One of the easiest ways to maximize points is to get a business credit card. Why? Business cards have some of the highest sign-up bonuses and some have great ongoing benefits as well. Many banks, airlines, and hotels have a business card version of the personal card that you may already have.
By getting just one business card, you can get a BIG bump to your cash back total. In addition, most programs allow you to combine or merge your points into one account.
This article will help you understand how to apply for a business credit card.
What Qualifies as a Business?
First of all, let’s define what a business is in terms of being eligible for a business credit card. A business can be any occupation, profession, or trade that earns income. So, if you have employees and make a large amount of business income, you are obviously eligible.
But, if you just have a small side job, you could still consider yourself a business! Read this article for more on business card eligibility.
How to Apply
Click the link on the business card you want to apply. (Use Cash Freely links to support the site!)
Tell them about your business.
The first part of the application is about your business. If you already have a well-established business, the answers should be straightforward.
If you are just getting started with your business, below are examples of how to fill this out. These answers assume that you do not have any employees and operate as a sole proprietorship (the most basic form of a business). Use your judgment to answer differently if the examples given don’t match your circumstances:
Business Information
- Legal Name of Business: If you don’t already have a business name, I recommend using your own name as the business name.
- Business Name on Card: Again, this can be your own name if you don’t have a business name to use.
- Business Mailing Address: This can be your home address if you don’t have a separate business address.
- Type of business: Sole Proprietor
- Tax Identification Number: This can be your SSN, but you can also create an EIN for your business (found here)
- Business category/type/subtype: Pick whichever categories are closest to your business
- Number of Employees: 1 (you)
- Annual Business Revenue: Project an amount based on monthly revenue to date or future revenue
- Years in Business: (number of years you’ve been operating the business with or without revenue)
Personal Information
This part of the application is about you personally:
- Authorizing Officer: Owner
- Gross annual income: Include all of your income, not just business income
- The rest should be self-explanatory
How to improve your chances of success
The following tips can help with approval, but none are guaranteed:
- Use an EIN instead of your SSN when entering your Business Tax ID on the application
- Do not call if your application goes to pending
- Call if your application is denied
- Try a Special Consideration Form if you are denied (and if calling doesn’t help)
Do not call if your application goes to pending
When applications go pending, people frequently find that they get approved without calling. When people do call, they often get tough analysts who deny the application.
The approval process goes through up to 3 “gates”:
- Instant Approval (this is rare with Chase Ink business cards)
- Automatic Approval, sent by mail (may take several weeks)
- Analyst Phone Approval
If you’re not instantly approved, then calling bypasses gate 2 and may reduce your overall chance of approval. Instead, I recommend waiting to get a letter in the mail. Hopefully, it will say, “congratulations.”
Of course, if you are contacted for more information, then you absolutely should talk to them on the phone. In some cases, they may simply need more information about you or your business before your application can go through the next review stage.
Call if you are denied (and call again)
If your application is outright denied (either instantly or by mail), then call the reconsideration line (the phone numbers are listed here). There are many cases where analysts have overturned denials over the phone.
The analyst will likely ask a lot of questions. Make sure your answers match your application. Also, if you already have multiple business cards with that bank, make sure to let the analyst know that you don’t need more credit. Tell them that you are willing to move available credit from another card or cancel another card if necessary. Be prepared to answer financial questions about your business, why you want the card, and how you expect to use it. There is absolutely nothing wrong with saying that you were attracted “by the spending bonus and by the 5X spend categories” (as an example).
If the analyst doesn’t approve your application, call again. Many people have had luck simply calling a few times until they reached an analyst willing to take a chance on their business.
Ready to get a business credit card? Check out Our Best Business Cards or This Month’s Best Offers page.
