Ever since I documented how to get 5X points pretty much anywhere using a Chase Ink Bold credit card (see “One card to rule them all”), I’ve been asked many times how many Prepaid Amex cards each person can have. Confusingly, I have two answers:
According to the Amex FAQ, you can order 3, but only have 1 in your name:
An adult over the age of 18 may order and manage up to three American Express Prepaid Cards in total (including if one is purchased for him/herself). Each American Express Prepaid Card User can have only one Card in his or her name.
Before I read the FAQ shown above, I ordered a second prepaid card for myself. It arrived without any trouble. Once I received the card, I called to make sure I wasn’t doing anything wrong. The Amex rep assured me that each person can have up to 3 for themselves. Since then, I’ve happily used two cards in my name without any trouble. It is worth mentioning though that one card lists my name as “Greg” whereas the other lists my name as “Gregory”. I did that, not to trick Amex, but to have a way to differentiate between the two cards.
So, I don’t know which of the above answers is really right. Have you tried ordering more than one for yourself? What has your experience been?
Order online for free
Here’s my referral link to signup for a free prepaid card: American Express® Prepaid Card
|Chase's 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months. Some exceptions that are NOT subject to the 5/24 rule include: British Airways, Hyatt, IHG, Marriott Business, and Ritz Carlton.
To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status.
|Chase 5/24 semantics ("Subject to" vs. "Count towards"): Most (but not all) Chase cards are subject to the 5/24 rule. That means the rule is enforced in making approval decisions. In other words, you probably won't get approved if your credit report shows that you opened 5 or more cards in the past 24 months. Meanwhile, most business cards (such as those from Chase, Amex, Barclaycard, BOA, Citi, US Bank, and Wells Fargo) are not reported on your personal credit report. These cards do not count towards 5/24.
Chase IHG Card is not subject to 5/24 so it's easy to get. But after approval it will count towards your 5/24 total.
Chase Ink Business Preferred is subject to 5/24, so you likely won't get approved if over 5/24. If you do get approved, it won't count towards 5/24 since it won't appear as an account on your credit report.
|Amex 5 credit card limit: If you apply for a new Amex credit card, you may get turned down if you already have 5 or more Amex credit cards. Both personal and business cards are counted towards this limit. Charge cards, though, are not counted. You can apparently get as many charge cards as you’d like, and the number of charge cards you have does not affect your ability to get up to 5 credit cards. Authorized user cards are also not counted towards the 5 credit card limit. See also: Which Amex Cards are Charge Cards vs. Credit Cards?|
|Applying for Business Credit Cards
Yes, you have a business: In order to sign up for a business credit card, you must have a business. That said, it's common for people to have businesses without realizing it. If you sell items on eBay, for example, then you have a business. Similar examples include: consulting, writing (e.g. blog authorship, planning your first novel, etc.), handyman services, owning rental property, etc. In any of these cases, your business is considered a Sole Proprietorship unless you form a corporation of some sort.
When you apply for a business credit card as a sole proprietor, you can use your own name as your business name, use your own address and phone as the business' address and phone, and your social security number as the business' Tax ID / EIN. Alternatively, you can get a proper Tax ID / EIN from the IRS for free, in about a minute, through this website.
|Editor’s Note: This guest post was written by the same guy who showed you how to fly round trip to Africa (DC to Senegal) for 50,000 points. You can find John’s website and award booking service here: theflyingmustache.com/awardbooking.
-Greg The Frequent Miler