Million Mile Secrets reader, Sophia, commented:
Do you need to have a personal credit card with a bank to be approved for a business card with them?
Banks do NOT require you to have a personal card in order to approve you for a small business card.
Many banks like to build relationships with small businesses. And applying for a credit card is a great starting point.
This is fantastic news because many small business cards come with lucrative sign-up bonuses, which can help you get Big Travel with Small Money! For example, team member Keith used the sign-up bonus from the Ink Business Preferred℠ Credit Card to book a Business Class award seat to New Zealand!
Qualifying for a small business credit card might be easier than you think!
Business Owners Can Apply for Multiple Business Cards With Different Banks
You’re eligible to apply for business cards as long as you’re trying to earn a profit with your business activities. This includes side hustles like hosting on Airbnb, selling on eBay, or freelance writing or design.
You’re NOT required to have an existing business banking relationship or a personal card with the bank.
For example, team member Keith has 2 Bank of America business credit cards. But he doesn’t have a banking relationship or any Bank of America personal cards.
Here’s how to save $1,000 on your vacation with top business cards like the Chase Ink Business Preferred (check out my review of the fantastic 80,000-point offer) or Starwood Preferred Guest® Business Credit Card from American Express.
Remember, banks do NOT require you to have a formal business name or EIN (Employer Identification Number). Million Mile Secrets reader Juan shared how he applies for business cards as a part-time realtor using his Social Security Number.
Most Small Business Credit Cards Do NOT Appear on Your Personal Credit Report
Besides having terrific sign-up bonuses and perks, small business cards with these banks do NOT appear on your personal credit report:
- Bank of America
- Wells Fargo
This is great for folks concerned 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.
This is why team member Jasmin’s current card strategy is to strictly apply for business cards with the above banks.
Banks do NOT require you to have any existing relationship (like a personal credit card or bank account) in order to approve you for a business credit card.
This is good news because earning valuable sign-up bonuses with cards like the Chase Ink Business Preferred can save you $1,000 off your next trip!
If you’re eligible to apply for business cards, you can apply for the best offers across multiple banks. The best part is most small business cards do NOT appear on your personal credit report. So they won’t count toward card limits with banks like Chase.