GM Business Card Denied, AMEX BBC Approved

citymunky — Sun, 21 Jan 2024 02:09:21 GMT

By mid week, one of my LLC's will be a year old, and I was looking to into opening another BIZ CC with 0% promo intro period of at least 12 months.

I thougth I would try my odds with the GM Biz Card by Marcus for a few reasons:

1) SP only with EQ or in some cased TU.

2) GM Biz doesn't report to your personnel CRAs

3) I have a personel HYSA with them, and a decend amount of funds in the account.

4) I was looking to open an account before Goldman Sachs sells their CC portfolio to other bank which would likely require a HP to open an account (Can't be in the garden club with a HP)

5) I was looking to expand my BIZ credit beyond AMEX, as I'm still over 5/24.

However GS had other plans for my BIZ;

Goldman Sachs Bank USA has reviewed your application and we're sorry to let you know that it was not approved because:

Insufficient Business Revenue for amount requested
Limited time in business

My Biz is still growing and put down my biz made $20K, with an estimated monthy spend of $500. (However I think the app is looking for gross revenue, and I was thinking net revenue after operating cost.
I know Marcus is known to deny apps for biz's least than a year old, but I didn't think a few days would make a difference as they only ask for the year the biz formed in the app.

While its not the news I was hoping for, the day wasn't a total loss as I approved for the AMEX Blue Business Cash for the same LLC with a SL of $10K. I'm surprised they started with a limit that high for my stated revenue of $20K. My goal is to hit the SUB of $250 statement credit after spending $5K within the first 6 months. I'm not sure sure I can hit the additional $250 statement after additional $10K or more in within the first year but we'll see. This would be the 2nd AMEX BIZ for this LLC (the other being AMEX Amazon BIZ Prime).

I would like to apply again for the GM Biz card, but this time as a Sole Prop soon. Any recommmend on time frame to wait before trying to reapp?

Re: GM Business Card Denied, AMEX BBC Approved

CubanCheapSkate — Sun, 21 Jan 2024 12:20:53 GMT

Sorry to hear about your decline. I had a similar experience as I have a personal account but was declined business account due to "Limited time in business". On the upside no hard pull on personal and can try again later as the business matures.

Re: GM Business Card Denied, AMEX BBC Approved

SouthJamaica — Sun, 21 Jan 2024 13:49:09 GMT

Congratulations on your approval for the Blue Business Cash card, a great card. It's actually a blessing that you didn't get the other card, because you'd have been diluting the spend you need for the BBC signup bonus.

Re: GM Business Card Denied, AMEX BBC Approved

cashorcharge — Mon, 22 Jan 2024 21:54:54 GMT

WooHoo!! Congratulations on your AMEX Approval!!👏🏼🍾🥂

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GM Business Card Denied, AMEX BBC Approved

Re: GM Business Card Denied, AMEX BBC Approved

Re: GM Business Card Denied, AMEX BBC Approved

Re: GM Business Card Denied, AMEX BBC Approved