Chase issues some of the best commercial credit cards in the market, providing valuable rewards, travel allowances and useful tools for freelancers, helping scams and small business owners. However, applying for a single card is not exactly the same as applying for a personal card, and before you start, it is worth knowing some key rules and requirements.
One of the biggest factors to keep in mind is Chase’s 5/24 rule: If you have opened five or more credit cards (from any issuer) in the past 24 months, you may not be approved for a new Chase card (including business cards). Good news? Most business cards (including Chase’s) won’t appear in your personal credit report, so they won’t rely on your 5/24 limit.
Whether you are a full-time entrepreneur or earn some extra entrepreneur from a freelancer, the chase’s business card is reachable. This is everything you need to complete the application.
Who is eligible for a chase card?
The Chase business card application is very similar to the Chase Consumer Card application, but there are some differences. The biggest difference is that you need to have a business that makes money. This may be much easier than you think – you don’t need a full-time business, or even six-figure revenue from your business activities to be approved for a small business card.
If you do have a business, having a business card is not only a great way to earn extra rewards, it is also essential to keep your business and personal spending apart. For example, you can qualify as a part-time freelance writer, designer, consultant, or artist. Also, you’re not an employee’s show – like driving for Uber or Lyft, shipping food or walking dogs through apps like Rover or Wag – can also be a qualified business.
Related: Who is eligible for a commercial credit card?
How to complete the application for chasing a business card
Let’s look at the Chase business card application and identify the information that is most likely to confuse you.
All business card applications for chasing business credit cards look the same, but if you apply for a common business card, e.g. Southwest® RapidRewards® Performance Business Credit Card (See rates and fees) or Joint business card (See Rates and Fees) You can choose to add a loyalty program number. If you do not add a number, it will be assigned to you and a new loyalty account will be created in your name. If you already have a loyalty account, this can be a bit of a headache because you will eventually have to merge both accounts.
If you are already a Chase client, you can log in to your account for a faster application process as some information will be pre-filled.
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Here is the information you need to add to the application:
- Legal name: If you are a sole proprietor, it means your business is just you operated in your own name – you can use your name as a “legal business name”. However, if you have applied for a DBA from your local or state government (do business), you can enter that name here. Also, if you have established any type of legal business structure, such as LLC, your “legal business name” will be the name of the LLC or other entity. Here is a very important note: If you don’t have a DBA, please do not constitute a business name. Chase may ask for proof of your business and if you do not have a DBA in the business name you entered in this area (from your own personal name) you may be denied the card.
- Business name on the card: This is not necessarily your legal business name, as it is just the business name that will be engraved on your card (below the cardholder’s name). You may need to abbreviate the name you entered here, as a longer name may not fit.
- Business mailing address: If you work from home or don’t have a business address, you can access your home address.
- Business structure: If you are the only owner, select “Only Owner”. If your business has two or more owners, select Partnership. If your business is registered as any other option (LLC, Corporation, non-Profit), select the appropriate option.
- Business phone number: This can be a home or a cell phone.
- Tax number type: If you are a sole proprietor, you can use your Social Security number as your tax number. Otherwise, you will need a federal EIN (employer ID number) that you can easily apply to the IRS.
- Number of employees: Enter the number of all other employees, not including yourself. If you are the only employee, enter “0”.
- Annual Business Revenue/Sales: This is the annual income of your business before deducting any fees or taxes. This doesn’t require a lot of numbers – some new businesses get approved with little revenue, but if you do have business revenue, it certainly increases the likelihood of approval.
- Business establishment date: The date you need to start the business
- General Industry/Category/Specific Type: Choose the option that best describes your business.
Step 1: Authorization information, personal details and ID card
Let’s take a look at the first part of the Chase Business Credit Card application page.
Authorization information refers to your role in the company, such as the owner, partner, president or treasurer; if you are a sole proprietor, select “Owner”.
Under Tax Number, you can choose whether to apply for a Social Security Number or Tax Number. If you choose to use your Social Security number, you will see that you must read and accept the disclosure of the terms.
Step 2: Home Address and Contact Information
Now you will scroll to the second part of the Chase Business Credit Card Application Page:
Most of the personal information you have to fill in is very simple.
Step 3: Financial information, business structure and detailed information
Now you will scroll to the third part Chase Business Credit Card Application Page:
When it comes to “total annual income”, you want to make sure that any qualified income is included, according to Chase, which includes:
- Full-time or part-time job
- Dividend
- interest
- practice
- Public Assistance
- Seasonal work
- Social Security Benefits
You can also include “moneys from others who deposit regularly into your account” and if you are 21 or older, you can include other income you often use to pay your bills. So if you have a partner or spouse, you can combine their annual salary with yours.
Under Business Details, enter your business name, or if you are a celibate owner, enter the name you want to print on the card. After that, enter the number of employees.
Steps 4 and 5: Business Tax ID, Business Address, Contact Information, Finance, Business Classification and Employee Card
Next scroll down a little.
Now, enter your business tax number and primary address. For your address, if you don’t have a physical location, it can be the same as your home address. If you don’t have a business number, your business number may be your personal number.
For the Business Finance section, enter the date of your business establishment. Then enter annual business income, which is the amount the business earns before deducting any fees or taxes.
Then enter your estimated monthly expenses.
Finally, under Enterprise Classification, select the appropriate field where your business is located. You can also choose to add an employee card and choose whether to receive paperless statements.
After filling in the required information, check the terms before submitting. At the bottom, just above the Submit button, you need to check a box to show that you have read and agree to the terms.
Related: How to Get a Business Credit Card
Bottom line
Applying to chase a business credit card is simpler than many people realize. As long as you earn income from qualified business activities, even part-time freelance work or gig work, you may be eligible.
Just make sure that the information you enter is honest and consistent, especially about your business name, structure, and revenue. Chase may require verification, so an accurate attitude is important.
Not only is a way to get rewards, commercial credit cards can help you separate your business and personal finance, simplify bookkeeping and strategically manage your 5/24 count. If you qualify, taking some time to apply may be a wise move for your perspective and mileage strategy.
Related: How to choose a strategy for your small business credit card
