Re: Suggestions on Business credit card - Posted by Rich-CA
Posted by Rich-CA on May 15, 2007 at 13:02:57:
At this point in time, none of the credit cards has what you would call a reasonable rate if you plan on carrying a balance. You are better off, if possible, getting a Home Equity line and loaning money to the business. This is less expensive money than a CC with some of the flexibility left in.
I did get a CC from MBNA (now Bank of America) for one of my businesses and another from Wells Fargo for another business. I got a solicitation from Advanta and Chase both with much better rates. Just shop around. Most business cards will put the business name on the account and report against the business EIN or Tax ID number. They will all require your personal info and SSN as well, but only report delinquencies against you. If all is paid on time, then you will not see the credit line on your personal credit report.