topic Re: Need A Card For New Business Purchases - More To The Story in Business Credit

Need A Card For New Business Purchases - More To The Story

adelphi_sky — Wed, 05 Jul 2017 20:43:10 GMT

My wife just started a new business and needs a card to keep purchases separate and for easy expenditure tracking. We're finding that most business cards require 12 months of records for the business. My wife's business hasn't yet started. In the meantime, is there a card I could get with her as an authorized user where after 12 months we can PC to a business version of the card or a business product in the same bank? I have a standing offer for Amex Delta Gold for 60,000 bonus miles that expires today. But we rarely fly Delta out of BWI. Cash back cards would be good. Any ideas? I currently have a Chase Slate that I'm not using and was considering PC'ing to a Chase Freedom Unlimited. She could use that and get us UR points.

HERe are my current credit relationships.

Chase

Citi

Amex

NASA FCU

The Partnership FCU

PNC Bank

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Wed, 05 Jul 2017 21:55:17 GMT

@adelphi_sky wrote:
My wife just started a new business and needs a card to keep purchases separate and for easy expenditure tracking. We're finding that most business cards require 12 months of records for the business. My wife's business hasn't yet started. In the meantime, is there a card I could get with her as an authorized user where after 12 months we can PC to a business version of the card or a business product in the same bank?

The statement above in bold, simply isn't true.

This should probably be in the business forum, but you'll get good help here, too.

I tried to search your old posts to see what kind of profile you have.

If you have 720+ credit scores, just app for a business card online , it will be fine.

If you have an AMEX relationship, that's probably the easiest. Apply for an Amex business card, if you can get an Amex personal card, they will gladly give you a business card.

Chase shouldn't be too difficult since you have a relationship although you might not get a huge limit.

If you have Chase locally, go into a branch that has a business releationship manager, open a business checking account and if your scores are good, you'll walk away with an INK card of some sort.

If you have BoA near you, get online, set up an appointment with a BOA business rep, they will probably call you to discuss your needs.

When you go in, set up a business checking account, put some money in it and apply for a business card on the spot.

If your credit is mediocre or better, you will walk away with the business rewards card, maybe not at the best rate, but it will have 0% for 7-10 months..

I know I often sound like a BoA commercial, they have been very good to me and several others I know on the small business side even if they have been stingy on the personal side.

Re: Need A Card For New Business Purchases - More To The Story

wilmer007 — Thu, 06 Jul 2017 02:06:50 GMT

go for the Chase Ink cards and yes PC to the CFU (i too started with the Slate then PC to CFU a few months after opening it).

for the ink cards i went into a chase branch a few months back and was told that when the business account is opened the system will automatically show if preapproved for any business credit cards aswell so no you don't need any history with your business (at least not with chase).

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Thu, 06 Jul 2017 02:44:47 GMT

Go with an American Express card! I also did start a new business earlier this year and I was looking for a credit card for my business and I applied for the Capital one spark classic since It said that it's a card for "fair credit" and they denied me, so I ended up applying for a American Express Blue Business plus and I got an email that said they received my application... so I though well dang I got denied but the next day I checked ant it said I was approved for $2000. I honestly love American Express.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Thu, 06 Jul 2017 02:58:33 GMT

AMEX approved me for two new business cards the same day I formed the entities. They also do a great job providing spending power commensurate with your needs and means. An existing relationship and good credit score help, both of which you seem to have. Good luck to you and your wife!

Re: Need A Card For New Business Purchases - More To The Story

UncleB — Sun, 09 Jul 2017 12:21:41 GMT

Moved to 'Business Credit' for additional exposure...

--UB

Re: Need A Card For New Business Purchases - More To The Story

driftless — Sun, 09 Jul 2017 21:06:29 GMT

Echoing what the prior posters have said: start with a biz credit card. Both Chase and Amex are good suggestions to consider and both will consider a new business.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Fri, 21 Jul 2017 07:40:55 GMT

Chase and Amex are good to start. You can also consider Capital one spark classic for business. I was approved this card when my business is 3month old. They won't worry about length of your business. They check your credit score. Beware that capital one will report to personal and their limits are extremely low and hard to get CLI.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Fri, 21 Jul 2017 17:55:23 GMT

If your score is decent and Amex is on your mind, I recommend the SimplyCash Plus, 5% on office supplies and cellphone bills, 3% on one off a list of categories of your choosing , and I switched my Fedex account to direct billing to this card and receives 5% through Open Savings since Fedex is one of their Open Partners. Never thought I would ever relegate my Chase Ink Cash to the back seat but this card did exactly that.

Re: Need A Card For New Business Purchases - More To The Story

SouthJamaica — Sat, 22 Jul 2017 00:50:09 GMT

@adelphi_sky wrote:
My wife just started a new business and needs a card to keep purchases separate and for easy expenditure tracking. We're finding that most business cards require 12 months of records for the business. My wife's business hasn't yet started. In the meantime, is there a card I could get with her as an authorized user where after 12 months we can PC to a business version of the card or a business product in the same bank? I have a standing offer for Amex Delta Gold for 60,000 bonus miles that expires today. But we rarely fly Delta out of BWI. Cash back cards would be good. Any ideas? I currently have a Chase Slate that I'm not using and was considering PC'ing to a Chase Freedom Unlimited. She could use that and get us UR points.

HERe are my current credit relationships.

Chase
Citi
Amex
NASA FCU
The Partnership FCU
PNC Bank

1. She won't be able to PC a personal card to a business card.

2. She shouldn't use personal cards for business purposes; bad for accounting + violation of bank's terms of service.

3. Suggest she apply for an Amex business charge card and Amex business revolving credit card.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Sat, 22 Jul 2017 12:27:49 GMT

@SouthJamaica wrote:
2. She shouldn't use personal cards for business purposes; bad for accounting + violation of bank's terms of service.
.

would you mind a link or screen shot quoting the bank's terms of service showing it is a violation to use personal credit cards for business purposes?

Re: Need A Card For New Business Purchases - More To The Story

SouthJamaica — Sun, 23 Jul 2017 01:49:31 GMT

@Anonymous wrote:
@SouthJamaica wrote:
2. She shouldn't use personal cards for business purposes; bad for accounting + violation of bank's terms of service.
.
would you mind a link or screen shot quoting the bank's terms of service showing it is a violation to use personal credit cards for business purposes?

Sorry I don't have a link or screenshot. I believe it's usually in the card member agreement which you receive in the mail with your card.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Sun, 23 Jul 2017 17:40:38 GMT

It's definitely a violation - doesn't mean they'll do anything or care - but it's a violation.

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Sun, 23 Jul 2017 23:05:14 GMT

@Anonymous wrote:
It's definitely a violation - doesn't mean they'll do anything or care - but it's a violation.

Any chance you can point out where exactly in the terms of service or cardholder agreement it is a violation?

Re: Need A Card For New Business Purchases - More To The Story

Anonymous — Mon, 24 Jul 2017 00:39:59 GMT

It's possible I could. I'm not going to try to find it though.

Doesn't seem to matter much. Whoever spends for business purposes on their personal cards will do so regardless of the terms of service.