How do you build business credit? I have an AMEX card that I have for my business?

Question

and I pay it off everytime I. I tried to purchase a vehicle (value of 14,000) I was denied because ther wasnt enough credit. How do I increase my business credit?

Answer 1

On normal AMEX cards their is "no" limit so you may have been denied because AMEX demands 4 to 5% from the retailer..

On a £14k transaction AMEX would have charged between £560 - £700 ... i.e. most of their profit ..

A lot of retailers refuse to take AMEX for this very reason ... on top of which AMEX charges an annual fee to card holders of about £80 ... I'm surprised you are wasting your money on this ..

VISA is more widely accepted than AMEX these days (plus you don't have to pay it all off - though you are advised to do so) - and most often there is no annual fee ...

There was a time when AMEX cards were restricted to "Gentlemen of means" :-) .. so someone with an AMEX commanded a bit of respect ..... but these days they hand them out like confetti to any old Chev with a credit rating (just) above rock bottom ...

Answer 2

Simply Cash from American Express will satisfy all your needs. A great credit card from the great American Express, Simply Cash from American express has host of other features including cashback and great business services. A look at them and you will be convinced that this credit card is for you. Discover it yourself from the points listed below:

Basic Features Highlights

* No annual fee.
* 0% introductory rate on purchases for the first twelve months.
* Low interest rates for balance transfers and purchases.
* 7.99% introductory rate on balance transfers for the life of the loan provided that the balance transfers are completed within the initial six months.
* Facility to carry a balance from month to month when it is necessary, else you can also pay your balance in full each month.
Read more from: http://www.credit-card-gallery.com/article/229,Earn_cash_from_your_small_business_expenses_using_the_Simply_Cash_credit_card_from_American_Express