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Today, we will take a step away from building your website to something essential every business owner should have—a business credit card.
Before you say anything, yes, you can use a debit card, but I want to share with you the best business credit card that I use for my business.
Most importantly, you MUST keep your business and personal accounts separate!
There are many reasons for this, but to keep it simple, make sure you open up a separate checking account from your personal accounts.
If you want to get bonus points, open a savings account that you can use to keep all your taxes. If you want more information about that, let me know.
If you search for business credit cards, you will soon know there are many options.
What it comes down it is what works for you. I have found Capital One and Chase easily fit the bill. Each has its uniqueness, but both companies have something vital, superior customer service!
How Do You Choose With so Many Options?
As you already know, there are many options when choosing a card for your business and personal needs. I would suggest making a list of essential things for you.
Here are a few to get you started:
- Points or miles for each dollar spent
- Travel perks
- Purchase protection
- No blackout dates when you want to travel
- Excellent customer service
- Companies that have been around for a while
- Different cards depending on what my needs are
Finances are generally an area people don’t like to talk about. But we are talking about business, and it’s the only way we will survive.
Please remember always to be responsible when using credit cards. If you have had debt in the past, you know it’s not fun and a terrible way to get ahead. Use any credit cards with care and constantly monitor your spending.
It can take years to get out of debt, and if you are not good with finances, I would suggest you DO NOT open any credit cards. Use the debit card that comes with your new business account.
If you can be responsible, and if you are interested in the credit cards I use, continue reading.
Responsibility for Credit Cards
When talking about credit cards, some love them, and some don’t.
Again, you should only use credit cards if you are responsible and always make sure you pay them off every month.
Recently, I have found that credit cards and debit cards offer added protection, but having a credit card provides some extra bonuses for some.
If you travel a lot, there are the added perks that you can receive. Like getting into airport lounges, discounts on Lyft rides, and more.
Again, nothing is free in this world, and it’s important to pay off the card every month. If you can manage your finances, getting a card that suits you is the way to go.
Let’s get this started with Capital One. As with many “big players,” they have different cards to suit your needs.
I use Capital One as my card. The card I have provided unlimited 2x miles per dollar on every purchase and the potential to earn an additional 100,000 miles!
Keep in mind that these additional miles are promo offers only. It’s generally a one-time thing. Each card has restrictions and guidelines, so always read the fine print.
Some of the important notes:
- Possibility to earn unlimited rewards.
- Up to, and sometimes more, than two miles per dollar spent
- Many ways to redeem rewards
- Global Entry application or TSA Precheck application fee waivers
- No foreign transaction fees
- Travel accident insurance
- Extended warranty
The card we are talking bout is the Capital One Venture Rewards card. I have been using it for five years now and have loved it.
Keep in mind that some cards, such as this one have a small yearly fee.
If it’s something you think will work for you, generally, you will make more than you pay for it.
If you want a card without yearly fees, there are many options. For example, the VentureOne card where you earn 1.25 miles for every dollar spent. Click the image below for more information.
I am not going to lie here; I like Chase, and I have a personal card and business card.
I even had their Sapphire card for a few years, which was my favorite. Well, until they increased the yearly fee, I decided to cancel it.
Chase has so many different options that it might be impossible not to find one that fits your needs.
The best part, in my opinion, is their customer service is fantastic! I’ve called numerous times and haven’t had a bad experience.
This is why I went with their Business Ink card for Wilde Advantage Services LLC!
Chase Freedom Card
Let’s cover the card I have had for as long as I can remember, the Freedom card. Here is some reason I decided to keep this card and still love using it today:
- No annual fee
- Extra 5% back on different items and business throughout the year
- Cashback, 1.5% on all purchases, 3% on dining, and 5% on travel purchases through the Chase Ultimate Rewards
- The cashback rewards never expire.
- Service protection
Quick Chase Story:
I wanted to jump in here and provide you with a quick update on how happy I am with Chase.
A few nights ago, while watching tv, I received an engaging text. From a number, I didn’t know. The text advised me that there was a purchase made on my Chase Saffire card.
It provided me with the business and dollar amount, both of which I had NO CLUE about.
I panicked a little bit because I know how much of a pain-in-the-ass fraud can be. Lots of paperwork, phone calls, and generally need to get a police report (in case you didn’t know, I used to investigate fraud cases). But it’s never happened to me. So I took a deep breath and read the last line of the text message from Chase.
Basically, it said, “Was this you” and wanted a reply of Yes or No.
Obviously, I replied NO, yes in capital letters.
Something very interested happened. I was informed that the purchase would not go through (the charge was dismissed), my account was frozen, and I would be receiving a replacement card soon.
All with ONE TEXT! Talk about easy.
I immediately logged into my email and was provided with much more information. I also called Chase to verify, and they said that there was nothing I needed to do. The fraudulent charge never even showed up in my pending purchases.
This goes to show how very pleased I am to be a Chase card member. This process was so easy. And if you are wondering, yes, I am cautious with my credit cards, but I guess hackers will always find a way.
My last recommendation for any card that you have is – Keep your information current.
Make sure you give your credit card company a good email address, your current cell phone number (allow for text messages), and your current mailing address. Because I had all that done, I was able to stop this fraudulent charge immediately.
As one of my goals is to travel more, I am always looking for a deal. I’m not sure if you have ever seen people skipping the lines when traveling or going into the much shorter lines at customs. I know I did.
Case and point, I remember the last time I went to Europe, I realized people were skipping the line with the TSA. I realized others are doing this with customs as well.
This even happened during domestic flights, seeing others going down the less crowded line and didn’t even have to take off their shoes.
It didn’t take long to find the Chase Saffaire card that would allow me to do this. As I mentioned, the benefits offset the cost of having this card. After all, having the ability to have TSA Precheck, Premium Pass for airport lounges, and Global Entry is a no-brainer.
Oh, and did I mention that all of this was free.
Do Your Research
Depending on what you choose, remember always to do your research. You want to make sure that the card benefits suit your needs.
Most importantly, remember always to pay your credit cards off each month. You don’t want to run into business debt this early on. Not to mention the interest rates can be very extreme.
As long as you are responsible, using credit cards can be a massive benefit. You can get the business supplies, equipment, and items you require while earning some points or miles along the way.
With more and more things moving into the online world, you will soon realize that you need to have another payment form besides cash.
If you buy a training program online, it will be challenging to pay them with cash.
Also, having credit cards offers you an extra layer of protection.
If you have further questions about the Chase or Capital One cards I discussed, let me know in the comments below.
I have had both of these cards (for business and personal) for many years and wouldn’t suggest them if I didn’t stand by them myself.