The Chase business credit cards offer several redemption possibilities, including point transfer, in order for you to derive greater value from your reward points.
It offers several reward programs, fees (or no fees), rewards, welcome bonuses, redemption possibilities, and others. You can use the card to pay for many of the purchases businesses frequent often, from frequent office supplies to equipment to business travel charges.
There are some expenditures that you would not necessarily pay with a business credit card, such as personal expenses or larger purchases where a loan may be more advantageous due to better terms.
How does the Chase Business Credit Card Work?
Chase business credit cards work by extending credit, to a certain point, to a business in hopes the debt will be paid back. Just like with every credit card, interest can be levied on any balance that remains at the end of each billing cycle.
You won’t have to pay interest if you pay the balance in full each billing cycle. Business credit cards are generally more flexible and more readily available than other types of financing, like a business loan. But then, these cards will often provide rewards or cash back on your business purchases.
Who Qualifies for a Chase Business Card?
Who can get a business credit card? Sole proprietorships, partnerships, LLCs, and corporations are all eligible to get a business credit card.
You’ll want to remember that other kinds of entities may have other requirements or supporting documents required for the application process.
$2,000 minimum daily ending balance. $2,000 in eligible deposits from your Chase QuickAccept or other eligible Chase Payment Solutions transactions. $2,000 in eligible purchases from your Chase Ink Business Card. You’ll likely need to provide the following information in order to finish a business credit card application:
- Business name and address and phone number.
- Tax ID (SSN or EIN)
- Years in business.
- Industry.
- Number of employees.
- Annual revenue (can be $0 if you haven’t yet made any money)
Chase Ink Business Cash Credit Card: $3,000, minimum. Chase Ink Business Unlimited Credit Card: $3,000, minimum. Chase Ink Business Preferred Credit Card: $5,000, minimum.
How Much Can You Transfer with Chase Business?
The highest wire transfer amount is $250,000 per business day, and the cut-off for wiring is 4pm EST. So, ensure that you request before this cut-off time, or Chase will only complete it the following business day.
Approval of a Chase business credit card can take a couple of minutes for automated approvals to several weeks for manual verification. It generally takes 7-10 days to get a physical card in the mail after approval.
What is Needed for a Chase Business Account?
Opening a business account at your bank requires presenting identification for your business and yourself. Some of these are your passport or state driver’s license, your business partnership agreements, or your business license. Your business may need to provide additional material as well.
After signing in to your business account, choose the Profile icon in the top right corner. Choose “Profile & settings.” Under “Payment preferences,” choose “Manage transaction limits.“ Choose to either increase or decrease the limit for the desired service and then click “Submit.”
What are the Benefits of a Chase Business Credit Card?
Here, one has access to:
1. Higher Credit Limits
Business credit cards have higher credit limits than personal credit cards. This can be a lifesaver if you need to make a business purchase that you wouldn’t otherwise put on your personal card.
Some cards also have an introductory offer of a low APR for a period following account opening. This is helpful if you are going to pay the big purchase off in full within that introductory period.
2. Business Spending Rewards
You might even be able to get rewards on the money your business spends on using the card. Based on the card, you might then be able to exchange them for cash back, gift cards, flights, travel, hotel stays, and more.
3. Business Perks
Others also have benefits such as customized expense reports, purchase protection, extended warranty, and travel emergency assistance, among others. In addition, some can offer the ability to accelerate your reward earning on common business spending categories.
4. Employee Cards
Keep it in line and have more freedom with credit cards for your employees. Apart from not having to deal with reimbursements, some cards enable you to monitor employee spending and even limit individual spending at any given time. On top of that, you can potentially earn a reward from their spending.
5. Keep Business Spend Separate from Personal
Putting all of your company spending onto a company charge card might make things easier at tax time and for record-keeping in general.
Depending on the card, you’ll be able to link your quarterly spending reports into some accounting program so that you’ll have an easier time tracking your spending and being prepared at tax time.
In order to set up a business credit score, you have to utilize your credit wisely. Utilizing a business credit card wisely and making the minimum payment on your account each billing period can begin the process of building a business credit score.
Your business credit score, as with your personal credit score, is a measure that lenders use to establish your creditworthiness.
The higher your credit score, the better interest rates and lines of credit you can be eligible for if you ever do need to borrow cash through a business loan or other source of funding.
For business relationships, the score might even be a signal to possible suppliers, vendors, and other strategic business partners as to how your business manages its credit.
Final Words
When you initially apply, the business owner is personally liable for the business’s incurred debt. So, you are going to have a hard pull on your personal credit report.
The reason why this is performed is that the issuer needs to figure out how creditworthy you are in order to approve you for a business credit card.
Upon approval, a new business credit history and credit score are created and are separate from your personal credit.
