Thought I would pass this link along to any other small business owners who need a purchase/debit card in your business name - without having to pass a credit check. The card is linked to any business checking account. I'm getting ready to apply - if anyone has any experience with this card - please pass along any info. Thanks and best regards. http://www.hiberniabank.com/small_business_banking/sbb_cb_busbankcard.shtml - You Get What You Want When You Make It Happen.
WARNING WARNING WARNING A "business" credit or debit card has NONE of the protections under the FTC Except for identity fraud. You get NO protection for billing errors, reporting errors, or anything else !!
Does anyone know if the non-FTC coverage applies to all business credit/debit cards (such as Amer Ex, Diners, etc.) or to certain types. I will still apply for the card; I am the sole owner of a small computer training company, but am in the process of cleaning up/repairing my credit. Therefore, I cannot qualifiy for a standard business T/E card. I have two contractors that work for me and travel on business and need a company card for hotels, travel, etc.
I looked over their site and have a question. You said it links to any business checking account. I got the impression from their site that it was only a business account with their bank. Am I right or wrong? The point is that although I am interested in a card like this, I will not open up a bank account with them only to get this card.
I called to inquire about that also. The card links to any business checking account - not just theirs. On the application you specific the ABA routing number and checking account number of your bank.
A "business" credit card of ANY type has NO protection under any of the Fair Credit laws. Even on billing disputes,or with unreceived or returned merchandise. There have been several lawsuits including one in the Supreme Court on this issue.The only exception,is in the case of identity fraud,and only under that act.If you get a "business" credit card, even if it is in your name, and not a business name, even if only your credit is checked, you have NO protection.Amex and Citibank are "consolidating"personal cc's for unsuspecting people and issuing a "business" card. without telling them they are giving up their FCRA,FDCPA and FCBA protection.
tessmcgill, We have the same business almost.... Have you been able to establish any business credit? What state are you located??
I am located in Dallas, Texas. After I had a Dun and Bradstreet number for over a year, I was able to get an account at Kinkos. I have a local account with the local daily newspaper for print advertising. I have maintained very good payment histories with these accounts. I have had the business for two years now, but have been unable to secure other credit without a PG (personal guarantor). In talking with a banking colleague, he said it may take a year longer to be considered an established business without needing a PG. Reading the post on this forum regarding business credit was also helpful. Best regards,
A Debit card will be helpful business with no or bad credit. But I do not think it will build a credit history for the business. BofA offers a secured business card. The account is secured with a BofA business savings account. http://www.bankofamerica.com/smallbusiness/index.cfm?template=sb_creditcard_secured_ov.cfm Trevor
