Best Business Checking Account

[Andrew Hemminger]

Hello everyone,

I'm in the process of moving my portfolio into a few LLCs. I've done a bit of research on business checking accounts but was curious if anyone on BP might have a recommendation based on personal experience.

Side question - is it possible to implement a hack whereby your mortgages get paid with a business credit card (i.e., to accumulate points)? I'm assuming no but figured someone from this group may have tried something similar.

Thanks!

[Andrew Hemminger]

Thanks Joe!  I looked into paying the mortgage with a credit card and it usually comes down to:

- Will the bank that holds the mortgage allow it?

- Will the credit card company allow it?

Most banks won't allow it as they don't want to pay the high fee (my AMEX is like 2 or 3%).  However, there IS a company (Plastix I believe) that acts as the middle man such that you can get around the issue entirely.  Essentially you pay them (plus a 3 percent fee) and they ACH pay your mortgage.  This might make sense if you really want the points.  In essence, if you bumped your rent by 3 percent your tenant would be paying the fee anyways.  With that said, I haven't done any detailed math to see if it would make sense from a financial returns standpoint.