Question by Love my Firefighter: Corporate credit card vs. small business credit card?
Is there a difference in the two?
I’ve been put in charge of finding new “corporate credit cards” for our small incorporated non-profit, but I’m finding very few corporate cards and a lot more for small business.
We’d like one with rewards, but non of the corporate cards seem to offer rewards.
Best answer:
Answer by Initial Underwriting Group A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run 0-0, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
Know better? Leave your own answer in the comments!
Question by betajdl: Is anyone familiar with “The BizLoan, Inc” for Business Credit Building?
I am trying to figure out what this company actually does. I have a small retail business my spouse and I operate out of our home and would like to establish busienss credit as both of our lines are bad (due to foreclosures)
Best answer:
Answer by Initial Underwriting Group A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.
However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.
When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run 0-0, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
Know better? Leave your own answer in the comments!
Question by Smiley: Will my business credit cards activity affect my personal credit history and FICO score?
I am a self employed photographer and own my own photography business. I have several personal credit cards and several business credit cards I use for business expenses. As I am preparing to buy a home I recently requested my credit reports and FICO scores from all three credit bureaus. I did not see my business credit cards showing up on any of the 3 credit reports. Why is this as I thought my “business” cards were just regular credit cards with the name of my business on them? Since I do have substantial balances on these cards from my business expenses will this effect my FICO score even though these business cards do not show up on my credit reports?
Best answer:
Answer by rivasj27 yes if your name is on it somewhere. Anytime you turn over your social security number it can affect your credit score.
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When signing up for a business credit card, consider the cost of monthly fees, repayment minimums, promotional rates and potential raises in interest rates. Find a business credit card that offers value in terms of points and promotions that help the business with tips from amarketing and business management professor in this free video on business credit cards. Expert: Mark Clifton Bio: Mark Clifton has an degree in marketing management from Oxford Brookes University, and has successfully completed the CELTA teacher training program of Cambridge University. Filmmaker: Paul Volniansky Video Rating: 5 / 5
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There is a company called Express Business Credit Services in Las Vegas 702-503-8953 that establishes corporations, and creates lines of credit for your business without using your personal credit.
I work for a company that issues credit cards to a number of the employees who make frequent purchases. I have one that is from the company that list both my name and the sompany name. Does that credit card appear on my credit report since it is tied to my social security number?
Are there any credit card companies that provide credit to small businesses using only their TIN or EIN as opposed to my social Security number. And also, once I receive a number from Dun and Bradstreet do they create a create profile for me or how does that work exactly?
