Recommended Business CC

[turninganewleaf]

I have a photography business that I do on the side of my full-time job.  I have a seperate checking account for this business but I do not have a cc for it. 

Would a business cc be a smart thing to have?  I've had the business 2 years now and have not necessarily needed one but would consider it if it would be a wise move. 

I recently applied for and was approved (in September) for a Target and AMEX Blue card (and Orchard but did not activate this one and I closed the account).

I was considering applying for a home loan in a couple of weeks but think I have decided to stay put in my apartment until June of next year and just sock away as much $ I can in savings for a cushion.

So, would another inq and a new cc be an advantage, or not hurt me, in about 6+ months from now?  If not, anyone recommend any cc's that are good for businesses (I do not often travel for my business).  By the way, if it matters, the business is set up under my SSN#, not a tax id.

Thanks!

Message Edited by turninganewleaf on 11-06-2007 09:11 AM

[Anonymous]

turning

It is a good idea to get a business card. Most importantly, you can keep your business expenses seperated from you personal expenses. It is like having only one checking account (a personal) when having your own business--that is not good.

I think a good place to start looking for a business card would be your business' bank and then an AMEX business card. Make sure you get these cards in your business name as well, it helps for tax purposes and it helps you remember which cards you use for personal and then the ones you use for business. Believe me when tax time come around you do not want to try to figure out which expense is for what, it is madness!

The other good thing about business cards is they have itemized statements, also for tax purposes.

[Anonymous]

Hi, I also have a photography side business (since 2002). Yes, a business cc helps especially if you can put all of your business expenses in one place as much as possible. I find it helpful when it comes to reconciling, especially since they provide quarterly reports.

Many business cc offer discounts with services like FedEx or UPS, tax or accounting, travel, etc.

I have also noticed that the grace periods seem to be shorter and minimums are higher for business accounts. Think about where you most often purchase your equipment and supplies, understand your typical spending habits there and then match a card to your purpose.

For my side business(es), the business cc I have are US Bank, Capital One, Amex and most recently, Chase Amazon. (I do have a Home Depot Commercial Account, but that's for my rental property biz.)