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Chase Tightens Up On Business Credit Card Applications

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Chase Tightens Up On Business Credit Card Applications

Chase Tightens Up On Business Credit Card Applications

A slew of recent data points tell us that Chase is tightening up on business credit card applications. Approvals now are less common than before (which already tightened up last year). From speaking with several people and data points on various websites, here’s what we can gather on this new trend.

The Evidence

Over the past week, Doctor of Credit pointed out that Chase had changed the verbiage and requirements online for business credit card applications. Also in the past week, people in our Facebook group, on Reddit, and various other travel blogs had the same data point:

Chase denied me for a business credit card. The reason for the denial was a lack of funds in Chase deposit accounts.

While this in itself isn’t worth much, the fact it popped up in numerous places at the same time was interesting. I messaged some of these people privately to ask for more info. Here’s the data on those denied for “lack of funds in deposit accounts”

  • All of them applied as sole proprietors.
  • All of them had previous credit cards with Chase.
  • None of them had checking, savings, or CD accounts with Chase.

What Does This Mean?

I also saw data points for people who were approved within the past week and engaged some of them. Those approved were outside of these data points. It was a simple line in the sand.

  • If you’re an LLC or incorporated business with documentation, approvals continued like we’ve experienced before.
  • The non-sole proprietor applications typically didn’t have Chase business checking accounts, so this doesn’t appear to be a deciding factor. (only 1/10 people I talked to with an approval also had a checking account)
  • If you’re a sole proprietor and don’t have any cash sitting in a Chase account (personal or business), denials are very likely–if not 100%.

The data points to Chase wanting security. In these unpredictable times, offering credit to customers who aren’t providing security is risky. Chase wants something they can grab if you miss payments. If you’ve got cash in a CD or checking account, etc. they can take that to cover the bill. If you’ve got nothing for them to hold onto, you’re probably not getting that business credit card.

Final Thoughts

New trends are always interesting in this hobby. It was worth investigating to see what’s behind this new trend with Chase business credit card applications. The approvals point to a new data point: sole proprietors are being denied if they don’t have deposit accounts with some cash in them as a security for Chase to hold onto.

Going forward, if you want to get a Chase business credit card, sole proprietors will need to have some type of deposit account. At a time with elevated welcome offers from the United Business Card or the always-strong welcome offer from the Chase Ink Business Preferred, applying for these cards is part of a strong miles & points strategy. How you pursue these cards may need to change if you’re applying as a sole proprietor. Bear this in mind, in addition to their other application rules.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Ryan Smith
Ryan Smith
Travel hacker in 2-player mode, intent on visiting every country in the world, and can say "hello" or "how much does this cost?" in a bunch of different languages.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


  1. I’m on a call with Chase right now, as my application for the Chase Ink card was denied. The customer service rep said that Chase is currently not approving anyone who applies as a sole proprietor!!! I already have a chase business credit card, have a checking account with them, and also have money with them in my personal account.

    • WHAT?! I’d ask to talk to someone else, because that sounds so unbelievable that you need to confirm it with another person.
      If you can’t get approved, and they stick to this reason, try saying “I’ve never heard of this blanket policy, can I hear it from another person to confirm?”

    • Ash – I tweeted at Chase, and they said they don’t have a policy against sole proprietors. Did you make any progress on this?

  2. My wife and I have a ton of sole proprietor business accounts with Chase and we have no formal banking arrangement with Chase. We just both finished off 100,000 mile United Business cards and I finished off a Chase Ink Cash card. We are waiting on her Ink Cash card in the mail but it was approved. I guess I will open a Chase Savings and or checking account and park some cash there to keep playing the game. Onward and upward. What are you going to do?

    • I have a personal chase checking account and am well past 5/24, but my wife will drop under 5/24 later this year. We need to add her to my checking account. Also, since we have an LLC, that should help.

  3. Applied late March. Rejected due to 5/24. Called reconsideration line in April. Explained that I was an AU and therefore not responsible for one of the cards. They reviewed and agreed that I was under 5/24. Went through a long list of questions with them, income, projected revenue, projected expenses, etc. Was approved the second time but after second credit pull. Received a 5K credit line which will make it a challenge to meet 15K minimum spend in 3 months. Planning to call back to negotiate that point. Am sole proprietor with no Chase deposit accounts.

    • Rough that they pulled your credit a 2nd time. If you have any other biz cards with Chase, see if they can move some of the credit line from another card to this one.

  4. Just a few data points. Dropped to 4/24 mid-February.

    Applied for United MP Business March 1st. Approved immediately. March 10th applied for Ink Cash. Approved immediately. April 13 applied for Ink Unlimited. Approved immediately. 3 business cards in less than 45 days.
    I have 2 personal cards, a brokerage account that I opened to get 60,000 points, so I seem to fall into the category that is guaranteed success.

      • His DP is useless in this case. Rumor has it Chase changed its application form and standards on the 16th. Applicants are being rejected for not having enough funds

        • I’m very aware of the dates. I’m pursuing further data for a bigger picture (which is why my response has a question in it). Thanks for reading 🙂

  5. That makes sense. Normally you have better odds of approval if you have a business relationship with the bank already.

    • Yes and no. It hasn’t always been this way, especially with Chase. Other banks that’s definitely true, but it’s not historically true with Chase. Seems to be near-mandatory for sole proprietors now, though.


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