What's wrong with getting biz cc with pg?

[AKL]

Was talking to my ex who is a multimillionaire and entrepreneur and he said he basically built his business using American Express. But he is the pg.

 

He uses the biz cc for the rewards and other bonuses and some biz expenses. But he didn't do this without being the pg.

 

So now I'm wondering why the push to do this without pg.

 

What if someone has good personal credit and relationship with the cc company already?

[BRBiz]

If your business fails do you want to be liable for all that debt?

 

Most businesses fail.

 

This is the main the reason while others simply don't have good personal credit.

[Slicer 619]

Exactly .. Biz strikes again..

[BRBiz]

With that said it may be near impossible to start some businesses with out getting credit which will require a PG. Short of having the cash on hand obviously.

 

Service type businesses require much less cash to start. Handyman, cleaning, consulting etc. can be started with little to almost no money.

[AKL]

Thank you. Yes, I have minimal overhead and expenses.

[DiegoC]

To me there's nothing wrong with doing it but there are some things to consider.

 

1- is the corp your building for hobby or a true business

2- are you thinking of selling this business

3- do you have cash flow

4- is this a new business venture or and existing business with clientle.

5- is this a safe or risky business

 

Now you see you ask these questions to yourself cause i do everytime i do a business venture.

 

In my main corp I dont mind PG any card or vendor however im always aware to pay all my cards and vendors monthly, in full.

 

Next if I ever saw a major downturn or catastrophe in the near future I would make sure I dont use any of the PG cards or vendors I have.

 

To me its really hard to build a solid business credit with out PG, you can do it but it would just be small cc and net 30 vendor credits.

 

It would be kinda cool for people to post there highest non PG credit account that they use on a monthly basis.

 

 

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Edited April 30, 2017 by DiegoC