This typical?

[Repo-ed]

So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly.  Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card.  I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined 

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

[Anonymous]

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@Repo-ed wrote:

So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly.  Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card.  I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined 

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

---

Unfamiliar with Lyft.  I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?

[Repo-ed]

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@Anonymous wrote:

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@Repo-ed wrote:

So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly.  Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card.  I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined 

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

---

Unfamiliar with Lyft.  I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?

---

Both are considered by insurance companies to be "TNC" (Transportation Network Companies) and as such each driver is an independant contractor.  Both require Schedule C and can claim standard deduct or itemize.

Most fall under the Standard deduct and likely I will too. I want to track all expenses involved so I can make a well educated decision come tax time.

I prefer lyft (I use both as a consumer) because you can tip through the app, whereas you can not via uber's app and who carries cash anymore? I always feel guilty getting out of a cool uber drivers car w/o tipping.

[Anonymous]

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@Repo-ed wrote:

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@Anonymous wrote:

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@Repo-ed wrote:

So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly.  Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card.  I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined 

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

---

Unfamiliar with Lyft.  I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?

---

Both are considered by insurance companies to be "TNC" (Transportation Network Companies) and as such each driver is an independant contractor.  Both require Schedule C and can claim standard deduct or itemize.

Most fall under the Standard deduct and likely I will too. I want to track all expenses involved so I can make a well educated decision come tax time.

I prefer lyft (I use both as a consumer) because you can tip through the app, whereas you can not via uber's app and who carries cash anymore? I always feel guilty getting out of a cool uber drivers car w/o tipping.

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Interesting.  Because I am not a business owner I have never applied for Business Credit before.  Doesn't it ask for your tax id when applying?

[Anonymous]

You don't need a tax Id if you're a sole proprietorship.  Many people get business cards by using their SSN instead of tax ids.

[Repo-ed]

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@Anonymous wrote:

You don't need a tax Id if you're a sole proprietorship.  Many people get business cards by using their SSN instead of tax ids.

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^^^This

I used my SSN and my company name (required to input in the app) is "Driver"

[Anonymous]

Since Amex bases their decision for the SimplyCash based on personal credit profile, your starting line isn't surprising. Your sig indicates your scores are excellent.

[Repo-ed]

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@Anonymous wrote:

Since Amex bases their decision for the SimplyCash based on personal credit profile, your starting line isn't surprising. Your sig indicates your scores are excellent.

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Not that I'm disagreeing, but my highest personal card is a 15k CostCo card.  Either way, I'll take the 20k! 

[Anonymous]

Makes perfect sense. When they approved mine at $10K, my highest personal card was my ED at $6K.

[B335is]

Congrats on the nice approval Repo-ed!