OT - Best Business Credit Card?

Jay Honeck wrote:
..

Whose is best? What card do you guys use?


I had just discovered an unauthorized paypal charge against my AMEX
for $1,877.82. I call their 1-800 number, got connected to a real
person right away and the issue got resolved immediately. They will
dispute the charge with the merchant. They told me to ingore the
charge when it shows up in my statement (I found it while checking
online - the charge was made on 1/14) and just deduct the entire amount
from my payment. The card was immediately canceled and they will issue
a new card in few weeks. Interestingly enough, I logged on my paypal
account and could not find this unauthorized charge. It appeared that
the identity thief had opened his/her own paypal account using my AMEX.

Few years ago, I had to dispute a series of small fraudulent
charges against my Mastercard over a period of 6 months. The crook was
clever enough to charge a small amount $19.99 and $49.99. The charges
were removed but I had to send in some statements etc. As I recalled,
it was a lengthly wait to speak to a customer rep. Since then, I
scrutinize all charges in my statements, big or small.

This AMEX is a cash back credit card with 1 to 5% back for
supermaket, gas stations, drugstores purchases and 0.5 to 1.5% back for
other purchases.

Bottom line is that I am quite happy with our main card, the AMEX.
I use AOPA MBNA card for avgas purchase and only use capitalone Visa
card for other purchases where AMEX is not accepted.

Hai Longworth

This AMEX is a cash back credit card with 1 to 5% back for
supermaket, gas stations, drugstores purchases and 0.5 to 1.5% back
for other purchases.


Do they have a yearly fee?

I have never owned a credit card with yearly fee. BTW, the AMEX
cash back is automatically credited to my account. I am not sure of the
frequency but every so often, I would see few hundred dollars being
credited to the account.

Hai Longworth

Can you expand on that "no-hassle charge-backs for disputed charges"
thing, Jim?

I've only had to use the service three times in the 13 to 15 years I've
been using Amex but there was one unauthorized charge of a
thousand-something from a store up in Boston or something. I didn't
charge it. Don't know who did. Called Amex and had the charge removed
almost instantly, no questions asked.

I'm such a doofus. I read your post as meaning that as an AMEX VENDOR I was
protected against bogus charge-backs.

You actually meant (and said) that as an AMEX CARD-HOLDER I was protected
against bogus charges.

The former is unheard of; the latter is common to every credit card I've
known. Ya got me all excited for a minute, thinking that I might be
protected against fraudulent charge-backs...

Thanks for the clarification.

(And hey, it's good to see you back on the 'groups!)
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

Bank of america has a "rewards" cash back card which paid me $275 to use
it last year (a real check, not "credits"). It's also linked to my
checking account to automatically pay the balance at the last possible
billing moment, giving me free use of their money for 30 days; zero effort
on my part.


Oooooo...I *like* that "auto-pay-at-the-last-minute" deal. That's a great
idea!

If nothing else, I'm getting some good ideas on what to demand from Chase
Visa... Thanks!
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

There are different rules for "business charge cards" than for "personal
charge cards"?

That's what the man said. If he takes business cards, his processing
company charges him an extra $500 a month.

Yes, there are a number of different "rules" (Read: "Charges") for us when
accepting different types of credit cards.

The worst of all is a foreign credit card. We get a fair number of foreign
guests, through the University, and I always cringe when they whip out their
credit cards. It can cost me DOUBLE the normal "discount rate" (Read:
"Charges") to accept one of those.

I don't believe the "$500 per month fee", though. Unless he's figured out
what the added charges are costing him in an average month?
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

Jay Honeck wrote:

I don't believe the "$500 per month fee", though. Unless he's figured out
what the added charges are costing him in an average month?

Just telling you what the man said. This is a monthly fee in addition to the
usual percentage costs.

George Patterson
Coffee is only a way of stealing time that should by rights belong to
your slightly older self.

Rachel wrote:

Cal Vanize wrote:

snip

Money management:

You can float purchases on credit cards until the monthly bill comes
due. Then it can be paid in full for all the previous month's purchases
even if the purchases might have been actually made over a month ago
(depending on a cardholder's "float management" and the closing date of
the billing cycle). Pay the bill in full on time and there's no
interest, monthly minimum, extra monthly fees. The banks take advantage
of those that are careless or delinquent. Pilots, by need, tend to be
very organized and should never experience this problem.

A "debit" transaction is a withdrawl from a deposit account (usually
savings or checking) and immediately pays for the transaction removing
your ability to use your money. There is absolutely no advantage to a
debit card over a cash transaction except that you don't have to carry
around cash or that you can use it on the internet (never use your PIN
on the internet).

Fraud / disputes:

In the event of fraud against your credit account, its just a matter of
disputing a transaction and its removed from your bill until the dispute
is resolved. You're not required to pay for it unless the dispute
settlement rules in favor of the merchant. It then becomes the BANK's
money involved in dispute resolution.

If there's fraud against your debit account, YOUR money is already gone
and YOU have to fight to get it back (regardless of what the
advertisements say). The dispute is over YOUR money that needs to be
REPLENISHED. You've lost control over your funds, somebody else got
their hands on YOUR money. On a PIN-based transaction verified by the
card issuer, the issuer is responsible (read "the cardholder is
liable"). There are a few exceptions, but this is generally the way it is.


That's the rules of the business (and the Fed) regardless of whether its
Visa, MasterCard, Citi, Bank of America, or Mom and Dad's State Bank and
Deluxe Chinese Buffet Catering and Vetenrary Service.

And your point is? I dislike credit cards. I see no reason to buy
something that you can't afford at that point in time.

Using a credit card does not mean that you can't afford to buy the item at that
point in time.

I use a debit card and American Express card (which is NOT a credit card). I
know exactly what I'm doing. What's it to you?

Same as it is to you I guess.

No one made you the educator
of the masses (especially when the masses already know about finances).

Apparently they reserved that job for you?

Jessica Winston wrote:
Rachel wrote:


Cal Vanize wrote:

snip


No one made you the educator
of the masses (especially when the masses already know about finances).


Apparently they reserved that job for you?

I was responding to a question, not giving anyone financial advice.
Perhaps you missed that post?

Jay Honeck wrote:

Actually they did. Its my job to explain money management and educate
those who could do more with what they have. "The masses" as you refer
to them, have very little understanding of what's going on and get
themselves in troube all the time.

Really. I don't know anyone who has.

And you cruise a river in northern Africa.

No, I simply choose to surround myself with a certain type of people.
Sorry you can't undestand that some of us have standards.

Having sat on the board of directors of a credit union, and being in the
daily business of pre-authorizing people's credit cards (that's what we do
when we take your reservation), I can tell you without a doubt that credit
cards should be illegal. They are like crack cocaine to many people, and a
lot of people are getting hurt because of them. You simply would not
believe the level of debt many people carry. And it's often people you
would NEVER guess to be near bankrupt.

I can understand how you would learn about that from directing a credit union,
but how much do you learn from authorizing credit cards? The authorization
machine or phone line should only respond with approved or not approved.