Are you still wondering if you are eligible for a Small Business Credit Card? I might have an answer for you. Many banks have started issuing form 1099-MISC if you have referred someone to open a new bank account or a new credit card. It could mean you have consulted with someone using your valuable skills, by explaining the benefits of the product and have convinced them to see the value in it for them. In doing so, you have provided consulting services to someone as a freelancer. There are many freelancers who do this full time so why shouldn’t you consider as parta -time self-employed consultant?

Self-Employment 1099-MISC

Whether you’re a sole proprietor, an independent contractor, a consultant or a freelancer, you’re probably getting some or all of your income reported on a 1099-MISC or 1099-K. You have the flexibility to work the way you want, but it also means the government considers you to be self-employed — or even a business.

A couple of intuit quotes that you should consider reading

It doesn’t matter if your intent was to make a profit or not when you receive 1099-MISC, then it should be reported to IRS for tax purpose.

Now, I am a Small Business or Self-Employed, What are my benefits

It’s not only that you can deduct some of the expenses as a Self-Employed, but you can also apply for Bank accounts or Credit Cards as Small Business. You don’t need an EIN (Employer Identification Number) or high revenue, just using your Social you can get one. There is no need to have a registered business to get top Credit cards that offer top rewards. There is no other better reason to start with Ink Preferred which offers 100,000 Bonus points and Ink Cash and Ink Unlimited offering 50,000 Bonus points.

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.  This card has a $95 annual fee which is quite low compared to similar Small Business Cards.

If you have Chase Sapphire Reserve, this card would make the best combination by transferring Ultimate Rewards to Chase Sapphire Reserve. The same 80K rewards are worth $1200 when redeemed via Chase Reserve card for travel.

However, getting the Chase card has its advantages and 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 bonus 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
    • Cashback of 2% on all purchases, every day with no limit to total rewards

 Learn More 

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
    • You earn another 2 miles for every $1 spent on all purchases

Learn More 

Capital One Spark Miles 50,000 promotion

Please note, you can only apply for one Capital One credit card in six month period.

What Information Do I need to provide in the Small Business Credit Card Application?

In legal business name, as a sole proprietor, your legal business name should be your own name.

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” or enter the amount that you received in your 1099.

In the income section, you can enter your personal income, not just the business revenue.

Consider reading this if you want to get one without any hassle.


My view on 1099-MISC might be different from yours.  You should consult a tax consultant for your needs and determine the actual way of interpreting 1099. At the same time, I don’t see a reason why can’t someone be a self-employed freelancer by providing their service to others. There are benefits to it as mentioned above.

Planning to Open a Small Business Card? Do drop your comments on this page and take advantage of the benefits listed above.