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AMEX is one of the best cards for floating monthly expenses. Customer service is top notch, and you often get an extra year warranty on anything you buy. If you

by pxlpshr 18y ago

AMEX is one of the best cards for floating monthly expenses. Customer service is top notch, and you often get an extra year warranty on anything you buy. If you're irresponsible, prepared to get slaughtered by high interest rates that pay for these services... That said, I would not use an AMEX to bootstrap a company. You can find a better interest rate through VISA/Mastercard. I currently use an AMEX Blue (cash back) for my personal stuff, balance is paid IN FULL every month. And we have a business checking account for the iPhone company. $5/month through Wells Fargo. While I keep a few accounts at Wells Fargo, I bank through ING Direct. Love everything about ING, and they have great leadership. One complaint: for an online bank their web interface is freaking terrible.

moonpolysoft 18y ago
Careful with ING. In November they closed my account with no advanced notice and no chance for me to make any arrangements for my money. I couldn't access my savings for 2 weeks while I waited for a paper check. I also had to wait for a paper paycheck since it was too late to change my direct deposit. When I called they said that I had taken advantage of too many of their "free" services and my account had become unprofitable. No one there, including the ombudsman, cared that they had cut me off from my money for 2 weeks or that my bills would be late.
- kirubakaran 18y ago
  Wow thats scary. I have almost all my savings in ING. What "free" services are you taking about?
  - moonpolysoft 18y ago
    Well, what happened to me was that I was having a tough month, and a couple of automated ETF's came in unexpectedly. They all got returned NSF on the same day and the next day without any warning they just shut down my account without notice. The only way I knew something was wrong was that I could no longer log in to my account.
- pxlpshr 18y ago
  That's interesting, thanks for the warning. Too many "free" services is what I don't understand since everything they offer is essentially free. I've heard of them closing accounts before, in the book "Mavericks at Work" ING actually promotes the behavior of rejecting bad customers. While I agree, I think there needs to be absolute transparency around their banning policy so it's crystal clear form the start to prevent issues like yours.
ivankirigin 18y ago
do NOT bootstrap a company on credit cards, Amex or otherwise.
- pxlpshr 18y ago
  It's not something most people should do, but if you're in a pinch it might be a lot better than diluting & dealing with the hassles of bringing in more angels. I don't think you're giving enough credit (no pun intended) to credit card companies willing to give you 0% interest for 6 months to a year. But to your point, it's very risky and NOT something most people should even consider. There's no way in hell I'd sell my soul to a credit card company at 20% APR either. I have never bootstrapped a company on a CC. Fortunately this latest endeavor is all about micro-transactions so we're cash-flow positive very quickly. If I bootstrapped on a CC, I would never exceed a debt level more than the value of personal assets (car, equipment, etc..). Always plan an exit...

by pxlpshr 18y ago

moonpolysoft 18y ago

Careful with ING. In November they closed my account with no advanced notice and no chance for me to make any arrangements for my money. I couldn't access my savings for 2 weeks while I waited for a paper check. I also had to wait for a paper paycheck since it was too late to change my direct deposit. When I called they said that I had taken advantage of too many of their "free" services and my account had become unprofitable. No one there, including the ombudsman, cared that they had cut me off from my money for 2 weeks or that my bills would be late.

kirubakaran 18y ago
Wow thats scary. I have almost all my savings in ING. What "free" services are you taking about?
- moonpolysoft 18y ago
  Well, what happened to me was that I was having a tough month, and a couple of automated ETF's came in unexpectedly. They all got returned NSF on the same day and the next day without any warning they just shut down my account without notice. The only way I knew something was wrong was that I could no longer log in to my account.
pxlpshr 18y ago
That's interesting, thanks for the warning. Too many "free" services is what I don't understand since everything they offer is essentially free. I've heard of them closing accounts before, in the book "Mavericks at Work" ING actually promotes the behavior of rejecting bad customers. While I agree, I think there needs to be absolute transparency around their banning policy so it's crystal clear form the start to prevent issues like yours.

ivankirigin 18y ago

do NOT bootstrap a company on credit cards, Amex or otherwise.

pxlpshr 18y ago
It's not something most people should do, but if you're in a pinch it might be a lot better than diluting & dealing with the hassles of bringing in more angels. I don't think you're giving enough credit (no pun intended) to credit card companies willing to give you 0% interest for 6 months to a year. But to your point, it's very risky and NOT something most people should even consider. There's no way in hell I'd sell my soul to a credit card company at 20% APR either. I have never bootstrapped a company on a CC. Fortunately this latest endeavor is all about micro-transactions so we're cash-flow positive very quickly. If I bootstrapped on a CC, I would never exceed a debt level more than the value of personal assets (car, equipment, etc..). Always plan an exit...