When you have a small business, the right credit card can be a great financial tool. The good news is that when choosing the best credit card for a small business, you have plenty of options. Chase business cards provide opportunities for you to establish credit and earn rewards. Here’s what you need to know as you compare these credit cards.
Choosing a Chase business credit card
When preparing to choose from among the Chase business credit cards, it’s up to you to consider your needs and preferences.
1. Which Chase business credit card is the best?
There’s no one right answer to this question. In the end, this depends on the goals and needs of your business. Take a look at your needs.
If you prefer travel rewards and travel a lot for business, the Ink Business Preferred might make more sense.
For those that want to earn cash back on business purchases, the Ink Business Cash could be a good choice.
Do you need a 0% APR offer? The Ink Business Unlimited could be the better choice, especially since it also offers cash rewards. Your goals will determine which Chase business card is best for you.
|Best for||Sign-up bonus||Rewards||Annual fee|
|Ink Business Preferred||Earning travel rewards (including no foreign transaction fee)||Earn 80,000 bonus points when you spend $5,000 on purchases in the first 3 months from account opening — worth $1,000 in travel when redeemed through Chase Ultimate Rewards||3X points on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable, or phone services, and advertising purchases with social media and search engines; 1 point per $1 on everything else||$95|
|Ink Business Cash||Earning cash back||Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening||5% cash back at office supply stores & on internet, cable, or phone services (up to $25,000 annually), 2% cash back at gas stations & restaurants (up to $25,000 annually); 1% cash back on everything else||$0|
|Ink Business Unlimited||Taking advantage of 0% intro APR offer||$500 bonus cash back after spending $3,000 on purchases in the first 3 months after account opening||1.5% cash back on all spending||$0|
2. How many Chase business cards can I have?
You can apply for as many Chase business cards as you want, but you might not be approved. Chase is notorious for its 5/24 rule, an informal guideline that reduces the chances that you’ll be approved for a Chase card if you’ve signed up for five new credit card accounts within the last 24 months.
3. What’s the difference between a business credit card and business charge card?
In general, a credit card has a pre-set spending limit and the ability to carry a balance from month to month. You pay an interest charge as a result of your ability to maintain a line of credit.
A charge card, on the other hand, generally doesn’t have a pre-set spending limit. However, you’re usually required to pay the balance in full each month or face a late penalty. With a charge card, you don’t normally have to worry about interest because you’re paying the balance in full.
4. Are there non-Ink Chase business cards available?
If you don’t want an Ink-branded Chase business card, you have other options. If you’re particularly loyal to one airline for business travel, you can turn to one of these other options.
|United Explorer Business Credit Card||Southwest Rapid Rewards Premier Business Credit Card|
|Best for||Those who fly United||Those who fly Southwest|
|Sign-up bonus||Earn 50,000 bonus miles when you spend $3,000 on purchases within the first 3 months||Earn 60,000 bonus points after spending $3,000 on purchases in the first 3 months|
|Rewards||2X miles per $1 spent at restaurants, gas stations, office supply stores and on United purchases, plus 1X mile per $1 spent on everything else||2X points on eligible Southwest Airlines purchases and 1 point per $1 spent on all other purchases|
|Annual fee||$95 (waived the first year)||$99|
Applying for a Chase business credit card
As you apply for a Chase business card, you’ll have to provide information and jump through some hoops. Here’s what you need to know.
5. Are Chase business cards hard to get?
It depends on your situation. If you already have several Chase accounts or if you don’t have good credit, they can be hard to get. It can be difficult to get any business credit card with no credit.
6. How do I get approved for a Chase business card and how long does it take?
Any small business credit card application requires you to provide information about your business and even your personal financial information, as your personal credit score will be considered.
In many cases, you can be approved in minutes, if you meet the requirements. However, in some cases, it might take several days.
7. Do Chase business cards get reported to my personal credit?
While your personal credit score is used when applying for small business credit cards, they might not be reported on your personal credit report. Chase business cards are not usually reported on your personal report.
8. Which credit bureau does Chase use for business credit cards?
Which credit bureau Chase uses depends on your state of residence. The company uses all three bureaus but is most likely to favor Experian.
9. Can anyone be approved for a Chase business card?
In general, you should have some sort of separate business, even if it’s a sole proprietorship and you use Schedule C to deduct your expenses. You don’t need a separate EIN (Employer Identification Number). The IRS considers small businesses those that have assets of less than $10 million.
10. How much income does my business need to be generating in order to qualify for a business credit card?
As long as you have business expenses, there is no minimum revenue requirement for small business cards.
11. Do Chase business cards count toward 5/24?
Because they aren’t reported on your personal report, Chase business cards might not count toward 5/24; however, you’re still subject to the rule and need to be under 5/24 in order to be approved. That being said, there’s no true guarantee.
12. What is the average credit card limit for Chase business cards?
Your credit limit will be based on the information in your application and in your credit report. In general, though, you can expect many business credit cards to have limits of at least $15,000, although some might have lower limits.
13. How should I fill out my application for a Chase business card?
After you’ve compared your options, you can fill out a small business credit card application with the most accurate information you have available. If you don’t have an EIN, you can use your Social Security number in its place.
14. How can I check on my Chase business card application status?
When you fill out your application, you’ll create an account, so you can log in to see the status of your card approval. You can also call 1-888-269-8690 to access the automated system.
Once you have a Chase business credit card
Now that you have a Chase business card, it’s time to use the card to your advantage. Here are the answers to common questions cardmembers have.
15. How do I activate my Chase business card?
When your new card arrives in the mail, you can simply log into your account to verify the receipt of your card and make sure it’s activated.
16. How can I add business cards to my Chase account?
You can’t actually add your business card profiles to your personal profile. Instead, if you want to see your business and personal profiles in one place, you need to log into your business profile, go to the “Add Accounts” page, and enter your personal account profile number; you’ll then be able to see both profiles together.
17. Can I use my Chase business credit card for personal expenses?
While there’s technically nothing stopping you from using a business credit card for personal expenses, it’s generally not a good practice. It’s best practice to keep business and personal expenses apart, so try to only use your Chase business cards for business costs.
18. Are employee cards free or is there a fee?
You can add Chase employee cards for free.
19. How much control over employee spending will I have with a Chase business card?
Not only can you earn rewards on every purchase made by employees but you can also limit their spending. Chase allows you to set individual employee spending limits, so you have a large degree of control.
20. Can I get alerts for employee cards connected to my Chase business card?
Yes, you can choose to receive alerts for employee cards connected to your account. Employees are considered authorized users.
21. How do I contact customer service for my Chase business card?
You can use the Secure Message Center to send a message from your Chase account after you sign in. It’s also possible for you to call 1-800-242-7338 anytime to speak with someone about your account.