My husband and I both recently applied for the Chase Ink Cash business card. I’ve never been automatically approved for Chase business cards, but I was expecting the application to go pending followed by an approval a few days later. Despite credit scores over 800, we were both denied and for different reasons. Here’s why you might not want to apply for a Chase business card during the COVID-19 pandemic.

Business Structure

When I apply for business cards for my blog, I always apply as a sole proprietor. The reason for my denial was “business structure”. Unfortunately, during these times of economic turmoil, Chase is looking for more established businesses such as an LLC. I called the reconsideration line and was told that since my business could not be verified through the state, that they could not open the card for me.

Insufficient Balance

My husband also applied as a sole proprietor but received a different reason for denial: “insufficient balance in deposit and investment accounts with us”. Since he does not have any deposit accounts with Chase, we didn’t see the point in calling recon for this one.

Business Cards from Other Banks

It is unclear if other banks are also being more strict on business card approvals. My only experience is with the Alaska Airlines Visa Business Card from Bank of America. Bank of America is notoriously strict with approvals but when I applied mid-April, I was instantly approved. So surprising! This is my 4th time opening this card and all other times required a phone call to get it approved.

Final Thoughts

Since my husband and I are both currently under 5/24, we planned to open Chase business cards, followed by Chase personal cards, before moving on to credit cards from other banks. Given that Chase is way more strict than usual and we have no idea how long this might last, we will be revisiting this strategy.

Has anyone gotten approved for a Chase business card since March 2020?

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