Business Credit

[raenys]

Anyone check them out?

They look pretty good.

The Spark CASH card gives a nice 2% back on all purchases!  No AF the first year, the $59.00. The AF is a bit of a bummer as it will eat into the rewards beginning the second year. I am considering this card even so. It is a nice "catch all" card where my other business cards will only give 1% or 1x back on all other purchases. I need to see if I would spend enough on the card to make it worth while.

Then there is the Spark MILES card. Also $59 AF. 2x miles on all purchases. Good for a business traveller.

In total, there are 6 SPARK cards. Some have no AF at all, but the rewards are not good, unless you want straight 1% cash back or 1 mile per dollar.

What I find VERY interesting (and what I read on another site (not sure if I am allowed to provide the link), is that Cap1 has VOLUNTARILY  adopted the  CARD ACT on all of their business cards. Thus, you get the protection from unexpected rate hikes and other practices. Awesome! You don't usually see this on business cards. 

The only question now......does CAP1 report to personal credit ....or only business credit?

I don't have a Cap1 business card so I do not know.

[kwazziee]

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raenys wrote:

What I find VERY interesting (and what I read on another site (not sure if I am allowed to provide the link), is that Cap1 has VOLUNTARILY  adopted the  CARD ACT on all of their business cards. Thus, you get the protection from unexpected rate hikes and other practices. Awesome! You don't usually see this on business cards. 

The only question now......does CAP1 report to personal credit ....or only business credit?

I don't have a Cap1 business card so I do not know.

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+1 for CapOne on this if it's true.

If CapOne report to personal I would jump all over it in a heartbeat.

[raenys]

kwazzie,

Why would you want a business card to report to personal?

For me, I would NEVER want biz to report to personal. It would totally mess up my personal utilization and would likely lower my scores. 

Most biz owners do not want biz cards to report to personal. It generally harms more than helps, particularly for biz that has a lot of expenses and runs a lot through the card every month.

I personally do not want Cap1 if it reports to personal. I specifically chose INK and AMEX because they only report to business credit and not personal.

[GregB]

I have a CapOne Business card for one business. A few years ago they started reporting to my personal credit. I was not happy about that and would have chosen a different card if I knew that they would start that. It does pay back 1%, which I can turn into a statement credit so that is nice.

[kwazziee]

I was thinking it would be an advantage if it report to personal credit because it show to the creditors that you can handle a higher payment and is more worthy of higher CL. Maybe my ways of thinking is rather wrong. I can see both of you guys point. Again, I am new to credit so any input is welcome.

What is the advantage of having business card reporting to business credit report?

[raenys]

GregB.

Thanks for the info on your Cap1. I think I am going to stay away from Cap1 then.

kwazziee,

Reporting to biz reports establishes business credit, which is what most businesses want. There are actually separate biz credit reports that lenders will pull, so it is just as important to be timely with biz payments. You will want to establish both good personal and business credit. 

Biz cards reporting to personal credit reports usually does more harm than good. If you apply for a lot of new business lines, it really messes up your personal average age of accounts, thus possibly lowering your score. Also, it can really mess up utilization (it will be much more inflated due to business expenses).  That is not a good thing.

If you establish good history on your business line (lets say with Chase), they will see that and you will be setting yourself up for a good relationship with them. They would be more likely to give you good personal lines, so long as you don't burn them.

[Ronez]

how are they when it comes to credit limits? my fiance just got approved for the card

[ZTkratos]

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Ronez wrote:

how are they when it comes to credit limits? my fiance just got approved for the card

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Before I got this card, my biggest cc limit was $1200. I got approved for this card with a 650 credit score and a limit of $5000!