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Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

Simple What to Know about Business Credit Cards and Best Choices...

I wouldn't mind adding a few more but want to keep as simple as possible... With that in mind do you think I should delete any of what I have said so far? and if think it's pretty simple right now, any add ons?  I know when it comes to the store cards we could have a list 5 pages long in 10 seconds... I have to add, this list is going to someone that does not use bill pay yet! Not saying this insultingly, it's just moving into this new business, they are also learning some of the "simpilar banking options of 2013" (Simple for me, Epic for them!) so I want this list to be very easy and simple... Does that make sense? What you all think? one more add on... they live in a TINY TOWN, just a couple banks and the credit union does not even offer credit cards! so no local banking for this credit card are going to be options.

 

The 3 Types of Business Credit Cards...

 

  1. Business Credit Cards that require a PG (Personal Guarantee) to not only have credit pulled to qualify for the card but also it will report that credit card each month to personal credit along with business credit.  These include:

~ Capital One

~ Discover Card

 

  1. Business Credit Cards that require PG for approval but then as long as the account does not go delinquent it will not report to personal credit.  These include:

~ American Express

~ Chase ink

~ Navy Federal Credit Union

~ GE Business which have over 20 different choices including Amazon, Chevron, Walmart, Sams Club,

~ Citi which backs Home Depot and a few others.

 

  1. Business Credit Cards that ONLY use Business Credit to approve and if defaulted they can only come after the business assets themselves.  These include:

~ GE Business (Some of these cards are available with a PG or without depending on length of business and business credit available to show strong history.

~ Citi can be the same way as GE depending on Card and history rather it will require PG or not.

~ Key Bank for many years (think, it’s still available) has a MasterCard that can be obtained with no PG but it got much stricter after the credit crash.

 

 

My top picks and why:

~ If you don’t care about PG’ing the Credit Card and you don’t care about it reporting to your personal credit then Capital One CASH PLUS has a 2% no limit, no categories rewards program that tops anything out right now unless all your spending matches up in one of the ongoing categories of another card but even those usually hit limits per year of rewards.

~ If you don’t mind PG’ing the card but would like it to not report to personal credit then I lean towards the Chase ink or American Express… both these banks have options to have cards that REQUIRE PAY IN FULL or ALLOW REVOLVING TERMS so depending on rewards needs or cares you can find some good options and they tend to be a little more flexible to expand charging privileges pretty quick if needed too.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Member
NewYorkGuy
Posts: 111
Registered: ‎04-07-2011

Re: Simple What to Know about Business Credit Cards and Best Choices...

Excellent thread. I have bookmarked this page.

 

I have the Chase Ink Cash business card and I absolutely love it! I like the fact that it doesn't report to my personal credit, plus the fact that I get cash back rewards for using it.

Super Contributor
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Simple What to Know about Business Credit Cards and Best Choices...

Nice summary!

Do you have the navy card? What is the reward rate?

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Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

Re: Simple What to Know about Business Credit Cards and Best Choices...


webhopper wrote:
Nice summary!

Do you have the navy card? What is the reward rate?

I don't currently have any business cards anymore...  I'm hopefully in the count down for the state to catch up with business filings and opening checking accounts and such soon for new company but won't be going for Navy Business just yet... Navy is going to be my primary business checking though as they are my primary for personal also.

Rewards are blah-ish.... 1 to1 but something I forget with some of the redemption rates, a poster once posted the break down and the Navy comes pretty close to even some of the higher reward cateogry cards.... and with personal depending what kind of spending, we hit 1.5% for about $5k+ last year I believe... (After $10k spend each year goes from the 1 to the 1.5% Cash back)

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: Simple What to Know about Business Credit Cards and Best Choices...

[ Edited ]

Key Bank is now underwritten by Élan bank and requires a PG. I don't believe they report to personal.

 

You mentioned GE so I'm assuming you are talking about store branded cards. ( Lowes, Amazon, Etc.)

Also same thing with Citi in terms of store branded cards. You wouldn't be able to get a "normal" credit card from them with out a PG.

Established Member
NewYorkGuy
Posts: 111
Registered: ‎04-07-2011

Re: Simple What to Know about Business Credit Cards and Best Choices...

You left out Bank of America Business credit cards. I was recently approved for their Cash Rewards MasterCard and WorldPoints Visa business cards. I don't believe they report to personal either but they do require a PG for approval.

Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

Re: Simple What to Know about Business Credit Cards and Best Choices...


NewYorkGuy wrote:

You left out Bank of America Business credit cards. I was recently approved for their Cash Rewards MasterCard and WorldPoints Visa business cards. I don't believe they report to personal either but they do require a PG for approval.


Yes, Believe you are correct.  I presonally just don't like Bank of America, but I really did forget them! haha

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Member
lagat4dulce
Posts: 1
Registered: ‎02-14-2013

Re: Simple What to Know about Business Credit Cards and Best Choices...

What about wellsfargo?
Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

Re: Simple What to Know about Business Credit Cards and Best Choices...


lagat4dulce wrote:
What about wellsfargo?

I think I have heard they don't report to personal unless delinquent.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Member
infoseek2012
Posts: 20
Registered: ‎09-15-2012

Re: Simple What to Know about Business Credit Cards and Best Choices...

What type of credit score is needed?  Mine is 690.   I have two long term tradelines reporting on my personal, and just got a Cap One Spark Business two months ago.  Only issue on the old cards is util.  One is at 90%, (1800 of 2K limit) and the other, which is a Chase card, is at around 40% (2300 of 5300 limit), but this account is CLOSED.  I'm not sure if the Cap One business reports to my personal.

 

I was kind of surprised I was approved for the Cap One card - it has been a LONG time since I apped for a credit card.

 

Last baddie was 6 months ago (had mortgage issues but they have been fixed since September of last year). 

Auto loans are in good shape.  Paid off one last August, one active is several years old, and have a new one since January 2013.  No issues there.

 

I have regular income ($85k) from one job, and I have had my business for 10 years as well.  Brought in $100K in gross revenue for the business.

 

Looking to app for a Chase Ink business card.  Anyone know what kind of business docs they might want?  I understand they might want to speak by phone, and I want to make sure I have the right information when I make the call.

 

Any insight would be appreciated!

 

Looking to app for a Chase ink card.


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