Chase business credit card for new business

Applications for a Chase business card are pretty simple, but there are some areas where people get confused. Here's a step-by-step guide on how to apply for a Chase business credit card.

Business information

When you apply for a Chase business credit card, the first page will ask for basic information about your business such as a name, mailing address, and annual revenue. If you are a freelancer or someone with a side gig with no employees, you are considered a sole proprietor, which is what you'll put under "Type of Business." You'd also put "1" under the "Number of Employees" field, which would be you.

You can use your own name as your business name and your personal mailing address. You'll need to estimate your annual business revenue here, and this can be projected revenue for the upcoming year, so estimate on the high side. Don't worry if you're not making much. The bank will also consider your personal income.

Under "tax identification number," you can put your EIN (Employer Identification Number) if you have one, or you can simply use your own Social Security number.

Personal information

The following page will ask for your personal information, much like a regular credit card application. As a sole proprietor, you'll identify as the "Owner" under the "Authorizing Officer" field. You'll need to provide your name, home address, and gross annual income. Your gross annual income can include income from your job, from your business, and from your spouse.

The following page will ask for your phone number (business and personal can be the same), your email address, date of birth, Social Security number, and mother's maiden name.

Employee cards

Finally, the final page when you apply for a Chase business credit card will give you the option to add employee cards. You don't have to do this, but if you do have someone trustworthy who might purchase things for your business on occasion, employee cards are a great way to help you meet your minimum spending limit for the sign-up bonus. Make sure you trust the cardholders, though, because you're on the hook for any charges they make.

Waiting for approval

Once you submit the final page, you'll receive a page that either tells you that you were approved, denied, or your application is being processed. The last option is the most likely. In this case, you will likely receive a decision within a week, although the stated wait period is 30 days. You might be contacted and asked to provide more information about your business during this time. You can also call Chase's automated status line at 1-800-432-3117 at any time to check on the progress of your application.

How to get approved for a Chase business credit card

There's no way to guarantee approval when you apply for a Chase business credit card, but there are some things you can do to improve your chances. Here are some tips.

Increase your credit score: Your credit score should be at least 680 when you apply for a Chase business credit card, but having a score of 720 or higher will give you the best chances.

Decrease your credit limit with Chase: Chase doesn't like to extend too much credit to any one customer as compared to their income, and it's very common to be denied because you already have large credit limits. In general, your overall credit limit with Chase across all of your personal and business credit cards shouldn't exceed 50% of your income or $75,000. If you're coming close to either of those limits, ask for a credit limit decrease on one of your existing Chase credit cards before applying for a Chase business card.

Space out your credit card applications: Chase doesn't like to see lots of recent inquiries. Aside from not going over 5/24, you also won't be approved if you've opened a Chase credit card in the past 30 days. If you've opened up four or five Chase credit cards in the past six months, it's best to wait a while before you apply for a Chase business credit card.

Apply in-branch: People who apply for a Chase business credit card in-branch rather than online tend to have a better shot at approval, and they also tend to receive bigger sign-up offers. If you have a branch near you, it's worth going in and applying in person.

Wait until you've been in business longer: While you don't have to have a 10-year-old business generating six figures to be approved for a Chase business credit card, rejection is common for people who have been in business for a short period of time and have low revenue. People who have been in business for at least two years and generate at least $2,000 in revenue have a better chance of approval.

What to do if you're denied for a Chase business credit card

If you're denied when you apply for a Chase business credit card, there is still hope. You can call its reconsideration line at 1-888-270-2127 to speak with someone about your application. Often, Chase just needs a little more information about your business or wants to verify something in order to approve you. Below are some common questions a representative may ask you.

• What type of business are you running?
• How many years has your business been in operation?
• Why do you want a business credit card?
• What type of expenses will you be putting on this credit card?
• How much revenue did your business generate last year?
• How do you market your business?

Upon answering these questions, you may find that Chase reverses its decision and approves you for a new Chase business credit card. It may also still deny you, but you'll be given a reason so that you can improve your chances of approval next time.

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