blaneco

*Qualifying purchases include all debit card purchases made without using a PIN. Such “non-PIN” purchases include purchases you sign for, contactless “blink” purchases, Internet purchases, phone or mail-order purchases, small dollar purchases that do not require a signature, and bill payments (where billers process the transaction as a credit card). Cash advances and cash transactions do not qualify.
If asked “Debit or Credit,” always select “CREDIT” and sign for the purchase. The money for your purchases is always deducted from your checking account when you use your debit card, even if you select “Credit.” When paying bills (e.g., utilities, cable television, telephone) with your debit card, always select “credit card” if prompted or ask the biller to process your debit card as a credit card; do not provide your PIN. The money for your bill payment will still be deducted from your checking account.
Only purchases made from the date you enrolled your card through August 31, 2008, with the enrolled Chase Visa Check Card, United Mileage Plus® Check Card or Leisure Rewards® Check Card will be considered for this promotion. You will earn $25 for every $250 spent in non-PIN purchases during the promotion period – up to $75. The cash back reward will be automatically deposited into the primary Chase checking account associated with the enrolled debit card within 14 business days of reaching the $250 minimum non-PIN purchase amount required for this promotion, as long as the checking account is open and in good standing. This is a special invitation intended only for the Chase Check Card customer receiving this communication directly from Chase and not a third-party sponsor.

I have seen a lot of discussion about not feeling comfortable getting business credit. I'm starting this thread to help clear some of the confusion and clairfiy some things about applying for business credit cards. Before reading this, here is the answer to your question: "Yes, you should get business credit cards!!!"

First, why business credit is right for you:

1) Business credit is hidden from your personal credit report. Therefore, your credit utilization is lower, your score stays higher, and you continue to get good mail offers even after your AOR (see lhendricks92 AOR 2.0 thread)! If you can move many of your personal lines to the business side (see Chase) and then draw from the business side, your credit score may still be high enough to allow another mini personal side AOR 4 months after your original AOR. Keep in mind you need to bump off those inquiries b/c business card apps do pull your personal credit report.

2) These cards have many of the best 0% offers (up to 15 months, see Advanta and Bank Atlantic)

3) Often, these cards give larger CL's than personal cards, so request a large BT on the application.

4) Business credit often is not included in the maximum exposure level a credit issuer will give you. For example, if you have 100k of personal credit at BoA, they may not give you more personal credit until your HHI goes up; but they may be very willing to give you more business credit as it is in a different category and satisfies a different need.

5) For those who appear to have reached thier maximum credit exposure across the board with most companies, try moving your personal lines over to the business side to hide some of this available credit. Then apply for more once your credit report is updated!

6) Business credit worthiness rankings care less about utilization and more about timeliness of payments.

7) Update: Per lhendricks92 and an extension of my point #6: From what is seen in the lack of adverse action on business credit, it appears this credit is viewed in a different manner than is personal credit. With business credit, it is often assumed you are using this credit as investment leverage and in order to grow your business. This is in opposition to personal credit, in which it appears the companies think we are all out spending our personal credit on "hookers and booze."

Now, many have seen this, but here is how you can apply for your new business credit cards:

If you do not have a business, and want to apply for business cards for 0% promos for personal use, just put Sole Proprietorship and your name as the business title, then use your SSN as the TIN. This is perfectly legal option (you can even ask the reps if you dont' believe me).

You are also the owner of a sole proprietorship, so you have authorization to make transactions and get credit. As long as you have ever sold anything (ie books, electronics, especially anything online (eBay/Amazon) that could be verified, or mowed someone's lawn and gotten paid for it) you are indeed a sole proprietorship. There is no filing with the state needed for a sole prop., and for tax purposes, your TIN is your SSN.

I DO NOT RECOMMEND using your day job as the business name unless you are an authorized officer to make transactions on behalf of your buinsess. Regardless, you should not be using your day job business as a basis for your personal 0% money either way. This is fraud and could land you in serious trouble with the credit card company and your job and the government.

Also, just put $0 revenue and 0 years in business if this is the truth (There is no problem with getting credit for a start up company). I have done this with applications before and received 9 of 9 business credit card approvals with business credit lines totaling over 120k. They care more about your personal score/report than your business revenue. GO FOR IT! UPDATE: The 0 years in business/$0 revenue may not work so well anymore due to the credit crunch.

To summarize:

Business type: Sole Proprietorship
Business name: Your exact name here
Tax Identification Number: Your social security number here.

**Do not lie about your revenue/business income if asked (never lie about anything). Be honest, it doesn't mean you will get rejected. It could just mean you are a startup to the credit company.

If others have more good reasons or info about business credit, post it and I'll update this thread. (Thanks lhendricks92 for advocating business credit so much, which is where I learned some of its finer points of importance)

UPDATE: Here is how you can get the $ from many of the business cards you will apply for:

1) Advanta - Direct deposit to your personal checking.

2) Chase - Write included BT check with card to yourself and deposit it in your personal checking.

3) Citi - Either wait for the welcome package (2-4 weeks), or call and request a check made payable to your name and deposit it in your checking (7-10 days).

4) Bank Atlantic - Must send $ to another card/account, but it can be a personal card/account.

5) National City - Call in and have check made payable to your name and deposit it in your personal checking.

6) Discover - Call and request BT checks, write it to yourself and deposit it in your personal checking.

7) PNC - They should include one BT check with your card you can write to yourself and deposit in your personal checking.

***You can almost always call in to any card and request more blank BT checks be mailed to you (make sure you call from your home phone number). Keep in mind they do expire (ususally within about 60 days, sometimes less), but they can come in handy and reduce BT delays.