Southwest Business Card

Happy Holidays All!

Updating everyone this week on the Southwest Companion Pass journey. (It has been a rocky one)

So it seems that some things have been changing and it getting a little bit more difficult to get these credit cards. Unfortunately, it seems that I was denied the Southwest Business credit card with the reasoning “Too many requests for credit or openers accounts with us.”

Based off of all the information out there we are suppose to be okay if we stayed within the rules of 5 in 24. Which is not opening 5 credit cards within the past 24 months. I have not done so, but it seems that not having my business Tax ID before applying the first time has hurt my chance of getting approved.

I am definitely disappointed it not being able to take advantage of this opportunity to obtain more bonus points that available to help reach the Southwest Companion Pass 🙁 .

I did get to reach out to some other individuals that I know have gotten this Southwest Companion Pass and it seems that they were able to obtain this pass when Chase was still allowing one individual to open multiple personal Southwest Credit Cards.

I did try to give Chase lending department a call explain the situation and after about 30 minutes, I was given further reasoning that my business was to “new” and had insufficient revenue to be approved. The representative definitely was not helpful at all and was very dodgy on most of my questions.

So moral of this story is credit cards are a good way to optimize rewards for money we are already spending but applying for them seem to be a science of its own. Banks definitely have an algorithm that is being used to approve or deny credit card applications and it seems I haven’t gotten the science of this down yet. However, I am learning and want to share my experience with everyone who is trying to explore these options as well.

My recommendations:

  • Do not apply for Business Credit Cards until you have applied for a EIN (Business Tax ID) with the IRS.
    • This seems to make the process much smoother and no request for proof of business should be needed.
    • Also, I wanted to let everyone know I have had a personal business before but just have never filed for a sole proprietorship.

With the bad news going into the holiday season, I am going to try to turn this around and look on the bright side. I will at least get the bonus points from the personal Southwest Credit Card and plan to use those points up for my expected travel and maybe try again later in the 2019 year. If that application doesn’t work again then I will probably just cancel the Chase Southwest personal credit card.

No small win this time! But definitely learning!

I hope someone can find this information to be helpful! If anyone has any other insight for myself please let me know 🙂

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