10-25-2012 12:15 PM
I recently started working for a new company and they asked me to fill out a form to get a us bank corporate card. I was wondering how do corporate cards work, they do report to a credit bureau? Will it effect my credit score? I know I will be responsible for the payments, whatever I put on the card I will be able to expense. In the form they ask for my social security number and mention that my credit report will be obtained.
Does anyone have any experience with this? Will it hurt me if I work for the company for few years and then have to close the card? How will this effect anything and everything?
10-25-2012 01:01 PM
Are you sure you are not confusing it with small business credit card?
Small business credit card has a personal guarantee, where this person is liable for the charges.
Corporate credit card has the entire corporate liable for the charges.
10-25-2012 01:17 PM - edited 10-26-2012 10:21 AM
on the application it says corporate card, on the bottom it says the following
"Employee applicant requests that he/he be issued a U.S. Bank Corporate card. U.S. Bank or company may obtain credit information concerning employee applicat for the sole purpose of issuance, renewal and/or replacement of the U.S. Bank corporate card. In consideration of this issuance and the use of the U.S. Bank Corporate card, the employee applicant agrees to be bound by the U.S. Bank corporate Cardholder Agreement accompanying the card, as amended by U.S. Bank time to time, for all charges incurred by the use of the card or related account.
Employee Applicant understand that this card is to be used for business charges only and that employee applicant is totally responsible and liable for all expenses charged to the card. Employee Applicant understands and acknowledges that payment is due to U.S. Bank upon receipt of th estatement. Employee applicant further udnerstands that if he/she fails to pay us bank for all undisputed charges his/her card may be permantely canceled."
sorry for the mistakes I probably made but it was a lot to write. So like it says this is a corporate card. A lot of people in the office say they use it to rent as this card has protection on it in case of accident. They are also told to use this card for flights (probably so the company gets the miles for it) but they say for other expenses they use their own cards to collect points on their own credit cards.
I am wondering if they can make me open a corporate card or if i can make a case that i want to get a house down the line and this might effect my score or something.
10-28-2012 07:44 AM
They can't "make" you get one, but they can let you go (unless you have a contract that states otherwise) for failure to adhere to company policies. (or just because they don't like the colour of the socks you wear.)
Another thing to keep in mind, is that this company probably has many employees who have gotten the card, AND bought a house afterwards. They may wonder if you're trying to hide something.
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