Suggestions on Business credit card - Posted by Paul

Posted by Paul on May 16, 2007 at 18:07:15:

Thank you for you response. I have thought about the home equity line option but kinda thinking about using that for buying a fixer upper in my area and flipping it right away. I will look into the suggestions that have been posted, thanks again.

Suggestions on Business credit card - Posted by Paul

Posted by Paul on May 15, 2007 at 07:24:15:

I am looking to start a small home based business and was wondering if any of you investors have any suggestions on a financial inst. that has reasonable rates for getting a credit card in the business name.

Re: Suggestions on Business credit card - Posted by Natalie-VA

Posted by Natalie-VA on May 16, 2007 at 10:44:14:

Our business cards are through citibusiness cards. I think their website is www.citibusiness.com. I don’t know the rates since we don’t carry a balance, but they have a lot of cards to choose from. As Rich said, you will have to guarantee the funds personally.

–Natalie

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.