Convert personal card to business card?

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FutureBillionaire
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Convert personal card to business card?

Postby FutureBillionaire » Tue May 28, 2013 1:46 pm

Can we convert a personal card to a biz charge card? I'm assuming we can't, but I'm just wondering.
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Moneytalks
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Postby Moneytalks » Tue May 28, 2013 2:26 pm

You may not have to convert it-
If you're a sole proprietor, I suppose you could use a personal card for business, since you and your business are one in the same, assuming you keep all your receipts in a file for when you submit taxes. I think the IRS only cares about you being able to justify deductions and are not evading taxes in any way. (And as long as you're paying the expenses from a business account) Correct if I'm wrong though...
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DoingHomework
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Postby DoingHomework » Tue May 28, 2013 5:15 pm

Why would you want to convert? As far as I can tell the business card has few advantages and far fewer protections and other benefits.

FutureBillionaire
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Postby FutureBillionaire » Tue May 28, 2013 5:27 pm

DoingHomework wrote:Why would you want to convert? As far as I can tell the business card has few advantages and far fewer protections and other benefits.


I can keep the account for AAoA purposes, but not have it show up on my credit report. I don't use it, but I prefer not cancel it.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DoingHomework
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Posts: 707
Joined: Tue Sep 22, 2009 1:15 pm
Location: Arizona

Postby DoingHomework » Tue May 28, 2013 5:53 pm

FutureBillionaire wrote:I can keep the account for AAoA purposes, but not have it show up on my credit report. I don't use it, but I prefer not cancel it.


That's not going to work. The account is tied to your SSN. If you got a business account under your SSN it will still look like a personal account on your credit report. If you want a separate account under a business tax ID number you can get that but they will look at the credit entirely differently.

Let's say you are a sole proprietor of a lemon aid stand. You can operate it under your SSN, get credit that way, and so forth. You can also get the business its own SSN for banking purposes. If you open a credit card account under your personal SSN they will look at your personal credit including any business accounts under your SSN. If you open under your business tax ID they will want to see business finances. You also might have to sign a personal guarantee but the credit will be under the business.

In most cases an individual can get a business credit card but you can never just shift a credit account to a business tax number any more than you can arbitrarily shift credit to another person.



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