Stated Income Business Credit Cards Chase: A Comprehensive Guide

Stated income business credit cards from Chase offer flexible credit limits based on your annual income, without requiring tax returns or financial statements.

Chase business credit cards with stated income have varying credit limits, with some cards offering limits up to $250,000.

The Chase Ink Business Preferred Credit Card has a credit limit of up to $100,000, with a 60,000-point bonus after spending $4,000 in the first 3 months.

To qualify for these cards, you typically need a good to excellent credit score.

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You can qualify for a business credit card without revenue by including personal household income on the application. Most major business credit card issuers ask about both business income and personal household income.

Bank of America, for example, describes personal income on its business credit card applications as "Total gross household income", which includes salary, wages, overtime, interest, dividends, rental income, or retirement benefits. This means if you have a spouse or partner who earns a steady income, you can include that information on the application.

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You may also include income from others that you can reasonably access to pay your bill, such as a side hustle or a family member who's willing to contribute. Just be aware that there's a special section of the Credit CARD Act aimed at protecting younger consumers from running up debt they can't afford to pay.

A stated income business credit card is a financing option where the borrower's declared income is considered for credit approval instead of a thorough credit check. This type of credit card is particularly beneficial for small businesses, startups, and self-employed individuals who may not have a regular income stream or perfect credit scores.

Stated income business credit cards usually come with higher interest rates and fees due to the increased risk perceived by the lender. However, they remain a popular choice for many businesses due to their flexibility and relative ease of access compared to traditional financing options.

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Qualifying for a stated income business credit card with Chase involves several factors, including your credit score, business history, and the type of business you have.

To qualify, your business doesn't need to be an LLC, corporation, or specific type of business entity. Chase business credit cards are available to any revenue-generating business, including small businesses and contractors.

You can even qualify if your business is just a part-time gig or a side hustle, such as freelancing on Fiverr or Upwork, driving for Lyft or Uber, or delivering food for DoorDash, Shipt, or Instacart.

Acquiring a stated income business credit card can be a game-changer for your business. With a stated income business credit card, the approval process is less stringent and faster, as it mainly revolves around the stated income instead of a detailed credit check.

You can get approved for a credit card without revenue, as most major business credit card issuers ask about both business income and personal household income. This means that if you have a side job or a spouse who can contribute to your credit card payments, you may be able to qualify.

A stated income business credit card provides flexibility to businesses with fluctuating income streams, as the borrowing capacity is based on income and not fixed business assets. This makes it an ideal option for businesses that experience varying cash flows.

With a stated income business credit card, you can use it for various purposes, such as inventory purchases, working capital, expansion, or even debt consolidation. The card's annual fee, interest rate, and other benefits should be carefully reviewed to ensure it fits your business needs.

Here are some key benefits of acquiring a stated income business credit card:

To qualify for a Chase business card, you don't need to have a specific type of business entity, such as an LLC or corporation. Any revenue-generating business can qualify, including small businesses and contractors.

Chase also offers business credit cards for freelancers, such as those on Fiverr or Upwork, and for side hustles like driving for Lyft or Uber, delivering food for DoorDash or Instacart, or renting out a room on Airbnb.

To qualify for a stated income business line of credit, you'll need to meet specific factors, including your credit score, business history, and more. However, the approval process is less stringent and faster, as it mainly revolves around the stated income instead of a detailed credit check.

Here are some key requirements to keep in mind:

It's worth noting that most small business card issuers don't have a minimum time in business requirement, but corporate cards may require a minimum amount of time in business.

By understanding these requirements and being honest about your business income, you can increase your chances of getting approved for a Chase business card.

If you get rejected for a Chase Business Card, it's essential to find out why. The number for the reconsideration department is 1-888-609-7805.

A hard inquiry was already pulled on your credit report, which can drop your credit score up to five points. This is why it's best to find out why your application was denied before applying for other credit cards.

A representative at Chase's reconsideration department can provide you with more details about your application. They can also recommend approval in many instances.

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Repayment terms for stated income business credit cards can vary significantly, ranging from a few months to several years.

You'll want to understand the repayment schedule before committing to a credit card. This will help you plan your finances and ensure you can meet the monthly payments.

If you're approved based on projected income, be aware that lying on your credit application can put your personal assets at risk. Most business credit cards require a personal guarantee.

This means that if your business can't repay the debt, the credit card issuer may try to collect from your personal income or assets. It's a serious consequence, and one you should carefully consider before applying.

Make sure to talk to the credit card issuer to find out if projected income is acceptable. They may have specific requirements or restrictions on this type of application.

Evaluating card features and benefits is crucial when choosing a stated income business credit card from Chase. Carefully read through all the information about card features and benefits to choose a card with rewards that best fit your business.

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If your business requires employees to travel often, a card with flight miles or hotel rewards may make the most sense. On the other hand, if your expenses are mostly spent on daily operations, then a card with cash back rewards might be best.

The annual fee of the card is also something to consider. Make sure you fully understand the fee and whether it's worth the benefits you'll receive. Additionally, be aware of the card's interest rate if you carry a balance.

Protections for business credit cards are usually different than protections for individual consumers. Be sure to read about what protections the lender offers for businesses, such as fraud protection and rate increase notices.

Speak with potential lenders to learn about their application of payments and penalty fees and rates. Business credit cards are not regulated in the same ways as personal credit cards are, so it may not be safe to make assumptions based on past personal experience.

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If you're applying for a Chase business credit card based on projected income, be sure to talk to the card issuer first to find out if that's acceptable.

Lying on a credit application can put your personal assets at risk, as most business credit cards require a personal guarantee.

You may not be able to wipe out the debt in bankruptcy if you file and it turns out you lied on your credit application.

If you don't have a legally filed business name, just use your own personal name when applying for a Chase business credit card.

Don't make up a business name for the "legal name of your business" - your application will likely be denied.

Be honest when filling out your application, as any information you provide will be scrutinized and could require additional verification.

Chase does approve new businesses with little to no income, so even if you only have a few thousand a year in revenue, list that figure.

You could receive instant approval for your Chase business credit card, but it's fairly uncommon, so don't worry if you don't get an instant approval notification.

Additional information is often required to complete your application, which can prolong the approval process by up to 30 days.

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You may be able to qualify for a business credit card without revenue, as most major card issuers ask about both business income and personal household income.

You can include personal income on your application, which may include salary, wages, overtime or bonuses, interest, dividends, rental income, or retirement benefits. You can also include income from others that you can reasonably access to pay your bill, as long as you are 21 or older.

Some issuers, like Bank of America, allow you to include non-taxable income, such as disability or worker's compensation, housing allowance, public assistance, Social Security, or child support, but you'll need to increase that amount by 25%. Corporate cards are different, and may only ask for information about business income.

You can qualify for a business credit card without revenue, as most major issuers ask about both business and personal household income.

Bank of America, for example, considers personal income to be what you earn, or can expect to earn in the year before taxes. This includes salary, wages, overtime, bonuses, interest, dividends, rental income, or retirement benefits.

You can include income from others if you're at least 21 years old and can reasonably access it to pay your bill. This could be income from another W-2 job or business, or from a spouse, partner, or household member who's willing to contribute.

Most small business credit card issuers allow you to apply based on both personal and business income.

Ink cards are a popular choice for small business owners, and for good reason. They offer a range of rewards and benefits that can help you save money and grow your business.

You can qualify for an Ink card without revenue, but you'll need to include personal income on the application. Most major card issuers, including Bank of America, ask about both business income and personal household income.

If you have another W-2 job or business that's earning money, or if you have a spouse, partner, or member of your household who's willing to contribute toward your credit card payments, you can include that information on the personal income section of your credit card application.

The Chase Ink Business cards are particularly popular, with three main options: the Ink Business Preferred, Ink Business Cash, and Ink Business Unlimited. These cards have different rewards structures and annual fees, but they all offer generous welcome bonuses and cash back rewards.

Here are the key features of each card:

You can apply for all three cards and earn the bonuses, making them excellent complements to each other. And, as a sole proprietorship, you can even get the same card for multiple businesses if you have more than one business.

To apply for a Chase business credit card, you'll need to provide some basic details about your business. You can apply for all the Chase Ink Business cards, and they're not mutually exclusive, so you can earn the bonuses on multiple cards.

The Chase Ink Business cards include the Ink Business Preferred, Ink Business Cash, and Ink Business Unlimited, each with its own benefits and rewards structure. The Ink Business Preferred has a $95 annual fee, while the Ink Business Cash and Ink Business Unlimited have no annual fee.

You'll need to provide your business details, including your legal name, public-facing business name, business mailing address, business phone number, and annual revenue. You'll also need to indicate your business structure, such as a sole proprietorship or LLC partnership.

Here's a list of the business details you'll need to provide:

You'll also need to provide your tax identification number, which can be your federal employer identification number (EIN) or your Social Security number (SSN) if you're a sole proprietor.