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    3 Replies Latest reply on Mar 29, 2009 6:44 PM by ilyab0dner

    Secured business credit card

    MADINVESTMENT Newbie

      Just started my business and want to start to build business credit. Does anyone have any information on a bank that offers secured business credit cards? It seems since the credit crunch alot of banks no longer offer this type of card.
        • Re: Secured business credit card
          LUCKIEST Guide
          Business credit card, Welcome

          Tell me more. Who are you?? How do I reach you??

          Have you developed a Business and Marketing Plan that I can read??

          Talk to me, LUCKIEST
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            • Re: Secured business credit card
              MADINVESTMENT Newbie
              I have a 3 year old small real estate investment company called Mad Investment Properties Inc. We invest in foreclosed and distressed properties. I just recently found out about the separation of business and personal credit. I would like to establish business credit to seperate the two credit files. There has been no credit applied for or established under the business name. To start establishing business credit I want to get a secured business credit card which I an having trouble finding a bank that still offers them.
            • Re: Secured business credit card
              Wayfarer
              I've noticed a trend of small business owners asking to obtain secured credit cards. Although it is true that having one helps build business credit, I'm not so sure it will help a small business get off the ground.

              Here is something I put together to educate small business owners on business credit cards.....I hope this helps

               


              A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

               


              Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

               


              Good luck,

               

              Ilya Bodner

               

              Small BusinessOwner

               

              Initial Underwriting Group