Ask HN: What type of Biz Credit Card do you have?
I am looking to get a business credit card. What offers the most cash back and best deals/points? What should I look for in a business credit card?
I currently use an AMEX Blue (cash back) for my personal stuff, balance is paid IN FULL every month. And we have a business checking account for the iPhone company. $5/month through Wells Fargo.
While I keep a few accounts at Wells Fargo, I bank through ING Direct. Love everything about ING, and they have great leadership. One complaint: for an online bank their web interface is freaking terrible.
I've heard of them closing accounts before, in the book "Mavericks at Work" ING actually promotes the behavior of rejecting bad customers. While I agree, I think there needs to be absolute transparency around their banning policy so it's crystal clear form the start to prevent issues like yours.
But to your point, it's very risky and NOT something most people should even consider. There's no way in hell I'd sell my soul to a credit card company at 20% APR either.
I have never bootstrapped a company on a CC. Fortunately this latest endeavor is all about micro-transactions so we're cash-flow positive very quickly. If I bootstrapped on a CC, I would never exceed a debt level more than the value of personal assets (car, equipment, etc..). Always plan an exit...
On a side note, like most of us, if I use a number a lot, I tend to remember it, and that goes for credit card numbers... comes in real handy when you don't have the card on your person. But switching to AE was ironic because it's not a typical 16-digit number, in fact, it's not even sixteen digits, but fifteen - but in an odd sequence(4-6-5), which I found to be interesting since every credit card I've ever used(even debit cards) have been 16 digits in groups of four numbers. :)
* LOC linked to a visa cc through a local credit union (highly recommend going this route.)
* Also a citibusiness cc. (pretty good for a multinational)
* 3 other credit union cc's.
Also have 2 other business loc's and many other credit cards not worth mentioning.
I used to be a very Amex heavy business. Luckily I had my other options available so when I got Amex f/r'ed last year, I was able to cancel all Amex and switch without any major cash flow issues.
I was very lucky in this respect, as Amex has jeopardized many businesses with their f/r, cdl, and verification practices. There is alot to say here, but to keep it short: If you rely on Amex for operating your business, go ahead and setup alternatives that can be switched to "just in case".
Amex is the greatest when everything is peachy, but if they decide otherwise (and this does not require late payments, breaking your cl, or any other negs) they can and will shut you off until you work with them through it. I decided this type of unreliability was not an acceptable type of relationship I needed for my business financially. Their points & cash back programs are still the best I have encountered, however.
Best of Luck!
I've also had them go to bat for me a few times over disputed charges and I've always been very happy with the outcome. I'd highly recommend them.
I try to use this card for every expense I can, it can really help you manage your cash flow.
2% cash back if you pay within 7 days of your statement. (But there is a minimum monthly spend of $1000 or something like that.)
no monthly/yearly fees, doesn't have to be paid off every month, and it does the whole reward point thing (i've used them to buy flight tickets).
I haven't noticed the fees being an issue, but I'm not paying attention; we have a finance@ for that.
I have absolutely the same experience with my bank's Visa.
I'm not arguing with you; it's just my perception that Amex has been better than the various Visas and MCs I've held.
Also, all purchases made with the card have their warranty doubled. So when my dell died right out of 2 yr warranty, I contacted them and was told to send it in. I then received a comparable unit from Dell the week after.
My Amex story is about getting fucked over in a legitimate transaction, and Amex making it right even though the problem had nothing to do with my credit card. I was told to expect this of Amex customer service, and they were right.
We had to buy full-price tickets (~ $1k) to get back home from a vacation due to a hurricane warning. We had no applicable insurance on original return tickets, but we got a full refund after a call to a bank's credit card department. Perhaps it wasn't 4 minutes as in your case, more like 15, but considering the circuimstances I think it's still pretty awesome :-)
It seems Amex is great as well I've just never had one of their cards.
Now my wife is my accountant and we have a Amazon Visa card. I don't know anything more than that but, knowing how she investigates all that, I know it's the best deal. The only other card we have is a Discover card because that's the only one used by Sams Club.