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Posted by on Sep 30, 2013 in Amex Starwood, Amex Starwood Business, Chase Ink Bold, Chase Ink Plus, Credit Cards | 0 comments

Guide to Opening Business Credit Cards for Rewards

Recently, I posted a guide to opening credit cards for rewards. By following the guidelines and opening up credit cards from my top credit card bonuses page, you can easily recoup a significant portion of your wedding cost and fund almost the entire cost of your honeymoon while flying first class and staying in a suite. Of course, you’ll have to be smart about opening and using the right credit cards, which includes meeting the minimum spend requirements without actually having to spend a lot of money. All that information is explained in the guide to opening credit cards for rewards.

 

Credit card bonuses

Credit card bonuses

 

When you browse the top credit card bonuses page, however, you may notice that some of the credit cards are labelled “business credit cards”. A lot of people think that means you need a business in order to be eligible for that credit card, but that could not be further from the truth. ANYONE can open business credit cards and while many of the guidelines to opening business credit cards are similar to that of regular credit cards, some nuances exist.

 

Guide to Opening Business Credit Cards for Rewards

Rule 1: Enter your name for the business name

If you do have a business, then enter your business name. If you don’t have a business, you can still open the credit card; simply enter your name as the business name then see the below rules on how to proceed.

Enter your name for the business name

Enter your name for the business name

 

Rule 2: Select “sole proprietor” as the type of business

After you’ve entered your name as the business name, you can simply select sole proprietor as your type of business meaning it’s a one-person business.

Select "sole proprietor" as type of business

Select “sole proprietor” as type of business

 

Rule 3: Enter your Social Security Number for the Federal Tax ID

Next, you can enter your Social Security Number for the Federal Tax ID field. A person’s Social Security Number is the default Federal Tax ID for a sole proprietor business.

Enter your Social Security Number for the Federal Tax ID

Enter your Social Security Number for the Federal Tax ID

 

Rule 4: Enter your annual salary as your annual business revenue

You can simply enter your annual salary for both the annual business revenue field and the annual income field. Since you don’t actually have a business and are filling in the application as a sole proprietor, your salary is your annual revenue.

Enter your annual salary as the annual business revenue

Enter your annual salary as the annual business revenue

 

Rule 5: You can open both the personal and the business version of a credit card to get double the signup bonus

While you are rarely allowed to open the same credit card twice at the same time, you can open the personal version of a credit card and the business version of a credit card at the same time. Doing so will allow you to get double the signup bonus, and a popular choice for this strategy is the American Express Starwood credit card and the American Express Starwood Business credit card.

To apply for the credit cards discussed and other credit cards, please see my credit card bonuses page

To apply for the credit cards discussed in this post and other credit cards, please see my credit card bonuses page

 

The Main Point

A lot of people may find the idea of opening business credit cards without a business a bit daunting, but that feeling is often misguided. Credit card companies really want you to open business credit cards, and that’s why the signup bonuses are so generous! It’s only by law that they mark and target certain credit cards as business credit cards since business credit cards offer consumers less protection on areas, such as interest rate increases. But you should ALWAYS be paying your credit card balances in full and on time so those issues should not be a concern.

The two best business credit cards with the largest signup bonuses are the Chase Ink Bold credit card and the Chase Ink Plus credit card. I’ll cover those two credit cards more in depth in the future as well as the Chase Ultimate Rewards program.

 

Disclaimer: I may receive referral credit for some of the links above, which I appreciate

 

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