ok so i wanted to get my first american express card and I'm pretty sure I would get approved because I've received pre-approval letters for green, gold, and blue amex cards in the past and I was just wondering if its absolutely necessary to get an amex business card instead of amex personal for advertising costs? The thing is, I don't have all the formalities of a business...I'm just doing a sole prop under my own name so would it be awkward if I got an amex card and used it solely for IM?
american express card
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I use my personal Amex for everything. I have a corp, but if the expenses are business expenses they get taken care of by my CPA for my taxes. Amex sends out a nice summary statement at the end of the year to make tracking expenses fairly easy. Plus I collect lots and lots of flyer miles (which are harder and harder to redeem these days).
oh so you put both business and personal expenses on one card? see, i put all business expenses on a separate card, that way i know that everything i spent on that card is business related expenses which can be written off.
but anyway, it looks like it's fine to have a personal amex card then.
also, which card do you have?
Ben,
I separate my personal & business expenses on different cards ... it makes it easier for me at the end of the year.
I'd recommend a AMEX Business card (green, gold, plat, or OPEN SM Blue). Yahoo Search Marketing has a promotion for PPC marketers that i've been reaping benefits from for 2 years now. If you are using an AMEX business card ... for every $100 you spend they will credit $5.00 back to your card. It really adds up at the end of the month! ... I'm pretty positive that any OPEN SM American Express card will qualify. Also ... some months they don't do it, but the majority of the time this promotion is active. Hope this helps.
Oh yeah ... When I got mine I was a Sole Prop. as well and it was no big deal. So ... don't worry about that.
I separate my personal & business expenses on different cards ... it makes it easier for me at the end of the year.
I'd recommend a AMEX Business card (green, gold, plat, or OPEN SM Blue). Yahoo Search Marketing has a promotion for PPC marketers that i've been reaping benefits from for 2 years now. If you are using an AMEX business card ... for every $100 you spend they will credit $5.00 back to your card. It really adds up at the end of the month! ... I'm pretty positive that any OPEN SM American Express card will qualify. Also ... some months they don't do it, but the majority of the time this promotion is active. Hope this helps.
Oh yeah ... When I got mine I was a Sole Prop. as well and it was no big deal. So ... don't worry about that.
I'll second that. Your entire bill becomes your taxes at the end of the year. instead of 5000 receipts, or going thru and highlighting line item at a time. it's the whole thing. Simple.
@ PunchMyFace: I think he is referring to the 2% cash back that is/was available with the plum card. I just got an AMEX gold small business. Was using a BMO mosaik but they wanted me to wait 6 months before upping my limit. I was having to overpay so as to artificially increase my credit limit and not max out the card. No pre-set spending limit FTW.
I used my personal AmEx card until we were putting so much on it that they had to send it to an underwriter. They eventually gave me the ok to run it up every month. But I went ahead and got the Plum card once I learned I could receive 2% cash back each month. Cash beats reward point any day of the week.
The only thing with getting either AmEx personal or biz is that you will have to build up your monthly limit. Make sure which ever one you choose you talk to someone to educate you on how they decide what your monthly limit is on your "unlimited" card.
The only thing with getting either AmEx personal or biz is that you will have to build up your monthly limit. Make sure which ever one you choose you talk to someone to educate you on how they decide what your monthly limit is on your "unlimited" card.
so how do they determine what your limit is on the limitless card (income? bank account balances?)
Can you explain that statement at bit more please? I'm about to get a AmEx card myself, but I'm not sure whether to go for a 1% cashback or a flying miles card.
Plum card is only $450/year (first year waived) and you get 1.5% cash back now so it pays for itself every couple of days (depending on volume).
The plum card is good for the cash back benefit but if you are traveling alot for business the platinum amex's are nice because you get free upgrades with starwood hotels. I have booked rooms that are 200 a night and been upgraded into a 1500 a night suite at no cost just because of the card.
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