Requirements for Business cards

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i_t_man
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Requirements for Business cards

Postby i_t_man » Fri Jul 29, 2011 3:15 pm

Something odd just happened. I logged into my Amex account and was presented with a message that said I was pre-approved for the Plum card (yes, I know what pre-approved means). I thought the Plum card was strictly for businesses? I don't own a business but I am in the process of trying to get a small, at-home business going so I wondered:

Are the financial requirements the same? If I'm qualified for say a personal Gold card, would I be OK'd for the business version pretty easily based on my personal credit or do they want to look at your business financials?


HipHopSays
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Postby HipHopSays » Fri Jul 29, 2011 9:40 pm

i saw the same advert when checking my online acct....i assumed it was because i noted i was self-employed on my amex blue application. I know through friends who have small consultancies usually the biz amex charge cards require an company's tax ID.....i suspect the plum card is geared towards small non-incorporated biz such as freelancers, small consultancies, start up service oriented companies, nonprofits, etc. -- all of which may not necessarily have an official company tax ID. i am tempted to apply for the plum as i have been freelancing during grad school and the idea of having a biz card for freelancing expenses that would allow for a 60 day float is intriguing.

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Postby Money card » Fri Jul 29, 2011 10:36 pm

I would say yes the financial requirements are the same, somebody might say small business cards require a higher salary.

For example if you have a gold personal card and the required household income from all sources are, let's say for example are 40,000, for either the gold small business or plum it might be 150,000. they are executive cards meant for travel for small companies. to get the card you have to be a authorizing officer either president, ceo, treasurer, vice president or small business owner.

I'm not sure to be honest with you on the annual household income for the personal premium cards and the small business cards.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Aug 03, 2011 12:12 am

Really almost anyone can apply for a business card because they go off of your Social Security number, not a business tax ID. The cards which are issued strictly under business credit are known as "corporate" credit cards and those require years of positive cash flow (sometimes $5M minimum) and are far from easy for a business to qualify for in economic times such as these.

If you want a small business card under you own SS#, check out this page as there are some Q&As on it which should help you out: Best Business Credit Cards - Compare Reviews & Apply Online
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

DGenerateKane
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Postby DGenerateKane » Wed Aug 03, 2011 4:26 am

I got the Costco TrueEarnings business card two years ago mainly because I couldn't get the consumer version, the fine print said I'd have to charge the membership fee to the card. That was a problem since I'm not the one paying for it. :) Plus the extra 1% for gas was nice too. It looks kinda dumb though since it has to have the business name on the card, so my name is on it twice.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Aug 25, 2011 12:45 am

DGenerateKane wrote:I got the Costco TrueEarnings business card two years ago mainly because I couldn't get the consumer version, the fine print said I'd have to charge the membership fee to the card. That was a problem since I'm not the one paying for it. :) Plus the extra 1% for gas was nice too. It looks kinda dumb though since it has to have the business name on the card, so my name is on it twice.


I know of many, many people who have business cards and since a business name is required, they use their name twice. I wonder what cashiers think of seeing "John Q Smith" twice, one above the other. Ha.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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Primary Travel Card: Chase Sapphire Preferred

JNK
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Postby JNK » Sat Aug 27, 2011 6:32 am

I own the Costco True Earnings business credit card for my one man band multimedia creative communications studio where I offer services for web design, graphic design, copywriting, and other forms of creative communications. Even though I am a sole proprietor, I opened up the account under an EIN and a legally registered business name and so my card activities are actually reported to the business side of credit bureaus and my personal credit reports have nothing of my business listed.

To my understanding, you can get a business credit card without having an EIN because the card company assumes you're a sole proprietor/operating under your own name, but if you try to do business-related tax-related stuff without actually owning and operating your own business and try to use your non-business-related spending on your "business" card to back your claims up, you're in for a world of trouble if you get yourself audited.

That said, I wonder what the credit companies think when they see people's credit reports showing all these non-existing in-name-only businesses being reported. I mean, the business credit card shows your business name as an alias, right? So wouldn't that alias show up on your personal credit report as well since that was the name you applied under (if you applied under a fictitious business name and under your own social security number?)?
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

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Postby Money card » Sun Aug 28, 2011 7:27 pm

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?

4Runner
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Postby 4Runner » Sun Aug 28, 2011 9:43 pm

what is the difference by having a personal or business card?

HipHopSays
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Postby HipHopSays » Mon Aug 29, 2011 5:30 pm

@ 4runner...i think the differences vary between issuers i know with the plum one of the benefits is the option for a 60 day float and given these cash strapped times i can imagine it is nice to have the option as versus the normal 30 day float small businesses work within.



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