zust4you

I recently applied for the Hawaii Business Card from Barclays using my Amazon seller account as my business. They put the application under hold requiring further evidence for the credibility of the business. I sent them my amazon transactions and invoice, but now they are asking me tax documents.

I use amazon just to sell unused stuffs at my home, so I don't include it in my Tax.

1 - Are we suppose to include the income generated from Amazon in our Tax regardless of the revenue generated and income?

2 - Should I just send the Tax info to Barclays even if doesn't have Amazon info?

3 - Has anyone gone through this situation?

garykung

I am not a tax professional. But I believe I know enough about this.

Mostly no.

To include as an income, you must first generate a net profit from your sale first. Many transactions, as a result, are excluded after deducting the cost

Barclays is specifically looking for your Schedule C/C-EZ. So sending them your Form 1040 will not help without Schedule C/C-EZ.

Not me personally. But many do because they claim to have a business (for business cards) and turn out they don't.

The simple solution - forget the app and move on.

zust4you

Thanks for such a detailed answer.^

wetsand

Applied for the Jetblue business card. Was a month long process getting approved. Wife's app for a personal card at the same time was immediately processed. She ran over 8k through hers with a 5k limit before I received mine.

garykung

It is evidently conclusive that OP's app will not move further when Barclays requested for additional documentation but OP could not supply.

Soulag

Did they require documentation (and did you provide it?) Is the account showing up on your personal CR?

mia

Which documents, specifically?

sdsearch

You don't have to have a business to apply for a business card. But if you don't, you have to know how to fill out the application: your name as the business name, your address as the business address, your phone number as the business phone number, $0 income from business to date, 0 years in business, sole proprietor. Ie, all the answers that are least likely to leave the bank with any questions to ask.


Trying to "fish" for a business you do, and listing that, is only asking for them to ask (unanswerable) questions about the business. So if you only have a marginal business (like reselling your stuff online), but it doesn't "feel that much like a business" (you don't have a separate bank account, you don't file business taxes, etc), consider whether it's better to pretend to have that much of business or just pretend to be about to go into business but not yet having done so.

I keep seeing posts like yours all over FT. People who named their business on a whim, and now are being asked to provide utility documents showing the name of the business, is another example. People who made up a business income, and now are being asked to show proof of that business income. Etc, etc.

See this thread for more about how to apply for business cards:

eknock007

The post above by SD SEARCH sums it. I have been applying for business cards for years with 0 income and Sole Proprietor and my name as the business. Like many on the internet I have merchant accounts with Ebay, Amazon, and a few other sites just sell stuff I don't need. I even have EIN's. I really only make less than $500 a year doing this, so my personal income and SSN is what use to apply and never the $500 or my EIN's.

garykung

Without a doubt - OP screwed up. I believe it is too late for advice.

GeorgeLopez

I've applied for quite a few business cards using fictitious revenue numbers. Never once have been asked to submit tax docs.

garykung

WTH is "fictitious revenue numbers"?

GeorgeLopez

Numbers that are false

MasterCharge

W+F are "numbers that are false"? I don't recall numbers being true or false.

philemer

He lied about the revenue generated so I think we can move on.