Buying an existing business with a credit card

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Buying an existing business with a credit card

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Maria

posts: 2

Jan 20, 2009 5:22 PM ET Quote Report Abuse

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Hi there,

Has anyone given a downpayment on an existing business with a credit card, if so how did you did it?

My interest is really low.

Regards,

Maria

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EngineersCanSell

posts: 163

Jan 20, 2009 7:40 PM ET Quote Report Abuse

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I`ve never done it before, but don`t most CC`s provide you with checks to write against your account? I know mine does. Maybe that would be a way.

I`m making a big assumption that your credit limit is modest - say less than $10k, if that`s the case, why not try an SBA loan instead?

MattThomas

posts: 203

Jan 21, 2009 11:37 AM ET Quote Report Abuse

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What exactly is the down payment for? Are you purchasing an existing business or are you purchasing equipment or supplies.

Be careful if you are going to use a check, they sometimes count as cash advances. Read the fine print and be absolutely positive that it is not a cash advance before you use them.

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