There are indications that some banks (perhaps Chase) might soon stop allowing card business card applications using a Social Security Number. These banks find more value in applications that also have a Tax ID number. This is based on reporting we’ve heard.
No word on if/when this will go into effect, but it could make sense to get your Chase SSN applications now, especially given that the increased 90,000 signup bonus on INK Cash and Unlimited is ending soon.
If this change goes into effect it will be another nudge toward getting an EIN for your business instead of operating under an SSN. Anyone can get an EIN for free from IRS. You can also create an LLC with your state, though that will incur annual state filing fees.
Update: a similar rumor is that Chase will implement the new rule in mid-November to stop allowing sole proprietorship applications with a SSN. The source says that they’ll formally announce this change on November 1, 2025 to go into effect in mid-November.
