Business Credit Cards...............hb

heatboy

why and what do you use them for?

Do you pay wholesalers with them? If you do, is your card used for air miles or vehicle purchases or just convenience and the extra time the money sits in an interest account?

hb

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jim lockard

I use

C. Cards for Out of town accounts or over the net. Johnstone, Sid Harvey, Most of my local suppliers I pay by check with cash accounts. Suppliers always want you to set up a store account but I resist would rather not deal with thire credit department. J. Lockard

J.C.A._3

Company Credit Cards,

I think it's becoming a "must have" item now-a-days. Not only can it keep track of your purchases, but MOST(not all) can also include a kind of "insurance" for your purchases.

As far as companies go, I used Citibank for quite a while, low rates and every Feb., I would get a statement detailing the different ways I used it. They seemed to break it down fairly sensibly. Made it easy for the accountant to decide which expenses were "business related",for tax purposes.
I'm not promoting any carrier over the other, but in the long run, it really makes sense to have one for the business.It makes dealing with different/not your usual suppliers extremly easy, and cuts down on time spent waiting for countermen/women having to call for approval and/or purchase order #'s.

As annoying as this may sound, I'd advise you to call whichever company you're thinking of using,(as opposed to them calling you, try to make it around dinner time!) and get the agreement IN WRITING, as to interest rates and time to avoid interest charges(watch this one carefully, as most will give a 25 day "grace period", but only hold back the interest charges for 25 days past purchase, while billing you every 30 days! PSYCH !).

The last thing I have to say about credit cards , in general....If you can't go home and write a check for what your purchasing, DON"T DO IT !!!!! The companies that issue the cards charge(legally, I might add) up to 18-21% above and beyond the purchase price per year. This WILL get you in hot water FAST if your not careful. Chris

steve_26

Fly me away

Visa,Capital one,low intrest rate...

use it to purchase equipment and large orders,I get lots of free sky miles..Wife and I are going to Florida March 30 to visit our daughter in St Augustine.

Air fare free.

steve

Dave DeFord

Keep them separate...

I have used a credit card in my businesses for a couple of decades. The best advice that I can give you is to have one that you use exclusively for your business. Don't make your accountant separate the receipts as it is VERY expensive - his time isn't free. The other thing that you can do is to use a personal card and then write a check out of your business account weekly or monthly to pay the charges. Something else that you might check into is getting a debit card for your business checking account - not sure if they're offered but someone must.

Joel_3

sony

We have a sony card get lots or free stuff computers, games for the kids, tv's, dvd players .Hey if it's free I'm taking it BUT pay it off 100% each month or you'll be sunk fast. We pay alot of our suppliers with it. some balk at paying with CC and taking the 2% off to as this costs them 4% total , which I totaly understand but I'm ok with on a few as I'm getting more free stuff than i'd buy with the 2%1

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Firedragon_4

Get any card that offers perks and

make sure the company name is on it. When you travel (even on personal business ;-)) you can corporate rates on hotels, cars, etc. Pick your perk, one of our cards gives us air miles, the other gift certificates. That's nice for clients, etc.

Mad Dog

yOU GOTTA get on board Hb

yes, the perks and also, mail order and internet purchases and how about a little extra time to pay your bills when cash flow is low. Mad Dog

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[Deleted User]

Carry 3 cards.

1 for travel, customer relations stuff, anything that is NOT 100% day to day nuts & bolts job necessary. 1 for equipment from those few companies we need product from that we don't deal w/ on a regular basis. 1 for vehicle fuel. Pay all card purchases as soon as we receive the bill. Wouldn't even consider buying a vehicle w/ a card.

We have accounts w/ all other companies we deal with. Since 90+% of all material invoices are paid on the 10th of the month, we agressively push for any and all discounts available. Adds up @ the end of the year.

We find these procedures help to keep transactions transparent and easy to code. A leg up if the tax man comes calling. Oh yeah. Watch out for those air miles & gifts. They could be 1099 Miscellaneous fodder.