Amex gold

[Stonemanmv]

Just a question regarding Amex gold card. I always pay before the due date most of the time it's right when the bill is cut. What happens if your receivables come in a little late. Does Amex have a grace period ? Would that affect personal amex cc? It's never happened before but I'm in construction and some day it could

[rlx01]

Technically you have until the next statement cuts to pay. But that's asking for trouble.

If you need to revolve some balance there's either Pay over time or applying for a credit card.

[Stonemanmv]

Thanks Rix. No I'm just fine now but there's been times were I have to wait a few days or one week

[myjourney]

IMHO look into getting a Amex or Ink revolver for those just in case times better safe than sorry 

And by you paying when bill cuts you still have about 2 weeks before bill is actually due and since its not reported on personal credit UTL really doesn't matter all that much IMO

[Stonemanmv]

Thanks MJ. I have a simple cash revolver but it only has a 4k CL. Went for 3x CLi got denied . Anyways I've got a few jobs I'm doing put about 21k on my gold most of the time my clients pay on time but sometimes a week late is not uncommon

[myjourney]

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@Stonemanmv wrote:
Thanks MJ. I have a simple cash revolver but it only has a 4k CL. Went for 3x CLi got denied . Anyways I've got a few jobs I'm doing put about 21k on my gold most of the time my clients pay on time but sometimes a week late is not uncommon

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Trust me been there done that... I have good clients but it has happened to me as well thankfully never longer than 2 weeks 

[mab6311]

21K a month?!!! WOW!

[scenery_guy]

Your situation can be cured with good cashflow. It took me years but I am finally in a place where I have the cash on hand to satisfy the debt of my spending via credit cards for the business without having to wait patiently for a client to pay so I can pay a bill that is due. It's really a place you need to try to get to sooner than later. As a business owner you have to be aware of the risks of a client not paying on a timely bases - or not paying at all. To be out a great deal of funds with no recourse sucks. Please be careful as you are using a charge card as a financing tool. That's not how it was intended to be used. 

I hope I am not coming across lecturing, I don't mean it that way. Trust me, I have done what you are doing and got burned. Bad. Had to sell my car to pay my employees and catch a ride to work from same employees. Took me months to pay off suppliers a little at a time. I learned a valuable lesson with no permanent harm. I now get money up front and have progress payments set up. Good and trustworthy customers are extended terms ranging from net 7 to net 30. I always have sufficient cash in the bank to finance 100% of a project in the event I have a client not pay. 

[Stonemanmv]

Scenery: thanks advice appreciated I'm trying to get to that place. I just bought a house in April and clean out my cash flow hopefully in a couple of months I'll be set