Business Credit Card Advice Needed

[Humble]

As business activity is getting busier I'm in need of having access to some sort of credit line, somewhere in the range of 50K and ideally something with 0% APR.

On my personal side, I have:
- a credit line combined of 3 Chase cards totaling 41K (plus a very small credit amount on BOA. Also 'additional' to an AmEx card with 30K+ but not sure if this adds to my total line of credit)
- a credit score of 800+
- 1-2 hard inquiries.

But on the business side, I'm a newbie when it comes to credit-card options and would very much appreciate some advice on what's the best way to go. Which business card is great and if/where I have a chance to get approved for a credit line close to a 50K mark - if at all? (if it's not a big deal maxing a business card, I can be fine with 30K range too).

Do I need to go to a pro in this line to get such amount or I should be able to get it on my own? (I once heard, besides the origination fee or other fees a pro will charge to put together a bundle for you, there may also be involved some shifting and messing around with your other personal credit lines, which I'd like to avoid).

(not considering traditional lines of credits being business is still in very early stages with no significant sales/profit history).

Any advice from experience would be helpful and greatly appreciated!

[chbochur]

As business activity is getting busier I'm in need of having access to some sort of credit line, somewhere in the range of 50K and ideally something with 0% APR.

On my personal side, I have:
- a credit line combined of 3 Chase cards totaling 41K (plus a very small credit amount on BOA. Also 'additional' to an AmEx card with 30K+ but not sure if this adds to my total line of credit)
- a credit score of 800+
- 1-2 hard inquiries.

But on the business side, I'm a newbie when it comes to credit-card options and would very much appreciate some advice on what's the best way to go. Which business card is great and if/where I have a chance to get approved for a credit line close to a 50K mark - if at all? (if it's not a big deal maxing a business card, I can be fine with 30K range too).

Do I need to go to a pro in this line to get such amount or I should be able to get it on my own? (I once heard, besides the origination fee or other fees a pro will charge to put together a bundle for you, there may also be involved some shifting and messing around with your other personal credit lines, which I'd like to avoid).

(not considering traditional lines of credits being business is still in very early stages with no significant sales/profit history).

Any advice from experience would be helpful and greatly appreciated!

A good start would be any amex business charge card (gold green or platinum) those you can build up (rather quickly) to spend the 30k you need
(Just make sure you can show financial documents to prove income in case they ask)

Another point is to make sure your credit is spotless when you apply for the card this way they'll give you a higher limit then when things show on your account

[Humble]

(Just make sure you can show financial documents to prove income in case they ask)

Thanks for your response. That's actually one of my concerns that my financials will not show anything significant being in starter mode. (though, my personal credit is good and clean).

Btw, when you say 'charge card', is this a regular credit card or a different type of card? Usually with annual fees?

[incendia]

You should look into SBA loans

[chbochur]

Thanks for your response. That's actually one of my concerns that my financials will not show anything significant being in starter mode. (though, my personal credit is good and clean).

Btw, when you say 'charge card', is this a regular credit card or a different type of card? Usually with annual fees?

They will base your business credit card application off your personal credit, charge card is a term amex uses for their cards that don't have an official credit limit rather you can build up and spend more based on how much they trust you. They all have annual fees some more then others depending on the benefits you get with each card.
An important point about the charge cards is that they need to be paid in full by the due date and can't carry a balance like a regular credit card

[Humble]

Thanks much chbochur for your prompt response.

So a regular credit card (with 0 APR) isn't an option in my case? In order to give me some flexibility for my business need, I do need something that I can carry over the balance for a few months (at least not having to pay by 30 days, as for this I can use my personal cards too)

[ckmk47]

Thanks much chbochur for your prompt response.

So a regular credit card (with 0 APR) isn't an option in my case? In order to give me some flexibility for my business need, I do need something that I can carry over the balance for a few months (at least not having to pay by 30 days, as for this I can use my personal cards too)

Chase slate has a 0 apr offer when you open it.  It's a personal card.  If chase will approve you, you can try to get a higher line by moving credit from some of your other chase cards.

[chbochur]

Thanks much chbochur for your prompt response.

So a regular credit card (with 0 APR) isn't an option in my case? In order to give me some flexibility for my business need, I do need something that I can carry over the balance for a few months (at least not having to pay by 30 days, as for this I can use my personal cards too)

There are business credit cards that have zero apr but no charge cards will do that for you, the chase ink cash or the amex blue business and there are several other options that will give you zero apr for a business card

[LoLo]

Thanks much chbochur for your prompt response.

So a regular credit card (with 0 APR) isn't an option in my case? In order to give me some flexibility for my business need, I do need something that I can carry over the balance for a few months (at least not having to pay by 30 days, as for this I can use my personal cards too)

Amex blue for business plus might be a good option for you.

[Humble]

Thank you LoLo and chbochur.

So why not go with one of these 0 APR business cards in first place?

Is it because I'll probably not get approved for the amount I need? Is this the only benefit of a charge card over a credit card that with a charge card I can easier reach higher credit limits?

[chbochur]

Thank you LoLo and chbochur.

So why not go with one of these 0 APR business cards in first place?

Is it because I'll probably not get approved for the amount I need? Is this the only benefit of a charge card over a credit card that with a charge card I can easier reach higher credit limits?

You can definitely start with these, but with one card you definitely (if your a beginner) will not get the amount you need, a suggestion might be to apply for both the ink cash and ink preference and move the credit line from the preferred to the ink cash that will help but you'll probably still need more then that. And you can also apply for the amex blue for business between all these you may get close to went you need (depending on your credit). Also don't forget about the rewards on these cards are valuable as well

[chbochur]

Thank you LoLo and chbochur.

So why not go with one of these 0 APR business cards in first place?

Is it because I'll probably not get approved for the amount I need? Is this the only benefit of a charge card over a credit card that with a charge card I can easier reach higher credit limits?

You can definitely start with these, but with one card you definitely (if your a beginner) will not get the amount you need, a suggestion might be to apply for both the ink cash and ink preference and move the credit line from the preferred to the ink cash that will help but you'll probably still need more then that. And you can also apply for the amex blue for business between all these you may get close to went you need (depending on your credit). Also don't forget about the rewards on these cards are valuable as well

[LoLo]

Thank you LoLo and chbochur.

So why not go with one of these 0 APR business cards in first place?

Is it because I'll probably not get approved for the amount I need? Is this the only benefit of a charge card over a credit card that with a charge card I can easier reach higher credit limits?

The card I suggested is a 0% apr card.

[Humble]

Thanks all for your time and kind input.

So to summarize, I have the following options:

1. Amex charge card
-- Pros: Can eventually easier reach higher allowances. No issue of maxing
-- Cons: Not 0 APR. Must be paid in full every billing cycle. (comes with annual fees...)

2. 0% APR credit cards, include Amex Blue for Business or Chase Slate (personal)
-- Pros: 0 APR
-- Cons: Will not reach the amount I need

3. A combination of a few cards, including Chase Ink and Chase Preferred, etc. and move over the credit lines to one card.
-- Pros: Better chance to reach my needed limit
-- Cons: Not 0 APR

Did I get clear? Am I missing something?
Also, apparently there is no business card from Chase with 0 APR, correct?

Being that I have already 3 personal cards from Chase with a 41K limit, will they still give me high amounts of credits on new card applications? Can they reduce existing credit lines because of opening new ones?

[chbochur]

Thanks all for your time and kind input.

So to summarize, I have the following options:

1. Amex charge card
-- Pros: Can eventually easier reach higher allowances. No issue of maxing
-- Cons: Not 0 APR. Must be paid in full every billing cycle. (comes with annual fees...)

2. 0% APR credit cards, include Amex Blue for Business or Chase Slate (personal)
-- Pros: 0 APR
-- Cons: Will not reach the amount I need

3. A combination of a few cards, including Chase Ink and Chase Preferred, etc. and move over the credit lines to one card.
-- Pros: Better chance to reach my needed limit
-- Cons: Not 0 APR

Did I get clear? Am I missing something?
Also, apparently there is no business card from Chase with 0 APR, correct?

Being that I have already 3 personal cards from Chase with a 41K limit, will they still give me high amounts of credits on new card applications? Can they reduce existing credit lines because of opening new ones?

The only part that isn't correct is 3 . The chase ink cash is a zero apr card by applying for that card as well as the ink preffered (both business cards) and moving the credit line from the preferred to the ink cash you should have zero apr on a business card (the reason I strongly recommend a business card over a personal card is this way it doesn't show on your credit report that you owe the money which can help you out if you plan on using your credit while you carry a balance)

[David Smith]

You don't need chase slate for 0 APR on charges. That's only necessary if you're doing a balance transfer. For 0 intro APR, there are plenty of personal cards, including chase freedom, amex everyday, and plenty more. It's business cards that have more limited options.

Amex will likely allow you to pay a portion over time even on their charge cards, but it's not 0 APR.

[Humble]

Thank you David for your input.
Thank you chbochur for correcting me, so this option is apparently my best option if I wanna go with 0 APR cards for a potential higher credit allowance.

How about my last question, applying for a few more Chase cards may impact the amount they'll approve me, or impact my other credit limits on my existing Chase cards?

[chbochur]

Thank you David for your input.
Thank you chbochur for correcting me, so this option is apparently my best option if I wanna go with 0 APR cards for a potential higher credit allowance.

How about my last question, applying for a few more Chase cards may impact the amount they'll approve me, or impact my other credit limits on my existing Chase cards?

It definitely will impact on how much they'll give you, based on how old and how well maintained it might be too your benefit and it may do the opposite of you weren't responsible. There are times that chase will tell you we already gave you enough credit and the only way we'll approve your card is if you move credit from another existing account but they won't give an option to move from personal account to business account

[deltastubs]

Thanks all for your time and kind input.

So to summarize, I have the following options:

1. Amex charge card
-- Pros: Can eventually easier reach higher allowances. No issue of maxing
-- Cons: Not 0 APR. Must be paid in full every billing cycle. (comes with annual fees...)

2. 0% APR credit cards, include Amex Blue for Business or Chase Slate (personal)
-- Pros: 0 APR
-- Cons: Will not reach the amount I need

3. A combination of a few cards, including Chase Ink and Chase Preferred, etc. and move over the credit lines to one card.
-- Pros: Better chance to reach my needed limit
-- Cons: Not 0 APR

Did I get clear? Am I missing something?
Also, apparently there is no business card from Chase with 0 APR, correct?

Being that I have already 3 personal cards from Chase with a 41K limit, will they still give me high amounts of credits on new card applications? Can they reduce existing credit lines because of opening new ones?

Not often talked about Amex Plum may be good for you too, depending how long you are planning to float $ on that 0%apr, they'll give you 60 days to pay penalty free, and same like other amex charge cards spending ability is flexible no official max...

(rewards are weak at 1.5cashback for early pay aka not 60days, but it is part of amexopen as well if you use that)

[chbochur]

Not often talked about Amex Plum may be good for you too, depending how long you are planning to float $ on that 0%apr, they'll give you 60 days to pay penalty free, and same like other amex charge cards spending ability is flexible no official max...

(rewards are weak at 1.5cashback for early pay aka not 60days, but it is part of amexopen as well if you use that)

This is a very good and strong point, if you can pay off the balance within the time allotted which can be "up to" 3 months from when you swipe