I Got All The Cards, Sitting In My Drawer

[Falcon1871]

I don't know the total credit limits I have for my business, but it is more than $100k. 

They are sitting and waiting... 

How do you guys utilize your business credit cards? I buy office supplies, gas, etc. but that's all. 

How can I use to the full to take advantage of all the cards?

[SouthJamaica]

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@Falcon1871 wrote:

I don't know the total credit limits I have for my business, but it is more than $100k. 

They are sitting and waiting... 

How do you guys utilize your business credit cards? I buy office supplies, gas, etc. but that's all. 

How can I use to the full to take advantage of all the cards?

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It depends on what your business is. Basically I take whatever business expenses I have that can be paid by credit card (and don't impose a fee for credit card payments), and pay them by credit card. And I pay each card in full every month, usually shortly after the statement cuts. That's all I can do. And like you I'm nowhere near fully utilizing the limits.

[babygirl1256]

I pay all business related expenses (including business meals) with my cards but I only have two tradelines so far . . . Amex Business Platinum and Chase Business Ink. I am looking to expand my business credit but don't want too many personal inquiries. Just don't let them sit too long without any usage or the merchant could exercise their right and close the account. Wishing you success with your business. 

[ToughFistFight]

Depends on your business.  I have fuel expenses, this is a biggie right now, maintenance on work vehicles, educational expenses related to business.  Flights, hotels, meals.  All go on my business cards.  

Then you figure out what card has the best rewards for your individual spend habits. 

[URHomeInvestments]

I buy houses (with commercial mortgages) and furnish them with my business cards, and list them on AirBnb and VRBO.  I need high limits, but only for a short period of time, and for specific stores.

I end up using Sam's Club quite a bit, since it is close to me and has consumables.  Office supplies, occasional meals, beds, furniture, and so forth.  I use rents to pay off the cards and save up a down payment (or refinance) and go do it again. 

I have only known about business credit since joining this site, just a few years ago, even though we'd been using an LLC for 20 years. Before that, I was getting my personal accounts charged up high and it became a challenge to get the next mortgage. 

[ToughFistFight]

@URHomeInvestment, can I ask you a question?  How do you puchase a home with commercial financing?  I would like to purchase a small home close to my warehouse, I was unaware this could be done.  I was under the misconception that I had to purchase it under my personal credit. 

Is there a minimum? 

[URHomeInvestments]

@ToughFistFight

There are a few kinds of commercial mortgages, such as those used for apartment buildings (based upon cap rate).  The product I used was a DSCR mortgage, debt service coverage ratio.  They use the income from the properties to qualify our LLC for the mortgage.  We did have to PG, and they did pull credit.  We submitted our EIN, Operating Agreement and founding documents.  However, we did not submit our bank statements or tax returns.  I got this done with a broker who searched through various lenders to get one that worked for us, and I'd be glad to share his contact information. 

[ToughFistFight]

Thanks so much, I would appreciate that info very much.   My husband and I flip houses, we usually use a hard money lender and they have given us a contact for rentals, but I think it worked a little differently. 

Thank you again!

[URHomeInvestments]

https://kmoorebroker.com/single-quote/

[Thermionic_E]

Why after the statement cuts instead of before it? Doesn't the utilization affect your business score?