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Business Credit Cards: Facts And Myths

With the rumor of the 70k Chase Ink card only 5 days away, we wanted to educate our readership regarding the benefits of a business credit card. There is much talk about the benefits of the business credit cards, but not everything you hear is true. Let’s discuss some of the Facts and Myths.

Advertising Disclosure: Some of the links in this post may contain an affiliate commission.

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“You need an EIN in order to obtain a business credit card”


A business credit card can be opened under a social security number. Look at the image below, it is a screen shot from the Chase INK Plus application.

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There is a small question mark next to Tax Identification Number. If you hover your mouse over that question mark it will state “If you do not have a EIN then you can enter your social security number here”. You are able to use your social security number and NOT a EIN.

“Business Credit Cards don’t affect your credit”


One of the most important parts of your credit report is your CREDIT UTILIZATION. What percentage of your credit you are using. For example if you have $10,000 credit line and you spent $5,000 you have used 50% of your credit. Credit used on Business cards do not reflected on your personal credit score.

Business cards can play an important role on your credit report. Getting a business card can reduce your credit utilization. Business cards are also harder to get then personal cards.

“Business Credit Cards Are harder to get approved”


The banks are looking to make sure the business are valid business. Many credit cards out there are targeted for “Fair” or “Good” credit. Business credit cards require Excellent credit. Only apply for a business credit card if you have excellent credit.“Business Credit Cards Get Higher Credit limits”


Although in reality it makes sense that business need larger credit lines there is no conclusive data to this effect. Credit limits are reflected on each individuals spending habits. A new business can receive a small credit limit of only $10,000, where a 50 year old man can have a $50,000 credit limit on his personal card.

Read more about Business Cards here.

And don’t forget to follow us on Twitter to be entered into our $50 Giveaway!

In Summary:

Getting a business card requires excellent credit, not necessarily will you receive a higher credit line and you can apply using a social security number.

Did you have a business credit card question that you were unsure if it was a fact or myth, ask us in the comments!

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