CSI Business MasterCard (Secured)

[KYBOSH]

I was cruising the net this afternoon and came across some business credit blogger where it mentioned this card.

It it this passage caught my eye:

 

For example CSI offers a secured Business MasterCard that reports to Corporate Experian. They require a minimum of $1,000 security deposit but keep in mind that your deposit is only used to pay off the debt in the event that you default on making payments.

 

Here's the article:

Establishing Business Credit with a Secured Business Credit Card

 

 

Here's the website for the secured business card:

CSI Business Mastercard

 

 

Has anyone heard of this?

I searched here on CB but nothing came up under CSI.

 

TIA

[perryswoman]

I have heard of csi but did not know they offered secured cards! I wonder if we can fund up to 10k?

[KYBOSH]

I don't know folks...

Take a look at my online chat and let me know what you think...

 

Chat InformationPlease wait for a site operator to respond.

 

Chat InformationYou are now chatting with 'Heather '

 

Heather : hello how can I help; you

 

you: I have a question about your card products (especially your secured card)

 

Heather : OK, I will be happy to help you

 

you: does CSI report our credit to the major business credit reporting agencys such as D&B and Experian Business?

 

Heather : Yes - if we issue you a bill , we report to Experian - the idea is to build your credit with a secured card - is that what you are looking for

 

Heather : do you have a card program now for your company

 

Heather : company

 

you: That's exactly what I am looking for. What are your credit requirements for the higher cards? Paydex?

 

Heather : good to excellent credit for unsecured

 

Heather : same as most financial industries these days

 

Heather : do you need an application?

 

Heather : how is biz these days? good?

 

you: Very good. I should have started this years ago.

 

Heather : good for you

 

you: I see the application online but wanted to get an understanding of your requirements.

 

you: good to excellent credit (these days) is quite vague

 

you: can you elaborate?

 

Heather : be sure you check Secured/Deposit account on the applicaiton - sure personally you need 650 + and for business you need to be in business 4 or more years with strong credit reported -

 

you: Oh so you need a personal guarantee?

 

Heather : excellent is 720+

 

Heather : only if you have been in business less than 4 years - or you can do secured which does not require that at all

 

you: okay, good to know.

 

Heather : Secured requires a security deposit of a min. of $1,000 deposit

 

Heather : anything else?

 

you: but no PG for the Secured card?

 

Heather : no

 

you: and can the card every "graduate" to an unsecured card (refund of our deposit)?

 

Heather : yes - after 6 months or 1 year depending

 

you: but you still need a PG to upgrade right?

 

you: Thanks!

 

Heather : by then we will have a history with yopu

 

Heather : you

 

you: oh, that's good to know. I will pass this info to my buddies. They dislike PGs

 

you: I will be back Heather.

 

you: Thanks for the info

 

you: Oh yeah, one more thing.

 

you: Since you are not a bank what assurances do we (potential customers) have that your business wont fold in 3 months and our deposits disappear?

 

Heather : ha ha - well - we have been around for 20+ years - we are not going anywhere -

 

Heather : business is good

 

you: that's not exactly an FDIC guarantee Heather

 

Heather : read the about us portion - it should help to clarify for you

 

Heather : have a good night

 

you: That's one of the first things I did Heather.

 

you: So i guess the absence of a definitive answer is my answer huh?

 

Heather : no - sorry got a call

 

Heather : we keep our funds in the bank and the bank is insured - that is as good as any company can do

 

you: okay, that's not unheard of.

 

you: Thanks, I'll be back.

 

Heather : you are welcome

Edited February 3, 2010 by KYBOSH

[greywolf]

It is issued through Comdata. If you already have a Comdata fleet card, they do not allow you to have the master card.

[Bigtime Charlie]

I have it. It is a Comdata Card. Net 7 (late fee after 14 days). Reports quarterly to DNB and Experian Business. Depending on what app you fill out there is a $75 annual fee(the app I used did not have the $75 fee). I had a Rep email me a app. Can be converted to unsecured with good payment history. Very friendly and helpful staff at CSI. Only thing that sucks besides being secured is the Net 7. This is the only Secured Business Card I could find and I have been looking everywhere.

[perryswoman]

and good to excellent credit for a secured card? Umm I am not doing a credit check for a secured card. Maybe it's the preloaded card that doesn't check credit but then it probably doesn't report

[greywolf]

The secured card doesn't require a PG (I think). If you have strong enough credit, apply for the Racetrak master card. It is the same card, but without the $75 AF and you don't have to deal with these losers. CSi just takes your application and gives it to Comdata (for a $75 fee). Comdata issues the card, and it is serviced by CSI.

[B_o_s6]

I HAVE COMDATA MASTERCARD W/OUT PG $1000 LIMIT TO START. YOU CAN ALSO APPLY UNDER MOMENTUM FLEET AND THE REP YOU GET WILL HELP YOU THROUGH THE APP. PROCESS.

[KYBOSH]

For everyone who have these comdata cards.... what was your credit like when you got them?

[B_o_s6]

MY CARD IS NOT SECURED BUT LIKE GREYWOLF MENTIONED IF YOU GO THROUGH MOMENTUM OR RACE TRAK YOU CAN AVOID ALL OF THOSE FEES. THEY PULL AND REPORT TO EXPERIAN DONT KNOW ABOUT DNB OR EQ,SO FAR THEY HAVE REPORTED ON MY EXPERIAN BUT THEY FOR SOME REASON THEY HAVE NOT REPORTED MY BALANCES. WHEN I WAS APPROVED I HAD 6 TRADES HIGH CREDIT WAS $1000.

[KYBOSH]

Thanks Bos.

I have 0-1 TL so if I have to get a card (secured) might be the only one I can get for a looong time.

[B_o_s6]

NO PROB. IT STILL MIGHT BE WORTH IT TO GO FOR THE UNSECURED FIRST.

[clintbeastwood]

I HAVE COMDATA MASTERCARD W/OUT PG $1000 LIMIT TO START. YOU CAN ALSO APPLY UNDER MOMENTUM FLEET AND THE REP YOU GET WILL HELP YOU THROUGH THE APP. PROCESS.

 

 

do you know who they pull for this card??

 

you mentioned you had 6tl's and a high credit of $1000, which agency file are you referring to ?

 

Also, is the card you have a Net 7??

 

Thanks

Edited February 3, 2010 by clintbeastwood

[B_o_s6]

They pull experian thats where the 6 trades $1000 was also. The card is a net 7 and its actually reporting as net 7 terms but so far has yet to report my balances.

[BRBiz]

They pull experian thats where the 6 trades $1000 was also. The card is a net 7 and its actually reporting as net 7 terms but so far has yet to report my balances.

 

Why even bother with a net 7 account , what does that do? If just for a trade line that does make any sense. Instead of getting 10 gas cards and 10 office supply accounts just focus on having a couple and using them alot to get the higher amounts reported

[B_o_s6]

Yeah its basically a card that can be used for everything and also a nice trade once the balances start reporting.

[greywolf]

It really isn't that different from other corporate cards (Amex as example), it just has shorter terms. Amex is net 30 + 15 days, Comdata is net 7 + 1. Good way to get balances showing.

[clintbeastwood]

It really isn't that different from other corporate cards (Amex as example), it just has shorter terms. Amex is net 30 + 15 days, Comdata is net 7 + 1. Good way to get balances showing.

 

 

is the whole balance due after 7? Or can you pay a partial amount of it, then more later on say after a 2weeks to a month?

 

(not regarding a smaller balance , but in terms of a balance that would like over 10k)

[B_o_s6]

You can pay off the balance later in the month! but I believe that they will report a late after 2weeks-1 month cant remember exactly what the rep told on the lates,but you can call the credit dept (800-226-3866) and they will tell you for sure.

[greywolf]

For the Comdata master card, it is net 7 and I think they daily billing, so it is truly a net 7. You have to pay the entire balance within 8 (7+1) days of making the charge

[Bigtime Charlie]

Comdata invoices on the 1st and 15th of every month. You get your invoice copy via email on the 2nd and 16th of every month. The payment is due 7 days from the comdata invoice date. They will charge you a $75 late fee if not paid within 14 days. Even though you get 14 days before a late fee is applied, you may be considered not within terms (net 7) on your Business Credit Report! They used "Go to Meeting" software for a Half Hour training session with me to explain this stuff so there cant will be no excuses like (I didnt know). Also you can only make your paymants by mail or wire transfer (no online payment option available).

[greywolf]

I thought they had auto-ACH payments as well?

[TrucknAlng]

Wow, that is just setup for failure.. even if you pay immediately you are still relying on the postman/woman, the weather, another 10 others to handle check or payment and hope all this gets done before your 7 days.

[B_o_s6]

You can also make phone payments after 2 or 3 mailed payments.

[Bigtime Charlie]

You are correct about ACH payments. I was never told about phone payments though.