Since the beginning of the coronavirus related lockdowns, banks have been on the defensive. While they were doing their best to help people out in the beginning, they started implementing changes that we see in typical recessions.
Chase has actually been, in my opinion, one of the most conservative banks in this regard. We’ve seen them deny small business credit card applications, drastically increasing the home mortgage requirements, and even cut back on many credit limits. But, we do have some good news, that if true, could be a turning point for these sort of restrictions and policy changes.
Chase has reportedly added back affiliate links for their business credit cards!
I think this is a pretty interesting development! With all of the restrictions and negative changes since March, it looks as though Chase is making a reversal to their original though process. Chase was denying just about everyone for a small business credit card, even people with very long established businesses.
While the affiliate links returning is good news, I’m not sure that things are quite back to the pre-pandemic hype. I want to say that we will now start to see well established businesses able to finally get the business credit they are seeking. However, for sole proprietorships, you may not be out of the hole just yet. If I were you, I would hold off until we have more confirmations of people getting approved. Ideally, if you can, wait it out some more time just to be absolutely sure.
What do you think about this move from Chase? Have you applied for a small business credit card from Chase recently? Let us know your experience down in the comment section below!