like your primary business card.

Frequently Asked Questions

What is the Chase 5/24 Rule?

The 5/24 rule is Chase’s unofficial rule that limits how many credit cards you can apply for in 24 months and still qualify for a new Chase credit card.

If you open five or more bank credit cards within 24 months, you will not be eligible for a new Chase credit card.

Thank goodness for that business credit cards this rule generally does not apply. Business credit cards, like Chase Ink, usually don’t appear on your personal credit report and thus don’t count toward your 5/24 card count.

Business credit cards for To discover And Capital One are two notable exceptions, as these business credit cards will appear on your personal credit report.

Is it difficult to get a Chase business card?

Qualifying for a Chase business card isn’t difficult if you have a good personal credit score and have opened four or fewer credit card accounts in the past 24 months.

There are no minimum turnover requirements and even a brand new business may qualify. You must be at least 18 years old and have an EIN or SSN, if required.

What credit score is needed for a Chase business card?

You need good to excellent personal credit to qualify for a Chase business credit card, which means: FICO credit score of at least 670. A score of at least 700 increases your chances of being approved.

Can you get approved for a business credit card with bad personal credit?

Possibly, yes. There are some decent business credit card options for business owners with less-than-favorable credit.

For FICO credit scores below 630, there are two options:

  • Secure business cards that require a cash deposit in advance.
  • Business business cards that do not require a personal FICO credit score. Instead, credit card companies evaluate your annual income and checking account balance.

Secured options for some of the best business credit cards include the Citi Secure Mastercard, Capital One Quicksilver Secured Cash Rewards Credit Card or Discover it® Secured Credit Card.

Business credit card options to consider include the Ramp Visa, Brex Mastercard or other American Express (Amex) Corporate Program card offerings.

How long does it take to get approved for a Chase business card?

You can get instant approval for your business credit card from Chase. However, this is quite unusual, so don’t worry if you don’t receive an approval notification immediately. It doesn’t mean a rejection letter is coming.

Additional information is often required to complete your application. This can extend the approval process by up to 30 days.

What should I do if I am rejected for a Chase business card?

If you are denied, please contact the reconsideration line to find out why. The Reconsideration Department number is 1-888-609-7805.

Because your credit report has already been thoroughly investigated, your credit score could drop up to five points. It’s best to find out why your application was rejected before you apply for another credit card and face more questions about your credit history – and credit card denials.

A representative from Chase’s consideration department can provide you with more information about your application. And in many cases, the insurer may recommend approval.

Do I need an EIN to get a Chase business card?

If you have a sole proprietorship, you don’t need an EIN to get a Chase business card. In this case you can simply provide your BSN as a tax number.

However, Chase recommends using an EIN whenever possible because it can help you keep your business expenses separate from your personal finances.

Which Chase business card is easiest to get approved for?

In addition to the Chase Ink Business Cash and the Chase Ink Business Unlimited cards, the lender’s co-branded rewards program business cards are fairly easy to obtain.

This includes the IHG One Rewards Premier Business Credit Card and the Southwest Rapid Rewards Premier Business Credit Card.

Conclusion – Should you apply for it?

Chase’s business credit card application is simple and relatively straight forward. Whether you’re getting your first small business credit card or a premium card for more robust spending, Chase has many options for businesses to choose from.

You do not need to have high annual turnover to be considered an eligible business. Many side hustlers and independent contractors, such as Lyft drivers or Instacart shoppers, apply for and receive Chase business cards so they can more easily manage their gas and other business expenses.

Having a business credit card, separate from a personal credit card, is an excellent way to manage expenses and make tax filing a little easier. And if you haven’t applied for five or more credit cards in the past 24 months, a Chase Ink card with attractive benefits and sign-up bonuses could be a good choice.

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