Re: Which Business Credit Cards DO NOT report to the personal credit profile?
10-01-2012 08:52 PM
Wow you really put that all in perspective for me. Thanks. So you can claim the intrest on a business card on your taxes as a deduction?
As Llecs mentioned, yes you can. There are many tax advantages with a business.
The float on a credit card can be a big deal, too. For example, say your statement cuts on oct 1 and you PIF and plan a major purchase for oct 2. The next statement cuts on nov 1, but the balance is not due till maybe nov 25. You have basically set up an interest free loan for 7 weeks. Now imagine you have 2 business cards and try to space them apart so the other statement cuts toward the middle of the month.
In the meantime, if these balances are reporting to your personal CR, your util may go way up, which could be a concern when your accounts get softed and/or could bring your FICO down lower than you'd like it.