Ultimate Beginner’s Guide to Business Credit Cards
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- Опубліковано 21 лип 2024
- #businesscredit #creditcard
My beginner guide to business credit cards.
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This is insane!!!! Thank you for sharing. I recently got my Llc BEFORE knowing all of this, now I need funding for my business. LOL. Anyway THANK YOU so much for sharing this info!
Love your personality bro keep up the good work you help a lot of people out
Great work Mr. Liang! This is one of the best Videos on Business Credit Cards that I have seen! Please keep making informative videos like this!
Very informative video, thank you!
Did I get it right that I can open 2 Chase Ink Business Preferred cards, one with my SSN and one with EIN? If yes, would I get welcome bonus on both? (assuming I meet the spending requirements on both)
My biggest question with business credit cards are. I have no business so i would qualify as a "sole proprietor" but how do you get to the min $ spendings without actually having business expenses?
What are the benifits of the platinum american express over the gold? It has a much higher annual fee
Hi :) If annual business revenue is projected at 5 or 6k, what would you say is an Estimated Monthly Spend that falls in line with that projected annual revenue? I’m thinking the range of 500 is something Chase won’t balk at since it doesn’t exceed the projected annual business revenue.
Greetings from Williamsport..
I understand business cards do not report to a credit bureau, but is there a hard inquiry on my personal credit if I apply for 2 business cards in one 6-12 month cycle?..
They might not report the credit activity, but the bureaus know I've at least applied, correct?..Can that be used against my score?..
Many thanks..
C..
Great content. What was your line of credit when u used $3k as projected income? How is line of credit determined? Now that you have a business cc history, does your line of credit go up?
Great video. Do you know or if there is one a checking account that earns a percentage?
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Got approved for my first business credit card today! Yay!
Congrats and enjoy the card! Thanks for the comment
What score did you have
Perfect timing on this video. I've pretty much gotten all of the personal credit cards that I wanted (so far) and have been wanting to dabble into business credit cards. So even when I apply as a sole prop, it Doesn't do a credit check/pull from my personal side? Would love to get another sign up bonus from Chase and ultimately get a business loan to make some big moves this upcoming year. Thank you !
Yes, you'll get a pull on your personal credit report
Great video, John! Question. How long do you suggest holding on to business cards if one is interested in churning? On the personal card side consensus seems to be at least a year.
For Amax business definitely 12 months. For others, whenever you hit the sign up bonus and maybe one or two more months but honestly I don’t really keep them that long.
Hello John, How about for someone who do not have any credit hostory?
I just applied and got denied for this card. I think the reason is because I have a business but it’s all under my wife’s name so I haven’t worked a w2 job for 2 years. Is there anyway around this?
Dont some business credit cards still report to personal? Like capital one?
Waiting on the ink card in the mail😊
if you get denied for a business credit card does it affect your personal credit history, score?
If someone puts me as an authorized user on his business credit card is it going to improve my personal credit score ?
I am an aspiring small business owner who has had a band in the past as a side gig that made money. Should I get an llc for an EIN to help with business cards even if my "aspire" status to start again lasts a long time? I'm closer to the veteren level of churning sole prop business cards just havent made the leap to an llc.
You don’t need an LLC to get EIN and you can just get an EIN using your SSN
thanks for the video. can you comment if we can use the paydex instead of our personal social ?
you cannot %99.99 of major business credit card require a PG.( personal guarantee) no paydex score needed
How do u check ur bussiness credit score
Quick questions, when it comes to the 12 months interest free. It stands for the whole year even if you pay and continue to get stuff it just needs to be fully paid by the last month? Or do you only use it one time and you get the no interest on that purchase?
That’s valid for the entire 12 months
can we combine points with our personal credit cards? For example my freedom flex has 72,000 points can I combine that with the new 100k sign up bonus and use it for all travel together ?
Yep that’s exactly what I do. I pull the points for my Chase ink cards over to my Chase sapphire reserve.
Lady Gub Gah😂😂😂 it’s just GahaGah!!! 😂😂😂 AND THANKS FOR ℹ️
What happens if you estimated 3k profit in your application and you actually made zero? Will the lenders actually see how much you made?
What about Chase Flex for 5% quarterly 5% chase travel plus 3% drug stores and dining out. Then custom cash for 5% groceries and then PayPal credit card for 3% anything through PayPal and 2% everything else
That’s a solid plan!
John, do you ever cancel business or personal cards? I try to downgrade them but sometimes theres nothing to downgrade to.
It’s better to keep accounts open but if it really doesn’t make sense for you don’t be afraid to close. Your overall credit limit will be reduced which could raise your utilization and lower your score. But if your overall utilization isn’t high than a lower limit won’t hurt score. The closed account will remain on your credit profile for 7 years so you still benefit from its age and closing a card won’t negatively impact your average age/score for seven years.
Hi John, I know you get a lot of comments. I have been redoing my credit. I was wondering when should I cancel the credit card I don't use. I know my first one, and I have to keep it, but in my second one, I don't use it anymore
Never close them, just hide them away and never use them again if you have no use for them
Do you have any videos on the best route to go bank wise for a small business ?
chase an amex i would start there
I just started 2 new companies branching off from my main one. What credit cards do you recommend i get for each? Hoping to be able to use transfers to combine for crazy points :)
how do i reach out to you?
A lot of it depends on how you spend for your businesses but in general, I like the Chase, ink business cards, the American Express, business platinum, as well as the newly launched capital one venture X business
I have an EIN, but I’m at 5/24?exactly. Would chase approve me for an INK card if i apply with my EIN instead of my SSN ?
If you are at 5:24, you will be declined
Is Uber eats considered as a business?
Is it because you are a sole proprietary, you don’t have to worry about using the points for non business travel?
Points are points. You can use them for personal travel regardless.
It's actually better not to use them for business travel. You can easily deduct business expenses.
I just officially started my photography business but I wanted to get my first business credit card to buy a MacBook. What would be the best credit card to apply for as my first business credit card?
Is there a soft pull for business credit cards or a pre approval process without a hard inquiry?
That doesn't matter because applying for business credit cards isn't reported to your personal credit report.
Unless you're applying for a capital one business credit card
@ John you are wrong my man 😮😅 the capital one bussines credit does report In your personal credit trust me please don't give mis information my man please check it before you give us the wrong information
But then the content would not feel spicy 🥵
Appreciate the feedback! I believe it varies based on C1 card. Venture X Business does not
@@johnsfinancetips No true! We have been running a business for years and using my personal capitalone card. Just did hours of research and watched ssoooo many of your videos to narrow it down to the right business card for our needs. I'm literally on the application right now to get the Capital One Venture X business card and the first page asks for my name, SSN and other info to guarantee it. NOT THE businesses EIN. Kind of defeating the point of me getting a business credit card to get all of this business debt off my personal credit report and out of my name. I know you do a lot of research. But this is really disappointing because I finally narrowed it down to this card and now I have to go back to the drawing board and pick a different one.
no he's right it does report and it has for at least 2 of my clients
@manuelvargas7019 you see, I was right this UA-cam person name John he doesn't get the information correctly he just posted video for he can make money
Do Amex charge cards apply towards Chase's 5/24 rule?
Yes as long as they are personal and show up on your credit report, they’ll count against 524
Question: If you have multiple businesses do you apply for multiple cards within the same company?
You can totally do that that’s no problem
@@johnsfinancetips thanks for the reply!
Welllllll I tried to apply for a Chase cc and I was denied bcuz the silly 5/24 rule and one of those famous “5” it’s a business cc, they didn’t give a flying flip they still denied me 🤷🏽♀️ and my credit is not an issue credit approval wise, o did talked to the recon department and the response was “wait until one of the 5 it’s past two years of approval and try again, click! (End of conversation) 😭 and not to mention I’ve been banking with Chase for 20yrs + STILL that didn’t matter, I felt I was treated like an alien 👽
That’s so frustrating!!
that make a hard pull in my personal credit score?
How often can we get the chase ink business bonus? Every 2 years?
Assuming you follow all of the rules that Chase has for Card, approvals and applications you can get a little bit more aggressive than just every two years
So applying doesn’t get reported on your personal credit report?
That’s correct
Can you use business credit card to transfer another business card balance?
I don't see why not!
I was denied for all 3…😢
First!
Let’s go!
I hate to tell you, but the credit card issuers are cracking down a lot harder than what’s being promoted on these videos. Even with a 750+ score it’s not as easy as it used to be.
Yes they asked me to show bank statements for 3 months on my blue business plus card application still waiting on a decision.
@@ismaelmendoza7652 I was approved, here’s hoping you are too! I posted my experience, so that everyone knows it’s not always as “easy” as these videos make it out to be.
@@ismaelmendoza7652what credit card is it for?
@@strongbundles6577 The Amex business plus
Looks like it cost $250 on the IRS website to create an EIN
Just kidding, be wary of fake sponsored IRS websites! Can’t believe I was on a phony page.
Can confirm, it is free 😂
I hate to say it, but if you need to open up 5 credit cards in less than 24 mos, your company is not making liquid profits to reinvest back
The other side if that those 5 cards = multiple free vacations by leveraging spend from the business and sign up bonuses. It has nothing to do with taking on debt.
this doesn’t work As well anymore
What do you mean?
Just got chase preferred about 1 month ago. Can apply for chase ink?
It's recommended to wait 3 months between Chase cards
Pop a squat....as I watch this in the bathroom
😂😂😂
Why not just use the business debit card?
protections and points
You never talk about ritz Carlton card. Is that because you never applied ?
I love the Ritz Carlton Card it’s a card that I’ve always wanted but now it’s just much more of a pain to get because you’ve got to do a product change from a personal Marriott card which I don’t have open