Forum Discussion

TNTasks's avatar
TNTasks
Contributor 3
2 months ago

What is a good Business Credit Card to have for our line of work?

Hey Jobbers:

I'm in the 7th month of business and things are going quite well, but I've been thinking of trying to get my purchases to work of me. Often times credit cards will give perks for cash back or rewards points depending on the purchases that one makes. In our line of work, purchases are pretty out of the norm to other business on a day-to-day basis. I've been doing some research of different programs, but the ranked lists seem to be sponsored by banks, like usual. Hard to trust biased articles. 

I was wondering if anyone had personal experience/ good recommendations for a credit card that is geared towards Home Services/Handyman companies.

Thanks in advance,

Think N Tinker 

accounts payable
financing
getting paid
processing payments
profit margins
  • TNTasks's avatar
    TNTasks
    Contributor 3
    2 months ago

    Thanks for the financial advice. I'm aware of the how credit systems work. However, that isn't the point of this discussion. I'm asking to see if any other professionals have found a rewards program that work well for our industry. For farther context, I operate a Business/Home Repair services company. I make a lot of small purchases that add up over time. Since I am a newly founded company, I don't have the benefits of better distributor pricing (yet). I am working towards a lot of those perks in the meantime. 

    One thing I can use to my advantage is rewards points and cash back programs and be diligent about my finances so that my company doesn't get "put in the hole". My hope is that readers may have some input/experience with a program that works well for our industry. 

    Thanks again.

     

    • ryaantuttle's avatar
      ryaantuttle
      Jobber Ambassador
      2 months ago

      Again, although I see where you're coming from, I still don't advise using credit cards to get rewards or points. If you know how that system works, you know it's a trap to avoid. Typically the interest, hidden fee's and constant incentives outweigh the cost of the rewards or points. 
      That's why I said there's no "good" credit cards no matter what industry you're in. 

      I speak from experience and not trying to ruffle your feathers. The point of this forum is for open, honest' feedback that should be unfiltered as long as everyone's following the guidelines of respect and candor.

      Best of luck to you,Steve!

  • MitchyTheKid's avatar
    MitchyTheKid
    Contributor 2
    2 months ago

    Capitol One Spark. I am applying for the 1.5% cash back. They have other programs that pay you more but I will never pay an annual fee. A very good friend of mine has been in business for many years and he does Costco credit card for gas and claims 4% back and uses Capitol One Spark. Best part is it comes back tax free. Pay them off every month and you never pay interest.

    Cheers!

    • TNTasks's avatar
      TNTasks
      Contributor 3
      2 months ago

      Thanks Mitchy! This is good info to run with. Umpqua has a Business card that gives 2% on your most frequent purchase category outside of the designated 5% bonus categories (gas, travel, etc). Since I purchase from distributors and hardware stores, that type of system works perfectly for my business. Unfortunately, it's with a regional bank so not everyone can benefit from this system. 

  • jsa2025's avatar
    jsa2025
    Contributor 3
    2 months ago

    I totally get that you want a rewards program that works for your business and helps you stay on top of your finances. The American Express Gold Card could be a great fit—it offers solid rewards on dining, travel, and everyday purchases. Plus, you can earn cashback and points that add up fast, making it easier to reinvest into your company. If you're looking for a way to get more out of your spending without the hassle, this card could be a game-changer for you. Here my personal link where you can apply: full disclosure I get points if you apply and get approved (:

     https://americanexpress.com/en-us/referral/gold-card?ref=JUANAJQeT&XLINK=MYCP

  • jsa2025's avatar
    jsa2025
    Contributor 3
    2 months ago

    I have it personally, last year alone got 240,000 points without paying any interest. Of course, you have to pay your full bill every month.

  • ryaantuttle's avatar
    ryaantuttle
    Jobber Ambassador
    2 months ago

    There's no such thing as a "good" credit card. They are designed to put you in the hole. As long as your estimating process, mark-up and deposit is correct, you should be able to make any moves you want unless you're trying to buy a large piece of equipment or vehicle, which should be done with a loan w/ good terms.

  • judithvirag's avatar
    judithvirag
    Contributor 4
    2 months ago

    Great question. I am in Canada and I use TD Visa because I can collect points for travelling.  This way if I want to travel to a conference I don't have to pay airfare most times and some other perks.  Plus I like to travel personally as well.  Also, I can use some of the points to get gas cards for my team.  Depends if you would prefer cashback or points.   

  • KellyGuerrero's avatar
    KellyGuerrero
    Contributor 4
    29 days ago

    We use AMEX Blue Business card for our monthly purchases.  We pay the balance each week and it allows us to get back just around thousands a year in rewards!  We've also used the Capital One Spark card with the same benefits.  The trick is to pay it each month and not carry a balance.  With that being said, sometimes we've had to carry a balance if we had slow paying clients with a big job that required larger materials purchases, but as soon as we received funds from the client we settled the balance.   

    So long as you use the cards responsibly, using cards to leverage cash Flow in your business is a smart money move. 

    We did try one of those "no preset spending limits" and I didn't like that for us because an algorithm is deciding whether or not to approve the charge. 

    Hope this helps!