I’ve always been a long-term cardholder Chase SapphireReserve® (See rates and fees), so I was very interested when I learned that Chase will launch a business version of the card.
When I learned that my new curiosity turned into shock Chase Sapphire Reserve for Business- (See Interest Rates and Fees) Get a huge welcome bonus: Make 200,000 points after you spent $30,000 in the first six months of your account opening.
I decided to take the risk and luckily I had an amazingly relaxed experience getting approved for this card. That’s it.
Submit an application
Once I decide to apply, completing the application is the first step. Applying for a business credit card with Chase is relatively simple, especially since my wife and I have a formal LLC. I have listed all details of our LLC, including our federal employer ID number – although you can use your Social Security number as a sole proprietor.
Further, I know I’m the cusp of Chase’s 5/24 rule, because over the past two years, I’ve opened four new cards in all issuers. However, I also have many other chasing credit cards and since chasing usually limits it to your credit limit, I think this will lead to a “pending approval” message.
And, sure enough, this is exactly the message I received.
I still hope to finally get approval – although I was surprised at how quickly it happened.
From pending to approval
Once my application went pending, I decided to call Chase directly. My goal is twofold:
- Documentation: I’ve read some early reports that I need formal corporate documentation before approving the sapphire reserve for business applications, so I want to make sure it has what it needs.
- Speed up comments: I also want to see if Chase can push comments on the application so that I can start spending on the card. A few days after applying, I took a work trip and I hope to make progress towards a massive $30,000 spending requirement.
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The first agent I spoke to confirmed that she had everything she needed and there was nothing she could do to speed up approval. She noted that I would have the final decision within seven to 10 days, so I quit and let the process work without further intervention.
However, less than 30 minutes after I submitted my application, I received a call from other representatives of Chase. She asked questions about the nature of my business and how I planned to use the card. She also wondered why I had so many open, active credit card accounts (24 at the time).
I’m honest and said I work at TPG, where we educate our audience on how to maximize these credit cards – although I also reiterate that each card is paid in time every month. She seemed satisfied with my answer, although she also said it would take some time to review the application and make a final decision. I thanked her for the time and hung up the phone. The phone lasted only six minutes.
Again, I planned to simply wait for the decision, but less than an hour later I received a glorious email to let me know that my application was approved.
Submitting my application to receive an approval email takes only one hour and 22 minutes. This is one of the fastest timetables I have ever experienced (except for immediate approval, of course).
Receive (and use) the card
All of this happened on Friday and I was curious to know how long it would take for the actual card to arrive. The approval email indicates that I will receive it within five to seven business days, but luckily I don’t have to wait that long. On Monday, I received a message from UPS that my package for “Chase Card Services” will be delivered at the end of Tuesday, and sure enough, it was delivered after 4 p.m. ET. It was about an hour I went to the airport, which meant I was able to start working towards this expenditure request.
My business trips included hotel accommodation, which triggered $300 in annual travel credit.
I also added the card to my Lyft account to start taking advantage of the annual $120 declared credit ($10 per month); plus, I will earn 5 points on my LYFT purchases until September 30, 2027. Finally, I went on to buy a $50 gift card, buying certain business-related items via giftcards.com/reservebusiness (up to $50 each year until October 31, 2028).
I’m also excited to try out the edits of ChaseTravel℠ on my upcoming trip, but for the moment, I’m focused on spending $30,000 to win a welcome bonus of 200,000 points.
Unfortunately, Chase only expanded its credit line of $10,000, so I made a few interim payments to make sure I wasn’t too close to that limit.
Bottom line
I decided to apply Chase Sapphire Reservethe approval process is relatively painless. From the moment I submitted my application to the moment I was approved, it was less than 90 minutes, and this even included Chase’s active phone call to verify some information about my business.
Indeed, the card has an annual fee of $795 and I will not be able to maximize all business-related privileges on this card. Still, I’m happy to receive the welcome bonus and test other privileges as a new cardholder – the simple approval process is just the icing on the cake.
