How long a gap between applying for personal and biz card?

Discussion in 'Other Credit Card Programs' started by Jeffrey, Jan 14, 2012.  |  Print Topic

  1. Jeffrey

    Jeffrey Silver Member

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    Just a few weeks ago, my wife got the Chase Southwest personal card en route to trying to gather enough points for a companion pass through 2013. Naturally, we would like to complete the qualification as quickly as possible, as we have some flights coming up. She only has the one Chase card, though we are hoping to pick up some others in apps later this year. I know it is best to wait three months and I especially want to be careful with Chase, but how quickly can she apply for the biz card? Alternatively, it is coming up on my turn for a churn.. If I get the SW personal card, can I transfer those points to her and have them count towards CP? Similarly, I'm expecting the last 10k in points to be basically made up of transferred Ultimate Rewards, via Hyatt points, at a loss.. But the UR points are mine, not hers. Will i be able to get it all transferred to her Rapid Rewards even though the names don't match?

    Thanks!
     
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  2. jbcarioca
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    jbcarioca Gold Member

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    To reply to only one question: applying for a business card can usually be done more or less immediately after a personal card. These are different things from a credit policy and legal perspective (business cards do not have personal card regulatory protections, for example) so most issuers will treat them separately. In any event the explanation will be simple. The business card is used for business and the personal card for personal, you do not wish to commingle these uses.

    I do not know the other answers.
     
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  3. TAHKUCT
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    TAHKUCT Gold Member

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    In the past I have applied for a personal Chase card and a Business Chase card on the same day. Recently have done it with a day apart. Some people report only one credit pull if applied for both at the same day, but YMMV
     
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  4. TheTravelAbstract

    TheTravelAbstract Silver Member

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    Great questions Jeffrey.

    1. Three months is recommended for 2nd card applications. After applying for a personal (business) card you should wait 95 days until applying for the next one. This is a general rule and not guaranteed to work.
    2. You can apply for Biz and Pers cards on the same day. Since you did not do this I would wait 35 days after your personal Southwest application.
    3. "Can I transfer points between accounts? No." - Southwest
    4. Based on the above answer I am not sure if you will be able to transfer your Hyatt points to her Rapid Rewards. I am not familiar with their T&C's.
    You have a good plan and you should be on the right track after a bit of searching on this site.

    Good luck.
     
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  5. jbcarioca
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    jbcarioca Gold Member

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    Point 1 is a bit misleading. the process and criteria for personal cards and business cards are different. Business cards are not, for example, subject to the same reporting as are personal cards. There is no connection between time to apply for personal and business for most issuers. However, between multiple applications for personal cards and multiple applications for business cards there are rules of thumb, as you indicate. While rules of thumb are useful for time between applications they are just that, nothing more. Some issuers have fairly specific policies, others don't. It is always clearly to make specific statements on this subject, but rarely are specific statements necessarily correct.
     
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  6. Jeffrey

    Jeffrey Silver Member

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    Thanks for the responses! Do you know if I could transfer my Ultimate Rewards to HER Hyatt account, which I would have to create for this purpose, and then from there to her rapid rewards?
     
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  7. LarryInNYC

    LarryInNYC Gold Member

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    I recently applied for the Chase Sapphire Preferred and was approved after speaking to someone at Chase.

    Does this mean I can apply for the matching Ink Bold card at any time? When they receive that application, will they consider it along with my existing portfolio of personal Chase cards, or will they not even see that information. (Note: I am a legitimate business with 100% Schedule C income, but use my SSN as my EIN).
     
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  8. jbcarioca
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    jbcarioca Gold Member

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    They will see your other information because you are doing business in your own name. Still, the business documentation will be considered separate from your personal information. Ordinarily you will be required to provide your schedule C reports. When you apply make sure you note you are requesting this card for business purposes, while noting your Sapphire card and number (they have it anyway, you telling them is an active disclosure and helps the human side with the bank.

    If you were applying as a separate business with an EIN and LLC/INC or partnership they might not even see the personal data, but often do ask for personal guarantees, which then sometimes trigger a personal review also.

    Despite those things several major issuers do maintain obligor records that link personal accounts and business ones if there is personal guarantee of the business account.
     
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  9. LarryInNYC

    LarryInNYC Gold Member

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    Do I need to wait any particular amount of time (30, 90 days)? Or can I apply at any time?
     
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  10. jbcarioca
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    jbcarioca Gold Member

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    No need to wait, but you do need to actively explain what you are doing and why. Note: this applies only to a[[lying for Business card after obtaining Personal one.
     
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  11. LarryInNYC

    LarryInNYC Gold Member

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    In this case, I could legitimately use a separate card for my business expenses. Not required, but it would help with record keeping. So I'm good there.

    When you say "business" and "personal", is the Ink Bold considered the "business" version of the Sapphire Preferred, or a separate card? And does it matter whether the two cards are business and personal versions of the same card, or just business and personal cards from the same issuer?

    Finally, my wife has not yet applied for the Sapphire Preferred (I'm offsetting the applications a bit to get a start on my minimum spend). She did not have Schedule C income last year. Do you think she'll be able to get the Ink Bold also?
     
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  12. jbcarioca
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    jbcarioca Gold Member

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    For the most part Busines and Personal are not exact counterparts for each other, but obviously there is a lot of blurring.

    The real differences between the two are:
    1. Business cards have different interchange (the money paid to issuers when a card is used) than do personal ones, so issuers like them.
    2. Business cards are mostly not subject to Consumer Protection and usury rules for consumers (remember, they are for business).
    3. However, generally credit lines above $25,000 have different reporting and rules also, even if they're personal.
     
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  13. TheTravelAbstract

    TheTravelAbstract Silver Member

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    @LarryinNYC. Yes they are both proprietary credit cards offered by Chase. Is that what you are asking?

    I appreciate the feedback but I do not think that point 1 was misleading. I twice, clearly stated, that my advice was based on a general rule's gleamed from the experiences of members of the FF community over several years.

    Always do as much reading as possible before taking a leap.
     
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