Desjardins Credit Card #134

YurkoWasHere · 2019-10-21T13:07:44Z

YurkoWasHere · 2019-10-21T13:12:54Z

Links/Notes

A way to pay your business expenses that includes:

a credit card specially designed for the needs of businesses1,
accord D Business FINANCING, for either a term loan from your caisse or Corporate Financial Centre, or to finance the purchase of durable goods at participating merchants.

https://www.desjardins.com/en/services_en_ligne/accesd_affaires/fiches_produits/fp_cartes_fiche_produit_ca.jsp

Application Process

(Info from the Online Account NOTE Cant be applied for online due to multi-owner/NPO)

Before completing your application, take a few minutes to read the following information:

Allow approximately 30 minutes to complete your application.
You can verify and modify your responses before submitting the application.
We suggest that you print your application form before submitting it.

Have the information you will need to provide on hand:

The company cardholders' first and last names, dates of birth, addresses, telephone numbers and functions.
The owner's gross monthly income (before taxes);
The owner's monthly rent/mortgage;
The owner's current employer(s);
The owner's properties, investments and savings;
The monthly payments and balances of the owner's credit cards, lines of credit, personal loans and mortgages (including property taxes); car lease payments and other financial commitments (interest-free financing, pay in one year, etc.);
General information about the company (address, date company was established)
The company's business registration number.
General information about the owner (personal address, social insurance number)
Financial information about the company (for financing equal to or over $35,000).

Important: It is your responsibility to review the accuracy of the personal information (assets and liabilities).

Please note that all our forms are secure and that the personal information you send is used only for the purpose of responding to your application. To find out more about Privacy and Security

For assistance while completing your application, call an AccèsD Affaires financing products sales agent at 1 888 233-2473.

Cant be done online for us

If the company is owned by more than one person or has more than one administrator or if you are a non-profit organization (NPO), please apply at your caisse or at your Desjardins Business Centres.

Questions asked

Business card credit limit:

The Business card is a great way to pay for or finance the purchase of goods and services and effectively manage your business expenses. The VISA Desjardins Business Card entitles you to the following:

The VISA Desjardins Business Savings Program, offering a 1% rebate on card purchases above $12,000 to a maximum of $500,000 per year, per company. The rebate is credited to your business account on the account anniversary date.
Accord D Business financing.
Interest rate equivalent to the Business Freedom Solutions line of credit interest rate.
Cash advances, available at Desjardins caisses, VISA financial institutions, and Interac VISA and caisse ATMs.
Ability to request additional cards.
Travel assistance.
Liability insurance against use of card after termination of employment.
VISA Desjardins à la carte Ticket Service.
Emergency cash up to $1,000.

Accord D Business financing credit limit

The maximum Accord D Business financing credit limit is $100,000.

Accord D Business financing is a second credit limit separate from your Business card credit limit that lets your company obtain instalment financing.

You have two options:

Financing in the form of a cash loan, directly from your caisse or Financial Corporate Centre, at the lowest market rates, and that automatically includes life and critical illness insurance at no extra charge for the business owner(s)1;
Financing from over 350 Canadian retailers at interest rates that are lower than those on your Business card.

Insurance coverage underwritten by Desjardins Financial Security Life Assurance Company. Only the insurance certificate sent with the statement of account is admissible for resolution purposes. Some conditions and restrictions apply.

benhylau · 2019-10-22T19:05:28Z

I think a credit card isn't absolutely necessary if we do pay personally and reimburse model on expenses, but I would be in favour of us getting a shared CC

YurkoWasHere · 2019-10-31T14:33:23Z

❓ Do we want to apply for a VISA card at the cost of $60.00 per year

@hyphacoop/member-workers
👍 or 👎 or 👀 - Please vote
If no 👎 by November 2 2019 - moving forward

Dejardins Visa cost - $60.00 / year for first card $0.00 for subsequent

Requires Personal Credit Check + Company Credit Check - Depends on the credit limit

Suggestions credit limit:
Total number of expenses per month x 2 months (because you have 3 weeks from the bill date to pay, until)

Must be done over the phone.

Turnaround - 4-5 day for visa to open an account + 2-3 days in the mail

patcon · 2019-10-31T19:42:15Z

❓ So it's a corp card, but they aren't intended to be "general use" -- they have one person's name (against which credit check is run), and only that person should be using it?

Sorry, I'm new to this.

patcon · 2019-10-31T19:48:43Z

Also, @uditvira raised in our call yesterday that CC seemed really helpful to have early.

❓ Lastly, if I'm understanding correctly that we just need one card for now, whose name could/should it be in? And will that person assist others in making purchases, so we can just have one card for now?

Thanks Yurko!

YurkoWasHere · 2019-10-31T20:17:16Z

So credit cards ALWAYS have a name on it
Business cards look like

                  5149-xxx-xxx-xxx-xxxx-xx

COMPANY NAME
NAME OF USER

But when making online payments you use the NAME OF USER not COMPANY NAME as "name on card"

"terms of use" of credit card is named person on the card only and numbers are not to be shared.

Even when you add some one to your personal account ( like your kid ) that are issued a separate card with a separate number even though its not their credit being used.

Same with the "TAP" credit cards on your phone. It's a different number on there too.

In reality this is not always followed but its at the risk of the named party. If their card is compromised its on them to have to answer to it.

YurkoWasHere · 2019-10-31T20:17:32Z

I should point out that the other option is use your own personal method of payment and then just expense it.

benhylau · 2019-10-31T21:39:47Z

What @YurkoWasHere said re: CC is consistent with my knowledge. CCs are tied to people, and that person decides if they will pay for collective expenses thru it. @YurkoWasHere and I talked on chat to decide he'll get it, not me.

patcon · 2019-10-31T22:46:50Z

If we just have one person to be holder, I'd make preferential nomination of @dcwalk (if she is willing), just to avoid unforeseen privacy concerns yurko might have (which I don't fault you for, but would like to navigate around)

YurkoWasHere · 2019-11-01T02:31:32Z

Clarification questions

link to card info online

First card is $60.00
- Because we are "members" of dejardins (we have an accuont) subsequent cards are free
Subsequent Cards are free
- Unlimited subsequent cards @ $0.00
Cashback 1% AFTER ~~$1500.00~~ $1,000/month
- First $1,000 does not qualify
Corporate vs Business card - whats the difference
- very week explanation but insisted CORP cards are for many cards and geared as med-large businesses
Where do the cards get delivered to head office - YES

If the company is owned by more than one person or has more than one administrator or if you are a non-profit organization (NPO), please apply at your caisse or at your Desjardins Business Centres.

Can we do it online or do we have to walk in -
- We are already a member of dejardins and don't need to open a "new" account
Anything to consider being an NPO
- Nope

Rough CALL notes

ask about general info first
Asked about how we receive money
Tried to push MONITICO? service on us
- Told them we are not ready yet and we will reach out when we are ready
Reaching out to to find out more and what Credit Limit they can offer
interest 3.95 + good or bad credit up to 8.5 %
Annually $60 first card + 1-4 no fee because excuse member - no matter how many cards are free
1% cash back - over 1000 1% cashback
to head office
we have the account opened so no need to go into a bracken
min 500$ credit - max

dcwalk · 2019-11-13T21:36:26Z

We discussed at the Nov 06 all hands and those present agreed to the following:

Proposal: we apply for $1000 ($60) credit card with Desjardins with two people listed on it: @YurkoWasHere Yurko, @dcwalk
- recommendation: 2 mths of expenses
- application for: $500 - 1000
  - Consensed on call, all 5 members okay with this proposal

patcon · 2019-11-20T17:09:20Z

@benhylau called and found credit card was declined because we need one year of history first. chat context.

Recommendation is:

Get a personal card thru Desjardins [+1 from @dcwalk]

Call to link it to biz account so we can directly pay the card thru the account

anything else ben?

created #todo to revisit

benhylau · 2019-11-21T17:59:11Z

No, that's pretty much it, and there seems to be a 1% cash back zero annual fee card.

patcon · 2019-11-21T20:39:19Z

https://www.desjardins.com/ca/personal/loans-credit/prepaid-card/index.jsp

Prepaid [personal] card: All the advantages of a credit card, without the credit

Is this the one ppl were leaning toward?

EDIT: Oh. Wait. So before, the conversation was about getting a card to build credit for the org. But since this now going to be a personal card, we're not going to be able to do that yet. And so then maybe we should just avoid debt instruments?

Additional card
Get an additional card (annual fee: $4.95/ card) for your spouse or children.

Proposed Actions

@YurkoWasHere legally adopt/wed fellow Hypha directors
order 3 additional cards

patcon · 2019-12-03T19:11:59Z

Turns out transferwise has a debit Mastercard for business accounts:
https://transferwise.com/help/18/transferwise-debit-mastercard/2935775/can-i-get-a-transferwise-debit-mastercard-for-my-business

Not yet available in Canada, but I signed up f******@hypha.coop onto the waitlist via this form :)
https://www.research.net/r/cardwaitlist

Thanks! You're on the list.
Open your borderless account now, to make sure you're at the head of the line.

We'll send you an email as soon as you can order a debit card.

dcwalk · 2019-12-04T19:34:03Z

Had a very helpful chat with Desjardins folks RE: Business Freedom Solutions package, which is the combined Credit Card and Line of Credit (As well as Business Financing stuff): https://www.desjardins.com/ca/business/financing-credit/credit-cards/business-freedom-solutions/index.jsp

Was super straightforward about conditions for application and said it'll still require the year of history.

benhylau · 2020-02-20T18:09:06Z

Wait until one-year and get a personal credit card that is associated with Hypha. For now, focus on expense process.

benhylau · 2020-09-04T17:32:43Z

After talking with Rodica, moving most expenses to CC will save us and her a lot of time. Currently she references our spreadsheet and manually sort stuff into QB. Adding the following to top post:

Apply for CC
Switch all recurring payments to CC
Sync with QB and make rules to auto-match payments into appropriate accounts (e.g. OVH, DO, etc.)
Make Cost Centre in member expense sheet match with our Chart of Accounts

YurkoWasHere · 2020-09-22T19:05:16Z

Applied for corporate credit card.

Timeline: preferably <1 week no more then 30 days from today

General Resolution sign VISA - General resolution.pdf
1st year financials

Submit via email:

Please send us the completed and signed form by email at credit.commercial.form@scd.desjardins.com or by fax at 514-397-9852 or 1-866-720-4210 (toll free). We’ll process your request as quickly as possible.

YurkoWasHere · 2020-09-30T21:23:32Z

We got the card,
we just dont have the card.
(waiting for mail man)

patcon · 2020-09-30T21:30:35Z

@benhylau suggests upping limit to allow ARIN/ASN payment #329. added to todos

patcon · 2020-10-28T21:33:55Z

dicsussed in allhands today

YurkoWasHere · 2020-10-29T16:21:58Z

Called in - Credit limit increased

benhylau · 2020-11-03T21:37:11Z

Talked with @dcwalk the cwcf isn't on auto, so she will use new card when invoice comes. I checked it off.

dcwalk · 2020-11-06T19:58:33Z

recent call with them confirmed they moved to an online process for renewal and that should happen post-AGM. They'll generate an invoice to send and we should be able to pay with CC. So not a block on closing this issue

YurkoWasHere mentioned this issue Oct 21, 2019

Migration of Bank Account to Dejardins #130

Closed

4 tasks

YurkoWasHere added [priority-★★☆] finance Back office finance tasks labels Oct 21, 2019

YurkoWasHere self-assigned this Oct 31, 2019

patcon mentioned this issue Dec 2, 2019

Archive 2019-11-27-all-hands-meeting.md #162

Merged

benhylau unassigned YurkoWasHere Feb 20, 2020

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benhylau added the [priority-★★☆] label Sep 4, 2020

YurkoWasHere changed the title ~~Dejardins Credit Card~~ Desjardins Credit Card Sep 22, 2020

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patcon assigned YurkoWasHere Oct 28, 2020

benhylau closed this as completed Nov 25, 2020

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Desjardins Credit Card #134

Desjardins Credit Card #134

YurkoWasHere commented Oct 21, 2019 •

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Desjardins Credit Card #134

Desjardins Credit Card #134

Comments

YurkoWasHere commented Oct 21, 2019 • edited by benhylau Loading

Shared Description

To Do

YurkoWasHere commented Oct 21, 2019

Links/Notes

Application Process

Cant be done online for us

Questions asked

Business card credit limit:

Accord D Business financing credit limit

benhylau commented Oct 22, 2019

YurkoWasHere commented Oct 31, 2019 • edited Loading

❓ Do we want to apply for a VISA card at the cost of $60.00 per year

patcon commented Oct 31, 2019 • edited Loading

patcon commented Oct 31, 2019 • edited Loading

YurkoWasHere commented Oct 31, 2019

YurkoWasHere commented Oct 31, 2019 • edited Loading

benhylau commented Oct 31, 2019

patcon commented Oct 31, 2019

YurkoWasHere commented Nov 1, 2019 • edited Loading

Clarification questions

dcwalk commented Nov 13, 2019

patcon commented Nov 20, 2019 • edited Loading

benhylau commented Nov 21, 2019

patcon commented Nov 21, 2019 • edited Loading

Proposed Actions

patcon commented Dec 3, 2019 • edited Loading

dcwalk commented Dec 4, 2019

benhylau commented Feb 20, 2020 • edited Loading

benhylau commented Sep 4, 2020

YurkoWasHere commented Sep 22, 2020

YurkoWasHere commented Sep 30, 2020

patcon commented Sep 30, 2020 • edited Loading

patcon commented Oct 28, 2020

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dcwalk commented Nov 6, 2020

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