Roadblock!

Well I’ve come up against the first business-related roadblock that I can’t sort out myself.

I had no trouble getting a bank account for my business, but when it came to a credit card…. no dice.

I had to give RBC my whole life story (financially speaking) sending in networth statements, tax documents and the promise of my first-born child to try and get a measly $3000 limit Visa card for the business.

After waiting a week I find out today that they’ll give it to me on a condition, unfortunately that condition is not possible to meet at this point.

In order to get the dinky little card, I need to hand over $3000 in security to the bank for 18 months. Now, this isn’t like pre-paying the card, I literally give them $3000 for the privilege of using a Visa card. I get the money back after a year and a half, but that is a TON of money for me right now and I just can’t afford it. That is literally all the money in the business bank account right now. If I fronted the cash, I would have nothing left to use to pay the damn Visa off, and then I’d lose the $3000 anyway!

What a poopy catch-22.

The bank dude felt bad for me. He said that for someone of my age and status I have demonstrated remarkable financial responsibility. He said that it was pretty awesome I even got a conditional offer from the bank for my new business.

 

Too bad I can’t roll with it. Having a corporate credit card sure would have helped me out. A lot of my bigger suppliers only take credit cards. I guess I’ll have to keep using one of my personal Visa cards for the business. At least I can keep all the money separate.

In other news, today I placed my first inventory order!!! I’m so excited! I have some really awesome stuff to share with you all once I do my soft launch! Stay tuned!

5 thoughts on “Roadblock!”

  1. Are you a sole proprietor or did you incorporate the business? If you're not incorporated, there's not really any benefit to having a biz credit card anyway. Just make sure to save all your receipts for the expense write-off :)

  2. Is the issue a "biz" c.card per se, or simply having a visa you use specifically / sole-ly for your biz for book-keeping purposes? I'm wondering if one of the prepaid visas would do the trick (you put whatever amount you want on it, then use it.)

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge