Business credit cards

Discussion in 'General Discussion | Credit Cards' started by Dangjr213, Jan 31, 2012.  |  Print Topic

  1. Dangjr213

    Dangjr213 Gold Member

    Hello, ive been around the forum and following the travel blogs for a few weeks now. I have a newbie question. I've read a ton of posts telling people to apply for a business credit card. Can you really do so without a real business? My wife is involved with an MLM, does that count?

    My next question, is if you do so, is it safe to charge personal spending on a business credit card? Would seem like you would need to keep the two seperate. We wouldn't be able to hit spend limits on a business card without personal spending. Thanks for any help.
  2. Jett Rink
    • Original Member

    Jett Rink Silver Member

    Yes. Yes. Yes (safe :eek:). Separate, No.

    Go for it. :)
  3. Dangjr213

    Dangjr213 Gold Member

  4. Jeff the Wanderer

    Jeff the Wanderer Silver Member

    Most Business Card applications will allow you use your social security number as the business identification number. This is because if you are a sole proprietor, the government doesn't require you to apply for a federal EIN. Because of this, it is possible to get a Business Card without actually having an official business. However, if you need to call a reconsideration line, you had better be ready to explain what the business is and give some financial info to get the card approved. If things go badly, they will just not give you an approval for the card. You need to decide if the bonus is worth that risk to you.
  5. deant
    • Original Member

    deant Milepoint Guide

    Welcome to MP.

    If you do anything on places like E-bay etc., you have a "business". Instead of an EIN, you just use your SS number since you are running a "sole proprietorship".

    Have never had an issue putting personal spending on a business credit card.
  6. Dangjr213

    Dangjr213 Gold Member

    Thank you all for your help. I'm off to apply for the chase ink bold :)
  7. Jett Rink
    • Original Member

    Jett Rink Silver Member

    Not a terrible idea.

    Q: Are you clicking on a blogger link, or are you on your own? Just asking, as there's a lotta blogger credit card pimps out there that could care less about you. :eek:
  8. Dangjr213

    Dangjr213 Gold Member

    I guess it makes no difference to me how I apply, I hadnt thought about it cause I was going to apply when I got home from work. Do you have a link, I'll use yours
  9. infamousdx

    infamousdx Silver Member

    If you came across the card on your own or just ont he forums, I'd just apply through the main Chase site
  10. deant
    • Original Member

    deant Milepoint Guide

    I tend to use links from some of the sites where people give good advice and support MP and FT. I don't mind them making some money off the application as it helps them keep writing and providing some information to me.
  11. Extra Pack of Peanuts

    Extra Pack of Peanuts Silver Member

    Good luck with the Chase Ink Bold app. From personal experience, I can tell you that I received it in November but needed to call up and confirm my business with them. I used my social security number when I originally signed up and when I called up, I told them that I had a small internet consulting company (which I do) and told them how much I made in a year. They actually then asked ME what credit limit I wanted. So like others have said, just be prepared to ask some basic questions like:

    what does your business do?
    how many employees do you have?
    how much did you make last year?

    You should be fine!

    Like deant, I also have no problem at all signing up with links from bloggers that I trust. Having started writing a blog myself, I know exactly how much time and energy people put in to it so I have no hard feelings at all rewarding them by letting them make a couple extra dollars from my application. As long as they are linking to the same deal as the one you are going for anyway, which should be easy enough to figure out.
  12. FlyingFree
    • Original Member

    FlyingFree Gold Member

    This was my experience exactly....Chase Ink Bold an excellent choice. I also use links from trusted bloggers because the info they provide is a valuable service to me and it's a small way to repay for their efforts.

    Let us know how things work out for you!
  13. particlemn

    particlemn Silver Member

    I have applied and been approved for bus. cards when I had already used the personal card applications, but If I coupld apply for the saphire prefered card over the ink bold i would to gain the consumer protections of a personal card. if i laready had the sapphire card only then would i apply for the bold bus. card
  14. apgrizzwald

    apgrizzwald Silver Member

    Ditto here. Added the ink bold to my wallet just before Christmas. Fortunately I didn't have to call the reconsideration line and answer questions about my business. Ink was a great addition, if for no other reason than finally getting 2x on Gas. Unfortunately I still drive more than I fly.
  15. Extra Pack of Peanuts

    Extra Pack of Peanuts Silver Member

    Just an FYI: According to some others, if you got the "old" Chase Ink Bold (it switched over mid-November) than you are eligible for the "new" Chase Ink Bold as well, since they are considering them different cards. This means you'd also receive the 50,000 UR point sign up bonus again. While I haven't tried to apply for the new Chase Ink Bold yet to make sure this will happen, I did call up when I received the "old" Chase Ink Bold because I wanted to change it to the new one. They told me I couldn't do this because they were different cards, even though they had the same name. I was completely annoyed at this at the time, but seems it might be a blessing in disguise.
    flyingdawg, jbcarioca and deant like this.
  16. jbcarioca
    • Original Member

    jbcarioca Gold Member

    One other consideration, usually a minor one, is that you do not have the consumer protections with a business card that you have with a personal one. That is usually no issue at all, but you will have access to no consumer protections precisely because it is not a consumer card. You can use it however you wish, as others have said. no restrictions at all.
  17. HaveMilesWillTravel
    • Original Member

    HaveMilesWillTravel Gold Member

    What are the credit card issuer policies regarding fraudulent transactions?
  18. tondoleo
    • Original Member

    tondoleo Gold Member

    infamousdx, jbcarioca and deant like this.
  19. Another newbie question:

    My wife and I just set up an LLC for a side business right after applying for two low spend cards (Delta AmEx, and United's 60K card). Now it looks like we have some pretty decent personal expenses coming up in the next month that we'll have to pay before our next round of card sign ups. If I had my druthers, I'd postpone until April to make sure I'm following the general 3 month rule, but oh well.

    Since our business has an EIN, would using it to apply for cards count as a hard pull on our personal credit? We just applied for the Delta & United cards within the last 30 days, so I'm leery of getting rejected due to too many inquiries. Is it better to just wait until 3 months from our last apps and do a bigger one then?

    Big thanks to everyone here, I've been lurking here for quite some time and all of the information you guys provide has changed our family's life plans!
  20. deant
    • Original Member

    deant Milepoint Guide

    How do you know if you have the "old" or "new" Ink Bold card? Applied and was approved early November so I am just wondering.
    flyingdawg and jbcarioca like this.
  21. Extra Pack of Peanuts

    Extra Pack of Peanuts Silver Member

    Deant, I believe the "new" card launched on November 23rd. If you applied for it before then, you should have the "old" card. If you've used it abroad, check your statement and see if you've got dinged for a forex fee. If you have, you have the old card. The only other way I know of telling would be to call them up and ask, but honestly, they will probably be way more confused than you about the whole "new" or "old" Chase Ink Bold.

    Just for a data point, I applied for mine on November 9th and got approved on November 25th. I have the "old" card because my app was from the 9th, even though the new card had already launched already.

    Hope this helps.
  22. bilspacecadet

    bilspacecadet Active Member

    I have the same concern. I have an S-corp, and I'd love to add the Ink Bold but the Chase page seems to imply that the card is connected to the business as well as me personally. Does anyone know if there are any hard and fast rules about applying for business cards and what it means to personal credit?

    In the same vein, would Chase count a business card against you personally when they decide whether you have too many Chase cards?
    flyingdawg, deant and jbcarioca like this.
  23. jbcarioca
    • Original Member

    jbcarioca Gold Member

    A business card is usually not reported as a personal card unless it is applied for as a DBA/fictitious business name, in which case it often is. S-corps are corporations but for a tax treatment option and such cards are rarely reported on consumer credit bureaux, but some issuers report guarantors.

    You can have both Chase personal cards and business cards. They are not counted against each other. They are distinct applications and are separate for customer service also.

    Some issuers will consider total credit to which you are obligated and include business credit in that calculation. That rarely will have negative impact unless the business is not doing well...
  24. flyingdawg
    • Original Member

    flyingdawg Gold Member

    That has been my experience w/ AmEx. The business cards do not reflect as a pull on your personal credit history and my business is a sole proprietorship w/no EIN.
    miles and smiles likes this.
  25. chz2215

    chz2215 Silver Member

    This may be a very unusual question but if you wouldn't be approved for a personal card due to a past credit issue would you have any better chance applying for a biz card as sole proprietor?
    deant likes this.

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