So here’s a weird question: Can I get this card and use it for personal stuff only? I know it says in the terms/conditions it should be for business purposes only, but is that really a big thing? I mean does the IRS care? Can you get in trouble for that sort of thing? I would imagine any credit card company would be glad to have an extra customer carrying and using their card whether or not it’s for a “business” classified purchase or not – that seems to be more for the IRS, not Amex. Any thoughts?
http://www.nerdwallet.com NerdWallet
Hey Peter, that’s not a weird questions at all. The answer is yes, and in fact I know people that do exactly that. The IRS only cares if you claim the personal purchases as expenses for your business, but as long as you use it only for personal purchases, and pay the bills out of your own pocket, the IRS doesn’t get involved at all (note that I’m not an accountant, so you shouldn’t take this as tax advice, but it has been my experience).
The only caveat is that you will need to own or be an executive of a business. They will ask you for the business’s EIN, revenues, etc. And while you can get that info anywhere, it is technically fraud if you lie about it.
Hope that helps!
Peter
Thanks – that helps a great deal. That is very similar to what I’m hearing from other people too. I am the head of my dept. at work, have full purchasing power with my (true) business platinum amex card, and have signed contracts with vendors, so I guess I would call myself an “executive”? I wouldn’t want to make the business liable in any way of course, but I see in the application online that you need to put the business tax ID, which I know, but hopefully that won’t tie them into my “personal” credit card.
