How To Get Approved For Business Credit Cards in 2021

so business credit cards are one of the most highly underrated benefits out in this world whether you're a points and miles credit card enthusiast or you're someone who's just trying to take advantage of all the great things in life this video is going to be one of the most valuable things that you can watch for this year so just a brief introduction about myself my name is brian if you guys type in business credit cards on youtube you'll see some of my older videos i've been highly ranked on search for the past few years with regards to the topic of business credit on top of that i am the founder of one of the biggest facebook groups with well over 26 000 members involving personal finance and credit if you guys aren't part of a community and you want to join one you can join us there it's completely free and it's just fun helpful and it's a way for you to learn more at the same time so just to throw a little bit more icing on the cake so you guys have a clear definition of who your professor for this video is gonna be at the age of 21 i myself was approved for over six different business credit cards so when it comes to the topic of business credit cards i do have a few years under my belt i have quite a bit of experience in helping other people and i'm sure that we've helped a ton a ton a ton of people over the past few years with all the content that i've put out so as we get started with the year of 2021 many things have changed especially within the business credit card world so what i'm gonna do in this video is just educate you guys and make sure that you know all the right and up-to-date information on trying to get business credit for this year now before we get started with this video don't forget to drop a like down below if you guys go ahead and do that youtube will automatically recommend a ton of other videos related to this in terms of fire educational content one last thing this video was sponsored by the links down below in the description so if you guys do want to support this channel don't forget to check those out i got one for robin hood it's a free stock if you deposit some money in there if you don't want to do stocks and you just want to focus on business credit cards i have links to those as well normally when a person is interested in applying for a business credit card they will oftentimes go on google search up their card and then go through that process naturally i have affiliate links down below in the description they don't give you any less points than the actual public offer that you do get on google except if you use my links they directly support this channel so i can provide you with some more fire content in the future if you happen to use those links they're at no cost to you and i just want to say thank you all so much it really does support the channel if you don't want to use those links for whatever reason that's completely fine too i just still want to say thank you for your trust in me and with that being said i think we can finally get started with this video now i pretty much have my bullet points listed out here in order for you guys to have a clear idea on the direction that we're gonna go for this video i'm also gonna have timestamps listed down below in the description so if you know some material you can skip ahead or if you don't i recommend just watching everything and emphasizing on the points that you really don't have a good idea of so first we're gonna go over the basics of business credit we're gonna be going over a lot of the frequently asked questions that i see next we're gonna talk about what you need in order to apply for business credit cards especially this year when regulations got much more restricted we're then going to talk about the best business credit cards you should consider applying for so first things first why is business credit so important why is it so valuable getting business credit cards now the list of the benefits of having business credit cards is through the roof i've made multiple videos on this and i could legit spend the next 10 minutes talking about all the benefits that business credit cards have but to just make this concise and easy to understand business credit cards impact you positively in many different aspects of your financial life we'll start with the credit card side of things so there's business credit cards and there's personal credit cards most of the people watching this video will be familiar with personal credit cards i'm hoping that you do have a couple already personal credit cards are great if you know how to pay it off on time every single month you reap free benefits from those cards whether it's travel or cash back points or even things like cell phone insurance i actually was paying my cell phone bill with a credit card every single month and with the inc business preferred which is a business credit card by chase i got my phone replaced completely for free and this was a shattered back this is when iphones had the glass back not the aluminum and the way they actually fixed it was by giving you a completely new phone so it was amazing to me because i really didn't have too much money back then and i didn't want to shell it out for a new iphone and all i had to do was pay my phone on my credit card i broke my phone i called the credit card company and they cut me a check for the full replacement of this phone once i took it to the apple store that's one example i did that with my ink business preferred card with business credit cards you'll often find that you're getting much higher credit limits than your personal counterpart so what this means is if i apply for a chase freedom card compared to a chase inc unlimited card the chase inc unlimited will oftentimes give me a credit limit anywhere from 10 20 30 40 or 50 000 while the chase freedom card it may cap me out at around one thousand to five thousand dollars when i first apply it is absolutely amazing to have a higher credit limit just in case you do have a ton of purchases you don't wanna lower your score because of utilization or you just want to tell your buddies at the park yo i got 500 000 worth of a credit limit it may not do you any good but it definitely is a flex and in the year of 2021 i know some people really do care about small things like that not only can you get higher credit limits though you can find yourself getting higher welcome bonuses meaning if you apply for a card and they give you 200 cash back by spending 500 like they do as an example for the freedom card at the time of this recording you can find cards like the chase ink business cards that'll give you way more amount of points so say there's a promoted offer right now for a hundred thousand points back for a higher amount of spent if i cashed a hundred thousand points for a one cent to one point redemption that's a thousand dollars cash back right there so literally by applying for a business credit card putting spend on it organically you can find yourself getting a free one thousand dollars cash back on top of that you can find yourself getting expanded cash back categories which is also really helpful meaning if you're trying to find a cash back category such as utilities or paying the bills and you want to get a little bit of cash back because that's something you're spending every single month for these business credit cards will oftentimes offer you that category unlike personal credit cards which really just focus on food dining and some of the more common things outside of regular spend so hopefully up until this point you're thinking wow business credit cards aren't bad at all but i haven't even mentioned the most valuable feature of business credit cards and here it is guys listen up business credit cards they do not report onto your personal credit report okay i'm going to say that one more time business credit cards do not report onto your personal credit report now let me make a couple disclaimers not all business credit cards do that but all the ones i have the ones that mainly people get they will do this they will not report it onto your personal credit report and let me share with you exactly what this means because business credit report personal credit report ah it's too much information let me explain let me break this down so say you have a balance on your credit card of ten thousand dollars if that balance was on your chase freedom card and you didn't pay it off you can see your score tank if you had that ten thousand dollar balance onto a business credit card the three major credit bureaus aren't going to be able to see that balance meaning your score will not be affected at all if you are a business owner or you're a freelancer or you're trying to just maximize your credit score oftentimes what people do is apply for these business credit cards that have an extended promo period where you pay 15 months of zero percent apr you carry a balance of 10 20 30 000 on that card you have a leeway of 15 months and none of that affects your personal credit score how amazing is that it's so amazing brian it's pretty amazing wow you're so cool what happens when i drop fires it gets hot i've got to take this off that benefit alone where business credit doesn't report onto your personal credit report is one of the main reasons why people end up choosing business credit cards but if you have no reason in order to do something like that another benefit is that it simply just makes your accounting a lot easier let's use this as an example we'll just use myself i'm a youtuber so a lot of the things that i buy can be related to a business expense a business credit card allows me to put those business expenses on that card so it makes it a lot easier for my accounting firm to differentiate what business expenses were meant for the business while my personal credit cards take all my personal expenses this is great because at the end of the year i am able to differentiate these purchases and when you're making a decent amount of money every single year this is something that you really need to focus on in order to make sure that you're not overpaying the government in the taxes now you don't have to be a youtuber you could be someone who owns your own construction company you could be selling things on etsy you could be an uber driver this is actually probably one of the most interesting parts about business credit cards and it's the fact that the term business is still very loose in the year of 2021. many people will often assume that a business owner is the six-figure corporation suit and tie guy that has all his money driving around in a benz but in the year 2021 the guys who own businesses that are multi-millionaires are the ones with ripped jeans a ketchup stain on their shirt that make a finance blog or they have some of the oddest things where they just make money online only fans subscriptions different services the umbrella is huge when it comes to understanding what a person is in terms of a business owner if you're someone who has ever done anything small as selling something on ebay flipping items or making things on etsy and selling that for a profit or even just having your own store or being an instagram influencer and promoting affiliate products whatever it is in the year 2021 many people are getting so creative that even the government can't properly define what a business owner is so right now i am on the official website of irs.gov and here's what their definition of someone being self-employed is generally you are self-employed if any of the following apply to you you carry on a trade or business as a sole proprietor or an independent contractor you are a member of a partnership that carries on a trade or business you are otherwise in business for yourself including a part-time business living in the u.s what you have to realize is there is an incentive for many people to be self-employed there is an incentive for people to start their own business this is really what the american dream is built upon if you take a look at the statistics you'll see how important small businesses are in the makeup of the us economy so what this all pretty much means is if you are able to do something small where you are making an income for yourself or you classify yourself as a sole proprietor which we will talk about later on in this video you are classified as a business owner and someone self-employed so the first misconception that i want to talk about with regards to this is do you need to have business credit established already in order to get a business credit card here is the answer no you don't need it at all when i first got approved for my business credit card i had a very short personal credit history i had no business credit history at all the only thing that i actually had to do was go on irs.gov get my federal ein number and register my business in the state there is one thing that you do need to know when it comes to getting approved for business credit cards now because of the current crisis that has happened in the year of 2020 you have to realize that they have made it a lot harder to get approved for these cards well brian why did they make it so hard wouldn't they want more business owners in the u.s like you talked about earlier well unfortunately enough although businesses are such a vital part of the us they are also very risky as we saw in the first lockdown of the united states many small businesses shut down and if they had any loans if they had any obligations all that money that was provided to them by the banks were gone so if you are trying to apply for a business credit card and the banks aren't exactly sure what's gonna happen and if all these business owners are gonna go out of business it's their money that they're essentially losing so with that being said yes it's a lot harder to get approved for business credit cards but i'll share with you exactly what you need to have in order to get approval for the new year if you do want to get approved for a business credit card here's the one secret that you need to know you don't have to have the hookup with the bank manager you don't need to pay another company like 300 bucks in order to get approved for a card and i've seen a lot of people get scammed in that way too all you need to do in order to get approved for a business credit card is by having an excellent personal credit score people often think that they don't care about your personal credit score when you apply for a business credit card because they are two different things and although that is true you still need to have a good personal credit score because that is what they check that is what they pull in order to gauge your risk as a borrower if we take a step back in the world of credit that's all it comes down to it comes down to the bank's risk tolerance and giving out money to people that they do not know if we use an example of 10 people getting approved for business credit cards of 10 000 each and they all go out of business and they get sent over to collections that's a hundred thousand dollars that the bank lost almost instantly that is something that they do not want to do they want to have users that are able to pay these credit cards off at a certain point the next commonly question asked is brian what can i do if my business is really new and i want to get a business credit card now so if your business is brand new and you're trying to get approved for a business credit card this wasn't a huge deal back in the day before this crisis started now the data points that we're seeing is that the business should be established for at least two years just in case it's not we are still seeing people get automatic approval for businesses that have been around for only a year but the reps right now are telling people from at least my facebook group and the data points that i'm seeing online that if your business is very fresh they don't want to deal with it and they are automatically denying a ton of people for that reason alone if you are desperately trying to get a business credit card i'm gonna hit you with a couple things that you can do there are methods and different acquisitions that you can do as a consumer in getting ownership of a business that has had history for a very long time i've seen many people do this where they acquire a corporation for a very small fee that went out of business 10 15 years ago and it's just sitting around if you are able to acquire those for a small fee and have that business history under your belt although it may not have high revenue right now it'll have the history that you need in order to get approved for these cards do i recommend you to do this not unless you really need to get a business credit card at the moment what i really recommend people to do is just start now have an established business now i'm not saying you gotta invest a hundred thousand dollars in a chick-fil-a and try to start a new franchise this way you just have to get an ein which will do on the computer you have to register your business so it's in the books and you just have to be in an industry where it does make sense for the income that you may have this could be a marketing agency this could be anything anything involving online digital commerce digital marketing it is very common for businesses to make a low profit their first few years it is actually more common for businesses to go negative in their first few years of business than to even make a profit so if you're worried that you won't get approved for these business credit cards because you're not making a high income and you're afraid on the application if you're not making three million dollars they're going to deny you far from the truth i've seen people who put in a yearly income of 10 20 000 yet still get approved for these cards when it comes to businesses you don't expect many businesses to start balling out their first few years you expect them to work like a business you invest your money and later on you start reaping the rewards if the banks are there to catch all those interchange fees that's the position that they want to be in because they'll be reaping a lot of money towards the end of the year if you guys didn't know many of these premier luxury credit cards they focus more on the fact that they can catch these interchange fees which pay out more money than people who would pay interest to these banks american express that's how they operate they want people who spend money who pay off their credit cards on time unlike a lot of these subprime lenders that hope you don't pay your credit card on time and you pay them interest those are the ones i do not like working with i hate subprime lenders i love the credit card companies that really really vouch for their consumers to make more money so everyone wins so how has kovid changed the market in terms of applying for a business credit card we did touch upon some points just now in our discussion but what i want to really emphasize is that yes banks are still sensitive to business credit card applications but as time goes on and as they see the world stabilizing a little bit more the approval rates for businesses are going to go up significantly so during the peak of the lockdown automatically the algorithm would deny you and if you've ever been denied for a business credit card that's completely okay it doesn't mean that you're never gonna get approved again if you have been denied in the past few months i would reconsider applying for that same card and one huge tip that i do need to share with you guys and this is something that literally gurus will charge thousands of dollars for make sure that you call something called the reconsideration line if you do get denied for a credit card oftentimes this is an algorithm a machine that has no human play that is seeing your statistics you're seeing your numbers your history and then they are automatically denying you but if you're able to get on the phone with an actual human oftentimes they can reverse the decision that you may have so when it comes to business credit cards you do have to take a little bit more steps in order to get approved but once you get your first one you get good after that i had so much trouble getting approved for my first business credit cards i had to fax them stuff i had to mail in documents and proof of like utility that i owned the business and i had my ein once i got approved for that first credit card which took me months i was able to get automatically approved for the next five credit cards that i have so i think that's as much information that i can drop about business credit cards i know i'm still missing a couple things and i could talk forever about this topic but i don't want to take up your time and at this point you should have some of the most valuable knowledge right now in trying to get approved for those cards the next question you may have then is brian what are the best business credit cards to apply for and let me help you out here so my two favorite lenders when it comes to business credit cards is going to be chase and american express there are other lenders that do offer business credit cards but i need you to do your research before applying for them because chase in american express for a fact do not report that business credit line onto your personal credit report so this is really good for all the things i mentioned earlier on in this video in terms of the benefits in terms of carrying a balance and making sure that it doesn't affect your personal credit score with other lenders sometimes they report it with other lenders sometimes they do funky things as well chase american express they are hands down the best okay i will vouch for them till the end of time and i literally have all three of the chase inc business cards the ink business preferred the ink business unlimited and the ink business cache on top of that i have the american express business platinum the business prime and the marriott envoy business so those are my six cards there so what i recommend to you is this if you're trying to get approved for a business credit card as soon as possible american express is hands down the way to go they accept a lot more applicants than chase does they put you through a much easier approval process than chase does and in terms of credit limits generosity and great customer support american express has never let me down with their business credit cards the blue business plus or the blue business cash is what i recommend now they have a no apr promotion i believe at the time of this recording it's 15 months long so if you are in a financial pinch you have a relationship with amex and you love getting higher credit limits american express is the way to go hands down now the issue though with american express is that their points and their cash can be a little bit harder to redeem for value towards the end of the year this is exactly why we use credit cards it's so we can get those points and then get those first class business class seats those hotel suite upgrades and just all the points and cash that you can accrue at the end of the year with chase their points are a lot more flexible they offer you way more points when you sign up for a card and chase is actually one of the best in my opinion in terms of flexibility with their points just by applying for the chase inc business credit card say each card is giving you a hundred thousand you are points each if you have a total of three hundred thousand ur points that's three thousand dollars cash right there at a one point to one cent redemption but if you wanted to take that even further put it in the travel portal and you're seeing a huge huge difference compared to the hotel's natural rate you can often find yourself getting a redemption from two to five cents that means you are getting a multiplier of two to five on that three thousand dollar amount so a one point two two cent redemption that is six thousand dollars of three hundred thousand points if you wanna travel the world for free and you want to experience what luxury travel can be but you don't want to pay for it the chase ultimate reward points is something that you want to focus on when getting into business credit cards my plan was to actually get chase cards so i can get into the chase of business cards and i knocked those out back to back to back and as soon as i did that that's when i moved over into american express the reason why i went that route and the reason why i recommend people to go that way is because chase has a rule called the 524 rule meaning you can only apply for five credit cards within a span of 24 months with chase so if i'd applied for the chase sapphire preferred the chase freedom unlimited and then i had my three ink cards i'd be over 524 and i couldn't get any more cards with chase for another 24 months with that reason alone you're able to strategically plan out what cards you get chase has this rule and effect they've had it forever as long as i can remember in order for people like us to not game the system or to get all the points that are available for the public if you have zero relationship at all with any of these banks the first thing you should do is that establish it i highly recommend you to have any type of personal card with chase chase's business account also has some pretty good welcome bonuses i remember when i signed up i got i believe 200 or 300 back by depositing a couple thousand dollars at the time so i've been banking with chase and they've been awesome and i got hit with identity theft and the people had access to my accounts and chase actually did take care of everything so in terms of security and in terms of you know you literally banking with jp morgan chase one of the biggest banks in the world there's a little bit of flex to that too when i work with all the credit card issuers and affiliate programs it's nice being able to put that type of account and routing number it's just much better than being with like td bank or capital one bank jp morgan is really the og in the finance world and alongside some of the other reputable companies i think jpmorgan chase is a great bank to have a relationship with have a personal credit card have a business checking account and then get into the business credit cards i personally would start with the ink business credit cards because of the 524 rule if you can't afford to do that move into the american express business credit cards but do the same principle apply for one of their personal cards or see if you can get approved for one of their savings account you don't need to toss a hundred thousand dollars in their account you could put in a hundred dollars meet that minimum requirement so you're not charged any fees and you have extra accounts or relationships with that entity so the next thing we have for this video is we're gonna go step by step into my computer so i can properly show you what you need to do in order to apply for a business credit card now with all the things that you know guys if if i'm dropping a lot of value in this video so far comment it down below drop a like down below share this with one of your friends or you can also check out the affiliate links down below that also helps me out too but let's get back into my computer and show you what's next alright guys so we are inside of my computer right now and i apologize if my voice is sounding different it is getting like super scratchy because i've been like talking for about 45 minutes straight now this video should come out to be less than that hopefully but what i'm gonna do right now is type in irs ein so right here i'm gonna click on the irs website and this is where we'll be able to get our ein for anyone who doesn't know what an ein is this is pretty much the identification number for your business it's very similar to your social security number which identifies you as a person your business also gets this number for tax purposes and for pretty much the way the government knows that a lot of these businesses are around now if you are someone who isn't reporting your taxes and you're trying to be low-key about these things you may not want to get an ein because essentially you'll be outing yourself but if you are a legal law abiding citizen like myself i would recommend you to get an ein if you aren't making huge profits and this is dependent on what state you live in i'm not a tax advisor i'm not an accountant or cpa but you do not have to pay taxes if you're not making a minimum threshold so if i sold a couple pokemon cards and i made like 200 from that it doesn't mean i have to pay taxes on that you have to meet a certain requirement but if you have your ein that's just good news for you this is extra identification for if you're trying to apply for these things like business credit cards all right so here we are it says on their website hours of operation is monday to friday 7 a.m to 10 p.m eastern standard time i believe it's because you know they're from dc shout out to the dmv gang you may apply for an ein online if your principal business is located in the u.s so for all my people who are living in like hungary or you know uruguay no disrespect if i pronounce those country names wrong but if you are living outside of the us you're gonna have a hard time with this so you're limited to one ein per responsible party if you do decide to start a business with a partner or maybe three partners one of you guys need to get an ein you don't get three or four of them the hours of operation part is something i do need to mention if you do try to get an ein after this time frame you legitimately won't be able to press this apply online button and it goes away make sure that you are in this timeframe i don't know why they have a time frame for something that is the internet where i don't think someone out here is manually approving every single application because automatically you get an ein back but for this example and just to make sure that you guys are good if you are applying for your ein make sure you do it within this hour of operation time read through this fine print i've already read through it a bunch you just have to know that the information on this page is very important to you you're going to get this thing the the us government authorized use only this is all normal technical difficulties but i'm gonna use my um i'm gonna use a new browser because my chrome browser will autofill my address and i don't need i don't need my identity stolen for a second time apply online now press ok begin application sole proprietor sole proprietor continue start a new business let me zoom this in for you guys first name brian jung okay you're gonna put in your social security number all right i am the sole proprietor then you move on [Music] what time is it for so i'm just going to show this to you on google because i'm getting a technical difficulty message i don't know if it's because everyone's rioting in dc right now and this is affected towards that but i'm just going to pull up one of these ein applications application ss4 all right guys so i was having some technical difficulties with the irs government i used a fake social to give you guys this an example and then i used my real one and it still didn't work at the time of this recording there are the the riots and the coupe of people taking over dc is going on right now so i don't know if the uh people working at irs made this so people can't get at ein today with everything going on but yes the world is crazy i was able to find the form for the ein but this is all very simple stuff i just want to make sure i go over this with you you're going to put your legal name right here the entity name if you don't have a business name you can use your full name this is what you can also do on your credit card applications which we will show if you don't have a business office location it's completely fine to use your home office as your address so your home address will work for that sole proprietor check that reasons for applying starting a new business this is really the manual way but you pretty much put the date on when you believe you started your business you could say january 1st 2020 or you could put maybe sometime last year if that's when you started your business as well so oftentimes the area where people aren't really sure of is what type of business that they have this is going to depend on what type of business you have so most people i know i would say the easiest thing is to press other and then do something in the internet space so you could be a quote unquote influencer you could be a internet retailer you can be a whole bunch of other things no matter what you put in there they're not going to deny your application okay as long as you're making an income and you clearly state that you have a business you're good to go now once you do that you just have to specify on line 17 what type of thing you're selling or what type of service you're providing so if i'm an influencer and i'm doing consultation calls for relationships i would put that right there and then you can put whether or not you have ever applied for an ei and you press no and the rest of this you just send over so this is the manual way you do it normally you have to fax or mail a thing like this but if you do this over the internet and you do it on irs.gov you don't have to go ahead and do that this is all free and what will happen right after is you'll instantly get an ein you don't even have to wait they'll provide you with a document you save that document take a picture of it and you'll be good to go i'm having trouble right now at the time of this recording to actually get my application submitted but they stated right here you download save or print your ein on your notice so once you do that we go on youtube and we type in brian jung business credit card or if you're watching this video now you stay on this video and we'll click on one of these dang and uh we'll go on one of these older links for our business credit cards we're gonna let this load up the inc business unlimited is a great card zero dollar intro oh zero dollar annual fee 750 dollar welcome bonus after you spend seven thousand five hundred dollars in three months hefty amount of spend but there are ways to do that and you have 12 months of no apr we'll use the ink business unlimited card as an example we'll apply for this right now crush some of these other tabs right here okay and here we are with the ink business unlimited card make sure you know what card you are applying for i already have this one i have multiple of these ones so here we are where things get pretty interesting legal name of business you can put your full name this is what many people do this is what i actually do as well business name on the card you want to put your full real name the next question they have is does your business use another name or a trade name like doing a business as i am not put your business mailing address i'm just going to do random things right here type of business sole proprietor business phone tax id number so this is going to be that federal ein number which we recently acquired from irs.gov we're just going to say it's a random number as well number of employees if it's just you you're putting down one annual business revenue or sales now guys i i feel like i have to say this right here make sure you're honest about all of this there are people who stretch their numbers and there are people who put completely fake things i don't recommend you to do that but here's what i'll say as a business if you started in the first day and month of the new year of 2021 and you haven't had a history of annual business revenue i would give the best projection that you can in terms of an estimation so for this week say for my business i made 200 there's 52 weeks in a year i would multiply 52 by 200. please don't flame me if i need a calculator for that that means my business made 10 400 okay for this year we could also say i made a thousand dollars this week for my business and this is projected on where i'll be at the end of the year we'll do a thousand times 52 that means i make 52 a single year okay give the best estimate that you can you don't have to be so accurate where it's like down to the number and you're having anxiety because you don't know what to put in this annual business revenue side it's revenue it's not profit it's estimated it's projection if you think you're gonna make a hundred thousand dollars this year go ahead the best person to know that isn't someone who's approving this application the best person to know that is you the business owner if you think at quarter four you're gonna make all of your revenue then because of the books you're reading and the mindset you have completely fine i'm not gonna say that's something i may or may not did but that's something i may or may not did yours in business one with the whole pandemic it's a little tough okay they don't like new businesses if you've been around for a little bit longer than that and you have been making exchanges and you just decided to establish yourself a little bit more legitimately for a reason this year that's completely fine too as an example i'm gonna put two years in business general industry this is where people often struggle as well i myself when i was doing drop shipping i did my niche which was technically in the sporting goods industry so that's what i put this completely worked for me your title as authorizing officer so i would be the owner i would put my name you put your home address which may be the same as this if it is just check this box you put in your date of birth and you put in your phone number you put in your mother's maiden name this helps them to verify this information you put in your social and then you put in your gross annual income if you own the business your sole proprietor your gross annual income is what the business income is so i would then put a hundred thousand dollars as well you do this you make sure all this information is correct i don't need an employee card but you can it's free if you would like something like that just have an extra credit card you don't need it okay make it a lot easier for yourself by not seeing a hundred different credit cards that you don't use on your account you have reddit and then you click submit so obviously because i used example information this isn't going to go through but if it did we would then see a pending request on your application if you see this don't freak out okay they need to process this information it's a lot more things in their algorithm they need to tie up the ein they need to make sure that things make sense and what they will oftentimes do after this is they will ask you for a verification that you do own the business this will come in forms of a utility bill this will come in forms of maybe even like a paypal thing you just have to send them an official document with your name on that established business and you also got to send them that ein that we got completely for free for the irs so what we have next is patience it takes a very long time for some of these banks to respond to these requests they will oftentimes say it's pending we you have to wait like seven to ten days or something go ahead and wait that amount make sure that you have paperwork to prove that you have the business if you got your ein that is one form of it the next thing you need to do is just show ownership of it so this could be a utility bill it could be a gmail account associated with your business name that you bought something from maybe like shopify i used my shopify uh invoice back in the day that was proof that i owned the business that was listed on there so it's pretty easy to get approval and confirmation on this end please don't freak out if you see the waiting sign because i know it can be very scary you can find yourself getting a lot of anxiety but you just have to realize that there's a lot of scammers in the world trying to get approved for business credit cards as well because they know all the benefits and the banks want to make sure that you're not this full-blown scammer if you're a new business owner and you're afraid because you're not making that much money or you don't know what to do do not be afraid y'all are the last people that should be afraid the people that should be afraid are the scammers because the banks are trying to make sure that they do not approve someone for a business credit card when they actually live in india or they live in the i don't know wherever they scam people and and they give out these business credit cards to people who don't need them hopefully this video was able to help you out in terms of getting your first business credit card or maybe this is like your fifth or sixth one and you wanted a review on all of this like always if you did enjoy the value in this video huge favor don't forget to check out the links down below in the description one last time don't forget to subscribe to this channel if you guys love this type of information and comment down below what your favorite tip in this video was and also guys share this with a friend it's a lot of valuable information and if you and your buddy can get a couple hundred thousand points for free not by doing much but just by applying for some of these cards and you guys have like the best boys night out in cancun or you spend two months completely for free using points on your vacation that's a win-win i think that's worth the little bit of time to put into this so hopefully this video is able to help you guys out if you guys want to join our free facebook community it will be listed down below in the description i also have a discord coming out it's been built for two years but i've never promoted it and i'm not sure if it's gonna be live in this video but i would recommend you to check out the link in the description just in case it is live if you don't know what discord is it's pretty much like a community where you can like chat with other people we have bots in there we have different rooms we can talk about all things credit cards finance and even have monthly meetings and live zoom calls i think that would be amazing i'm working on getting all of this situated but if you are interested in looking into different things like that and trying to better your financial future with your boy brian jung check out all the links down below in the description once again thank you all so much again for watching and i hope i see you guys in the next one [Music] peace [Music] [Music]

Channel: Brian Jung

Views: 249,701

Rating: 4.9483781 out of 5

Keywords: Brian Jung, Credit Cards, how to get approved for a business credit card, approved for business credit, qualify for business credit, business credit cards, business credit, chase ink cash, amex blue business plus, amex business cards, chase business ink cards, business cards brian jung, how to get a business credit card, business credit new business, business credit cards with no personal gaurantee, business credit cards that dont report to personal, Business Credit, Chase Ink

Id: L6eYFI_RHGc

Length: 39min 52sec (2392 seconds)

Published: Fri Jan 08 2021