topic Re: Business CCs for personal use. in Credit Cards

Business CCs for personal use.

SwiftTone — Sat, 21 Jul 2012 18:51:37 GMT

I recently read a blog on the "other" CC site where it talks about applying for a business CC under the "sole proprieter" entity. The reason for doing this is that often times business CCs have better rewards.

Setting ethical issues aside, is this a bad thing to do? The blog fails to mention any negatives associated doing something like this. How would this new credit card account report to the CRBs. Can CCC yank the account if they find that you use this for personal purposes? Would I have to fill out extra paperwork when tax season comes?

Just using Chase's basic business Ink card the rewards seem superior:

-EARN 5% CASH BACK ON THE FIRST $25,000 SPENT ANNUALLY AT OFFICE SUPPLY STORES, AND ON CELLULAR PHONE, LANDLINE, INTERNET, AND CABLE TV SERVICES
-2% CASH BACK on the first $25,000 SPENT ANNUALLY AT GAS STATIONS AND RESTAURANTS
-1% CASH BACK back on all other card purchases

So what would happen if I actually did this. Give me some negatives.

PS: I realise this is a business credit card, but I didn't post this in the business card forum because I'm inquiring it for personal use.

Re: Business CCs for personal use.

swpopham — Sat, 21 Jul 2012 19:59:45 GMT

I use or ink for alot of our everyday spending, all phones and satellite tv. Chase loves us, and it dose not report to your cra we use their money for around 30-45 days. Same as Amex but not scared yo use it or worry about a stinking fr. I say go for it, there is no such thing as a fair war I fight to win

Re: Business CCs for personal use.

SwiftTone — Mon, 23 Jul 2012 14:39:11 GMT

@swpopham wrote:
I use or ink for alot of our everyday spending, all phones and satellite tv. Chase loves us, and it dose not report to your cra we use their money for around 30-45 days. Same as Amex but not scared yo use it or worry about a stinking fr. I say go for it, there is no such thing as a fair war I fight to win

When you applied, did they pull your personal or business credit profile?

Seems like an easy way to get a hidden tradeline.

Re: Business CCs for personal use.

Anonymous — Mon, 23 Jul 2012 15:02:53 GMT

@SwiftTone wrote:
@swpopham wrote:
I use or ink for alot of our everyday spending, all phones and satellite tv. Chase loves us, and it dose not report to your cra we use their money for around 30-45 days. Same as Amex but not scared yo use it or worry about a stinking fr. I say go for it, there is no such thing as a fair war I fight to win
When you applied, did they pull your personal or business credit profile?

Seems like an easy way to get a hidden tradeline.

They will pull your personal CR, most likely TU.

Re: Business CCs for personal use.

SwiftTone — Mon, 23 Jul 2012 15:16:13 GMT

Do they pull different CRBs for personal vs business?

They always pulled EX for me in MA.

Re: Business CCs for personal use.

Anonymous — Mon, 23 Jul 2012 15:28:12 GMT

@SwiftTone wrote:
Do they pull different CRBs for personal vs business?

They always pulled EX for me in MA.

They pulled EX for my Chase Freedom and TU for my Ink Cash. I was told by the REP that the system preferred TU, according to his experience.

Re: Business CCs for personal use.

Anonymous — Mon, 23 Jul 2012 16:36:53 GMT

@SwiftTone wrote:
Do they pull different CRBs for personal vs business?

They always pulled EX for me in MA.

Business cc is different department but somewhat random from what I can see from others.

Re: Business CCs for personal use.

SwiftTone — Mon, 23 Jul 2012 18:29:49 GMT

Wouldn't this be considered as some type of loophole?