What's the minimum credit score for a Chase business credit card?
- Chase business credit card requirements
- What credit score is needed for Chase business credit cards?
- A closer look at Chase business credit cards
- What are the odds of being approved for a Chase business credit card?
- What is the best Chase business credit card for a small business?
- What about for a new business?
- Consider a corporate card instead
- Get a Ramp Business Credit Card with no credit check or personal guarantee
To be considered for a Chase business credit card, you must meet certain criteria and provide comprehensive details about both your business and personal finances.
Having a clear understanding of these requirements can make the application process more efficient and improve your likelihood of being approved.
Here's a complete summary of the essential details and procedures required to apply for a business credit card from Chase.
Chase business credit card requirements
Business information
When applying for a Chase business credit card, you will need to provide detailed information about your business. This includes:
- Legal business name: The official name of your business as registered with the state.
- Business address and phone number: Contact information for your business location.
- Industry type: The nature of your business, such as retail, services, or manufacturing.
- Years in business: How long your business has been operational.
- Annual revenue: Your business’s yearly income before expenses.
- Number of employees: The total number of people working for your business.
Personal information
Chase requires personal details to assess your creditworthiness and manage potential risks. This includes:
- Full name: Your legal name as it appears on your identification.
- Home address: Your residential address.
- Social Security number (SSN): Needed for credit checks and verification.
- Date of birth: Your birth date for identification purposes.
- Personal income: Information about your personal annual income.
Business financials
Chase may evaluate your business's financial health to determine eligibility for a business credit card. While not all applicants may need to provide extensive documentation, being prepared with the following can enhance your application:
- Bank statements: Recent statements may be requested to show your business’s cash flow, especially if the business is new or lacks a credit history.
- Tax returns: Previous years' tax returns can help verify your annual business revenue and expenses, though they might not be required for every applicant.
- Profit and loss statements: These documents summarize revenues, costs, and expenses, and can provide a comprehensive view of your business’s financial health. Again, this may not be a strict requirement but can be beneficial.
Legal and ownership details
Chase will also require information about your business's legal standing and ownership structure, such as:
- Business structure: Type of business entity (e.g., LLC, corporation, sole proprietorship).
- Employer Identification Number (EIN): Federal tax identification number for your business.
- Ownership details: Information about the business owners and their stake in the company.
Does Chase do a hard pull for business credit cards?
Yes, Chase typically performs a hard pull on your personal credit report when you apply for a business credit card. This inquiry can temporarily lower your credit score by a few points.
What credit score is needed for Chase business credit cards?
Chase bank has high standards as a business card issuer.
Generally, the FICO credit score needed for a Chase business credit card is a 680 or higher. However, Chase also considers factors beyond a good credit score, like business revenue and financial stability, on its business card applications. Reports show that it is possible to qualify for a Chase business credit card with a credit score as low as 640.
Typical credit score needed for Chase Ink business cards
- Ink Business Premier Credit Card: 680 or more.
- Ink Business Cash Credit Card: 680 or more.
- Ink Business Preferred Credit Card: 680 or more.
- Ink Business Unlimited Credit Card: 680 or more.
» Learn more: What is the credit limit for the Chase Ink Business Preferred credit card?
A closer look at Chase business credit cards
Ink Business Premier Credit Card
Best for: Businesses with large, infrequent expenses.
Key features:
- Earns 2.5% cash back on purchases of $5,000 or more.
- Earns 2% cash back on all other business purchases.
- "Pay-in-full" card with the option to pay eligible purchases over time (with interest).
Annual fee: $195
Ink Business Cash Credit Card
Best for: Businesses with consistent, moderate spending.
Key features:
- Earns 5% cash back on the first $25,000 spent in combined purchases in the first 3 months of account opening, then 1.5% cash back on all other purchases.
- Simple rewards structure.
Annual fee: $0 for the first year, then $95
Ink Business Preferred Credit Card
Best for: Businesses that travel frequently or value travel rewards.
Key features:
- Earns 3 points per dollar on the first $150,000 spent in combined purchases in the first 3 months of account opening, then 1 point per dollar on all other purchases.
- Perks include trip interruption insurance and the chance to earn Chase Ultimate Rewards points, which can be transferred to travel partners like United Airlines, Southwest Airlines, and World of Hyatt.
Annual fee: $95
Ink Business Unlimited Credit Card
Best for: Businesses with consistent, moderate spending across various categories.
Key features:
- Earns 1.5% cash back on all business purchases.
- Simple and straightforward rewards structure.
Annual fee: $0
What are the odds of being approved for a Chase business credit card?
The approval odds depend on several factors, including your personal credit score, business revenue, and overall financial health. Businesses with strong financials and owners with good to excellent credit scores have higher chances of approval when submitting credit card applications.
Additionally, a solid banking relationship with Chase can improve your odds.
What is the best Chase business credit card for a small business?
There is no one “best” Chase business credit card for a small business. Instead, it pays to do some research to determine which card is best for your business.
Reflect on your company spending and typical business expenses. Ask yourself questions like:
- Do you want to pay an annual fee? Even with a sign up bonus, yearly fees eat into the value you get from a card; if you want to skip this expense but still want a Chase business card, your only option is the Ink Business Unlimited Credit Card.
- Does your business spend a lot on travel and dining? Consider a card with travel rewards, like the Ink Business Preferred Credit Card.
- Do you make several big-ticket purchases in a month? Consider the Ink Business Premier Credit Card, which earns 2.5% cash back on purchases of $5,000 or more.
- Do you want cash back or do you prefer travel rewards cards? Cash is king, so you might consider the simplicity of the Ink Business Unlimited Credit Card first.
- Do you have a good credit score? If your FICO score is less than 680, you may have a harder time figuring out how to get approved for a Chase business credit card.
» Learn more: Minimum credit scores for business credit cards this year
What about for a new business?
New businesses that lack credit history might have a smoother experience applying for a credit card that does not require good to excellent credit. Options include:
Alternative | Need-to-know | Benefits | Good for… |
|---|---|---|---|
Business debit cards | Function like personal debit cards, drawing funds directly from your business checking account | Avoids debt and interest | Businesses that struggle with overspending |
Require a cash deposit as collateral | Helps build credit | Businesses with limited or poor credit history | |
Designed for businesses to control employee spending and track expenses effectively | Offers higher credit limits and are generally easier to qualify for | Established businesses with higher spending volumes |
Consider a corporate card instead
Corporate cards usually don’t check your business credit score. Instead, these cards require that you have a registered business and a certain amount of capital in a business bank account. These cards also come with expense management features to streamline your business finances.
With cards like Ramp, you may even qualify for higher credit limits than other cards with our sales-based underwriting.
Get a Ramp Business Credit Card with no credit check or personal guarantee
If you're looking for a corporate card without the need for a credit check or personal guarantee, consider the Ramp Business Credit Card. Ramp offers businesses a streamlined and hassle-free application process, focusing on your business's financial health rather than personal credit scores.
Our card helps businesses save an average of 5%, making it one of the best business credit cards out there. That's because you'll spend less time and money keeping up with various aspects of your business, so you can devote resources to more critical tasks.
The Ramp card is an excellent alternative to Chase business credit cards for companies seeking to simplify their expense management and access credit without impacting their personal credit.
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