Amex Business Cards For Canadians: Need Advice?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
6 posts
David_N
Green Member
Green Member
 
Posts: 4
Joined: Wed Feb 15, 2012 6:09 pm
Location: Canada

Amex Business Cards For Canadians: Need Advice?

Postby David_N » Wed Feb 15, 2012 6:21 pm

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 :cool: 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.

Thank you,
David


Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Wed Feb 15, 2012 10:47 pm

I wouldn't recommend the Starwood Preferred Guest card since you don't travel on business. this is a hotel card, most people who have this card travel on business, entertain clients/customers this is not for you.

I would certainly skip the platinum. with the gold do you go to a lot of shows, concerts and sporting events? if you need to get gold card events before they go on sale before the public. This is a card to think about. If not the green card is a nice card.

I'm not sure what are the minimum income is for a gold or platinum.

If you need ticket events before the public gets them, I would recommend a basic gold. if these aren't important I would recommend the green card.

if you were getting paid to travel I would suggest the Starwood, but since you own the business I would skip this card.

Your age won't matter you will make more money than some people do who are in there 30's. age isn't important job status, income and other credit cards are what would matter.

David_N
Green Member
Green Member
 
Posts: 4
Joined: Wed Feb 15, 2012 6:09 pm
Location: Canada

Postby David_N » Thu Feb 16, 2012 8:22 am

Thanks for the reply Money card.

My logic for the SPG card was that I'll accumulate points through my regular purchases that I can use for free nights when I do travel. My other ideal card, either of the air miles ones (only available in Canada I think?), would be good because I would accumulate purchases through my daily purchases and the points can be used for anything from movie tickets to blenders, sports tickets and travel.

I'm not overly concerned with getting tickets; I've got a few connections to any of the places that I usually attend that getting tickets is not much of a concern for me; I just like collecting points for future use :)

There is no business class green card in Canada; there is a plain business card, but the rewards (cash back starting at 0.25%?) are terrible, hence why I'm looking at one of the air miles or SPG cards... Here are my business card options for canada:

Small Business Cards | American Express® Canada

Is Amex picky with regards to something along the lines of "Oh, you applied for a platinum but got declined, better luck next time" or would they offer a lower card, such as gold, if this were the case? I've read you have to wait 13 months to upgrade.

I'm leaning towards applying for an Air Miles Gold for Business; would this be a fairly safe bet given my situation, or would I likely get declined? I can always upgrade to platinum down the road if I want I suppose

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Thu Feb 16, 2012 10:12 pm

If you don't qualify for a business gold you'rr in trouble because you mentioned they don't have a business green so I don't see how they can lower your level.

if you want to try the business platinum card, the annual fee is 450 (US). if you get turned down ask if you can apply for a business gold.

have to check the annual fee but I think this 1 is either 100 or 200.

David_N
Green Member
Green Member
 
Posts: 4
Joined: Wed Feb 15, 2012 6:09 pm
Location: Canada

Postby David_N » Fri Feb 17, 2012 8:02 am

In Canada we have Air Miles Amex cards as well; the gold card has no fee and the platinum has a $99/year fee.

Any input on my likelihood of getting any of the cards I've listed?

Thanks

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sat Feb 18, 2012 11:34 pm

Since you own a business I'm going to say yes. if you worked for this company I would have asked you what other cards do you have.

No need to tell us what cards you have. I'm going to guess and say yes you should be approved.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests