- 923
- 42
- Joined
- Sep 1, 2011
Anyone have experience with a small biz credit card with no payments for one year, and writing things for your business off?
Small biz credit card, no payments for one year, writing things off
- Thread in 'General' Thread starter Started by freelythinkingmind,
- Start date
- 4,858
- 1,407
- Joined
- Apr 11, 2002
cl-1b
Banned
- 1,165
- 126
- Joined
- Jul 6, 2015
- 2,590
- 2,589
- Joined
- Jul 29, 2012
my corporate amex doesnt have a due date for payments
cl-1b
Banned
- 1,165
- 126
- Joined
- Jul 6, 2015
im not sure what you mean, how does it not have a due date? Amex charge cards are on a 30 or 60 day statement period
- 4,858
- 1,407
- Joined
- Apr 11, 2002
But don't you have an annual fee? And you're incurring interest charges on your debt?
- 923
- 42
- Joined
- Sep 1, 2011
no payments for one year?
please tell me your joking
www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-small-business-credit-cards/.
The first card has th following -
You’ll get a 0% Intro APR for 12 months on purchases and balance transfers, and then the ongoing APR of 13.49% Variable. - See more at: http://www.nerdwallet.com/blog/top-...l-business-credit-cards/#sthash.ZrMSa615.dpuf
- 407
- 157
- Joined
- Aug 14, 2012
That's just means they won't charge you interest for a year, you still have to make monthly payments
cl-1b
Banned
- 1,165
- 126
- Joined
- Jul 6, 2015
APR is your interest rate my brother... no one is loaning you money without you having to make payments every statement period. Charge cards such as amex are paid in full every month, while credit cards like the chase ink for business is paid off over time with the option to make a minimum payment monthly. this only means that your getting no interest added to you charges for the first year
cl-1b
Banned
- 1,165
- 126
- Joined
- Jul 6, 2015
just to add a few facts, if its a business expense you typically can write off regardless of where or how it was purchased. Proof of purchase is what is required.
These days, regardless of your business entity type you must give a personal guarantee with credit cards regardless if its a business line or personal, meaning they pull your credit as well as the business's credit report to consider your application.
These days, regardless of your business entity type you must give a personal guarantee with credit cards regardless if its a business line or personal, meaning they pull your credit as well as the business's credit report to consider your application.
- 911
- 359
- Joined
- Jan 4, 2013
Some people have NO idea what "writing things off" actually means. Clue: it doesn't mean that you're getting something for FREE.
Last edited:
- 2,413
- 3,500
- Joined
- Jan 4, 2004
- 3,884
- 131
- Joined
- Mar 21, 2005
Operating a business using debt is a great way to fail in business. Cash is king.
As for writing things off...
- Mileage
- Cell phone
- Internet
- Rent
- Supplies
- Equipment
etc are the most common write offs. You still have to pay for them though.
Keep all your receipts and good records of your purchases. Also be sure to make your quarterly tax payments.
Based on question/response, you're not ready to open a business. Need to do more research and develop a good business plan. I suggest finding someone in the same market you're trying to enter and emulate their best practices.
As for writing things off...
- Mileage
- Cell phone
- Internet
- Rent
- Supplies
- Equipment
etc are the most common write offs. You still have to pay for them though.
Keep all your receipts and good records of your purchases. Also be sure to make your quarterly tax payments.
Based on question/response, you're not ready to open a business. Need to do more research and develop a good business plan. I suggest finding someone in the same market you're trying to enter and emulate their best practices.
Similar threads
