So, I'm new to the Amex world and am currently considering one for a new business I am starting.A little background
; I'm only 22 but have flawless credit. I got my first Visa card at 16 under my parents account (currently a $2500 limit, not sure if that eats up my debt-credit ratio or not?), got my first "personal" Visa card at 18 ($1000 limit) and about a year ago I got another personal Visa card through a different bank with a $1000 limit. I've always paid every card in full before the due date, never missed a payment, etc.I applied for a $10k unsecured LOC
about six months ago through a local bank and was declined
; that would be the only negative thing in my credit history. The bank I have two cards through sends me a letter every six months or so offering to bump my limit, but I've generally ignored these because I have no need for a higher limit.I have no student loans
and will be graduating from my bachelors program in less than a year with zero debt. I ran an Equifax report on myself and got a score of 850, which from what I can gather, isn't that bad
Annual income was $32k two years ago, 52k last year, and will probably be around 60k this year.The business I'm starting is a partnership
with a close friend, however, I will likely be handling all the finances myself. I will probably give him a company card just so he has one in case he needs it. We're both investing 10k cash into our company, of which about 7k will be used immediately for our startup costs and the other 3k will be a cash reserve.
Now, we need a credit card to order the inventory, so this is where the decision is needed... What card should I apply for, and do I have a chance of getting another card?
If it makes any difference, I'm in Canada.
I was looking at either of the Amex for Business Air Miles (gold or platinum) cards or the SPG card. I don't do a whole lot of traveling, but when I do, I don't mind it being free and usually stay at an SPG branded hotel out of preference. Which card would you recommend for a business? What are the minimum incomes for either card and minimum limits? I've tried google, but am having a difficult time finding any information...
Will being so young be a problem, or will I be redeemed by my credit score? I don't want to get dinged for a hard inquiry and be declined... I don't know anyone with an Amex card, they aren't very popular where I am apparently, but my supplier for the business does accept them.