Is it bad to have a business account credit card but no business?

I was applying for cards and to be honest I don%26#039;t even remember filling out the application for this account. But I received a Chase business account card and approved for $10,000 on it. I activated it and have been using it since. My question is, does it matter that I do not have a business and only using it as a personal account? Am I going to be assumed to report a business during tax season? I got this card but I can%26#039;t even get a capitol one card. Someone please help me out here. Thanks!

Is it bad to have a business account credit card but no business?

AS long as you pay the monthly payment they don%26#039;t care, but be careful not to over extend yoursel their late fees and ect. are usually very steep and you will never get it paid off.Pepole use their business c c all the time for personal use.It doesn%26#039;t matter.

Is it bad to have a business account credit card but no business?

A true business credit card is a line of credit that is taken in the name of the business, under the business%26#039; credit. Activity, whether good or bad, is reflected on your business%26#039; credit report through D%26amp;B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.

However, some companies out there offer %26quot;business%26quot; credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.

When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business%26#039; credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for %26quot;strong business credit%26quot; (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner

Small Business Owner

Initial Underwriting Group