Business Card vs Personal Card

Submitted by peacockrancher on Sun, 09/14/2008 - 01:07

I am curious about the differences between a personal credit card and a business card? What are the major differences between the two besides the credit limits of course. Does a business card have different insurances that come along built in or is this something that you have to purchase separately? I don't have a business identification number, so how does one apply for a business card, do you have to have a fein to do this or can you use your social security number as your business number? I am clueless when it comes to this stuff. Just thought about the differences because initially I was just thinking about getting a regular personal credit card. So, what does one have to have in place to apply for a business card, what justifies the word business?

I think with the business one you will have to have a fein, a business identification number to apply for a business card.

The personal card would go on your social security number. I am not sure about your questions on the insurances. Maybe some one else will come along with more knowledge there.

Sun, 09/14/2008 - 18:08 Permalink

I believe that is correct but I also imagine if it is a business card there would be alot more ins. and other things to go along with it. Hope someone has a clear answer for you.

Mon, 09/15/2008 - 00:07 Permalink

The personal card will go on your personal credit report, while the business one on your business' credit report. You need to have a company in order to get a business credit card, at least here in Canada.

Mon, 09/15/2008 - 19:24 Permalink

There are a few advantages associated with business credit cards, which distinguishes it form personal cards. Firstly, these credit cards come with very high credit limits, sometimes even exceeding $50000, which makes it suitable to make big payments as and when required. Secondly, unlike personal credit cards, these business credit cards come with low interest rates, and has incentives like cash back and discounts on purchases. These business cards are normally designed to suit the needs of small business owners.

Tue, 09/16/2008 - 06:35 Permalink

Hi peacockrancher
As far as I know, you need to have a registered legal business with proper address for communication. However, you may or may not have a tax identification number and you can use your social security number for getting a small business credit card. Moreover, you should have a good business payment history if you want to avail a business credit card. Most of these small business cards come with no annual fees and low interest rates. Some of these credit cards even offer zero % introductory APR and expense management reporting.

Tue, 09/16/2008 - 07:09 Permalink

I bet starting a new business has to be time consuming and require lots of financial knw how. Hope all this advice is helping you pc rancher.

Sun, 09/21/2008 - 01:14 Permalink

It does take a lot of time and is some what over whelming at times, especially the financial end of things. I am going to just stick with the simple things for now and just keep it as a hobby, once I see where the eggs are going this year, fertile or not, we will see, got to take it as these birds see fit to do what they are going to do.

I did set up a paypal account which is suiting my purposes for now. I am hooked up with a guy in texas who has peacocks too and is interested in some birds to get his bloodlines more seperated. so we shall see.

Tue, 09/23/2008 - 13:59 Permalink

Sounds like you know what you are doing. I think it takes great courage for someone to opemn abusiness, especially now a days with teh economy the way it is. How did you meet up with the guy from Texas? Hopefully you had the opportunity to google your crafvt and see what other avenues were out there to prosper from.

Wed, 09/24/2008 - 16:32 Permalink
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