Best Credit Card with High Limit (Work Reimbursement)

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FinanceDoctor
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Best Credit Card with High Limit (Work Reimbursement)

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prudent
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by prudent »

So if you think you will need to charge $25,000 a month, you need a card with a line higher than that. The concern I would have is that even if you get a card with a $30,000 credit line, you will be using a huge portion of that line all the time and that will lower your credit score. If you don't have high-limit card(s) now, I don't think this is going to be easy.

Is your company helping with this at all, or are you on your own?
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by livesoft »

You will need more than one card just in case. If you spend that much and your main card is comprosmised, what are you going to do?

Amex has no spending limits. There are others like that. But Amex is not a "credit" card and many folks do not accept it.
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Re: Best Credit Card with High Limit (Work Reimbursement)

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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by ohiost90 »

JerLon wrote:...I expect to spend significantly more per month ($10,000-$25,000) and be reimbursed for all of those expenditures....
How often can you turn in expenses and how often will you get reimbursed? The reason I ask is that you can pay the CC more than 1x a month.
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FinanceDoctor
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Re: Best Credit Card with High Limit (Work Reimbursement)

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JamesSFO
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by JamesSFO »

Will travel be involved? If yes consider a co-branded card with your primary travel airline, hotel, etc.

I think the Chase Sapphire Preferred is the current hot card for maximizing perks/rewards, but I am a big fan of cold-hard cash and the Fidelity Amex 2% cash back is pretty nice.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by mlipps »

I've read before that lots of credit unions are pretty generous with limits. Depending on the type of spending, maybe the Penfed Visa would suit your needs? They do 5% cashback on gas. I agree that the Chase Sapphire Preferred is a great card for anyone doing lots of travel, but it's a little harder to qualify for. Since it's a Visa Signature, the minimum credit line is $5,000, so that's something. And, if you already have a Chase card, they let you reallocate limits from other cards w/no additional credit check.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by Levett »

"I would like to find a credit card (probably needs to be MC or Visa given that I only want one card) that provides me the best benefits for this purpose. I want something that is secure, easy to get the limits I need, and provides the best customer service. An additional benefit would be if it had some great travel rewards that were easy to redeem (I know that cash back usually does better than travel points... However, I'd like to go the travel route for this card)."

I use both Chase Sapphire Preferred (Ultimate Rewards program is excellent) and Citi AAdvantage World Elite (has a business version) that is linked to American Airlines frequent flyer program. Both meet your spending needs, but they are only "easy" if you qualify. Customer service, especially at Chase, is excellent.

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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by Nummerkins »

I would get a Chase Business card that uses UltimateRewards points -- maybe all of them do now? They are very valuable when flying and when redeeming for cash/giftcards are 1:1.

As a backup I would carry an Amex card.

These two companies also have something in common besides rewards: the ability to speak to an underwriter. You will need to do this once you start spending large amounts each month and want a significantly higher limit.
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Re: Best Credit Card with High Limit (Work Reimbursement)

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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by tj »

I'm surprised there are still companies that let employees use their own cards and keep the rewards.

If the company is responsible for the costs and thus reimbursing the employee, you'd thnk they'd want the points.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by WHL »

DEFINITELY take advantage of abusing the many, many credit card sign-up offers out there with initial spend requirements. I work in batches of 4-6 cards per application cycle.

For my long term spending needs, I'm primarily using Chase Ink Plus (business card), Chase Sapphire Preferred, and Citi AAdvantage (personal). I have a 40k limit on my CSP which could be higher, but I have three other cards with Chase with another 30k in credit.

Also think about what airline you want to fly primarily if that's something you'll use your points on. The Chase points transfer 1:1 to United, Korean (a Delta partner), Southwest, British (an American partner), and a host of hotel programs.
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Re: Best Credit Card with High Limit (Work Reimbursement)

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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by money »

Wow, what kind of expenses are you incurring for the company? At that level, it seems the company should be handling the charges on their accounts. Constantly charging high amounts on personal accounts for the company seems unfair and unproductive, is it common practice?
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by FinanceDoctor »

money wrote:Wow, what kind of expenses are you incurring for the company? At that level, it seems the company should be handling the charges on their accounts. Constantly charging high amounts on personal accounts for the company seems unfair and unproductive, is it common practice?
I could choose to do more invoicing and check requests but it tends to be more expeditious to use the reimbursement method.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by Busting Myths »

Most issuers have a clause that personal consumer card are not to be used for business purposes. Based on your utilization there is a good chance you will get flagged if you use a consumer oriented card.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by JamesSFO »

Busting Myths wrote:Most issuers have a clause that personal consumer card are not to be used for business purposes. Based on your utilization there is a good chance you will get flagged if you use a consumer oriented card.
I used to have spending patterns like this and have never run into this as a problem.
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Re: Best Credit Card with High Limit (Work Reimbursement)

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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by WHL »

JerLon wrote: Another kink, I'm about two years out from getting a mortgage How much would this affect my credit score?
I wouldn't feel completely comfortable giving you a FIRM answer, so take this with a grain of salt.

I started whoring credit cards about a year ago. My credit score went from a 798 two years ago to a 784 two months ago with probably 10 new credit accounts in there, four very recently.

I certainly wouldn't apply for any new credit within 6 months of applying for a mortgage.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by MnD »

JerLon wrote: I want something that is secure, easy to get the limits I need, and provides the best customer service. An additional benefit would be if it had some great travel rewards that were easy to redeem (I know that cash back usually does better than travel points... However, I'd like to go the travel route for this card).

Any suggestions?
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by stan_the_man »

WHL wrote:
JerLon wrote: Another kink, I'm about two years out from getting a mortgage How much would this affect my credit score?
I wouldn't feel completely comfortable giving you a FIRM answer, so take this with a grain of salt.

I started whoring credit cards about a year ago. My credit score went from a 798 two years ago to a 784 two months ago with probably 10 new credit accounts in there, four very recently.

I certainly wouldn't apply for any new credit within 6 months of applying for a mortgage.
I've done about 4-6/year for the past few years and haven't seen my Fico scores move from the 775 to 805 range -- usually between 785 and 795.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by stan_the_man »

Nummerkins wrote:I would get a Chase Business card that uses UltimateRewards points -- maybe all of them do now? They are very valuable when flying and when redeeming for cash/giftcards are 1:1.

As a backup I would carry an Amex card.

These two companies also have something in common besides rewards: the ability to speak to an underwriter. You will need to do this once you start spending large amounts each month and want a significantly higher limit.
Not all the Ultimate Rewards cards allow travel partner transfers, but you can earn points with multiple card products and pool the points, so you only need one that does allow point transfers.
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Re: Best Credit Card with High Limit (Work Reimbursement)

Post by ChrisC »

I have several credit cards, but I use two primarily: Amex-Costco and Chase-Marriott Visa Signature Black. If you're doing lots of travel, I'd strongly suggest you consider the Chase-Marriott product. (I use the Amex-Costco card primarily for purchases at Costco but you can also use it for travel purposes as well.) With the Chase-Marriott product you get tied into the Marriott Reward program, which has outstanding travel benefits especially if you become a Platinum member and stay at Marriott hotels/lodging. For the most part, as a Platinum member you get access to the concierge lounge at most hotels, where you generally have free breakfeasts and snacks, free internet service in your room, and arrival gifts. At the level of your expenditures, you should become a Platinum member in no time. The Chase-Marriott product has an annual fee (typically waived during the first year); however, you get a lifetime annual hotel certificate good for one night stay.

Depending on your credit status, you might be initially restricted to a credit limit of $15K. As others have said, you can always pay down the balance during the payment cycle and have available credit at $15K appear during the cycle. I have a credit limit of $60K, which I can easily push to $90K if I so requested. I'd check out the travel forums like Flyer Talk, where there are threads on all the affinity credit cards for travel, before I make a decision. http://www.flyertalk.com/.
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