topic Re: Need Credit Card For Work in Credit Cards

Need Credit Card For Work

mschaefe — Thu, 16 May 2013 15:20:45 GMT

New to the site and so far it's been really helpful.

Before I explain my situation I know this might be jumping the gun a little bit but just need some good advice.

I'm in the process of interviewing for a position with a large financial company and I've made it to the 3rd round or the in person interview after 2 phone interviews. This potential job would require a lot of travel and the company doesn't issue company credit cards, they said it was so that employees can rack up their own points, miles, or rewards for travel (I'm sure there's more behind it). He said that I would probably need a card that I could put $2,000 to $3,000 on per trip but after I return I would be reimbursed in 24 hours usually. Right now though my credit has been building and isn't too good, I've gotten 2 out of the 3 scores 633 and 684. I have a secured card through capital one with a $300 limit on it and my credit history is only about 9 months. So here are my questions;

1. Does anyone know of a company that offers a card with a $3000+ limit for someone with a short credit history and low scores?

2. I have heard that charge cards are easier to obtain, true or false?

Thanks for your help in advance.

Re: Need Credit Card For Work

kampfer09 — Thu, 16 May 2013 15:25:39 GMT

If your talking about Amex you have 50/50 chance of getting it. Have you tried applying for GE Card? There pretty good when it comes to giving credit. Pm me I can help you better for advise. I have some idea that might work for you.

Re: Need Credit Card For Work

Anonymous — Thu, 16 May 2013 15:37:24 GMT

Go with an AMEX PRG since you are relatively sure of reimbursement. You could try Chase as well. Go to a branch and ask about the ink line, CSP, and moving your checking over to them. That will get better results than just applying online.

Frankly, I'd be weary of this "large financial company" not being willing to issue you a corporate card for travel.

Be careful altering your credit situation based on the prospect of a new job.

Re: Need Credit Card For Work

kampfer09 — Thu, 16 May 2013 15:40:49 GMT

Ya...don't say too much about your prospect work. Just go to chase and apply for their CSP I see a lot of people getting approve for it. That's my target card later on.

Re: Need Credit Card For Work

Anonymous — Thu, 16 May 2013 15:41:35 GMT

a large company doesnt want to issue you a CC? thats odd.. However, i hope it works out for you!

Re: Need Credit Card For Work

Anonymous — Thu, 16 May 2013 16:01:03 GMT

Probably a credit union

Re: Need Credit Card For Work

Anonymous — Thu, 16 May 2013 16:07:11 GMT

It's going to be tough w/ your credit history getting a large line. I have a newer history (not rebuilding, but comparable perhaps) and my largest line is $2500.

Re: Need Credit Card For Work

ibmrad7 — Thu, 16 May 2013 16:15:28 GMT

As someone else pointed out, your best bet is to go with Amex PRG.

Re: Need Credit Card For Work

mschaefe — Thu, 16 May 2013 16:21:52 GMT

Well I think before I worry to much about it I should make sure I have the job first. What I was told about the company was that they decided a couple of years ago to not issue company cards anymore because, like I said in the initial post, so that employees would be able to build their own perks through personal cards. After talking with my father who just retired and was with a large company for 45 years said that they did the same thing about 5 years ago because there were disagreements about how to use the rewards from the cards so they got rid of them. I'm not sure if this is the same situation or not, however I only call this a financial institution because it's main products revolve around financial advising. They do have a bank as well and the guy said they would be able to issue me a card if I had good credit and of course if I got the job.

Again this is all theoretical and circumstantial, I'm just someone who looks aghead and wanted to see what my opetions were.

Re: Need Credit Card For Work

Revelate — Thu, 16 May 2013 16:29:49 GMT

@Anonymous wrote:
a large company doesnt want to issue you a CC? thats odd.. However, i hope it works out for you!

I think this is fairly common these days? Certainly seems like obtaining a corporate card has become more difficult over time unless you travel a truly absurd amount... arguably it's better for everyone except one has to do more paperwork as an individual now; however, I suspect that's cheaper than letting a central processing office do it all, and if you do something laughable with your personal card, they aren't directly on the hook for it. Looking at my current employment policies, it just screams colorful issues in the past .

@mschaefe: Amex charge card is where you want to be right now; based on your expense and regular travel plus whatever additional things you put on the card, PRG does make sense financially. CSP approval is a ways out. Alternatively, you may need to up the limit or obtain a new secured credit card. Preferably one with a rewards package if you're going to get to expense travel through it.

Re: Need Credit Card For Work

withaspark — Thu, 16 May 2013 17:26:51 GMT

I'm curious...who would pay the hefty $175 /yr AF for the PRG? Hopefully if the OP was required to go this route, the charge would also be reimburseable.

Re: Need Credit Card For Work

Revelate — Thu, 16 May 2013 17:31:29 GMT

@withaspark wrote:
I'm curious...who would pay the hefty $175 /yr AF for the PRG? Hopefully if the OP was required to go this route, the charge would also be reimburseable.

Anyone with call it $30K spend through the card annually. I got the impression from the OP's post that this wouldn't be hard to hit with large amounts of reimbursable travel as described. I don't recall the math that a few smarter people than I did, but I think it comes close to break-even around $25K and really shines at $35K+

First year's AF is free anyway, so if it doesn't work out, can go do something else later if needed. Based on the information posted, they're not going to qualify for the type of card and limit on a revolver to really take advantage of this opportunity for rewards, and honestly this sort of thing is what Amex charge cards were designed for.

It's a good fit, and it's likely obtainable on the OP's credit. That makes it a good solution.

Re: Need Credit Card For Work

withaspark — Thu, 16 May 2013 17:46:43 GMT

@Revelate wrote:
It's a good fit, and it's likely obtainable on the OP's credit. That makes it a good solution.

Oh, I certainly agree it is the best solution given the potentially tough situation as I understood it as well--not arguing even a little.

I'm more questioning the policy. My employer gives us the best of both worlds...corporate AMEX and option to use any rewards card you want. So when I had two weeks of travel sitting on my personal card and reimbursement took over 6 weeks...that was my call not to put it on the corporate card and enjoy the 45+ day grace period in exchange for a ton of points, miles, and cash back. But if I had no choice but to have it on my card...there would have been a lot of complaining...but since I chose it, I just paid it off. I wouldn't be thrilled paying an AF on a card I had to get either though.

Since I'm still curious, how likely do you think the risk of an FR would be? Not sure if these are 1 day trips or multi-week trips; I've racked up 20 times my normal spend on a single trip before...I guess my income still supported it since I could PIF when reimbursement was late so I saw no FR/AA, but I would hate to see the OP suffer repeated FR and/or other AA while in Thailand or something if this is becomes more than an academic discussion. I was hoping maybe we could offer the OP or those in similar situations some comprehensive thoughts and ideas to leave them in a really strong position to handle any challenges they may face in this situation.

Re: Need Credit Card For Work

Revelate — Thu, 16 May 2013 17:54:54 GMT

@withaspark:

I think Amex knows this category of expenses exist, and have for a while. Worst case just call up them in advance and tell them if there's a initial big expense coming up, once you establish a pattern it's fine.

Re: stranger in a strange land: I don't recommend anyone anywhere be reliant on a single transaction network or lender. I still absolutely carry a Visa or MC in my pocket everywhere and I've only been in two places in recent memory that don't accept an Amex. Computer failures are a fact of life these days, I even keep a $20 on me for that matter too though it's a once a year use case.

It's a luxury in this age to be offered a corporate card; however, personally unless I couldn't float the charges I'd never take it. There are too many personal advantages to being able to run reimbursable expenses through one's personal credit that it outweighs any additional hassle. It's not just about the rewards (though why not take the additional money?), it's also about the lender being spent through and every other lender thinking I'm more of a baller than I actually am, and that's a faster qualification to some of the premier cards in the industry than getting there on my own.

Re: Need Credit Card For Work

withaspark — Thu, 16 May 2013 18:05:24 GMT

@Revelate wrote:
@withaspark:

Computer failures are a fact of life these days, I even keep a $20 on me for that matter too though it's a once a year use case.

Great point...I think I forgot about cash (lol). I was thinking since it sounded like a CL on a revolver that could handle even a plane ticket home might not be obtainable, what does the OP do. Cash is a good point...but I've never seen anyone pull out cash and pay at the airline ticket counter, though I would hope it was possible.

Re: Need Credit Card For Work

Anonymous — Thu, 16 May 2013 19:35:36 GMT

@Revelate wrote:
@withaspark wrote:
I'm curious...who would pay the hefty $175 /yr AF for the PRG? Hopefully if the OP was required to go this route, the charge would also be reimburseable.
Anyone with call it $30K spend through the card annually. I got the impression from the OP's post that this wouldn't be hard to hit with large amounts of reimbursable travel as described. I don't recall the math that a few smarter people than I did, but I think it comes close to break-even around $25K and really shines at $35K+

First year's AF is free anyway, so if it doesn't work out, can go do something else later if needed. Based on the information posted, they're not going to qualify for the type of card and limit on a revolver to really take advantage of this opportunity for rewards, and honestly this sort of thing is what Amex charge cards were designed for.

It's a good fit, and it's likely obtainable on the OP's credit. That makes it a good solution.

Having just recently acquired this card, I can tell you that $30k in spend is the sweet spot. Once you hit that, they give you a 15k points bonus.