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Old 03-26-2007, 01:45 AM   #26
UTmtnbiker
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Join Date: Nov 2000
Location: Sandy, UT
Posts: 4,117
Default Where can I get a $15,000-$50,000 limit credit card?

Can I throw out another suggestion? Unless you're making one charge that exceeds your credit limit, look for the card with the best rewards, regardless of the limit.

I run a couple of small businesses with my wife, and all of our cards have limits in excess of 20k+. However, what we do is charge according to what reward we want at that time. For example, we use Starwood when we're planning a trip in the near future, Amazon if we're looking to buy something that rarely gets discounted, REI if we're looking at outdoors clothes, etc. Of course, this takes some planning on what you want as far as rewards go, but in the last year, we charged over $250k+ and out of that, we got a trip for 2 to Paris and Amsterdam for free, a free laptop computer, countless bike parts for me, a $150 REI dividend, etc....

This was on top of the profit we received from running the business. Granted, if we would've put all of this on one Amex card, we probably would've qualified for Centurion status, but that annual fee is pretty hard to swallow, regardless of the "benefits" that you get from it.
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Old 03-26-2007, 03:00 AM   #27
gsethi
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Join Date: Feb 2002
Posts: 3,399
Default Where can I get a $15,000-$50,000 limit credit card?

Quote:
Originally posted by: UTmtnbiker
Can I throw out another suggestion? Unless you're making one charge that exceeds your credit limit, look for the card with the best rewards, regardless of the limit.

I run a couple of small businesses with my wife, and all of our cards have limits in excess of 20k+. However, what we do is charge according to what reward we want at that time. For example, we use Starwood when we're planning a trip in the near future, Amazon if we're looking to buy something that rarely gets discounted, REI if we're looking at outdoors clothes, etc. Of course, this takes some planning on what you want as far as rewards go, but in the last year, we charged over $250k+ and out of that, we got a trip for 2 to Paris and Amsterdam for free, a free laptop computer, countless bike parts for me, a $150 REI dividend, etc....

This was on top of the profit we received from running the business. Granted, if we would've put all of this on one Amex card, we probably would've qualified for Centurion status, but that annual fee is pretty hard to swallow, regardless of the "benefits" that you get from it.
I wish our vendors would accept Credit cards.....they dont and I pay via Company check (on terms though). But we end up getting Cash discounts if we pay early (or do a COD). Also, if I forget a payment, I dont get hit with those high interest rates/late payment fees etc etc....they just say to pay next time

Again, i would check with the vendors if you can get additional discounts for paying via Check rather than Credit Cards. With checks, you can always delay couple of days when you are tight on funds (or waiting on funds to clear/transfer etc etc). With credit cards, they are due on the due date and if you miss (or dont pay in full amount), you get hit with those interest rates/late payment fees which WILL offset any miles/points you earn on the Card.

In a business, you never never want to play with your money if you cannot afford to pay it off. Daddy is correct in that if your client doesn't pay you (defaults), you still have to pay your Credit card company or risk ruining your credit score. Always ask for some $$ in advance so that in worst case, they will atleast cover your costs.
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