Originally Posted by
drexmacc
I only fly 2-3 times a year. I thought about Chase reserve, but the non travel card benefits for Amex are greater.
Also, I can run up a 200-300k current balance on the Amex.
My credit limit on my Chase Sapphire tops out at 81k
I’m in the industrial construction business. I’m constantly waiting to get paid, it’s the nature of the business. It just bugs me to think that they’ve made so much money off me, but would be so inflexible. Especially when 99% of the time my account gets paid like clockwork.
If I were in your shoes, I would consider establishing a better relationship at Chase anyway. If you come close to maxing out the Sapphire Card, 2 - 3 months in a row, while also paying the account in full -- you could probably call in and speak with an underwriter about getting the limit increased substantially. I say this for one reason, and one reason only.
Back in the Spring of 2008, I was in the middle of remodeling my Kitchen & Backyard. I had a tiny first mortgage of about $180k on a $1M Property and a HELOC from Wachovia. In April of 2008, they decided to suddenly suspend my HELOC in the middle of the remodel,
without even telling me beforehand and allowed me to bounce checks to my contractor. Their reason for freezing the account (yet continuing to charge me an annual fee) was they suspected my home was no longer worth what it was in 2007. Even though, in 2008, and even 2010/2011 there was substantial equity to cover that HELOC & my first loan.
Point Is - If I had just relied on the HELOC, I would have been completely screwed, but, between cash on hand and a credit card, I was able to take care of the rest on my own. We are in a very uncertain economic environment. Your business may or may not rely on Credit for everyday operations. I certainly wouldn't want to be beholden to just one Lender, that could screw me overnight.
It's something to think about.