I just formed an LCC, and I need a credit card. Here are the basics:
- The new business has no credit history yet
- My personal FICO scores are all around 800
- My goals for the card (in order) are:
- To aid in establishing credit
- Convenience for purchases (especially because I won’t have credit with some vendors for awhile)
- I will never carry a balance (I have other financing in place), so APR isn’t really an issue
- I wouldn’t mind securing the card for awhile, although I would want to make sure I could convert it to an unsecured card so I could retain it as my oldest tradeline without it being a liability
- Ideally, I would want to use the card to make purchases of up to about $ 5000. If that’s not an option in the short term, though, it wouldn’t be a deal-breaker. My bank will temporarily lift the limit on my debit card when I know I have to make a purchase, so I have that option.
- I don’t anticipate any travel with this business
- I prefer not to have an oldest card with an annual fee, so that I don’t feel like I’m compelled to keep it if I’m inclined not to at some point down the road
I’m making a few assumptions about how business credit reporting works based on my understanding of personal credit. I realize I may be mistaken, as I know nothing about business credit reporting.
Any suggestions for a business credit card for a new startup?