Friday, 5 June 2020

Best Business Credit Cards in 2018

Best Business Credit Cards in 2018
16 Aug
2:13

Hey I'm Adam Jusko from ProudMoneycom and in this video I am talking about the best business cards for small business owners

Before I do that I'll ask you to please subscribe to our YouTube channel if you have not already and if you have I thank you for doing so So we're going to talk about eight different cards here in the business card category We're going to talk about three in particular and then another five that maybe you'll want to consider as well, based on your spending patterns and your desire for a bonus upfront you may want have a different ranking than we would have So we're gonna include a number of cards here but we're going to kind of give our top three that we think most people would probably want to jump on Now what we're not going to include are business credit cards that are tied to airline programs or hotel programs or anything of that nature, so no Southwest, no United or American cards, no Marriott — any of those kind of cards we're not going to talk about here, because if you already have an existing relationship with them, then you can make that decision on whether you want to continue that with your business purchases But for just the average business owner that maybe doesn't have a relationship, doesn't use those sort of things already, it doesn't necessarily make sense to bring those into the equation So, again, if you already have those relationships, you can look at those cards closer and decide if they fit better for you

So the top three cards that we are going to talk about here for small business owners Number One is the American Express Simply Cash Plus business card This is a no annual fee card that gives you 5% cash back on your office supply purchases and wireless purchases, three percent cash back on a category of your choice — those categories are things like airfare, restaurants, and a lot of other categories both in travel and otherwise that will make sense for a lot of small business owners — and then you will get 1% cash back on everything else

Now there's no bonus opportunity here, so those cash back categories are where the goodies are in terms of rewards on this card Number Two is the Chase Ink Business Preferred This is a credit card that has a $95 annual fee You're gonna get three points per dollar on travel, internet, cable, phone services, shipping, ads on search engines and social media — so a lot of 3X categories there You'll get one point per dollar on everything else that you spend with the card

Now if you redeem these points through the Chase Ultimate Rewards program, each point will be worth 125 cents if you redeem for travel through Chase Ultimate Rewards If you redeem for something else through Chase Ultimate Rewards, it will be the normal sort of "one penny for one point" For example 10,000 points would equal $100 if you're redeeming not in travel For travel, those 10,000 points would equal $125 in travel

Now speaking of that, there is a huge bonus opportunity here: if you spend $5000 with the card within the first three months of having it, you're going to get 80,000 bonus points, which again if you use those in the Chase Ultimate Rewards situation and you redeem it for travel, that is worth a $1000 So this is a $95 annual fee card that is giving you a big opportunity to earn $1000 worth of travel here right off the bat And even if you don't use it for travel, it's still giving you the opportunity to get essentially $800 worth of other rewards, so that is a really nice bonus opportunity for business owners right off the bat Number Three is the Capital One Spark Cash Select card, a very straightforward card, it gives you 15% cash back on all the purchases you make with the card

There is also the possibility of getting a $200 bonus if you spend $3,000 in the first three months of having the card So those are sort of the three base cards that we'll talk about Now there's another five cards that I'm going to bring up that you can check out and decide if they fit your spending patterns better The number one or the next card I'll talk about is the other Capital One Spark Cash card and this is the card that gives you two percent cash back on everything that you buy with the card

However it does have a ninety five dollar annual fee, which is waived for the first year, but then you'll have that ninety-five dollars every year after that So if you compare this to the Capital One Spark Select Card that I just talked about, once that annual fee kicks in you basically have to be spending at least twenty thousand dollars a year for this card to be better than the other Capital One card So keep that in mind — if you really put a lot on your cards, then this is one that could make a lot of sense for you If you don't charge quite that much on a business credit card, then the other one that's giving you the 15% cash back will make more sense

Next card is the Lowe's American Express Business Card Number one, it gives you 5% off all of your Lowe's purchases, so if you're a contractor or someone else that does business very regularly with Lowe's, this card is obviously going to make sense for you You can also earn other point rewards that will go towards more Lowe's gift cards or American Express gift cards so that's kind of how that works Maybe not for every card user but again if you're a contractor or somebody that has a reason to be at Lowe's often then this is a business credit card that might make sense for you The next is the Ink Business Cash Card, the other card sort of in the Ink family here from Chase

This one does not have an annual fee and it has a very different structure than the Business Preferred card that I talked about before I'm not going to go into all the specifics but it has a points program that is somewhat similar to the program that the American Express Simply Cash Card has — you've got different cash back categories there that you can use that are all kind of set up towards different business expense categories that you would commonly have The other piece there that might make it more attractive than the American Express card that we talked about is that you can also get a $500 bonus if you hit your spending caps there Next card the Bank of America Business Advantage card gives you 3% on gas and office supply purchases, 2% on restaurants, and 1% on everything else You can also get a two hundred dollar bonus if you spend five hundred dollars with that card in the first 60 days of having it So those are a lot of different cards to consider Think about how you spend in your business, whether those upfront bonuses are very important to you, and you can sort of decide which one of those makes sense

But those really are in our opinion the best handful of small business credit cards that are on the market today So thanks for watching Please go to ProudMoneycom for other credit card reviews and best of lists and all sorts of other good stuff Thanks for watching

Bye

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