Applied for 2 capital one cards same day -- a biz and personal card, but rejected

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doss
Posts: 391
Joined: Tue Nov 01, 2011 9:52 am

Applied for 2 capital one cards same day -- a biz and personal card, but rejected

Post by doss »

My wife has a new LLC and she wanted to get a business card to separate the business finances from our personal finances. We applied for a personal credit card for her (her second credit card in total for the past 3 years) and then we signed up for a business card that same day -- both with Capital One. A day or so later, she received a rejection letter from Capital One for the business card and the reason for the rejection was that she applied for too many cards from Capital One (2 total). Doesn't look like the personal card has been declined, but we haven't received any notification yet on that one.

I thought it was a legitimate reason to apply for 2 cards on the same day and the whole point was to separate finances between the two accounts.

I would call Capital One but they did not leave any phone information on the letter.

Would it hurt for her to apply to another card company for the business card or should we work on somehow getting her biz card redeemed? I didn't want her to hurt her business credit history.

Would it be OK to use her personal card for business purposes until we get a new business card to replace it? She does have a business checking account that she would associate it to.
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
Startingover2019
Posts: 61
Joined: Thu Oct 17, 2019 7:24 pm

Re: Applied for 2 capital one cards same day -- a biz and personal card, but rejected

Post by Startingover2019 »

Just apply for another card. There are a lot of options.
I just applied for two cards from American Express within a month of each other without any problems. A business and personal one.
mhalley
Posts: 8681
Joined: Tue Nov 20, 2007 6:02 am

Re: Applied for 2 capital one cards same day -- a biz and personal card, but rejected

Post by mhalley »

Clark Howard actually recommends using a personal cc for a small business instead of a business cc. He says the consumer protections are much greater. So having a dedicated personal cc would be better anyway.
02nz
Posts: 6100
Joined: Wed Feb 21, 2018 3:17 pm

Re: Applied for 2 capital one cards same day -- a biz and personal card, but rejected

Post by 02nz »

mhalley wrote: Thu Nov 21, 2019 11:37 am Clark Howard actually recommends using a personal cc for a small business instead of a business cc. He says the consumer protections are much greater. So having a dedicated personal cc would be better anyway.
I've heard this line before but never any specifics. The one time I had to file a dispute on a Chase business card, I had no trouble. What exactly would the better consumer protections be? Are these based on law, or do they vary by card issuer?

EDIT: I just read the article at the link. Basically it comes down to interest rates not going up as quickly on business cards and a potential difference in liability in the event card is stolen. The former is entirely irrelevant since you should never pay interest on a credit card. The latter almost certainly differs by issuer - I'll bet many banks have $0 or low liability even on biz cards.

EDIT 2: I just called Chase, they confirmed that their business cards also have $0 fraud liability, just like their personal cards.

The cynic in me says the Clark Howard article is just an opportunity to push affiliate credit card links.

To the OP's question - I've found that it's hard to get approved for Capital One cards. Apparently it's actually harder if you have excellent credit.
Last edited by 02nz on Thu Nov 21, 2019 11:59 am, edited 4 times in total.
Topic Author
doss
Posts: 391
Joined: Tue Nov 01, 2011 9:52 am

Re: Applied for 2 capital one cards same day -- a biz and personal card, but rejected

Post by doss »

mhalley wrote: Thu Nov 21, 2019 11:38 am Clark Howard actually recommends using a personal cc for a small business instead of a business cc. He says the consumer protections are much greater. So having a dedicated personal cc would be better anyway.
https://www.google.com/url?sa=t&source= ... Uq&ampcf=1
So you are saying just use a regular "personal" card that is NOT tangled in with any personal purchases and just associate that with the business? So, I don't have to get a card that says "business" on it? Like this one: https://www.capitalone.com/small-busine ... sh-select/
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
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