Stripe Corporate Card • Hacker News Board

Re: Stripe Corporate Card

#201

Post by insomniacity » Tue, Sep 10, 2019, 9:38 PM UTC

myalphabet wrote: post #197

4ntonius8lock wrote: post #196

Earlier quoted context omitted.

I could be wrong on this, and someone more knowledgeable feel free to correct, but the way I understand it is: When you start a corporation with no history, any credit obtained is obtained through the founders personal credit history, with all the liability that entails. When the corporation reaches a certain point of maturity, the corporation starts having it's own 'credit' and non-personally backed credit lines can…

The company I have experience with using personally-backed corporate cards has been around for a century, has hundreds of thousands of employees, and billions of yearly profits. While I'm sure that your comment is true, 'maturity' is definitely not the only deciding factor in personally-backed vs company-backed cards.

Yup, I've been in a similar (or the same?) situation. I think it's because when you get to a certain scale, it's the only way to force employees to file their expenses.

No approved expenses report, no payment, your own problem.

Re: Stripe Corporate Card

#202

Post by sdinsn » Tue, Sep 10, 2019, 9:53 PM UTC

jblake wrote: post #76

icebraining wrote: post #69

Earlier quoted context omitted.

I never had a corporate CC, so I'm curious: do those rewards count as personal income for tax purposes?

Usually I'll let the points sit and use them when I have to travel - so the points never touch my bank accounts. I'm not a tax expert, but for that reason I don't bother reporting any income on it

If you use it for personal travel, I'm pretty sure it counts as income.

Re: Stripe Corporate Card

#203

Post by graeme » Tue, Sep 10, 2019, 10:07 PM UTC

ceejayoz wrote: post #152

jasonsync wrote: post #123

Earlier quoted context omitted.

As long as they don't renege later. Every single cash back card I have jumped on board with started with 2% ... changed the terms a year in to 1% ... then went down to 0.5% even later. And increased fees later as well. Maybe just bad luck on my part. For example: https://www.reddit.com/r/PersonalFinanceCanada/comments/6164...

Canada has been capping interchange fees. 1.5% in 2015, 1.4% last year. They're the main way the card issuers pay for the rewards, so it makes sense that as they get limited the rewards go away.

Oh. Why do stores still refuse amex then? Are visa and mastercard going below the cap on their high end cards?

Re: Stripe Corporate Card

#204

Post by graeme » Tue, Sep 10, 2019, 10:10 PM UTC

willyg123 wrote: post #132

ttcbj wrote: post #21

Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.

If you fly, ever, business gold AmEx cannot be beaten. 4x points on the first $150k spent on two categories of your choice. Then, 25% off(!) flights booked with points at AmExTravel.com. I will definitely be getting the Stripe card because the intro offers are so good. But, the airfare discounts alone at AmEx Travel are so good it will continue to be my go-to corporate card.

Does that apply on the corporate version, here? https://www.americanexpress.com/us/credit-cards/business/cor...

I'm not super clear on the difference between business cards and corporate cards.

Re: Stripe Corporate Card

#205

Post by cdolan » Tue, Sep 10, 2019, 10:22 PM UTC

cullenking wrote: post #53

ttcbj wrote: post #21

Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.

I push all our spending through a 2% cash back capitalone business visa. Can't find a better cashback rate, though you could run multiple cards through different vendors with their own credit cards, but you get diminishing returns. If you are a big amazon spender (products, not AWS), it makes sense to do an amazon visa, and then the capital one for everything else. It's really easy to believe the deal when you look a…

It was awkward to read this it sounds eerily similar to my company.

We’ve been using two capital one cards for all of our expenses (in the hundreds of thousands per month), and have really enjoyed the benefits of 2% cash back.

The biggest issue is the credit limit. Even after 12 months of making 4-6 payments for the entire credit limit throughout the month (we max the card out every week at least), they still won’t give us the limit we need. Sometimes they even make up bogus excuses on the credit request response form Such as “account cost too high” (or something like that)

Re: Stripe Corporate Card

#206

Post by AnssiH » Tue, Sep 10, 2019, 10:29 PM UTC

Silhouette wrote: post #93

mikepurvis wrote: post #85

Earlier quoted context omitted.

I'd rather they err on the pro-consumer side, to be honest. I doubt those big banks and credit card companies will struggle to fight this and make their case for the appropriate exemptions if their scenarios warrant them.

It's not the big businesses I'm worried about. It's all the small ones, who are now obliged to take a hit of potentially 5% or more of a small transaction, because they have neither the power to negotiate the much lower fees that big companies have nor any longer the right to pass on the actual cost to their own customers to incentivize paying by a more cost-effective method.

Out of interest, where in EU are 5%+ rates a thing?

Here in Finland the base card-present rates of traditional merchant card service providers are around 0.3% for debit and 1% for credit, with no per-transaction fees so these apply to even small transactions.

Hmm, or maybe you were talking about card payments over internet? You might have a point there as per-transaction fees are more common there (e.g. Stripe takes €0.25).

Re: Stripe Corporate Card

#207

Post by cyberferret » Tue, Sep 10, 2019, 10:54 PM UTC

Anyone know of a similar card on offer for Australian startup founders?

I see a plethora of these types of cards hitting the market lately, but nearly all for the US market only (understandably, given the strict banking rules in each country).

Re: Stripe Corporate Card

#208

Post by powvans » Tue, Sep 10, 2019, 10:58 PM UTC

myalphabet wrote: post #197

4ntonius8lock wrote: post #196

Earlier quoted context omitted.

I could be wrong on this, and someone more knowledgeable feel free to correct, but the way I understand it is: When you start a corporation with no history, any credit obtained is obtained through the founders personal credit history, with all the liability that entails. When the corporation reaches a certain point of maturity, the corporation starts having it's own 'credit' and non-personally backed credit lines can…

The company I have experience with using personally-backed corporate cards has been around for a century, has hundreds of thousands of employees, and billions of yearly profits. While I'm sure that your comment is true, 'maturity' is definitely not the only deciding factor in personally-backed vs company-backed cards.

When I started in sales at IBM in 2004 this was the case. I had to put down a personal guarantee in order to be issued a corporate AMEX. I hated it, but it was a take it or forfeit the job deal.

Re: Stripe Corporate Card

#209

Post by pypypypypypy » Tue, Sep 10, 2019, 11:11 PM UTC

cyberferret wrote: post #207

Anyone know of a similar card on offer for Australian startup founders? I see a plethora of these types of cards hitting the market lately, but nearly all for the US market only (understandably, given the strict banking rules in each country).

Hey, I work at DiviPay where we are trying to solve these kinds of problems for Australian businesses. Shout us a message at https://divipay.com/ and someone will be in touch to help you and your startup out.

Re: Stripe Corporate Card

#210

Post by TAForObvReasons » Tue, Sep 10, 2019, 11:12 PM UTC

ttcbj wrote: post #21

Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.

As paranoid as it sounds, it's a bad idea to pin so much of your business to one vendor / service provider. If they decide to ban you, you aren't just locked out of payment processing but also the other services.

For the same reason, I wouldn't use Stripe Atlas (their company formation solution) or other services.