Saturday, 16 May 2020

Top 4 Small Business Credit Cards

Top 4 Small Business Credit Cards

I am going to be talking about the top 4 best credit cards for entrepreneurs. I did not know business credit cards are a little bit more different from your personal credit cards. Business credit cards are like personal credit cards on steroids. That is how I always put it and the reason why I say that is because they offer a plethora of benefits.


Benefits Of Business Credit Cards

  1. Better Welcome Bonus
  2. Better Protection
  3. Better Cash Back Categories For business owners


Business Credit Card Do Not Report To Your Personal Credit Card Account

If you are someone who owns a personal credit card account and business credit card account. If you have a $10,000 balance on your personal credit card account that you feel like not paying off and you want to carry that balance over and you don't want to pay off your credit because your debt went up, your credit report or your credit score will go down. But if you had that $10,000 debt on your business credit card, it does not affect your personal credit report, you would still maintain your good credit score of 750 or whatever your credit score is. That is another huge benefit.

I think these credit card issuers understand that when you are trying to start your own business or your own side hustle or whatever it is, there is a lot of risks involved. And if you are putting your credit cards on the line and you are jeopardizing your credit score I think that just makes the whole thing even harder than it already is,

If businesses are not supposed to succeed statistically so I think it is really nice that business credit cards do not affect your personal credit report I think that is just one of the main benefits of a business credit card. 


What Business Qualifies For A Business Credit Card?

The business credit cards should be named small business credit cards or side hustle credit cards or startup credit cards and the reason is that anything can be a business. If you have walked someone's dog before if you have tutored anyone before and got paid for it, if you look someone's travel plan and they paid you for that or if you sold some books and flip some stuff on eBay, sold some shoes on the internet over the eBay. That all counts as a side hustle or a small business. You are conducting a business transaction and just because you are not doing $10,000 a month it does not mean that you don't qualify for a business credit card. Business credit card is meant for just everyday people, they are meant for people who are looking to start their business that may not be up in millionaire, billionaires, and quite successful yet.

They are supposed to be a leveraging tool that we have and that we can take advantage of if we need it.


Here Are The Small Business Credit Card

1. Chase Ink Business Preferred card

Chase Ink Business Preferred card

This card offers you an 80,000 point bonus and if we do a $0.1 to one point equivalent, that is $800, but if we did a $0.2 to one point equivalent which is not hard at all to do, you are getting $1,600 worth right there. If you are making $1,600 from a single credit card, that is good value right there, that alone allow you to keep that credit card for at least a decade. Just an amazing feature from that credit card and that is why it is number one on my list because it offers such a high welcome bonus that you can attribute to anything and it is just free money. 


2. Chase Ink Business Cash Card

Chase Ink Business Cash Card

The chase inc business card places a little bit higher than an unlimited card and this is because there are some cashback categories in there that I really found myself using a lot.

They offer a supply store is where you get 5% back, which is valuable. But on top of that.

They offer these promotions where you don't have to pay interest on your credit card for about 12 months. 


3. American Express Blue Business Cash or The Blue Business Plus Card

The Blue Business Plus Card

I am going to categorize these both as to number 3 because they are essentially the same card except the blue business plus card gives you point, while the blue business cash gives you cashback. If you are someone who does not want to get into the points game for whatever reason and you just want to do cashback maybe it is a lot simpler for business deduction or if you want to give out your cash to employees it just a lot easier to calculate, then the blue business cash card is a card you want to go for. 

The American Express blue business cards are very easy to get accepted for so most people that I know that apply for it get accepted automatically on the first try. 


4. American Express Platinum Card


This card offers so much value if you are someone that travels a lot. if you are someone that doesn't travel a lot, this might not be worth it to you. But if someone who works from home and you are just sitting at home all day and you don't really leave the house, you want to be produced somewhere else and you want to have a nice quiet working space. The business platinum card offers a benefit called we work membership. This basically means you can go to any office and we work location and work there completely for free just by applying for that business card.
The business platinum card has a super high welcome bonus where you have to spend $25,000 to get the full 100,000 membership reward point. 


My top 4 best cards for entrepreneurs may not be the top 4 best for you. It is going to be depending on what your business is. If you are someone who's spending a lot of money at the office supply store then a card like the inc business cash card is going to be the one for you or if you are someone who spends a lot in categories that don't apply to the ones that I mentioned, then cards like the blue business plus or the blue business cashback are going to be the ones that are best for you. it just depends on what your business is and where you are spending your money. 



Conclusion

I did not know that business credit did not affect my personal credit report and I did not know some of these cards offered no interest for long periods of time. I took advantage of that and it was one of the best decisions I made, and if you are someone who's looking to start their own business you have to invest into wholesale items or more cost of goods or advertising, you are not sure where it is going to and you don't want to injure your personal credit report and you don't want to take out a loan from the bank that is going to give you 20% to 30% interest. Look into business credit cards. 

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