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Ask HN: What credit card does your US startup use?

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Re: Ask HN: What credit card does your US startup use?

#61

Post by some1else »

masukomi wrote: post #41
caseysoftware wrote: post #35

Earlier quoted context omitted.

But if you make them stick to the corp card that means everyone has the # and you lose control and insight. That's dangerous at any stage but even worse when you're early stage and every dollar feels like $20. +1 to a vendors@ or similar email account.

so, you're arguing that it is acceptable to have the core services your company relies on be tied to a person who could quit or be fired at any time?!

I'm sure they will put in lots of overtime. Maybe fire them while they're asleep under the desk, and their card is out on the table.

Re: Ask HN: What credit card does your US startup use?

#62

Post by nommm-nommm »

jenamety wrote: post #34
jliptzin wrote: post #32

Get a 2% cash back card. I think capital one has them. If you're running an ecommerce business for example with low margins but high spend (on google adwords or whatever), getting that 2% cash back really can be a huge boost to your profitability.

this 2%. nerdwallet for help. I have yet to see anyone beat the 2% back other than bonus signons - but those are 1 time and on a 2-3 year horizon go with 2%. Fidelity has a 2% one as well that deposits cash into a fidelity investment account vs CapOne where you have to apply points to other transactions to utilize the full 2% back (and CapOne redemption only applies to certain Merchant Category Codes... FYI Timeshare…

>I have yet to see anyone beat the 2% back other than bonus signons

USAA is currently market testing a 2.5% CB card in some states - http://www.doctorofcredit.com/usaa-limitless-credit-card-rev...

Personal, non-business card, military and family only.

Re: Ask HN: What credit card does your US startup use?

#63

Post by akcreek »

Another vote for the Capital One Spark card. We are getting $500/mo + back via the 2% cash back, which has been a much better value for us than the miles we were getting previously with an Citi AAdvantage American Airlines card.

I have a reminder setup to request a statement credit at the end of each month and it hits our P&L as income.

Something else to be aware of is that some business cards will hit your personal credit score. The Capital One Spark card I have does, but the Citi AAdvantage card I had previously doesn't.

I pay in full every month so it actually improved my credit score a few points as it added $30K in available credit with 0% utilization, but if you are going to carry a balance you could take a hit on your personal credit score - especially if your available credit utilization is high.

Re: Ask HN: What credit card does your US startup use?

#64

Post by gleb »

sedachv wrote: post #49
strictnein wrote: post #29

Earlier quoted context omitted.

Interesting. The Plum has a $199 fee after the first year. The one advantage for it would still be the ability to defer interest and payments for a month, but the Spark card may be a better option now, overall.

American Express SimplyCash Business Platinum has the standard one statement month-long interest deferral, 3% cash back on telecom bills and 3% cash back in a category you choose (shipping expenses, advertising, travel, some other ones I forget), no annual fee, and no minimum redemption amount. If you get both the SimplyCash card and the Spark card you can use each accordingly to maximize the cash back percentage, an…

There is Plus: https://www.americanexpress.com/us/small-business/credit-car... 3% is limited to first $50k of expenses though.

Don't see Platinum. Does Platinum have a limit on 3%?

Re: Ask HN: What credit card does your US startup use?

#65

Post by hndl »

Agree with others are (sort of) saying. If you're a 5 person team and the CEO please keep the card on your name. Then, create a accountspayable email address so you're the only member in it. Then, whenever you get a CFO on board, include him on the account -- this should be possible on the card provided -- however, the main point is that you're aware of things that go on with your account. Have some kind of process in place so there's dual approval on critical operations (txns above a certain amount, voiding transactions etc).

Re: Ask HN: What credit card does your US startup use?

#66

Post by pbreit »

8ytecoder wrote: post #53
caseysoftware wrote: post #7

Not card advice but operational advice: From being at startups where people tend to move fast and often move on, tell your staff that they can use the services they need BUT you will only reimburse them for 3 months. After that, it must be on the corp card. I've seen too many times where AWS, Mailchimp, etc, etc are on someone's personal card and once they leave, everything blows up after a couple months. It's even w…

On that note: create an alias accountspayable@ or something equivalent and use that for all invoicing. Absolutely disallow signing up for services with individual user accounts.

Why? I can't stand that and can't fathom the purpose.

Re: Ask HN: What credit card does your US startup use?

#68

Post by pbreit »

yeukhon wrote: post #15
caseysoftware wrote: post #7

Not card advice but operational advice: From being at startups where people tend to move fast and often move on, tell your staff that they can use the services they need BUT you will only reimburse them for 3 months. After that, it must be on the corp card. I've seen too many times where AWS, Mailchimp, etc, etc are on someone's personal card and once they leave, everything blows up after a couple months. It's even w…

I would say save the hassles and just stick to the corps credit card. I experienced the AWS under a personal credit card issue, but AWS was quick to resolve the issue with us anyway. Though it is needless to say, also make sure you have a vendor email address to manage vendors. We have had vendor account signed up using work email but after the person left the company, we lose the account control and have to ping acc…

How do you not have access to the departed employee's email account? I have never seen that as an actual issue.

Re: Ask HN: What credit card does your US startup use?

#69

Post by toyg »

pbreit wrote: post #66
8ytecoder wrote: post #53

Earlier quoted context omitted.

On that note: create an alias accountspayable@ or something equivalent and use that for all invoicing. Absolutely disallow signing up for services with individual user accounts.

Why? I can't stand that and can't fathom the purpose.

Uh, for the same reasons parent mentioned: if the guy owning the account leaves (or steps under a bus), you're screwed.

Re: Ask HN: What credit card does your US startup use?

#70

Post by pbreit »

caseysoftware wrote: post #35
yeukhon wrote: post #15

Earlier quoted context omitted.

I would say save the hassles and just stick to the corps credit card. I experienced the AWS under a personal credit card issue, but AWS was quick to resolve the issue with us anyway. Though it is needless to say, also make sure you have a vendor email address to manage vendors. We have had vendor account signed up using work email but after the person left the company, we lose the account control and have to ping acc…

But if you make them stick to the corp card that means everyone has the # and you lose control and insight. That's dangerous at any stage but even worse when you're early stage and every dollar feels like $20. +1 to a vendors@ or similar email account.

Give everyone a card and -1 to vendors@ (I can't stand that and don't see any benefit).
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