Don’t Let This Business Credit Card Misconception Stop You From Earning New Sign-Up Bonuses

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Don’t Let This Business Credit Card Misconception Stop You From Earning New Sign-Up Bonuses

Million Mile SecretsDon’t Let This Business Credit Card Misconception Stop You From Earning New Sign-Up BonusesMillion Mile Secrets Team

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Even without an official business name or corporate structure, you can still qualify for the Ink Business Preferred and other small business credit cards.

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?

You’re eligible to apply for business cards as long as you’re trying to earn a profit with a side activity.  So having a rental home like Scott is an easy way to qualify!

Qualify For Business Credit Cards
Earning a Profit With a Rental Home or Other Side Activity Can Make You Eligible for a Small Business Credit Card!

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

Link:   How to Qualify for a Small Business Credit Card (And Why You Should Get One!)

Link:   Earn Big Miles & Points With These 7 Quick Small Business Ideas

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.

Qualify For Business Credit Cards
Selling Items on eBay for Profit Can Be an Easy Way to Qualify for Business Credit Cards

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
  • Babysitter
  • Dog walker
  • Freelance graphic designer
  • Handyman
  • Landlord
  • Landscaper
  • Makeup artist
  • Property manager
  • Real estate agent
  • Rideshare driver
  • Social media or marketing consultant
  • Travel agent
  • Tutor

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

Link:   If You Don’t Know This AMEX Secret, You’re Missing Out!

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
  • Chase
  • Citi
  • 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.

Bottom Line

You can qualify for small business credit cards like the Ink Business Preferred as long as you’re aiming to earn a profit with a side activity.

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.

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Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

  • Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
  • Earn 1 point per $1 on all other purchases–with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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I applied for the Ink Business Preferred by Chase and was denied due to too many cards opened in last 24 months.

The article states that opening a business credit card with one of the listed banks will not add to the number of cards you opened (according to Chase) in the past 24 months. This is true, but easy to misinterpret. Some clarification:

Chase will not approve a new credit card account (business OR personal) for anyone who has opened more than 5 credit cards in the last 24 months (the 5/24 rule). If you are above 5/24, your application will be denied, even for business cards.

If you are below 5/24 and you open a new business credit card account, however, it will not take up one of your 5/24 slots, and therefore won’t affect your ability to apply for future cards.

I have a legitimate rental property business and even have a business banking account, however I am hesitant to get a business credit card as I do not have any expenses that I can pay with a credit card. I have a management company that takes any repair expenses out of the rent. I would love to get the sign up bonuses, but would have to buy ordinary items that were not connected to the business in order to get the signup bonuses. Is this an acceptable practice, and do banks really care?

Million Mile Secrets

Banks prefer you use business cards for business expenses.
That said, Emily and I have both used a business card for personal expenses and sometimes our personal cards for business expenses. But we try not to make it a habit.

I hear what you are saying. Thanks for your response.
I just can’t imagine how a dog walker or even a baby sitter spends $3000 in 3 months on business expenses.

As a follow up to my oringinal post, I was approved for the Chase Business Preferred card. I applied as a sole proprietor and listed appropriate rental income on the application.

Million Mile Secrets

Congrats on getting the card!