Seven basic Reasons Your Small Business Needs A Credit Card…
With more than 600,000 new small businesses started each year, it’s safe to say that the dream of being a successful business owner is a strong one. If you are considering starting your own business, or are already the proud owner of a business- here are 7 reasons why your small business needs a credit card: 1. Keep your personal finances and business finances separate. It’s easier than you think to accidentally mix up your funds. Using a credit card that is used only for your business expenses and purchases eliminates the problem of labeling every transaction in your personal checkbook or on your personal credit card statements at the end of the month. 2. Build credit in the name of your business. If you obtain a credit card in your business name, the more you use it and make on-time payments, the stronger you will build the credit score of your business. After several months of building a good credit history, you may be able to obtain small business loans or other sources of financing if necessary. 3. Get stuff for free. There are numerous rewards programs with credit cards. If you choose one that works for your business, you can easily earn the things you usually buy for free. For example, some rewards credit cards offer you a way to earn office supplies at a discount. The key to making a rewards program successful is to choose one with no annual fee and pay your balance off in full each month. If you travel regularly for business, it would make sense that you get a card with travel rewards- either earn miles towards free flights, or get free or discounted hotel rooms. 4. Easy record keeping. Owning a small business means you are allowed to deduct certain purchases on your taxes, but only if you have good records to prove you’ve made those payments. A credit card with an annual, itemized statement will make tax season a snap, regardless of the number of transactions you’ve made on your card. 5. Additional credit cards for employees. As your business grows, you may find the need to allow key employees within the organization the ability to make purchases or pay for business expenses on your behalf. Most credit card companies will allow you to obtain additional cards in other people’s names. Your transaction listings and statements will show which credit card made each purchase, allowing you to see at a glance whether the employee use of credit is being abused or not. 6. Concierge services. Depending on the credit card you choose, you may benefit from additional services like reservation assistance, verification of flights, and even a personal shopping service. Did you forget to get your wife flowers for your anniversary? A quick call to your credit card concierge service and they can make the arrangements for you. 7. Travel benefits. In addition to the potential to save money on travel costs with a credit card rewards program, most credit cards offer travel accident insurance that helps cover you for things like lost luggage or flight cancellations.
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Help answer the question about credit card rewards
What is the best rewards credit card for good but not excellent credit?What is the best rewards credit card. I only spend 400 a month and have good but not excellent credit.
July 7th, 2010 at 8:56 am
Hi,
You could find out and compare at this site under "Select By reward":
http://track.acclaimnetwork.com/apn_work/scripts/sclick.php?b2s=8790&SUBID=PARAM
July 7th, 2010 at 9:38 am
Citi PremierPass(SM) reward program enable cardholders to earn a point for each dollar spent for general purchases and a point for each three miles flown by a cardholder on any airline. It may include others who buy the ticket using the card.The points earned can be used for travel, products; gift certificates and the like. The most number of points that can be earned annually is 100,000. There is expiration if the account has no activity in every three years.
You may find a great Citi Premier Pass Credit Card Review here:
http://www.rewardcreditcardsite.com/travel-rewards-credit-cards/citi-premeir-pass/
July 7th, 2010 at 2:47 pm
If you pay you balance in full every month, your utilization rate makes very little difference. Besides, you will make yourself crazy trying to stay at 10% or whatever level some "credit expert" claims you should use for the best score.
Credit card companies report once a month to the credit bureaus. Whatever shows at that time is what they report. There is no way for you to calculate when to have that percentage for it to be reported.
Use the card for all your regular stuff and pay in full. That way, you get to use their money interest free and they reward you for it! If you consistently nearly max out the card and pay in full, they will raise your limit.
July 7th, 2010 at 11:49 pm
No. It's not treated as taxable income.
July 8th, 2010 at 4:57 pm
I have a credit card from American Express that pays me 5% cash back on all the purchases I make with no annual fee. I got it from this website http://www.123gocreditcards.com I really recommend checking that site out because it has other rewards cards you might be interested in as well. Good luck.
July 8th, 2010 at 5:33 pm
It sounds like Card #1 is the American Express Blue Cash card. I'm quite familiar with that card's reward structure.
Assuming your monthly spending is even across the 12-month period, then you should go with Card #1 (AmEx Blue Cash). Here's why: Your average rewards for supermarket spending with card #1 will be 3% (i.e. (5% + 1%) / 2), while your average rewards for supermarket spending with card #2 will only be 2%. Your average rewards percentage on all non-supermarket/gas/drug spending for both cards will be 1%.
Note, however, that to really know the optimal card for you for certain, you should take into account your entire categorical spending profile (including gasoline spending, drug store spending, and any other special rewards categories with either card).
You might find that this credit card rewards calculator is helpful to you:
http://www.creditcardtuneup.com/
July 9th, 2010 at 11:57 am
Nope. Any discounts you get from credit cards are part of the contract between you and the credit card company. They're considered "incentives," not income.
July 9th, 2010 at 12:57 pm
cardnow.undonet.com – try this one. You can compare different credit cards and choose the best one for you.
July 10th, 2010 at 8:56 am
For those who have very good credit and have plans of taking advantage of the reward program, American Express designed a card for you, the Blue Sky Rewards.
What are the reasons why this card is simply for you? It has reasonable interest rate. You do not any annual fee to pay for. You can also take advantage of the 0% introductory rate for your purchases in six months time. It has to be made clear that the introductory rate for balance transfers only applies to those who initiate a transfer when applying online for the card.
The great thing about the Blue Sky from American Express, the credit card rewards program are amazing. There's no annual fee, low introductory rates, and free rewards program with no blackout dates or travel restrictions.
Other benefits offered by the Blue Sky from American Express include auto rental insurance, a Return Protection which credits cardholders with the maximum amount of $300 for purchases that are non-refundable in 90 days. This also includes a year end report.
You may find a great review here:
http://www.rewardcreditcardsite.com/travel-rewards-credit-cards/blue-sky-from-american-express/