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Credit cards for small business?
Posted: Mon, 14 May 2012 1:39 pm
by smallbuz2012
Hello all,
I'm trying to find more about business credit cards. Specifically, for small business owners- companies that only have a few people. I know some of the big banks offer cards, but I am looking for cards that also offer rewards (travel, vouchers, etc). Are there any you recommend?
Posted: Mon, 14 May 2012 7:28 pm
by Strong Eagle
Good luck at getting any credit card with a business name on it.
Posted: Mon, 14 May 2012 10:00 pm
by smallbuz2012
Really? It's that hard? Right now I am just researching it, not applying at the moment. Bit I was looking for a site comparing the options and couldn't find one.
Posted: Mon, 28 May 2012 11:05 pm
by Strong Eagle
First of all, since you are a small business, your "personal relationship manager" will be a wet behind the ears, fresh graduate who can't find the toilet or the break room, let alone advise you about your credit card options. Prepare to deal with miles and miles of inanity just to get to the application process.
Then, prepare to discover the lies... the banks hate the thought of giving a small business pte ltd a card... fill out massive application forms... have aforesaid "personal relationship manager" stare in wonderment.. then have nothing happen over and over again.
Posted: Tue, 29 May 2012 9:51 am
by ecureilx
Strong Eagle wrote:First of all, since you are a small business, your "personal relationship manager" will be a wet behind the ears, fresh graduate who can't find the toilet or the break room, let alone advise you about your credit card options. Prepare to deal with miles and miles of inanity just to get to the application process.
Then, prepare to discover the lies... the banks hate the thought of giving a small business pte ltd a card... fill out massive application forms... have aforesaid "personal relationship manager" stare in wonderment.. then have nothing happen over and over again.
you forgot the mandatory requirements like Bank Guarantees, last 5 years of Audited statements, and more ..
One of my ex-Employer tried to get Credit facility from a Cisco supplier, the latter's bank was basically doing all the risk management - and the process took more than 6 months before they offered 25% of the requested credit facility.
In turn, when my then employer decided to call on his partner's company to be the front, with 20 million $ turnover, the same process was completed in 2 weeks flat, with much less documents requested.
A better option, for our friend, maybe to go for co-Branded Debit / Pre-paid cards ..