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Chase is known for offering business credit cards with lucrative sign-up bonuses and a variety of benefits, including free employee cards and no foreign transaction fees. But for some small business owners, the idea of applying for a Chase business credit card may be a bit intimidating. In actuality, the application process is simpler than you may think.
We walk you through the steps of completing a Chase business credit card application, including if you’re eligible to apply and what business and personal information is needed.
- Can I apply for a Chase business credit card?
- What is Chase’s 5/24 rule?
- How to complete a Chase business credit card application
- How do I check the status of my Chase business credit card application?
- Which Chase business credit card should you apply for?
Can I apply for a Chase business credit card?
If you are a small business owner, officer or partner of a company, you may be eligible to apply for a Chase business credit card. A wide range of businesses can qualify, including public or private companies, as well as sole proprietorships. So while you may be eligible if you run a large company with several employees, you may also qualify if you have a side hustle, such as freelance writing, driving for a ride-hailing service or babysitting.
Of course, you have to agree that the card will only be used for business purposes, and not personal, family or household-related transactions. Also, you must be at least 18 years old to qualify, and 19 years old in Alabama and Nebraska.
What is Chase’s 5/24 rule?
Chase has an unwritten rule, known as the “Chase 5/24 rule,” that prevents you from being approved for a new Chase business or personal card if you have opened five personal credit cards (from any issuer) within the past 24 months.
That said, Chase business credit cards do not count towards the five-card maximum. So, for example, if you opened four personal credit cards and one Chase business credit card in the past two years (for a total of five cards), you are eligible to apply for additional Chase business credit cards. But if you opened five personal credit cards during that time period, you won’t be approved for a Chase business card.
How to complete a Chase business credit card application
The Chase business credit card application has two parts, with one section for business information and the other for personal information.
Here, you will enter details about your business, including the following:
Legal name of the business: You can find the company’s full legal name by checking your business’s formation document. If you have a sole proprietorship, you can enter your name here.
Business name on the card: Enter the business name as you would like it to appear on the card. Note, this can be different from the legal name of the business.
Business mailing address and business phone number. If you work from home, you can use your personal mailing address and phone number.
Type of business: Select sole proprietorship, limited liability company (LLC), corporation, partnership or nonprofit.
Tax identification number (TIN): Depending on the type of tax ID you have, enter your employer identification number (EIN), individual tax ID number (ITIN) or Social Security number (SSN) here.
Number of employees: Enter the number of employees, not including yourself. If you are the only employee, enter “0” here.
Annual business revenue/sales: This refers to the amount of income your company generates from normal business operations before any costs or expenses are deducted.
General industry/category/specific type: Choose from a broad range of business categories, including agriculture, construction, retail, transportation, insurance, real estate, educational services and much more.
If you want to add an employee card, you can enter their personal information, including name, home address, SSN/ITIN and date of birth.
In the “personal information” section, you’ll first need to select one of the following as your authorized officer title: president, vice president, treasurer, owner, member or partner. Next, enter basic information about yourself, including your name, mailing address, date of birth, primary phone number, email address and SSN or ITIN.
You also need to enter your total gross annual income, as well as state whether or not any portion of that income is nontaxable.
According to Chase, your gross annual income is the amount you earn or expect to earn, including full-time, part-time, internships or seasonal jobs, self-employment, investments, retirement, Social Security benefits and public assistance. If you’re 21 or older, you can include money that is regularly deposited into your account by someone else.
Note, you are not required to include alimony, child support or separate maintenance (spousal support under a separation agreement) if you don’t want Chase to consider it.
The non-taxable portion of your total gross annual income may include money you receive from disability, workers’ compensation, child support, housing allowance, Social Security benefits or public assistance.
How do I check the status of my Chase business credit card application?
After submitting your application, you will instantly receive a message thanking you for your application and informing you whether your application has been approved, denied or needs further review.
You can expect to receive an email or letter in the mail in one to two weeks stating the status of your application and informing you if Chase needs more information to complete the application process.
In the meantime, you can log in to your Chase account to check the status of your business credit card application, or call the customer service phone number at 1-800-453-9719.
Which Chase business credit card should you apply for?
Ultimately, the best Chase business credit card for you comes down to how you plan to use the card. For example, if you want to earn a valuable sign-up bonus and elevated rewards rate on travel purchases, the Ink Business Preferred℠ Credit Card could be a good fit. But if you want to carry a balance interest-free for a year, the Ink Business Unlimited℠ Credit Card may be a better choice, since it offers an intro APR of 0% for 12 months on purchases, then an APR of 14.74% - 20.74% variable.
The Ink Business Cash℠ Credit Card is a great option if you want to earn a high cashback rate on business purchases. Or, if you’re loyal to Southwest Airlines or United Airlines, you may want to look at the Southwest Rapid Rewards® Performance Business Credit Card or the United℠ Explorer Business Card.
Whichever card you choose, be sure to have all of the information mentioned above available prior to starting your credit card application.
The information related to the Ink Business Unlimited℠ Credit Card, Ink Business Cash℠ Credit Card, Southwest Rapid Rewards® Performance Business Credit Card and Ink Business Preferred℠ Credit Card has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.