Personal credit card or business card for investing in real estate?
Is it allowed to use your own credit card instead of a business card to invest in real estate?
#1 All Forums Contributor
- Investor
- Virginia
@Ali Nurmohamed
You could but why would you ? Credit card rates now are double digit interest. You will not get real estate today performing better than your credit card interest rate
Quote from @Ali Nurmohamed:
Is it allowed to use your own credit card instead of a business card to invest in real estate?
I only recommend using cards for the points, which means you have to pay the balance in full every month and never carry a charge.
Business cards usually have better benefits, but you can use either. If your property is in an LLC, the card should also be in the LLC name.
Quote from @Chris Seveney:
@Ali Nurmohamed
You could but why would you ? Credit card rates now are double digit interest. You will not get real estate today performing better than your credit card interest rat
Silly me I meant is it allowed to use your debit card to buy real estate?
Quote from @Ali Nurmohamed:
No, you typically cannot use a credit card to purchase real estate. There may be some exceptions for really cheap properties, but I'm not aware of anyone doing this and I certainly wouldn't advise it.
I would not over think it. Getting a card for the points makes sense if you pay it off each month. Once you are big enough and have a team in place considering getting a business card with authorized users may also be a good idea but do not let it hang you up early.
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Real Estate Agent Iowa (#S68688000)
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#1 All Forums Contributor
- Investor
- Virginia
@Ali Nurmohamed
I know some funds allow you to use a debit or credit card to invest in real estate.
No seller or closing office accepts credit card for housing tender. I assume you know that. If you're talking about using a credit card for a balance transfer, it does not matter at all where the cash comes from. The title office just wants money wired in. Your lender May care however.