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Last year I switched from a Limited Company to a Sole Trader, I now have a Santander Account in the name of "Adam The Picture Framer", I have a Visa Debit card which I pay all my Suppliers with.
In these times of austerity, I was thinking of getting a personal Credit Card such as Tesco and using this to pay my Suppliers, that way getting a few "air miles" or some tokens for dog food in the case of Tesco..
Does anyone else do something similar ?
cheers
Adam/Bagpuss
My real name is Adam Laver aka "Adam The Picture Framer", just in case you were unsure ; )
We had a credit card that offered cash-back, we used it as much as possible, then every November we got a cheque in the post, very nice.
Three possible downsides. Not all suppliers are happy about accepting credit cards and may levy a charge, meaning it may cost more to use than you gain. Also making a purchase to redeem points or whatever means you may have to list this a personal expense and it may confuse the bookwork. Also be careful where you register the card, some suppliers will only deliver to the address which the card is registered so you may find you have to have things derived to your home, which is fine if you work from home, but not if you have a separate gallery
I know you guys have different system up there, but I use my Visa and Amex, which are both linked to the same account, to pay all my suppliers and as much other stuff as I can. I get quite a few frequent flyer points this way and have already had three return flights to USA and have enough for four more. Trouble is getting the time to do it and the money for accomodation, car hire, food and a squillion other things.
Got a Santander Business Account too.... only had 1 minor problem with sending them cheques over the bad weather before Xmas when one took 4 weeks to get there. For those that don't know, a Santander Business Acct is free banking but cheques have to be posted.
My Tesco Credit card get a good pasting with my suppliers.... receive about £20-£30 in vouchers every month. Was thinking about using them for AirMiles myself but the 3times face value at Chef & Brewer and other restaurants means the wife intercepts them before I can.
I used to do that and my company is limited. I don't know why I don't do it now, my RBS (*ankers don't get me started on that one) card charges me £25 for the privilege, mind you they charge me a small fortune each month for the privilege of me loaning them the contents of my bank account which they then loan to some poor sod at even greater profit.
Definitely don't get me started, I don't think my midlife crisis could cope with another front on this forum to fight.
I bank with Santander nee' Alliance and Leicester and cannot praise them high enough, at least for a small business like my own.
I can pay in at any Post Office which is far easier than going to a branch as these tend to be in town centres where as I can use any of the local village post offices. Don't even have to pay for a stamp for the cheque deposit envelopes.
A debit card comes with the account so I use this to make any purchases outside of my suppliers that I have accounts with e.g. hotel bill for Framers Forum Live. I have been offered a credit card but don't want one and they pay me interest (miserly but better than nowt) on my credit balance. Full online or telephone banking as well can't ask for much more than that.
I keep on meaning to switch to the co-op because of the free banking I get with the FSB, however I am always put off with the fact that they have no branches and I would have to post cheques or pay them in at the post office which would not be fun.
Hi Bagpuss, I have an HSBC business account and an HSBC personal account. I pay for most of my business purchases using a John Lewis Partnership card, which gets me and Mrs Shaggydog lots of vouchers at the end of every 3 months, and then do an electronic transfer of what I owe across. Shaggydog
