Here is our journey. We started our business in 2015 and opened bank account with BoA. After six months, when we were in branch, one of the small business banker spoke about our business and I mentioned we can always use a credit card for business. She applied on our behalf and got the card for 3,500. After using it exhaustively for Nine months, we complained to her the limit is too small. So, she recommended for hike and we got 16,500. Last month, there was an auto CLI for 26,500. We also had weekly payments for fundbox and on deck and they will hit us every Thursday. I have some Vendor weekly payments we receive in Friday. So, this one day gap was always headache for me because we were short by couple of thousands every Thursday. When I told this to my partner, he told me to apply for over draft protection and we linked it to credit card.
Last week, I had two expenses over my limit for 10,000 in my checking account but those were honored by BoA and it pulled money from Credit card and I was charged $294as over draft protection fee. I am more than happy to pay it instead of running around.
BoA credit card is working as line of credit for us. We have chase bank also and credit card from chase. But they don't link credit card as over draft protection.
Since our business completed two years, we are preparing documents to approach banks for line of credit. But we still have on deck outstanding of 100k. Not sure what banks will say.