Getting Approved For Chase Business Cards In The Current Economy

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I’ve written that in the current economic environment I believe rewards credit card approvals will get tougher, and so it’s a good idea to act quickly on cards that you’re interested in. I thought it would make sense to offer approval tips on Chase business cards right now, as you weight whether to pursue some of the richest offers that we’ve seen – all of which were in the chute prior to the current unpleasantness.

There are three Chase business cards in particular that I think have fantastic (and certainly biggest-ever public offers).

  • Ink Business Preferred® Credit Card has an 100,000 point offer after you spend $15,000 on purchases in the first 3 months from account opening. Chase points are super valuable because they transfer directly to a variety of airlines and hotels, and I like bank points now as a hedge against what happens to any individual frequent flyer program. Until mere days ago this offer was ‘only’ 80,000 points.

    The card earns 3 points per dollar on travel — that’s airlines, hotels, rental cars, tolls, even Uber — and 3 points per dollar on shipping and advertising on social media and search engines, so great for anyone who advertises on Facebook or Twitter, or who spends money advertising with Google. It also comes with $600 protection against theft or damage when you use it to pay your cell phone.

  • Southwest Rapid Rewards® Performance Business Credit Card is offering up to 100,000 Rapid Rewards points: 70,000 points after you spend $5,000 on purchases in the first 3 months. Plus, earn an additional 30,000 points after you spend $25,000 on purchases in the first 6 months.

    With required spending earning that full bonus means at least 125,000 points – enough to also earn a Companion Pass which allows you to take a designated companion with you for just security taxes when you fly Southwest even on points. A companion pass effectively doubles the value of your points, making 125,000 points worth nearly $3750 in travel. I’ve earned my 2021 companion pass already, a great opportunity to think about for when you’re traveling again.

    The card rebates the cost of four A1 – A15 boardings per year and also the fee for Southwest Airlines wifi service up to 365 times per year.

    southwest airlines boeing 737

  • UnitedSM Business Card is an all new product this year with a limited-time offer: 100,000 bonus miles after $10,000 in purchases in the first three months from account opening.

    You get first checked bag free, priority boarding, and two United Club passes both at account opening and again on each cardmember anniversary.

    This $99 annual fee card will give you a $100 annual United travel credit after seven United flight purchases of $100 or more. In addition they encourage you to have both a business and personal United card because this card offers 5,000 bonus miles each anniversary when you have this new United Business Card and a personal United card.

    united polaris seat

Do You Have A Qualifying Business?

Many readers can get a business card and probably should. Chase even suggests that getting a small business card is one of the things you should do as you start your business, that it’s often the first resource many business owners look to as they start to grow. A small business card allow yous to separate business from personal expenses and builds the credit history and identity of your business.

An employer ID number isn’t required, since sole proprietorship businesses use the business owner’s social security number. A lot of folks are going to be picking up side businesses these days, whether it’s freelance writing, pet sitting or programming. Any time there’s income which isn’t related to an employer, and where you expect to have some expenses, keep those expenses separate with a small business credit card.

Some people get approved with no business income at all, others do not. It often depends on personal income, credit score, and perhaps prior relationship with the bank. If you’ve done some business, and had some revenue, then certainly consider applying as well.

When Shouldn’t You Apply?

Each of the three offers I’ve highlighted are only available if you do not currently have that card and you haven’t received a new cardmember bonus for that specific product within the last 24 months.

You should wait at least 30 days between applications for Chase card products. In fact, over 90 days is usually better. I’ve seen rejections for too many applications received by people applying for a second card within 3 months, though I’ve also seen people approved for cards after just over one month.

Finally Chase generally will not approve new rewards cards for people who have opened 5 or more new card accounts in the last 24 months. However this does not include small business cards which don’t report on your personal credit, and opening a Chase small business card does not add to your ‘5/24’ total.

Once You Apply

When I’m not approved for a card immediately, I wait. I don’t call in right away to negotiate an approval. I almost invariably just get a new card in the mail in a couple of weeks. Of course if I’m declined I’ll reach out to the issuer to try to negotiate their reconsideration.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Editorial note: any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Comments made in response to this post are not provided or commissioned nor have they been reviewed, approved, or otherwise endorsed by any bank. It is not the responsibility of advertisers Citibank, Chase, American Express, Barclays, Capital One or any other advertiser to ensure that questions are answered, either. Terms and limitations apply to all offers.

Comments

  1. Any tips on getting approved as a sole proprietor? Used to have no issue getting approved but the last 2 apps was asked for proof from the county clerks office showing my business is an established business.

  2. In the current environment, many will not be able to meet the spend requirements. Which means waiting for most of us. I think as the economy improves, there will be more offers that may even be better than these.

    And, let’s be honest, no one is traveling anywhere.

  3. I’m not sure how I’m feeling towards Chase right now. There are multiple reports that they’re not refunding tickets where the airlines have canceled a flight when booking with Ultimate Rewards.. #ShameOnChase

  4. I thought this was going to be specific advice to questions you might get about starting a business in the current environment but it’s just a rehash of older material. It would be great to see anecdotal reports regarding an increase (or not) in rejections.

    Personally I always call when I get the “your app is processing” message from Chase as it usually means they want me to re-allocate credit from another card. But not sure how that work for business cards and not addressed above.

    One thing people should keep in mind is that if you are planning a refi (and mortgage rates will be dropping soon once the market calms down) you definitely don’t want any apps hitting your personal credit report.

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