Great summary. I have the ink cash only. I had the prior version before being converted to this one. I’ve had it for almost a decade. I actually cashed it out regularly before I got into the points and miles hobby about 4 years ago. I estimate about 200k in points cashed out as statement credits before I realized a better way to use it when I got the CSP. oh well.

Sebby, thank you for being such a wealth of knowledge. I have learned so much from watching your videos. Your videos have helped me, my friends and my family. Thank you for your time!

Great video- Yes, I have an American Express Business Platinum card along with an American Express Blue Business Plus card.

Ask Sebby is the best youtube channel on credit. Videos are always right to the point and offer a wealth of information.

Another good thing about business credit cards is that some of them offer a 0% intro APR. So if your credit scores are suffering due to a high utilization on one of your personal cards, you can offset this by transferring your high balance to one of these business cards.

I appreciate the info. Great job clarifying business cards!

Thank you for the comments and recommendations. It was a great video.

Capital One Spark Business Cash Card. It's been really good for us, but considering adding an AMEX Business one in 2019. Thanks so much Sebby for all of your help!

I just got sent my capital one spark card as a sole proprietor can't wait to start using it for my poshmark business!

@yeraldvelasquez3396

5 жыл бұрын

What amount did you get approved for?

Thank you for this video! Very helpful!

Thank you, got the ink preferred.

Perfect the post. Would you like to know which card to build credit? I will inicair an LLC.

Thanks again for the videos!

hi Sebby - can you create a video wherein you need to list down the detailed expenses (from a tax perspective) that were associated with these business credit cards? aside from the minimum spend, this topic is hindering me from getting the business cards, I fear that it might be too tedious to maintain from a tax perspective

Good info Sebastian! I’m trying to get a business credit card through my real estate business( 1 month old) to add a room to my house to Airbnb it through my real estate company. Any suggestion on what card should I get?

Thank you for the knowledge 🔥

This was very helpful. Thank you

Thank you sooo much for doing this video I have the Amex and I just found out that it doesn’t show up on personal💃🏽💃🏽absolutely love that. 👍

@lalive2993

6 жыл бұрын

Leslie if you default or have any delinquency it will.

@AlexMartinez-rk1er

6 жыл бұрын

Hi. Leslie. When you applied did you out your ssn or did you use an EIN? I am going to apply for it also but fobt want it on my personal credit report. Thanks in advance.

@yuseflittleb1850

6 жыл бұрын

Leslie ...teach me

@pakistanis1782

4 жыл бұрын

This is glorious, I been tryin to find out about "no personal guarantee business credit card" for a while now, and I think this has helped. Have you ever come across - Vansaiah Meylijah Domination - (just google it ) ? Ive heard some awesome things about it and my work buddy got excellent results with it.

@Vanessabobessa10

4 жыл бұрын

Good to know

My personal credit is not great, due to some hardships a couple of years ago, but I run a relatively successful small business, I am also a merchant for AMEX, do you think that me being a merchant for AMEX gives me a better shot at getting a business charge card despite my less than stellar credit??

Thank you very much for sharing tje information. Can you get a business credit card for a business you just start without having generated any income yet ?

Yoooooo Sebby. Can you do an update for business cards 2022? Thanks

If I have a couple of rental properties in another state can I put the monthly mortgage on the business credit csrd? Thanks for the video is really good.

One of the best reasons for getting a business card over a personal card is it won't hurt your AAoA. If that's a problem area for you on your credit report the business version takes care of this.

@DL-1

3 жыл бұрын

What is AAoA?

@alisayoung

2 жыл бұрын

@@DL-1 average age of accounts.

@oleopathic

2 жыл бұрын

Agree. Great point.

Seb, You were sent by God. Great work and keep up the excellent job!

I have a plumbing question. Do you have a business called Sebastian Fung Plumbing?

Very helpful thank you

Hi, Thank you for the video's. i have a ink cash card but i have had it for over 5 yrs and just picked up a PNC bus. pts. but did not follow thru on the points that was offered on my ink card when i got it, I am thinking of getting sapphire perferred but after watching this vid maybe the ink perferred would be better? wish i had the knowledge i have now about credit cards that i have gotten from your video's, i would be a lot further along, Great stuff. Thanks again

@AskSebby

6 жыл бұрын

www.asksebby.com/free-card-consultation/

What’s your advice for a biz cc, I charge about 40k a month for products and advertising. Appreciate your help!

Hi Sebby! I plan to create my own ecommerce business soon. I am with Chase and i live in Los Angeles. Would you recommend that I open up a Chase Business Checking account + Ink Business Card ? Or would it be okay for me to conduct the business transactions on my own personal account ?

What’s the difference with using my ssi vs duns number along with EIN when I apply?

Can I transfer my balance from personal credit card to business credit card. Please explain. Thank you. ..

I believe I'm in a situation where I technically would qualify for a business credit card. The Chase Ink Business Cash card has caught my eye, because if I'm not mistaken, I can move those points to my CSR. The thing that concerns me is that essentially I'd use the card anywhere/everywhere to achieve the sign up bonus (probably can be done in a month, 2 tops, and I always pay my statement balances in full), then going forward, I'd use it on my cable triple play and cell phone bills. Once in a while, I'd probably use it at an office supply store. I'm curious if this behavior would trigger a red flag since the spending would be such a small amount, yet earning me an additional $500+ value in points per year, plus the sign up bonus, that I'd be transferring to my personal CSR. Or would I be considered such an insignificant "drop in the bucket" that's always paying on time, so who cares?

Hey Sebby, so since capital one's business cards show up on your personal credit score, i assume they would also count against 5\24. Am i right?

I'm looking to get credit reporting for my business. I recently opened a corporate card with Amazon using my social as personal guarantee. When I take purchases and pay for his purchases will synchrony credit report to my business credit or to my personal credit. Are there specific cards report only to business credit

So if im over 5/24 , and i apply for Chase Ink Preferred, i wont get accepted ?

Just saw the thumbnail with the SPG Business card > took me down a trip to memory lane! SPG glory days! 😁

Will getting this card JAM you up using it for personal use other than business purposes? The 80k points is the real driving force behind wanting this card as well as having a card that has 0 apr for 12 months. Also gaining points for cable , phones and gas is a plus. I don’t want to be flagged or questioned for my purchases that will most likely be personal if I use this card.

Hello! Can I use Business cards for personal use?

Bank of America Business Mastercard, Navy Fed Credit Union Business CC, AMEX Business CC. I am a sole member LLC making under 10K annually. So yes, even micro businesses can qualify. I think the biggest barrier to getting a card is proving that you're a business. It was pretty easy for me if you're a sole member LLC with your LLC docs and EIN.

Do business credit cards have a minimum spending limit requirement?

Ok Sebby. Let's say i am proved for a business credit card. Do i have to use constantly or is it okay to use it every now and then?

Thanks to your advice, I recently opened a Marriott business card. My question is can I use my personal checking account to pay off the charges, or do I need to open an actual business checking account?

@suezotiger

6 жыл бұрын

piper998877 you can pay with any account. The bank doesn't care who pays off the balance

Hey Sebastian thank you for the information you give out great advice on all your videos. The question I have for you is I want to start my own automotive repair business just a small business where I come to your house you know basic stuff where you wouldn't have to go to a dealership to have it done. I was thinking about getting the American Express Platinum Card. And run the business threw that card only. Because getting a business card it doesn't sound like that great of an idea. Am I thinking right? Thank you for your help you have a good day.

@imperium2000

6 жыл бұрын

Kenny Nabors you can do that but it depends. If your business has any debt eg. you buy equipment, parts and supplies and not get paid for it immediately you may want to consider a business line of credit. Otherwise get a business card that will pay for your business costs and give you rewards. I doubt the Amex business Platinum will pay for oil, auto parts or supplies.

@kjbadass

6 жыл бұрын

imperium2000 thanks a lot for your advice much appreciated

I have a chase Business preferred Ink. My question is, does my business develop positive credit history if it’s a small Incorporation with an EIN?

@stevenroshni1228

5 жыл бұрын

Check with the terms and conditions and also check with the business credit bureaus both before you open an account and a few months in to see that they are actually reporting.

what credit score is needed to get a business credit card?

I got the Business Gold Card Amex and also the Blue Business Cash Amex !!! Thanks!

@AskSebby

3 жыл бұрын

Congrats!

For a business, do banks usually dislike credit repair companies or they don't really care as long as you have a relationship with them and pay off credit cards on time?

Hey Sebby I have a question for you. If I have a AMEX business blue plus card and I want to transfer my existing personal AMEX blue card credit limit to my business blue plus card (which i checked that I can do) will it lower my personal credit score by lowering my credit utilization? Since small business cards are not reported will my total personal credit limit go down on my credit report? Please let me know as my personal cards currently have a huge credit line compared to my new AMEX business blue plus card and so I want to move most of it over if possible.

@naughtyorgneiss

4 жыл бұрын

AMEX you can request an increase twice a year and it's only a soft pull. I'd just do that...

Hi Sebby, does Chase normally approve you for more than 3 business cards? I have one right now, but would love to get 2 more in the future. Thanks.

@AskSebby

6 жыл бұрын

From my understanding, getting more than 2 open is tough. YMMV though.

@ccn042000

3 жыл бұрын

I currently have 4 business cards with chase. About to apply for a 5th

Does a high utilization affect your personal credit? or do you still have to be in a 10 to 20% utilization to be ok?

@oleopathic

2 жыл бұрын

No. Business card UP isn't reported to personal credit bureaus.

Hey Sebby (or anyone who can answer), would you say the Chase Ink™ line of business cards are generally considered to be the "best"? Thanks!

@AskSebby

5 жыл бұрын

Very solid pickups if you're under 5/24. Each one is $500-$800 cash or $1,000 to $1,600 travel pretty easily.

@reblscm

5 жыл бұрын

@@AskSebby Ah okay, great! Thanks for the response.

Why is my Bank have my Fico credit score at 700, Experian have it at 647????

I'm so disappointed that I didn't get the Ink Cash card.

If I just got my first 2 chase cards last month, how long should i wait before going after Ink Preferred?

@AskSebby

6 жыл бұрын

Just account for the 2/30 rule and you're fine: www.asksebby.com/blog/rules-to-know-for-chase-credit-card-applications

What do you mean stays under 5/24 what does that mean?

Can you build credit with a secured business card paying for you personal expenses like car, insurance etc?

@robinsutton6960

3 жыл бұрын

sure, I did that a couple years back. Sebby and Jamie were super helpful

Great video, but I have a question. I have a personal Amex card , what I do is , I added my business to it as an authorized user. What do you think of that move.

I’m confused, say on day 1 of the monthly cycle I spend $500 then do not spend anything until the end of the circle. Would I get charged the same amount of interest if I spent $500 on day 29 of my circle instead of day 1? As from day 2-28 do they work out the interest on a daily basis?

@AskSebby

5 жыл бұрын

Most good cards don't charge interest as long as you pay by the payment date. i.e., Jan 1 to Jan 31 statement period. Payment date is likely Feb 14 or so. The point of this channel is to get rewards without paying ANY interest whatsoever.

@Stewwwwww

5 жыл бұрын

Ask Sebby yes I understand that, but say if you only pay the minimum amount. Is the interest calculated daily. So for example you make the minimum payment. Then buy other goods. Are the total payments added up at the end of the month then interest calculated on that, or once you have purchased a product then interest is calculated straight Away

I was thinking about applying for a business card to pay off tuition. Do you think Chase would care?

@stevenroshni1228

5 жыл бұрын

I would recommend against transferring a large portion of your student loan onto a private credit card. You lose options for reduced payments in case of income losses and you lose cancellation if you were to become disabled.

ask Debby is way underrated

Ink Cash was 50K when I signed up in Branch!

@kyongkim5162

6 жыл бұрын

Randall Wilkerson may I ask in what state you live in?

I am thinking about applying for ink chase business, do you have that one?

@AskSebby

6 жыл бұрын

Yes. If you want to talk 5/24 strategy: www.asksebby.com/free-card-consultation/

@superfloyd

6 жыл бұрын

Cool thank you. Do i need a EIN to apply or just SSN? I will request consultation, thanks Sebastian.

QUESTION: So it possible to apply for all of the Chase businesses cards before completing 5/24?

@AskSebby

5 жыл бұрын

Theoretically, yes. Most people hit a wall around either 3 or 5 business cards. Biz SW, Biz United, CIP, CIU, CIC are usually the targets. Biz Marriott is a maybe if you don't care about the SPG bonuses. Lowering your credit limits helps with approvals (you'll hit a "ceiling" at a certain point).

@1jay76

5 жыл бұрын

Ask Sebby So what if I get all those business cards along with the Marriott one , then after I complete the 5/24 , I went ahead and apply for the SPG Card , wouldn’t I get the bonus on both cards? I.e. Marriott Business and SPG card

Do you have to have an EIN number to apply for a business CC and if so how do i obtain one?

@AskSebby

5 жыл бұрын

Most business cards rely on your personal credit (you're personally liable).

@stevenroshni1228

5 жыл бұрын

For Capital One, I needed to, I can't speak about other cards. IRS.gov you can answer a few questions and they will generate an EIN for you immediately.

There are actually 2 chase ink cash cards one that everyone knows about with the 5/2/1 bonus structure and another one that is 3% for gas restaurants, office supply, and home improvement. I just found it on their website and had to call for clarification. They made it sound like the only way to get the unknown variety was in branch. Were you aware of this?

@AskSebby

6 жыл бұрын

You mean the CIP (Preferred) and the CIC (Cash)? I've talked about both separately in the past before. You can get apply for both online. For example, our referral link for the CIP: bit.ly/asksebby-cip-2017 :)

@HomesteadOC

6 жыл бұрын

Ask Sebby No, I mean there are 2 ink cash cards along side the ink preferred. I called chase and confirmed, I am not able to apply for the 3%/1% version online. The rep on the phone says I should apply in a branch. creditcards.chase.com/ink-business-credit-cards/customers/ink-cash-back/card-details And creditcards.chase.com/a1/olainkcash/th

@HomesteadOC

6 жыл бұрын

So I talked to my branch buddy Brian and did some research with him. He cant apply directly for that 3/1 ink cash card but he said it is available for a product change. This isnt ideal for most people but the categories that I wanted it for was 3% on gas and home improvement. Anyway, thought you should know. For me this will be part of a chase pentafecta.

@AskSebby

6 жыл бұрын

Interesting. It sounds similar to the other cards that have been phased out. The Sapphire (not CSP/CSR) and the no-AF United (not the new one).

@HomesteadOC

6 жыл бұрын

jalabi99 sounds about right, except the 3rd one you cannot directly apply for, you have to product change to it. My strategy is to apply for ink preferred in branch to get the 100k bonus, then product change to ink cash with 3x on home improvement.

Jus got off the phone with Chase, they declined my Chase Ink Preferred card application saying I have too many credit cards (I do have CSR, CSP, Amex Plat., SPG, Delta Gold, Amazon Chase :) ) . I do have a legitimate business and had applied for the card from the bank providing all the details of the business. The customer care rep. mentioned even though it is a business credit card there is personal liability. So looks like even for business credit card the 5/24 or some kind of rule is applied.

@AskSebby

6 жыл бұрын

5/24 always applied to the CIP though: www.asksebby.com/blog/rules-to-know-for-chase-credit-card-applications The only business card unaffected is the Marriott one.

@deepusasidharan4211

6 жыл бұрын

I meant I have an LLC.

@deepusasidharan4211

6 жыл бұрын

jalabi99 yes

Can I use Business credit card to pay my school tuition without getting in trouble? One my friend asked me that question and I didn’t know the answer either.

@DL-1

3 жыл бұрын

Not smart. The interest on the card is higher than the student loan interest. You will go into much higher debt much quicker if you do that. Don't do it.

Love your videos! I’ve been binge watching them to make the right decision for my next year. I have a question though. I just got the chase ink cash card and the Disney premium chase card. I also have the amazon chase card and 6 cards total. I got my first card may of 2016 and I want the CSR in February of next year. Am I still under 5/24 if 3 cards I have typically don’t count towards 5/24 or do I have to wait for June of next year?

@imperium2000

6 жыл бұрын

Micah Garcia all personal cards count towards 5/24. Only business cards don’t.

@micahgarcia9017

6 жыл бұрын

imperium2000 So I gotta wait until June of next year 😩

no i dont have a business card .thank you for sharing

amex ask for tax id what do you if you don't have official business

@AskSebby

6 жыл бұрын

You can request a TIN as a sole-prop or it's normal to use your SSN.

How does having a business card affect tax filing?

@stevenroshni1228

5 жыл бұрын

It's a great way to track your business expenses by only using the card for business (so that you know which receipts to keep and math is being done for you). It can be a part of the puzzle if you get audited that you are a legitimate business. You likely can also write off the interest as a business expense. An EIN may be required to get the card (which you can apply for really easily even if you don't plan to hire employees). It does tell the IRS that you have a business so they will be expecting you to include Schedule C when you file.

@stevenroshni1228

5 жыл бұрын

When you sit to file your taxes you will need to see if the transactions where put in the right category. I've been a professional tax preparer for two years now so feel free to reply to this comment, or message me if you need additional help (or tax advice).

I think all these people that use chase cards or nut they always closing accounts with no warning or no reason.

cool

I've thought about signing up for business cards just because for some products it's a way to double up on signup bonuses. However, even though I have sold stuff on eBay and helped people with computer stuff in the past, I've never officially considered it a business, so it seems fraudulent to apply as one. I'm scared I'd be asked for proof that I'm a legitimate business and be unable to provide any. So I've stayed away.

@imperium2000

6 жыл бұрын

Many people sign up of business cards with no intention of using the cards for business. Is it lying? Sure. Does not matter? Not one bit, otherwise the banks would clamp down on it. Despite the spread of business cards in the miles and points community, it is not a common practice for regular people to apply for them. Banks only care if you use the cards and pay on time. Since business cards have less protections(especially when it comes to bankrupcies), the risk of extending business credit is less than personal credit.

@stevenroshni1228

5 жыл бұрын

If you are doing stuff "regularly" with the intend to make a profit, it's a business. But read up on the rules which can't be summarize in one comment on a KZread video :) Best in Pursuits

If I do ecommerce, what credit card should i use??

@masoompatel11

5 жыл бұрын

Ross Land It really depends on how much you’d end up putting on that card and in what categories. If you spend a lot on shipping I’d consider the Chase Ink Business Preferred. Huge sign up bonus and 3x on shipping.

@rossland254

5 жыл бұрын

@@masoompatel11 and any advice on bank account? use your home country bank or going offshore?

@masoompatel11

5 жыл бұрын

Ross Land I’m definitely not qualified to answer this question. All my bank accounts have always been in my home county. I’ve never even considered going off shore with one.

Talk to CPAs about business versus personal taxes

@AskSebby

5 жыл бұрын

Taxes are different than eligibility to get credit cards. You're conflating 2 different things. You would still owe taxes on a sole prop: www.irs.gov/businesses/small-businesses-self-employed/sole-proprietorships

@stevenroshni1228

5 жыл бұрын

If you have to get an EIN apply for the card (like I did for Capital One), and you know nothing about business taxes, tax to a CPA or experienced tax professional and have them explain a few things to you. Once you have an EIN the IRS will be expecting you to include Schedule C on your tax return.

@stevenroshni1228

5 жыл бұрын

*after deductible expenses for a sole proprietor, LLC or SCorp you are paying paying taxes as an individual not as a business.

If you have an LLC, how are you personally liable?

@AskSebby

3 жыл бұрын

Most issuers will only issue you cards if you agree to be personally liable. This prevents people from incorporating a LLC/C Corp => getting credit => defaulting.

@Nipsey_TheWrangler

3 жыл бұрын

But if you already have the LLC and you go to apply for business credit, assuming your personal credit is 720+, banks may check your personal credit as a personal guarantor to know how much to lend you, but you as an individual will NOT be held responsible if you default. And if you ARE liable, it’s LIMITED. Am I trippin?🤔

What kind of dog is that with orange ears?

@AskSebby

6 жыл бұрын

Corgi!

I don't know how I got unsubscribed. I thought you disappeared, turns out I was the one who disappeared.... :/

Be very careful applying for business cards that require a pg.I suggest separating business and personal. The credit bureaus score them under a different set of rules.

@stevenroshni1228

5 жыл бұрын

Yep. You basically are applying for a credit card that has the word business printed on the card and statements. It helps you to separate deductible expenses, but don't spend more than you would be able to feasibly pay off.

@DL-1

3 жыл бұрын

The issue is... How do you build business credit and get approved for business credit without a personal guarantee... Without using vendor accounts like Uline etc??? Does anyone have a workable solution?

Capital one spark classic business credit card

@stevenroshni1228

5 жыл бұрын

Me as well. Decent sign up bonus. Easy for ongoing business travel.

Came for the Sebby tangent. Left disappointed.