Million Mile Secrets reader, Scott, commented:
I earn income from 2 rental homes. However, I do NOT have a formal business name or LLC. And I report the rental income on an individual income tax return. Can I still qualify for the Ink Business Preferred℠ Credit Card? Or do I need to make my business more official?
And you have the option to enter your Social Security Number on a business card application instead of an EIN (Employer Identification Number). This is how Million Mile Secrets team members Harlan and Keith apply for their business cards!
I’ll remind y’all which side business activities that can help you boost your miles and points balances.
Earn Miles & Points With a Small Business
Earning lucrative sign-up bonuses with small business credit cards is a fantastic way to boost your miles and points balances. And qualifying for a small business credit card might be easier than you think.
Remember, you’re personally responsible for the charges on a business credit card. So banks look at your total income and credit score when evaluating your business credit card application.
This means you’re NOT required to have significant revenue and profit to get approved for a business card. For example, team member Keith’s friend was instantly approved for the Ink Business Preferred after listing just a few hundred dollars in profit for his eBay side business.
And there are no strict income requirements for AMEX small business cards. A commenter on FlyerTalk even reported being approved for several American Express small business cards with $0 in business income.
Here are some other side ventures you might already be doing that can qualify you for a business card:
- Airbnb host
- Dog walker
- Freelance graphic designer
- Makeup artist
- Property manager
- Real estate agent
- Rideshare driver
- Social media or marketing consultant
- Travel agent
Remember, you can apply for business credit cards with just your name and Social Security Number. This is considered applying as a sole proprietor. So there’s no requirement to have a formal business name or EIN (Employer Identification Number) – although you can register for one to get more small business cards.
Many Small Business Credit Cards Do NOT Appear on Your Personal Credit Report
Besides having terrific sign-up bonuses and benefits, small business cards with these banks do NOT appear on your personal credit report:
- American Express
- Bank of America
- Wells Fargo
This is great for folks worried about Chase’s credit card limits. Because opening a business card with one of the above banks will NOT add to the number of cards you opened in the past 24 months.
You’re NOT required to have a formal business name or EIN (Employer Identification Number). Instead, you can apply as a sole proprietor using your name and Social Security Number.
Because you’re personally responsible for the credit line on a business credit card, banks look at your total income and credit score when evaluating your business card application. So even with little business income, it’s possible to get approved.
Besides earning lucrative sign-up bonuses, remember many small business credit cards do NOT appear on your personal credit report.