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Applying for Business Credit Cards [Consolidated]

Applying for Business Credit Cards [Consolidated]

Old Dec 21, 11, 6:21 pm
  #61  
 
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does your business have it's own tax id?
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Old Dec 21, 11, 6:28 pm
  #62  
 
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Business Card

No, it is very small side business, I just use my social
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Old Dec 21, 11, 6:40 pm
  #63  
 
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business credit pulls and the effect on the business

When you apply for a business credit card, does the business have some sort of credit score that is affected? I know that it gives an inquiry to the personal credit score, but does the business have some sort of its own FICO? Is it any different if using an EIN/Tax ID vs SSN?

Just something I've always wondered since it seems so weird how banks choose to approve these revolving loans to small businesses....
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Old Dec 21, 11, 6:55 pm
  #64  
 
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i have biz cards for my small company...got approved based on annual revenue. i never got the sense that it was much harder getting a biz vs. pers card...that's been my experience.
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Old Dec 21, 11, 7:37 pm
  #65  
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Used to be easy, now that Dodd-Frank super-protections are for consumer, not business cards, banks need to be more careful for compliance reasons about issuing business cards to individual consumers.

A better question is why you would want a separate CC for a sole proprietorship operated under your own Social, presumably as a Schedule C for tax purposes. This is particularly so because you will be signing in your personal capacity anyway.

Your first questions ought to be to your tax accountant, not on FT.
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Old Dec 21, 11, 10:28 pm
  #66  
 
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For The signup bonuses lack of personal credit bureau reporting on usage and in some cases business discounts.

I have tax I'd as sole proprietor but with no employees don't need one.
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Old Jan 7, 12, 12:47 am
  #67  
 
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There is a big difference between a biz card and a personal card. A biz card doesn't show on your personal credit report. This could mean the difference in getting a loan or lowering your credit score by using up all of your available credit.

Also with a cash back card, you are responsible for paying taxes on the money earned. With a rewards card, you are not responsible for paying taxes on the rewards such as miles or points. That could be a biggie for some.
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Old Jan 7, 12, 4:21 pm
  #68  
mia
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Originally Posted by steveme View Post
... with a cash back card, you are responsible for paying taxes on the money earned.
Not exactly. Cash back is a partial refund of the amount spent, not income. If you use the card strictly for personal spending there is no tax liability. If you use the card for deductible business expenses the rebate could reduce the amount of the expense deduction, but this determination should be made in consultation with an accountant, not based on an internet post.
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Old Jan 8, 12, 3:09 pm
  #69  
 
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Originally Posted by biggestbopper View Post
Best biz card is a personal card. @:-)
By using a personal card as a business card not only do you have to have excellent organizational and accounting records, it could be considered co-mingling funds, especially if you're not a sole proprietor.
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Old Jan 8, 12, 3:17 pm
  #70  
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Not at all. Use a single, personal card for biz expenses, use other cards for non-biz stuff. No different, record keepingwise, than having a separate biz card.

Co-mingling? There are no funds to co-mingle on a CREDIT account. see definition http://www.investopedia.com/terms/c/commingling.asp.

But, hey, if you're worried about it, don't do it. @:-)

IMHO the risks of biz cards far outweigh the benefits (except for the extra bonuses ).
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Old Jan 9, 12, 9:55 am
  #71  
 
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To correct an earlier post, the Chase Ink Bold is either VISA or MC. It might be random. I like having one MC, sometimes they do something nice for you.

I have had a number of small companies with 2 to 5 employees and 550 to 800K in sales over the last 25 years and have only had a Buisness card this year. I also have routinely commingled buisness and personal expenses on several cards which is an issue for the bookie and I am sure causes a few things to get lost. Using only one card and have some personal and some company charges isn't a problem, you just have to go through and tag them. Because my CPA and my bookie will not deduct an expense without a receipt I have to turn in receipts anyway and that keeps track of it.

This year I got the Ink Bold just for the 50K bonus, but because of the 5X points on phones, Internet, office supplies, etc. I think it has value beyond the personal cards and for me it is by far the best deal out there. My total phone and Internet alone is about $600/month x 5 = 3K points x 12 = 36K points a year right there. I can't get that with any of my 12 personal cards.
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Old Jan 17, 12, 1:58 pm
  #72  
 
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Business Credit Card recommendations

History:

Our company was using the CitiAadvantage biz card but lack of online payment option and not being able to qualify for million miles status anymore with the Citi Aadvantage makes it less attractive. Switched to Marriott Rewards biz which is okay.

Also have the SPG biz card but limit is lower than what we need and several vendors we deal with dont accept Amex.

Looking for a biz credit card recommendations. Looks like the Chase Ink Bold is one to consider. Anything else?

Purchases are mostly goods, food, travel, gas, supplies, phone. Appx spending per year $ 100k

Thank you!
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Old Jan 17, 12, 2:00 pm
  #73  
mia
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Originally Posted by alohadvc View Post
...CitiAadvantage biz card but lack of online payment option...
Why were you unable to pay online? We have no problem.
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Old Jan 17, 12, 2:05 pm
  #74  
 
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Originally Posted by mia View Post
Why were you unable to pay online? We have no problem.
I should have been clearer. I can make the payments online. But this is the only company that we can't set up automatic payment deductions from our business checking account. I can do it for our personal account, but not the business credit card.
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Old Jan 18, 12, 10:06 am
  #75  
 
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Originally Posted by alohadvc View Post
I should have been clearer. I can make the payments online. But this is the only company that we can't set up automatic payment deductions from our business checking account. I can do it for our personal account, but not the business credit card.
I have the Ink Bold and it is probably the best of the business cards I have if you are eliminating the Amex ones.
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