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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
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better deals with business cards

just wanted to note out that some cards the business version offers MUCH better sign up bonuses or rewards. Like CostCo Amex 4% gas instead of 3% (costco business membership required first)  and Amex Platinum with 100,000 miles or Amex gold with 50,000 miles.

 

It's ok even if you don't have a business, all you have to do is fill in your ssn in the tax id section, this is because people are allowed to do business under sole propietership which this allows =)

 

just a heads up never seen this discussed here, maybe mods don't like it i dunno but I can't see why it would be =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
trumpet-205
Posts: 2,449
Registered: ‎11-11-2010
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Re: better deals with business cards

[ Edited ]

AMEX Business cards are heavily subjected to FR, unlike Chase and Citi they really do want to see evidence of a business.

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Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
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Re: better deals with business cards

To qualify for Costco Business Amex you need to qualify for Costco business membership. This requires substantially more than just an SSN. A minimum of 3 pieces of business ID are required. Also, many business cards have substantially higher spending requiriements for the higher bonuses you mention. I know several previous Chase deals required 10k in 3 months. Finally, many business credit cards only report negative information on your personal credit report. So if you are rebuilding (which many on this forum are), you would get an inquiry, but no positive history reporting. I am aware of the churners on flyertalk, etc. who use the business cards extensively, but those are people with a markedly different profile than most of the users of these forums.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
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llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: better deals with business cards


distantarray wrote:

It's ok even if you don't have a business, all you have to do is fill in your ssn in the tax id section, this is because people are allowed to do business under sole propietership which this allows =)

 

just a heads up never seen this discussed here, maybe mods don't like it i dunno but I can't see why it would be =)



Maybe mods wouldn't like because that is lying on an application, if you do not have a business? Could that be it? You're not advocating to lie, right? :smileywink:

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: better deals with business cards

And maybe here at myFICO we want to teach responsibility and maturity in your finances.  It's not just a grab and go type of thing.  Integrity is doing the right thing even when nobody is looking.   


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Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
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Re: better deals with business cards


distantarray wrote:

just wanted to note out that some cards the business version offers MUCH better sign up bonuses or rewards. Like CostCo Amex 4% gas instead of 3% (costco business membership required first)  and Amex Platinum with 100,000 miles or Amex gold with 50,000 miles.

 

It's ok even if you don't have a business, all you have to do is fill in your ssn in the tax id section, this is because people are allowed to do business under sole propietership which this allows =)

 

just a heads up never seen this discussed here, maybe mods don't like it i dunno but I can't see why it would be =)


CCC offer higher sign on bonus for business because they are hoping that company will use their card heavily and most likely will because businesses have overhead cost plus the CCC will make way more money per higher transaction. 

 

Its actually harder to get a business credit card than a personal credit card. 

 

Building business credit is much more lengthy and CCC that offer business credit pull different reports such as D&B. Also businesses hope to not PG for any credit card.... One day

 

In the end if you lie when applying for credit then you will open your self up for FR


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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: better deals with business cards


llecs wrote:

distantarray wrote:

It's ok even if you don't have a business, all you have to do is fill in your ssn in the tax id section, this is because people are allowed to do business under sole propietership which this allows =)

 

just a heads up never seen this discussed here, maybe mods don't like it i dunno but I can't see why it would be =)



Maybe mods wouldn't like because that is lying on an application, if you do not have a business? Could that be it? You're not advocating to lie, right? :smileywink:


it's not lying as long as you do something on the side :smileywink:

I help people with credit report, website design, buy and sell motorcycles etc =)

I actually have businesses licenses for each just incase =D


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