Good to know that Wells Fargo is making good use of their bailout money afterall. I suppose it is more important to take the employees on a Vegas vacation than to keep credit available for small businesses with spotless credit.
For now, we’re using the credit card that I got back in 1997 for our business needs. We only have five or six charges per month, and all of them are automatically charged. We switched two of them today, and I’ll do the others tomorrow. My first card was from CitiBank, and ironically it’s still active even though I haven’t used it in years. I blew the dust off the card I had, noticed that it had not expired (they’ve been sending me new cards every few years, even though I wasn’t using the account), and called them to have them issue a second card in my husband’s name.
We’ll use the Citi card for our business needs for the time being. It’s only a few hundred dollars a month, and we can pay the bill from our corporate checking account (I keep meticulous records, and the card won’t be used for anything non-business). The other option was to use our regular personal credit card and reimburse ourselves, but that’s one more layer of record-keeping that I’d have to do, and I perfer to keep things as simple as possible.
We are still considering switching to a credit union (reader comments have been encouraging in that regard), but we want to figure out where we’re going to be living before we go through that process. Anyway, for now I’m just so happy for the good executives at Wells Fargo. It’s great to know that they get to take a sweet vacation using tax dollars.