How much income for a business credit card?

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How much income for a business credit card?

Postby credit_card_fonz » Wed Mar 27, 2013 9:49 pm

I have a question about business credit cards. Now when you're walking down the street and see a store called Jim's Hardware, there's no question that's a business. Now what I heard about in another place, somebody wanted a business credit card for the points and the credit card issuer helped them determine because they had several garage sales every year, they were a business and could get a small business credit card. REEAAALLLYY?

When I was talking with my employer, he said If I have a business name and EIN, I'm a business. Now let's say I save up my personal funds from my full-time job and buy a camera, then decide to get into photography. I would assume I would actually have to make some money with my photography and open a business checking account before I can apply for a business credit card, correct?

After I get started I have to order things like custom prints from a professional lab, frames, wedding albums, etc. it's clear I can use a business credit card for these things but what about things like my cell phone? There's been some question about whether it's a deduction or not. What about things like office supplies? What happens if like I only make $2,000 for the year and my tax guy doesn't let me deduct anything? What happens if a customer doesn't pay me and I have to take money from personal funds to cover the bill?

Now my question is, should a business itself be making a certain amount of money before I apply for a business card? It's my own sideline business and I don't have any employees, also a nice income from a full-time job. I also have several personal cards so my income from my job and personal credit should be sufficient to get the business card.

So what do you think about someone who has a couple garage sales getting a business card? If I can buy what I need with a personal line of credit, is there any reason to have a business card?

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Postby waffled » Mon Apr 01, 2013 5:25 pm

you don't need to prove anything to have a business card.
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Postby MB131174 » Mon Apr 01, 2013 9:20 pm

I do some freelancing work (writing) and used my SSN & personal income as a sole proprietor to get both an AmEx Gold Business Card & a BofA business MasterCard.
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Postby PlatinumAMEX94 » Tue Apr 02, 2013 2:42 pm

Everyone's situation/relationship is different. When I went to Wells Fargo to open a checking and savings account for my business they just gave me a Visa and a debit card as a package deal. They based it on my credit profile, relationship with them, and my business. At the time I had no revenues when it was a start up. American Express also just gave me a credit card simply by asking. They based it on my relationship/profile with them. Again, no revenues were proven at the time of application. Wells Fargo obviously knows how much cash I am moving through them monthly, and American Express has history too.

Garage sale person getting a Visa? Maybe not so much. Typically what I have heard from many small business owners is that it is difficult to acquire business credit without a strong personal credit profile. A business partner of mine who is a realtor said he can't get an American Express business card, and had a tough time getting a local bank business credit card.
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Postby lewiskelly » Thu Apr 04, 2013 4:19 am

When you make an application for a credit card you will be asked how much you earn so that the card company can make a decision about your approval

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