Small business credit card recommendations

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moneywise3
Posts: 385
Joined: Mon Nov 22, 2010 6:54 pm

Small business credit card recommendations

Post by moneywise3 » Sun Sep 09, 2018 8:54 pm

Looking for recommendation on a credit card for a side gig. Basically want to track expenses independent of personal expenses. Won't mind a sign on bonus to go along with that. Prefer no annual fee, but if the rewards/benefits outweigh the fee then it can be considered. Of all the rewards, I like cash back the best! The card issuer must be able to issue the card with my SSN, as the gig is not big enough to warrant a LLC yet. Thanks in advance.

drk
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Location: Seattle

Re: Small business credit card recommendations

Post by drk » Sun Sep 09, 2018 9:19 pm

I would recommend the Chase Ink Preferred. It has a $95 annual fee, but you can get a sign-up bonus of 100,000 Ultimate Rewards points (redeemable for $1000 cash back). It's also a pretty solid card: free cell phone insurance as long as you pay your bill with the car; 3 points-per-dollar on travel, shipping, and internet/cable (I've gotten it on my internet bill, domain registrars, AWS, etc.); and primary rental car coverage. You can also sign up with an SSN (although it's really easy to get an EIN).

UpperNwGuy
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Re: Small business credit card recommendations

Post by UpperNwGuy » Sun Sep 09, 2018 9:34 pm

drk wrote:
Sun Sep 09, 2018 9:19 pm
I would recommend the Chase Ink Preferred. It has a $95 annual fee, but you can get a sign-up bonus of 100,000 Ultimate Rewards points (redeemable for $1000 cash back). It's also a pretty solid card: free cell phone insurance as long as you pay your bill with the car; 3 points-per-dollar on travel, shipping, and internet/cable (I've gotten it on my internet bill, domain registrars, AWS, etc.); and primary rental car coverage. You can also sign up with an SSN (although it's really easy to get an EIN).
+1 for the Chase Ink Preferred.

moneywise3
Posts: 385
Joined: Mon Nov 22, 2010 6:54 pm

Re: Small business credit card recommendations

Post by moneywise3 » Sun Sep 09, 2018 10:21 pm

Thank you and thank you. It seems the current bonus is 80k. Is there a trick to getting a 100k bonus?

drk
Posts: 821
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Location: Seattle

Re: Small business credit card recommendations

Post by drk » Sun Sep 09, 2018 10:29 pm

moneywise3 wrote:
Sun Sep 09, 2018 10:21 pm
Thank you and thank you. It seems the current bonus is 80k. Is there a trick to getting a 100k bonus?
If you set up a meeting in a branch with a Business Relationship Manager, you should be able to get the 100k bonus according to Doctor of Credit.

ceperry
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Joined: Tue Jul 12, 2016 8:45 am

Re: Small business credit card recommendations

Post by ceperry » Sun Sep 09, 2018 10:46 pm

The Chase Ink credit cards are generally regarded as having the best rewards, and I used Chase Ink cards for seven years with my small business, however I still recommend AGAINST them. Chase has a flaw in their web portal that makes individual charges disappear for a few days, even tbough the charge is reflected in your balance.

The way it works is that:

1. A charge first appears itemized as pending charge on the website.

2. Then after a couple days the itemized charge is removed from pending and added to your credit card balance. At this point, there is no individual charge listed that can account for the amount that was added to your balance.

3. Two or three days after being reflected in your balance, the itemized charge is listed as a posted transaction.

The problem is that if you use your credit cards even infrequently, you will probably find yourself trying to balance your books when you have charges stuck in the limbo of step 2, where a charge is reflected in your balance, but there is no itemized charge listed in your posted transactions. This makes it an absolute bear to reconcile your accounts. I can’t count the number of times that I spent an hour or two trying to track down a missing charge because the balance listed on the website didn’t add up. It’s incredibly frustrating and a huge waste of time.

I finally went to the trouble of moving all my accounts from Chase to Capital One, and balancing has been much less frustrating since then.

drk
Posts: 821
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Location: Seattle

Re: Small business credit card recommendations

Post by drk » Mon Sep 10, 2018 12:12 am

ceperry wrote:
Sun Sep 09, 2018 10:46 pm
The Chase Ink credit cards are generally regarded as having the best rewards, and I used Chase Ink cards for seven years with my small business, however I still recommend AGAINST them. Chase has a flaw in their web portal that makes individual charges disappear for a few days, even tbough the charge is reflected in your balance.

The way it works is that:

1. A charge first appears itemized as pending charge on the website.

2. Then after a couple days the itemized charge is removed from pending and added to your credit card balance. At this point, there is no individual charge listed that can account for the amount that was added to your balance.

3. Two or three days after being reflected in your balance, the itemized charge is listed as a posted transaction.

The problem is that if you use your credit cards even infrequently, you will probably find yourself trying to balance your books when you have charges stuck in the limbo of step 2, where a charge is reflected in your balance, but there is no itemized charge listed in your posted transactions. This makes it an absolute bear to reconcile your accounts. I can’t count the number of times that I spent an hour or two trying to track down a missing charge because the balance listed on the website didn’t add up. It’s incredibly frustrating and a huge waste of time.

I finally went to the trouble of moving all my accounts from Chase to Capital One, and balancing has been much less frustrating since then.
Chase updated its business site to match its personal site, and this is no longer an issue.

ceperry
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Joined: Tue Jul 12, 2016 8:45 am

Re: Small business credit card recommendations

Post by ceperry » Mon Sep 10, 2018 10:18 pm

drk wrote:
Mon Sep 10, 2018 12:12 am
Chase updated its business site to match its personal site, and this is no longer an issue.
When was this update made? Because the problem still existed as of late July 2018 when I finally switched all my business credit cards out of frustration.

TravelGeek
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Joined: Sat Oct 25, 2014 3:23 pm

Re: Small business credit card recommendations

Post by TravelGeek » Mon Sep 10, 2018 11:46 pm

Depending on your spend pattern and other cards in your wallet you might also want to consider the Ink Cash. I believe it offers a 50k UR points signup bonus and has no annual fee. I combine my points with the CSR that I have on the personal side of the wallet. All the travel/dining spend goes on the CSR since it is non-business in my case anyway.

theplayer11
Posts: 510
Joined: Tue Jul 22, 2014 8:55 pm

Re: Small business credit card recommendations

Post by theplayer11 » Tue Sep 11, 2018 7:29 am

ceperry wrote:
Sun Sep 09, 2018 10:46 pm
The Chase Ink credit cards are generally regarded as having the best rewards, and I used Chase Ink cards for seven years with my small business, however I still recommend AGAINST them. Chase has a flaw in their web portal that makes individual charges disappear for a few days, even tbough the charge is reflected in your balance.

The way it works is that:

1. A charge first appears itemized as pending charge on the website.

2. Then after a couple days the itemized charge is removed from pending and added to your credit card balance. At this point, there is no individual charge listed that can account for the amount that was added to your balance.

3. Two or three days after being reflected in your balance, the itemized charge is listed as a posted transaction.

The problem is that if you use your credit cards even infrequently, you will probably find yourself trying to balance your books when you have charges stuck in the limbo of step 2, where a charge is reflected in your balance, but there is no itemized charge listed in your posted transactions. This makes it an absolute bear to reconcile your accounts. I can’t count the number of times that I spent an hour or two trying to track down a missing charge because the balance listed on the website didn’t add up. It’s incredibly frustrating and a huge waste of time.

I finally went to the trouble of moving all my accounts from Chase to Capital One, and balancing has been much less frustrating since then.
why would you have to reconcile daily? I've noticed the flaw but it's inconsequential to me.

JBTX
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Joined: Wed Jul 26, 2017 12:46 pm

Re: Small business credit card recommendations

Post by JBTX » Tue Sep 11, 2018 8:21 am

TravelGeek wrote:
Mon Sep 10, 2018 11:46 pm
Depending on your spend pattern and other cards in your wallet you might also want to consider the Ink Cash. I believe it offers a 50k UR points signup bonus and has no annual fee. I combine my points with the CSR that I have on the personal side of the wallet. All the travel/dining spend goes on the CSR since it is non-business in my case anyway.
I'd do both. I did. Eventually cancel the preferred down the road if you don't need it.

The Ink cash has 5% on phones, utilities, etc which is a pretty good deal.

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Watty
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Re: Small business credit card recommendations

Post by Watty » Tue Sep 11, 2018 8:30 am

One thing to be aware of is that that business credit cards will may not have many of the protections that consumer credit cards have.

vtMaps
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Re: Small business credit card recommendations

Post by vtMaps » Tue Sep 11, 2018 8:35 am

Amex also has small business cards. Your cash rewards automatically post to your account each month as a statement credit. On the SimplyCash Plus Business credit card the rewards are 5% on office supplies and wireless services, and 3% on a category that you choose.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

vtMaps
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Location: central Vermont

Re: Small business credit card recommendations

Post by vtMaps » Tue Sep 11, 2018 8:41 am

Watty wrote:
Tue Sep 11, 2018 8:30 am
One thing to be aware of is that that business credit cards will may not have many of the protections that consumer credit cards have.
Will not, or may not? Do you know if any of the small business cards voluntarily offer consumer-type protections against fraud?

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

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Watty
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Re: Small business credit card recommendations

Post by Watty » Tue Sep 11, 2018 9:27 am

vtMaps wrote:
Tue Sep 11, 2018 8:41 am
Watty wrote:
Tue Sep 11, 2018 8:30 am
One thing to be aware of is that that business credit cards will may not have many of the protections that consumer credit cards have.
Will not, or may not? Do you know if any of the small business cards voluntarily offer consumer-type protections against fraud?

--vtMaps
That should have been "may not". I don't know if any of them give extra protections or not.

calliecake47
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Re: Small business credit card recommendations

Post by calliecake47 » Tue Sep 11, 2018 6:46 pm

I have both the Amex Platinum Small Business and the Chase Ink. I've been in business for over 14 years and can only remember 2 times I had someone get my card number on line and I had fraudulent charges on the card. Both times the company took care of it and credited my card back.

I like Chase Ink because I can transfer the points I earn on that to my personal Sapphire Reserve card where the points are then worth a little bit more.

nasrullah
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Re: Small business credit card recommendations

Post by nasrullah » Tue Sep 11, 2018 7:38 pm

Amex Platinum

Amazing customer service - and when you figure it out, incredible benefits with the card. Worth well more than the annual fee. Points exchange everywhere.
"We have a lot to do, and very little time, so we must work slowly." Liviu Ciulei | | Thanks vineviz (https://www.bogleheads.org/forum/memberlist.php?mode=viewprofile&u=134698) for the quote.

drk
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Location: Seattle

Re: Small business credit card recommendations

Post by drk » Tue Sep 11, 2018 10:44 pm

ceperry wrote:
Mon Sep 10, 2018 10:18 pm
When was this update made? Because the problem still existed as of late July 2018 when I finally switched all my business credit cards out of frustration.
Huh, really? I haven't seen it since I was moved over to the new site earlier this year. That's odd.

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