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i hope mods dont move this. our family business has a trade line with amex. there are three cards connected to the account. we have had the account open with amex for over 15 years. we charge anywhere from 2k-5k a month. we dont have a CL but we have to pay in full every month. we never run balance.
i just got our bill and one of the cards has a 300 annual fee due with our next payment. one card has little activity. my card pushes at 70% activity and the third card pushes maybe 30% activity. regardless, we are getting charged 300/card/year. $900 a year in annual fees!!?!? i dont like this. with help of this forum i have built my personal credit up...now i need to shop for business credit...
our family business has been around for 30 years. amex customer for 15-20. should i call amex and see if there are other products in their inventory that will work for us? something without an annual fee? how do you apply for business credit? if i wanted to abandon amex for idk wells fargo visa, do i just call and give my tax id number? do they need corporate returns? what should i expect? what should i do? there must be alot of companies that would love our business....we swipe alot!
Which type of account do you have now, sounds like a business platinum or the plum card. both have had fees right around 300/year at some point or another.
maybe consolidate all three of your accounts into a Gold card for 125/year?
we need three cards, they are platinum and gold cards but i dont need amex. and i know there are other companies that would like my business but i dont know how to navigate them. i dont know what to expect when you app for business...tax id numbers? personal gaurentees? corporate tax returns? i might just call wells fargo vis and see if they can give us a line of credit.....idk...
we have a good credit line with amex. we dont have a credit limit. but we dont need all of that. we dont need anything near that. i would be happy with just a 5k line.
@SantaMar wrote:we need three cards, they are platinum and gold cards but i dont need amex. and i know there are other companies that would like my business but i dont know how to navigate them. i dont know what to expect when you app for business...tax id numbers? personal gaurentees? corporate tax returns? i might just call wells fargo vis and see if they can give us a line of credit.....idk...
Have you talked to Amex? What have they said?
If the idea of switching providers overwhelms you (or even if it doesn't), trying to work something out with Amex seems like your best first line of defense.
they are busniess cards. but they have three authorized user cards under the "main" card holder. thats the way its been set up years ago and thats the way we have always used them. three cards at 300 a year?! alot....i see people opening cards with 10k limits, zero apr and no annual fees. our business credit cards never reach half of that. i understand that example is for a personal card for some poeple with incomes around 60-70k a year. but we are a business that employes 4 full time people. and another 4 part timers.