Credit Card for a Nonprofit

[linux007969]

I am looking for a credit card for the nonprofit i work for, what would be a card that would be good for us?  Visa or Mastercard would be fine.

I have looked at Bank of America but for a nonprofit they want all kinds of papers sent to them, and i would prefer us to not have to do that if possible.

Also, If i have alot of inquaries on my personal reports could they deny my app or is it seperate considerations involved when apping for a business credit card?

[Creditaddict]

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@linux007969 wrote:

I am looking for a credit card for the nonprofit i work for, what would be a card that would be good for us?  Visa or Mastercard would be fine.

I have looked at Bank of America but for a nonprofit they want all kinds of papers sent to them, and i would prefer us to not have to do that if possible.

Also, If i have alot of inquaries on my personal reports could they deny my app or is it seperate considerations involved when apping for a business credit card?

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Are you head of the non profit?

If you are looking for the non profit to back the credit card and not an individual like yourself paperwork is probably going to be the least of it.

Who do you bank with? I would suggest you talk to them about options first.  depending on your bylaws you might be able to use savings to hold money for a small credit card if you are looking for something with traveling or ordering or such not that is paid in full vs. some type short term loan.

[Project17]

If you PG any business accounts it will be based off your credit score and other factors in your credit file... Getting credit cards and loans are very difficult for non profits. You will need a long business history, thick business credit file and cash within the company to even be considered.

Wells Fargo offers a secured credit card for businesses which may be a good option for you guys.

[linux007969]

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@Creditaddict wrote:

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@linux007969 wrote:

I am looking for a credit card for the nonprofit i work for, what would be a card that would be good for us?  Visa or Mastercard would be fine.

I have looked at Bank of America but for a nonprofit they want all kinds of papers sent to them, and i would prefer us to not have to do that if possible.

Also, If i have alot of inquaries on my personal reports could they deny my app or is it seperate considerations involved when apping for a business credit card?

---

Are you head of the non profit?

If you are looking for the non profit to back the credit card and not an individual like yourself paperwork is probably going to be the least of it.

Who do you bank with? I would suggest you talk to them about options first.  depending on your bylaws you might be able to use savings to hold money for a small credit card if you are looking for something with traveling or ordering or such not that is paid in full vs. some type short term loan.

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I work in the Executive Office along side of our CFO, and someday possibly even sooner rather than later I may be elected CFO, and I my stratagy would be to have a credit card to put all the business expences on, and just pay it back in full if we can or try and pay the smallest amount of interest by paying it off in under 3 months each time we use it. I wouldn't be able to live with myself if we were taking more than 3 months to pay it off in full unless we had a 0% offer for a year at the time.

Using a credit card for expences would be a great idea so all the regular bills get paid on time, it will consolidate most of all the bills into 1 and we can pay online without having to give out our bank account number to random companies to help themselves when they feel like it, so we would be safer with a credit card and we could even pay the credit card online so we would save time, save the cost of stamps and the cost of gas to drive to the post office.

So having a credit card would be ideal.

We bank with Ephrata National Bank who they have a deal with FNBO to issue credit cards, and to answer the others post sorts of...... I saw a Pre-approved card offer from Ephrata National Bank on behalf of FNBO offering their Maximum Rewards card with a $50,000 limit on our current CFO's desk yesterday addressed to our company..... so if nonprofits need a thick file, do we need a thick file to even get a pre approved offer?

Also basicaly what you are telling me is would be probably only be able to get a capital one spark classic with like maybe a $750 limit no matter if its done with a PG or not?

for business expences we would need a limit of $5,000 and that would actually give us some extra for utilization tweaking. Not counting rent our expences run about $3,000 a month give or take, but i guess at any rate if i wanted more for utilization tweaking then $10,000 would be better and then again $50,000 would be even sweeter but minimum would be $5,000 and then the thing is i would not want it to report my personal reports  if i get a low limit as it may show we're maxing it out  or coming close to all the time.  Then again too i wouldn't want it on my reports cuz i don't wanna spook any of my creditors into closing my accounts or slashing my limits cuz they think i'm a bigger risk. all of a sudden.

[Creditaddict]

If your current bank is sending pre-approvals then I would look to that.  I would suspect to see a $50k line and that doesn't sound very "selective" but none the less.

I also would not worry about credit line and util as long as it's not a Capital One Card or one of the other few that report to personal credit of the PG.  Util. for the company that doesn't need more credit besides just one daily use card won't be effected by util.

[Project17]

Most true business cards that don't require a PG are charge cards that require full payment and revolving cards are geared towards smaller businesses and will almost always require a PG. If this isn't your business I would not recommend PG'ing any account for the business. You could be screwed if you leave the company, you just can't take your name off a PG'd business card. A handful of cards report to personal and I'm sure more will continue to so you need to keep that in mind also.

[Creditaddict]

Another thing to look into is I know paticular in the Non Profit that I was on the board and the Non Profit I was founding, the By-Laws FORBIDDED ANY "Credit, or Borowing" product to be used or taken out in the non profit name for the exact reason that you talked about revolving the balance I think.  Not sure if that's not standard elsewhere or maybe depending how large you are but I would personally be going the charge card route if possible anyway... I don't think revolving credit card charges for your phone lines and such would ever be a good idea or leaving that an option.

[linux007969]

I did hear from our CEO that our by-laws say no personal loans can take place. 

I know i did say a Visa or Mastercard would be ok, but what about the AMEX Business Green Rewards Card? the strange thing is it has regular interest rates like a regular card but isn't it a charge card? also would it need a PG?

[linux007969]

for right now what we have been doing is if we need to order buy Microsoft Software Licence products i just throw it on one of my cards and they cut me a check, its not that much so AMEX and the others should be ok it's just that i'm not throwing any other expence on my cards.

[Project17]

Any and all cards will want a PG.. Larger companies with a thick file,high dollar trades, and long business history can get charge cards with out a PG.

Again if this is not your business don't PG anything.. Doesn't matter if its your best friends company.. I have seen so many cases were friends and family PG a loan or card for a business and they ended up having their credit destroyed because the business defaulted. I know it will never happen but it does. You are responsible to re pay any amount if the business defaults.