Applying for a business credit card

[Warks]

I've realised after quite a few years running my own business that I should be using a business credit card. Hasn't been a problem so far and I've always run a separate personal card for my business expenses but apparently I shouldn't be doing that.

I've looked at the various offers around and the best ones have the qualifier of $100K turnover. Now I've not been under that number in years except for last financial year due to circumstances outside of work (taking care of my mother's estate and other issues). So when applying I would not qualify I guess.
I haven't tried to apply yet but I assume it would automatically knock me back. Anyone have any ideas about this? Would previous years' records help? I'm a one-man-band business and own my own home, have money in the bank and should have a near-perfect credit record (never checked). But if it's a business I assume the application relates to the business more than the individual.

Any thoughts? Thanks.

 

[blackcat20]

I use the westpac business visa, it’s been very useful given none of my suppliers take Amex.

 

[Warks]

I use the westpac business visa, it’s been very useful given none of my suppliers take Amex.

Agreed on the Amex - so many places don't take it. So I was looking at Visa/MC.

 

[theblank]

I

Any thoughts? Thanks.

dont bother! there are not many business credit cards that have better rewards than personal ones. Just get the best personal credit card you can find and use it for business purchases. and if you want to keep business and personal seperate, get a 2nd card for business only.

Personally, I dont bother with seperate card for business expenses and it adds absolutely nothing to bookkeeping processes (because I use any one of my many credit cards).

In my accounting program I created a 'fake' credit card. Enter all the company expenses for the month, and then pay this 'credit card' by transferring the money to anyone of my personal accounts. done.

the only think lacking is reconciliation of expenses, but for me, I dont care for that, its not enough to worry about.

 

[Warks]

dont bother! there are not many business credit cards that have better rewards than personal ones. Just get the best personal credit card you can find and use it for business purchases. and if you want to keep business and personal seperate, get a 2nd card for business only.

Personally, I dont bother with seperate card for business expenses and it adds absolutely nothing to bookkeeping processes (because I use any one of my many credit cards).

In my accounting program I created a 'fake' credit card. Enter all the company expenses for the month, and then pay this 'credit card' by transferring the money to anyone of my personal accounts. done.

the only think lacking is reconciliation of expenses, but for me, I dont care for that, its not enough to worry about.

Okay I recently read somewhere it was not kosher to use a personal card for business which I found a bit bemusing as there'd be plenty of businesses that wouldn't use business credit cards due to their size.

I tried for the card blackcat20 (thanks!) mentioned above and got approved straight away. It will be handy to have a separate card again that isn't Amex.

 

[blackcat20]

Definitely not meant to use a personal card for business expenses. The bank can cut you off if they find out.

 

[Cruiser Elite]

Definitely not meant to use a personal card for business expenses. The bank can cut you off if they find out.

But they don't - have used personal cards since year dot and punched gazillions through them - it isn't an issue provided you can clearly show Business / Personel if ever invited to share a coffee with ATO Auditors.

 

[albyd]

From a bank perspective, there is a small risk they might cancel your points for using a personal card for business (business cards tend to earn less points than personal cards). There’s only been one widely reported example with ANZ in recent years. I’d keep it as a risk at the back of your mind as rarely as it’s enforced.

Amex is ok with business activity through a personal card but I understand Amex isn’t in contention in this case.

 

[Jamesaurus]

If i was to get a credit card in my business' name will that affect my personal credit score?

 

[306]

If you're a small business it'll be personal liability anyway, so that's a yes

 

[cove]

Westpac bothered for a while but we dropped them when their offer on points earning dropped.
It seemed to be the Reserve Bank trying to figure business vs personal about a decade ago.