Are you wondering whether can apply for a small business credit card? Qualifying as a small business owner or becoming one might be a lot simpler than you think. Do you happen to sell items on Amazon, eBay or Craigslist? Do you teach music or sports? Ever act as a freelance writer or photographer? Do you do any weekend activities to make some extra money? Do you sell any goods or services, you may qualify as a business owner.
Best Small Business Credit Card Promotions
The Chase Ink Preferred is currently offering one of the best sign-up bonuses around, where you’ll receive 100,000 points after spending $15,000 in the first three months. The 100,000 points are worth $1250 when redeemed for travel. There are a few exciting ways to earn 3x points on this card including online sales, shipping, advertising, and phone and cable services (up to $150,000). This card has a $95 annual fee which is quite low compared to similar Small Business Cards.
after $15,000 spend
after $3,000 spend
after $3,000 spend
If you have Chase Sapphire Reserve, this card would make the best combination by transferring Ultimate Rewards to Sapphire Reserve. The same 80K rewards are worth $1200 when redeemed via Chase Reserve card for travel.
Getting the Chase card has its challenges with Chase’s 5/24 rule. It is best to get the card sooner rather than later if you are currently under 5/24. Getting Ink card first might be a better choice as this card won’t be counted within 5/24 when you apply for other Chase Cards that checks the 5/24.
Capital One is currently offering some staggering bonuses that you should consider getting right now.
- The Capital One Spark Cash card, which gives users the opportunity to earn a total of $500 cash back. You can unlock this by hitting the early spend bonus along with a few other competitive features associated with this card:
- Receive a $500 cash back bonus after spending $4,500 in the first three months of account opening
- Cash back of 2% on all purchases, every day with no limit to total rewards
Capital One Spark Cash $500 Bonus offer
- The Capital One Spark Miles comes with an opportunity to accrue a staggering 50,000 miles earning potential.
- After spending $4,500 in the first three months of account opening, receive 50,000 miles
- Earn another 2 miles for every $1 spent on all purchases
Capital One Spark Miles 50,000 promotion
Please note, you can only apply for one Capital One credit card per six months.
There are certainly other Small Business Credit Cards with some great offers which you may qualify for too, such as Ink Cash with 5% cashback at office supply stores and on internet, cable and phone services (up to $25,000), offering 50,000 points after $3000 spend and Ink Unlimited with 1.5% on every purchase offering 50,000 points after $3000 spend.
Are You Eligible for a Small Business Card?
Qualifying for a business credit card might be easier than you think. If you already own a business, then all you need is to decide which card is best for you. If you have a side hustle or a small income that you make apart from your regular income, you may qualify for one too. You don’t need an EIN (Employer Identification Number) or high revenue. You can just use your Social and complete the application.
Things like sell items on Amazon, eBay or Craigslist, freelance writer or photographer, part-time teacher, weekend activities to make some extra money all of these counts. If you plan to start one, you are a small business owner and eligible to apply for one.
What Information Do I need to provide in the Small Business Credit Card Application?
In legal business name, if you are a sole proprietor, your legal business name can be your own name or the name of your business.
For a business owner, enter the business name, make sure you have proper Business registration documents and some valid address for later verification.
In the type of business, choose sole proprietor (a business owned by one person), partnership (a business owned by 2 or more people), or select the appropriate legal structure of your business (LLC, corporation, etc.).
If you don’t have an EIN (Employer Identification Number), use your social security number.
In the revenue section, enter the total amount you receive annually for selling your products or services. If you are just starting out and haven’t sold anything yet, enter “0”. In the past, few applicants have entered less than $100 of revenue on the application and still been approved for a small business card. Enter the number of years ever since you started thinking or started investing.
In the income section, you can enter your personal income, not just the business revenue, because this is where you pay your credit card from.
In the address section, enter your home address if you run the business from your home.
The important thing is when you get a verification call, do not lie on your business credit card application.
Chase Ultimate Rewards Value
When you redeem for travel, your Points are worth 25% more when you redeem through Chase Ultimate Rewards Travel portal. For example, 80,000 points are worth $1,000 towards travel. You can transfer the Ultimate rewards to several Travel partners and redeem for travel or hotel reservation.
- Aer Lingus AerClub
- British Airways Executive Club
- Flying Blue AIR FRANCE KLM
- Iberia Plus
- Korean Air SKYPASS
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards®
- United MileagePlus®
- Virgin Atlantic Flying Club
- IHG® Rewards Club
- Marriott Rewards®
- The Ritz-Carlton Rewards®
- World of Hyatt
Benefits of Ultimate Rewards
Consider reading below topics to understand more on Ultimate Rewards
- Best Chase Ultimate Rewards Credit Cards to Own and Chase Rules to Read before applying for Credit Card
- How to Maximize Ultimate Rewards using Shop Through Chase
- Maximize Chase Ultimate Rewards Points With Every Purchase
- Best Chase Ultimate Rewards Guide for Redemption on Travel
Join this fb group to learn How to Maximize Ultimate Rewards https://www.facebook.com/groups/MaximizeChaseUltimateRewards/
The 80,000 sign-up bonus is one of the high rewards you can benefit if spend $5000 in 3 months after account opening. Learn what the Ultimate Rewards can let you redeem for travel.
If you are using Google Adwords, Bing Ads or Facebook Ads, if you charge to Ink Preferred, you will earn 3X points.
If you are an eBay seller or doing any online sales. All your shipping charges would earn you 3x points.
Charge all of your travel, including airfare, hotels, car rentals, train tickets, and taxis and earn 3X points.
Internet, Cable and Phone services would earn you 3x points as well. Get up to $600 per claim in cell phone protection against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Chase Ink Business Preferred credit card. Maximum of 3 claims in a 12 month period with a $100 deductible per claim.
Capital One Miles Partners
Starting December 2018, you’ll have 12 airline transfer partners. This is a great addition to the miles card that Capital One offers. Capital One is also planning to add more travel partners in the future.
- Air Canada (Aeroplan)
- Air France & KLM (Flying Blue)
- Cathay Pacific
- Hainan Airlines
- Qatar Airways
The transfer ratio will be 2:1.5, so you’ll get 1.5 airline miles for every 2 Spark miles you transfer.
Conclusion on Best Business Credit Card – The Chase Ink Business Preferred is the best business card on the market for most. It checks off every box. The card comes with a great sign up bonus. It has a very rewarding earning rates. The annual fee is reasonable and the Ultimate Rewards ecosystem is the best transferable points currency out there. The Chase Ink Business preferred also comes with many rewarding perks, including $600 in cell phone insurance.
Capital One Spark is a great and very attractive bonus, but $50,000 spend might not be easy for a lot of small business owners. Also, the travel partners are not as attractive as Chase partners. If you are looking for a good cash back card, then Spark Cashback is the right card to get right now if you can meet the minimum spend.