Requirements for Business cards

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
14 posts
JNK
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Joined: Wed Aug 17, 2011 10:53 pm
Location: USA

Postby JNK » Mon Aug 29, 2011 6:46 pm

Money card wrote:Now Jnk do you own your own business? now let's say Carl Banks president of g3 has a business checking account with a few hundred employees who work for him. employess who travel for him, sales people, are they allowed to sign themselves up for a small business american express or chase Ink credit card? or does it have to be done by Carl, the vice president or treasurer of g3?


Hey Money card!

I sure do own my own business and that is exactly why I have business credit cards. It helps me keep track of business expenses and it allows me to legally separate my personal spending from my business spending. What JNK buys isn't the same as what JNK's business buys and what JNK's personal financial status is isn't necessarily what JNK's business financial status is.

In the case that you described, the employees under G3 company would be eligible for business credit cards provided the company was the one who issued the cards to them. It doesn't have to be the company president, VP, or treasurer necessarily - BUT person who gives the okay and does the issuing must have the legal okay to do such things.

For example, my father used to have an American Express charge card issued to him by the university he taught at. The card was for work-related charges - hotel rooms and dining out when he went to work-sponsored seminars and conventions - and that was it. Misuse of the card for anything other than business - since the university was the one paying the bill - could result in disciplinary action. If you recall some of the more recent corporate scandals that talk about misuse of funds by various higher-ups of the corporation, that includes misuse of business lines of credit and forcing the corporations to foot personal bills.

That said, a business card issued by a business you work for should only be used under the most stringent of conditions. NOTHING that could possibly be interpreted as personal should be charged on such a card because such a card account is usually managed by someone other than you (meaning, payments and such) and getting audited is not fun.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)


Business Collection:

AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash


JNK
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Posts: 93
Joined: Wed Aug 17, 2011 10:53 pm
Location: USA

Postby JNK » Mon Aug 29, 2011 7:03 pm

4Runner wrote:what is the difference by having a personal or business card?


A business card is for a business to do a business office remodel with and to buy more printer catridges for the business printers and to buy a new business computer when the old one suddenly goes kaput. A personal card is for your own personal use and to use when you go shopping for personal and family-related items.

Good Example: I am a small business owner and I have a client who sometimes likes to have a face-to-face sit-down talk about the work I'm doing for him. If I drive out to see him, I can put my gas purchase on my business card. If I decide to take mass transit, I can put my ticket purchase on my card. If, after spending most of the day with my client, I decide to pick up something to eat on my way home, I can charge the meal on the card.

Bad Example: I buy a PSP and PS3 for my own personal use and charge them to my business card. I go crazy at a department store and buy $500 worth of clothing and charge it to my business card.

In speaking about the more technical side of things: Business spending (and paying) is usually higher than personal and so many business lines of credit including credit cards tend to have higher credit limits and better benefits (though oftentimes, they come at a price, just like the better personal cards do), BUT, just like personal lines of credit, this is also based on the company's income and credit score and overall business reputation.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)


Business Collection:

AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash

4Runner
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Joined: Tue Aug 16, 2011 7:33 pm
Location: Pleasanton, CA

Postby 4Runner » Tue Aug 30, 2011 2:35 am

Thanks Guys!

Money card
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Location: New York state

Postby Money card » Fri Sep 02, 2011 11:36 pm

4Runner wrote:what is the difference by having a personal or business card?


I would like to stick my 10 cents into this. the difference is 1 is a personal card that anybody 18 and older can apply and the other is the small business, which is a company card. let's look at some situations. the personal card can be used everywhere american express is accepted. for instance you can go to a strip club and charge 200 bucks depending on the club and location and no one can take your card away from you.

however with a corporate card or small business, Carl banks can suspend your use of your small business card if he finds out that 1 of his employees used a company card for a back room at a club. also if you don't have a personal american express and you don't feel like purchasing an american express gift card, but you do have the small business card and you want to charge a 400 dollar shirt from Neiman marcus, even if you don't submit that expense account to your company, you pay for it yourself, your company can ask you why didn't you buy your item over at Nordstroms. where as if you have a personal card nobody can say any thing to you.

when doing credit reports the personal card goes on your credit report while the small business and corporate cards goes on the owner's credit report.



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