Any other way to pay the bills?

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blanko05

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Sep 12, 2008
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Does anyone know of a way to help me out. Any tips would be great. Sometimes I get billed thousands of dollars a day with advertising expenses. The problem I'm running into is daily spending limits. The most my bank will go up is $2k/day spending limit.

Does anyone know of a way I could get a debit card with higher/no limits.

P.S. I don't want to get a credit card, because it would take way too long to build enough credit to get a large limit.

Thanks for any helpful advice.
 


a) Change banks
b) Get a few credit cards. Don't be an idiot and think because you won't instantly get a high limit you're never going to get a credit card. If you get a few credit cards with a $1000 limit, in 5 years you might have 3 cards with a $10 000 limit each.
 
blanko05 said:
P.S. I don't want to get a credit card, because it would take way too long to build enough credit to get a large limit.
Click to expand...

Get it. First, it will build your credit rating. Second, you'll get rewards - or perhaps cash back - for using your credit card. That's all the more money to offset your expenses. Third, you can use your credit card much like debit card; confirm this with your bank though. Transfer however much money you want from your savings/chequing accounts. Your credit card should then show a negative balance, technically allowing you to spend in excess of the credit limit granted.
 
Change banks?

As a company we use Chase for a lot of things. Dont know what the general feeling is on Chase bank, but we spend a shitload with them covering ACH/wire payrolls, advertising expense etc and never been hit with any type of limit. Security measures are sometimes a setback but it's usually taken care of within 24 hours.

Regardless bud, you should really establish a credit card and work thru the woes of it all. So many advantages to starting at the bottom and working your way up the credit card chain. A ton of things you will learn.

Other than that, maybe Paypal? Dont know how big your transactions are so it's best to get a business verified account and even try getting a rep.
 
Def get a C.C. Get like 3 of them, they'll prolly be around 750-1000. Spend just under half the limit and keep it their paying each one off a little each month. But keeping them at just under half the limit will help shoot your credit up.
 
I tried to get my visa purchase limit at my bank increased from 5K to 15K a day yesterday and they wouldn't do it for me. I'm considering going in and seeing if I can just open 2 new accounts with debit cards, which seems pretty funny but will probably work. maybe you could open a few checking accounts at your bank?

I would also recommend getting some credit cards, even if you have to use both. I've been using my credit cards first and then when they hit their limit and I'm not able to pay them yet switch to debit.
 
A credit card is a decent way to build credit, but it really doesn't do that much. I'm not saying don't get a CC because you NEED one or more if you're doing AM. But speaking on the building credit topic, the best way if your young is to get a small loan, and just pay it off. It will prove you can get a loan and pay it without problems which is a ton more valuable then having a credit card, I have talked with financial advisors about this type of stuff. Again, I'm not saying don't get a credit card because you should get one as soon as your able too, (assuming your mature enough to handle it).
 
have you tried doing direct debit from your bank account?

My bank sets daily limits on ATM / debit cards but will not set limits on money taken directly from the account.
 
BrynYoungblut said:
A credit card is a decent way to build credit, but it really doesn't do that much. I'm not saying don't get a CC because you NEED one or more if you're doing AM. But speaking on the building credit topic, the best way if your young is to get a small loan, and just pay it off. It will prove you can get a loan and pay it without problems which is a ton more valuable then having a credit card, I have talked with financial advisors about this type of stuff. Again, I'm not saying don't get a credit card because you should get one as soon as your able too, (assuming your mature enough to handle it).
Click to expand...
The problem that people run into is the usage percentage on the credit cards. I got my first personal credit card when I was 18, and had a $12k credit limit by the time I was 20 without having to show the credit card company any proof of income. Unfortunately, my usage percentage was something like 70-80% at times, so that hurts your credit (though balances were paid off before the due date). I switched those over to a business credit card, and within a year, my credit score went from ~630 to ~750. That's a 750 credit score within 3 years of having my credit card opened.
 
Thanks for the advice guys. I've looked into prepaid debit cards, but they usually have a $2,500 daily limit. I guess I'll just start the long journey of building up credit with a credit card.
 
Just like BigWill Said, if you're wanting to use a debit card, Wells Fargo is the place to go.

Couple reasons:
1. You have to go into the bank to request an increase in daily spending limit but they will increase it at least to 10-20k. I got mine up to 25k just so I didnt ever run into any issues.

2. They also have rewards points on their debit cards. Sometimes it's nice to be able to use your debit card for things and get rewards like you would a credit card. It's certainly not 2% cash back like the plum, but it's nice to have a little something extra. :)
 
I have a wamu platinum checking it's like 7k a day, I have 3 acccounts that's 21k a day.

problem solved.
 
1. You should be using a CC and establishing credit right now. If not it will hurt your business as you grow. You are also losing out on a lot of cash back, free flights, hotel, yada yada yada from rewards.

2. If your debit card has such a low limit and your bank won't raise it then look for a new bank. It's your money so who the fuck are they to tell you how much you can spend everyday out of YOUR OWN BANK ACCOUNT.
 
Running off of what WayneDog said in point number 2:
Tell your bank to go fuck themselves. Let them know that you are moving all of your money out unless they change something. If you want to stick with them but they won't budge, fuck em.
 
Trust...a bank will eventually give you a higher limit, though most of them will require you to have some history...and usually quite a good one.
 
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