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I’ve been getting questions on how to fill out the application for Chase business credit cards – likely because of rumors that the spending on the 50,000 point Chase Ink Bold and Ink Plus may increase soon and because the Southwest card still offers a high sign-up bonus and is a great way to get the Southwest Companion Pass.
Why Business Cards?
For a limited time, you will get 50,000 points on the Chase Ink Plus or Chase Ink Bold.
- Gift cards or Cash Back – $500 value
- Travel through the Ultimate Rewards Portal – $625 value
- Transfer to Southwest - $833 value
- Transfer to hotel and airline partners – $750+ value
The credit line for business cards does not show in my personal credit report and impact my credit utilization or credit aging, so it doesn’t impact my personal credit score in the long term. However, the credit inquiry does show in my personal credit report, but the effect drops off after 3 to 6 months (though the inquiry, as opposed to the business credit line, does stay on my personal credit report for 2 years).
Business cards are an easy way to get extra miles and points, and as I’ve written previously, many of us may qualify for businesses even though we don’t realize it. However, business credit cards may not have all the consumer protections which personal cards have.
Top 3 Chase Business Card Applications
These are the top 3 Chase business cards in my opinion:
- Chase Ink Plus – 50,000 Ultimate Rewards points after spending $5,000 within 3 months (used to be $10,000)
- Chase Ink Bold – 50,000 Ultimate Rewards points after spending $5,000 within 3 months (used to be $10,000)
- Chase Southwest Plus Business – 50,000 Southwest points after spending $2,000 within 3 months
50,000 Ultimate Rewards points is $500 in cash back, $625 towards travel from the Ultimate Rewards mall, ~$833 when transferred to Southwest, a 1-way business class ticket to Europe or South America when transferred to United, or 2 nights at a top category 6 Hyatt, like the Park Hyatt in Paris.
Ultimate Rewards points from the Ink Plus and Ink Bold can be transferred to different airlines and hotels and my favorite transfer partners are United, Hyatt, British Airways, and Southwest.
The 50,000 points from the Southwest business card does currently count towards the Southwest Companion Pass, which can get your companion up to 2 years of free flying!
Chase Business Card Application
The Chase Business Credit Card applications ask virtually the same questions whether you are applying for the Southwest Business card or the Chase Ink Plus.
The screenshots below are from the Chase Ink Plus application.
Step 1 – Check the Boxes
Check the box which remind you that you are personally liable for the debts of the business. The next box asks you to certify that your account is clear of bankruptcy and that you haven’t been denied credit by Chase within the last 6 months.
I always click the box, saying that I haven’t been denied credit, even if an earlier Chase application was initially rejected, but a call to the reconsideration line got me approved!
Step 2 – Shortcut for Chase Customers
If you are an existing Chase customer, you can fill out your user ID and password to have the application enter in existing data for you.
I don’t have any rational basis to justify this, but I always fill out the information manually.
Step 3 – Tell us about Your Business
- Legal Name of Business: If you are a sole proprietor, your legal business name could be your own name, “John Smith” or the name of your business for example, “Custom Cookies.“
- Business Address: This is your home address if you run the business from your home.
- Type Of Business: Sole Proprietor (if the business is run by just one person).
- Tax Identification Number: This is your social security number (as a sole proprietor).
- Years in Business Under Current Owner: For example, if you have been thinking of selling homemade cookies for the last year and have been buying ingredients to test different recipes enter “1.”
- Nature of Business: Select the option which fits in best with your business. For example, if you sell crafts online, I’d choose “retail” or choose “other” if none of the categories describe your business.
- Number of Employees: You have at least 1 employee (yourself) if you are a sole proprietor, so select “1.″
- Annual Business Revenue/Sales: Enter the total amount you receive annually for selling your products. It can be zero, but don’t fib!
It is very important to fill out all information in credit card applications truthfully. It is much better to say that you have no annual sales than to enter a fictitious amount. In her last business card application, Emily entered revenue of less than $100 and was still approved for the card.
Step 4 – Tell us about Yourself
Authorizing Officer must be one of the following: As a sole proprietor, I select “owner”
Gross Annual Income: The application doesn’t ask for individual income, so I’m comfortable entering our combined household income in the form.
You should be able to fill out the other information (name, address, etc.)
Step 5 – Authorization
Click the box to agree to the terms and conditions and hit “submit.”
One of the terms says:
“I agree this is a business account and shall only be used for business purposes and not for personal, family or household use.”
I can’t tell you what to do – you’ve got to decide that for yourself and as always do what you’re comfortable with. Emily and I have both used our business card for personal expenses and sometimes our personal cards for business expenses.
But know that Chase would like you to use the business card only for business expenses. I suspect this is a way to protect consumers from the lower consumer protections which business cards have (compared to personal cards).
Business cards are a great way to get extra miles and points, and they have the added benefit of not decreasing the average age of your credit history because the business credit line doesn’t sit on your personal credit report.
You also don’t need an established business to get approved for a business card, and many of us have businesses without knowing it. But it is important to be truthful on the application!
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