Citi seems happy to regale you with cards. But it isn't a bad idea to see how these would possibly impact your credit score if you'll be in the market for a house or auto, for example; you can see what goes into that at www.myfico.com.
Do note that you give up substantial consumer protection by using a business card, so I suggest you get one, get the bonus miles and then put it in the to be canceled in six or more months file.
Be sure have a card for each of your many businesses. Helps with accounting. And miles.
What consumer protections do you give up with a biz card?
Just about every consumer protection you have, e.g. billing error dispute procedures. It's a business card, not a consumer card and the Truth in Lending Act protections for consumers do not apply.
I also applied for both the personal and business cards on May 18th and received both about a week apart. I had no idea, however, that using the business card would negate consumer protection on purchases. Thank you for posting this. Now, I will use my business card for charges to AA mostly - am I correct that AA purchases earn double miles?
If you plan to "churn" cards, I was told by a CSR that you can only have one business card at a time. You can have at least 3 personal cards at the same time, but can have only one credit application at a time.
If you plan to "churn" cards, I was told by a CSR that you can only have one business card at a time. You can have at least 3 personal cards at the same time, but can have only one credit application at a time.
I have two AA business cards in my wallet right now. And I know of otherw who have at least two as well.
I had 3 personals and one business at one time. when I went to cancel one they offered 4k miles so I waited until they posted and called again. I explained that I had another card and had to give them the account number before the information came up on th CSR's screen. They then wanted to combine the two revolving credit limits.
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The only limitation is with Citi regarding churning cards seems to be a maximum of 2 applications within 60 days. I was told I must wait 60 days since my last application (2 different cards) in order for a new one to be considered.
I think it's $75 compared to $85 for the personal card?
IMHO annual fee is not relevant because I'm not going to pay it. I'm going to cancel the account before the annual fee waiver for first year is over. Then apply for new card with new bonus miles.
As far as getting a business card without being in business. Most everyone already has a business or two or four already going. Maybe you have yet to make a profit or even take in any income, but haven't you always planned to be an artist in someway. Or perhaps a woodworker? Or maybe a gardener, so far only practiced on your yard.
Very unlikely that the bank cares at all, so long as you promise that your use of the card is for "business".
In theory, that sounds good. This is the part that bothers me. See below:
Quote:
Citibank must obtain the Business' legal name, its street address, and its Taxpayer Identification Number. I understand that Citibank may ask for additional identifying documents from me and the Business as well.
...Citibank is authorized to investigate, obtain, and exchange credit reports about the Business and me from time to time. Information gathered about me or the Business may be used to verify my identity and the identity of the Business...
...You must be an Authorized Officer of the Business to submit this application. If the information is incomplete, we may not be able to approve the application. Please note: Both the Authorized Officer and the Business shall be liable individually and jointly for all charges and balances on the account.
...An Authorized Officer is a member of a business entity who has been formally empowered by that entity to conduct business on its behalf, and to enter into borrowing arrangements with financial institutions. You must be an Authorized Officer of the business to submit this application.
Examples of officers who are often formally granted authority by their business include:
• General Manager
• General Partner
• Owner
• President/Chairperson
• Treasurer
• Vice President
