Credit Card Spending Limits

Any

mikeopvc wrote: »

Oh ok so not really a good idea to get a credit card if I intend to make cash withdrawals, just for purchases then?
I write cheques to my suppliers once a month and have a few direct debits, could I use a regular credit card to pay these or does it have to be a business credit card?

thanks

Mike

That depends whether they accept credit card payments.
Companies with credit card terminal for accepting payments pay as much as 3% of the purchase value for that.

mikeopvc

Any wrote: »

That depends whether they accept credit card payments.
Companies with credit card terminal for accepting payments pay as much as 3% of the purchase value for that.

Can I put money into my business bank account from my credit card and then just pay my suppliers as usual?

Any

mikeopvc wrote: »

Can I put money into my business bank account from my credit card and then just pay my suppliers as usual?

Yes of course you can.
You will need SBT card for this - MBNA family (MBNA, Virgin), A&L or Post Office card.

mikeopvc

Any wrote: »

Yes of course you can.
You will need SBT card for this - MBNA family (MBNA, Virgin), A&L or Post Office card.

SBT sorry what's that?

mikeopvc

Just 1 more question if I may,
Which would be the best way to go about paying my suppliers? (assuming they do accept credit card payments)

option 1
get a regular credit card and transfer money to business account to carry on paying by cheque/direct debit.

option 2
get a business credit card and pay suppliers direct using that card.

I'm open to any other options, at the end of the day I'm just looking for the best and cheapest way to pay suppliers for next 6 months.

Also how long does it take to actually get the credit card once applied for?
sorry I know that's more than 1 question but my head is just so confused at the moment what with rates, %'s, STB's etc.

this was supposed to be a quick reply ;-)

Any

mikeopvc wrote: »

SBT sorry what's that?

Super Balance Transfer - just Balance transfer is traditional transfer between cards.
Super Balance Transfer is the transfer to allow you to transfer into your current account.

Any

mikeopvc wrote: »

Just 1 more question if I may,
Which would be the best way to go about paying my suppliers? (assuming they do accept credit card payments)

option 1
get a regular credit card and transfer money to business account to carry on paying by cheque/direct debit.

option 2
get a business credit card and pay suppliers direct using that card.

I'm open to any other options, at the end of the day I'm just looking for the best and cheapest way to pay suppliers for next 6 months.

Also how long does it take to actually get the credit card once applied for?
sorry I know that's more than 1 question but my head is just so confused at the moment what with rates, %'s, STB's etc.

this was supposed to be a quick reply ;-)

That depends - some suppliers might charge you fee for paying by credit card - we did for example. Are those small suppliers or big shops where you can go in and pay by credit card?

If they don't, then getting credit card in your name with long 0% on purchases offer could be an option as it will be the cheapest (assuming you are sole trader and therefore you will be taking personal credit card) way.

If they would, then taking SBT credit card will cost you 3% )or 2.98% with Virgin) of the amount you will want transfering, but that is for 16 mths (again with Virgin) so it is cheap way of borrowing.

The lenght of time for the card to arrive - now this depends on your credit scoring. If your credit history is good and you apply on-line, the monies could be in your account as soon as in 2 weeks (providing you will be accepted straight away).

mikeopvc

ok great, sounds like an SBT might be the best option for me.
The virgin card seems a good choice, what's their acceptance success rate like? are they quite strict? Also do they offer 0% on purchases aswell as 2.98% on SBT's?

Any

mikeopvc wrote: »

ok great, sounds like an SBT might be the best option for me.
The virgin card seems a good choice, what's their acceptance success rate like? are they quite strict? Also do they offer 0% on purchases aswell as 2.98% on SBT's?

Rule number 1 - NEVER EVER PURCHASE ANYTHING ON BALANCE TRANSFER CARD!
The promotional periods are always different and you will end up paying interest, because the cheapest debt is paid of first.

We have 2 MBNA cards at thome (the same bank family) and we never had a problem with accepting MBNA.

However, always pay minimal payment ON TIME (best set up DD for the minimal payments) because once you miss it they will withdraw the promotional period and then will cost you.

Going home now, so if you have any more questions I will have to answer in the morning.:D

poker_face

Any wrote: »

Super Balance Transfer - just Balance transfer is traditional transfer between cards.
Super Balance Transfer is the transfer to allow you to transfer into your current account.

Is there a card with 0% on Super Balance Transfers?