4 Credit Cards for Ride-Hailing Drivers

If you have a car, paying for insurance is a necessary evil. But you don't need to pay as much as you are now.

[Disclosure: Cards from our Partners are reviewed below.]

These days, many adults with reliable cars and clean driving records are signing up to drive with ride-hailing services like Uber, Lyft, and Sidecar. These companies help passengers find rides using GPS and smartphone technology, allowing drivers to earn money with their own vehicles.

But fuel costs can quickly stack up. And while some ride-hailing services offer limited fuel rewards programs, those programs don’t help with everyday spending. With the right credit card, however, drivers can earn rewards or savings as they shop for gas, making their driving gig just a little more lucrative.

Here are four credit cards for ride-hailing drivers.

1. Costco Anywhere Visa Card by Citi

Rewards: 4% cash back on up to $7,000 in eligible gas purchases per year, 3% cash back on restaurant and eligible travel purchases, 2% cash back on Costco and Costco.com purchases, and 1% cash back on everything else.
Sign-Up Bonus:
None
Annual Fee:
$0 (you must have a paid Costco membership)
Annual Percentage Rate (APR):
0% for seven months on purchases, then variable 16.24% APR; variable 16.24% APR on balance transfers.

Why We Picked It: Costco members can earn great cash-back rates on gas.
For Your Fares:
With 4% cash back on eligible gas purchases (including at Costco), drivers with Costco memberships will earn a fantastic cash-back rate at the pump. Plus, cardholders earn 2% cash back on other Costco purchases, including a variety of auto goods and services to keep your ride running smoothly.
Drawbacks:
You’ll have to be a Costco member to access this card.

2. Blue Cash Preferred Card by American Express

Rewards: 6% cash back on up to $6,000 in annual US supermarket purchases, 3% cash back at US gas stations and select US department stores, and 1% cash back on other purchases.
Sign-Up Bonus: $150 bonus cash back when you spend $1,000 in the first three months.
Annual Fee:
$95
APR:
0% for 12 months both for balance transfers requested in the first 60 days and for purchases, then variable 13.99% to 24.99% APR.

Why We Picked It: You’ll earn solid cash-back rates at the pump and beyond.
For Your Fares:
You’ll get 3% cash back on gas purchases at all gas stations in the US (not including supermarkets, warehouse clubs, and other merchants that don’t primarily sell gas). There’s a nice little $150 sign-up bonus too, as well as a helpful Roadside Assistance Hotline.
Drawbacks: The card does charge a $95 annual fee.

3. Discover it Chrome

Rewards: 2% cash back at restaurants and on gas for up to $1,000 in quarterly combined purchases, 1% cash back on everything else.
Sign-Up Bonus:
Matching on all the cash back you earn in the first year.
Annual Fee:
$0
APR:
0% for 14 months for purchases (and balance transfers, with some limits), then variable 11.99% to 23.99% APR.

Why We Picked It: With 2% cash back at gas stations and restaurants and a huge sign-up bonus, this card’s initial value is strong.
For Your Fares:
You’ll get easy cash back on gas and restaurant purchases, which will help you fill up your tank and grab a meal between fares. Discover will match all cash back you earn in your first year, which supercharges the early value of the card.
Drawbacks:
Other cards offer higher cash-back rates on gas.

4. PenFed Platinum Rewards Visa Signature Card

Rewards: Five points per dollar spent on gas at the pump, three points per dollar spent on groceries, and one point per dollar spent on other purchases.
Sign-Up Bonus:
$100 bonus statement credit for spending $1,500 within the first 90 days.

Annual Fee: $0
APR:
Variable 9.74% to 17.99% APR on purchases; 0% for 12 months on balance transfers, then variable 9.74% to 17.99% APR.

Why We Picked It: Gas purchases earn lots of points toward travel and other rewards.
For Your Fares:
Gas purchases earn five points on the dollar, which can help you rack up points fast. Points can be redeemed for travel, gift cards, merchandise, and more.

Drawbacks: You must be a PenFed member to get this card.

How to Choose a Credit Card for Fueling Your Rides

If you’re looking for a card to help you afford your ride-hailing gig, you’re likely focused on gas expenses, so choose a card that offers strong rewards rates on gas purchases. If you’re loyal to one gas station brand, find out if that brand offers a credit card. However, you’ll want a card that isn’t tied to one company if you tend to fill up wherever’s convenient.

Don’t forget to consider the wear and tear on your vehicle, too. Choosing a card with emergency roadside assistance will help ensure you have access to support in case of a breakdown.

If you also plan to use your card for everyday purchases, pick one that rewards your other spending habits as well. Examine the rewards programs and purchase categories for each card you’re considering to choose the one that best fits your overall lifestyle.

What Credit Is Required for a Ride-Hailing Credit Card?

Cards that provide strong gas rewards often require good to excellent credit. Be confident in your chances of your approval before you apply, as a hard inquiry into your credit could lower your credit score a few points. If you aren’t sure where you stand, you can check your credit score for free at Credit.com.

Image: funduck 

At publishing time, the Costco Anywhere Visa Card by Citi, Blue Cash Preferred Card by American Express, Discover it Chrome, and PenFed Platinum Rewards Visa Signature Card cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply for and ultimately sign up for any of these cards. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

The post 4 Credit Cards for Ride-Hailing Drivers appeared first on Credit.com.

6 Credit Cards for New Homeowners

Like a new home, a credit card is a big commitment that can seriously pay off.

[DISCLOSURE: Cards from our partners are mentioned below.]

Buying a home is one of life’s biggest financial events and someone with a new mortgage may primarily be focused on how they’ll afford their new mortgage payment. But it takes more than a mortgage to make a home, with additional expenses such as furniture, remodeling projects and other needs adding to the overall cost.

You may be wondering how you’ll afford all these costs on top of a mortgage payment. Credit cards with low intro APR offers and cash back rewards can help.

Here are six credit cards worth considering if you’re a new homeowner (or will be soon).

1. Citi Simplicity

Rewards: None
Signup Bonus: None
Annual Fee: $0
Balance Transfer Fee: $5 or 3% of the transfer amount, whichever is greater
Annual Percentage Rate (APR): 0% for 21 months, then variable 14.49% to 24.49%
Why We Picked It: This card offers an extremely long intro 0% APR(Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)
For Your New Home: With 0% APR for 21 months on purchases and balance transfers, you’ll have nearly two years to make purchases or pay off a balance interest-free. That’s a long time to furnish your home or pay off a remodeling project.
Drawbacks: There are no rewards.

2. Blue Cash Preferred by American Express

Rewards: 6% cash back on up to $6,000 in yearly spending at supermarkets, 3% cash back at gas stations and select department stores and 1% cash back on everything else
Signup Bonus: $250 bonus cash when you spend $1,000 in the first three months
Annual Fee: $95
Balance Transfer Fee: $5 or 3% of the transfer amount, whichever is greater
Annual Percentage Rate (APR): 0% for 12 months, then variable 13.99% to 24.99%
Why We Picked It: New homeowners have many ways to earn great cash back rates on purchases.
For Your New Home: The card earns 6% cash back at supermarkets, 3% cash back at gas stations and select department stores and 1% cash back everywhere else. That means you can earn big cash back rewards as you stock your fridge, pick up accessories and appliances at department stores and fill up your gas tank for all those shopping trips. Plus, you get 12 months of interest-free purchases and balance transfers.
Drawbacks: There’s a $95 annual fee.

3. Wells Fargo Cash Wise Visa Card

Rewards: 1.5% cash back on all purchases
Signup Bonus: $200 bonus cash back when you spend $1,000 in the first three months
Annual Fee: $0
Balance Transfer Fee: $5 or 3% of the transfer amount, whichever is greater
Annual Percentage Rate (APR): 0% for 12 months, then variable 13.99% to 25.99%
Why We Picked It: Wells Fargo borrowers can put their cash back directly toward their mortgage.
For Your New Home: You’ll earn a solid 1.5% cash back on all purchases. Plus, if your mortgage lender is Wells Fargo, you can redeem your cash back as a credit to your mortgage principal. You’ll also get 12 months of interest-free purchases and balance transfers.
Drawbacks: Some competitors offer stronger cash back rates.

4. Chase Freedom Unlimited

Rewards: 1.5% cash back on all purchases
Signup Bonus: $150 bonus cash back when you spend $500 in the first three months, a $25 bonus when you add an authorized user and make a purchase within the first three months
Annual Fee: $0
Balance Transfer Fee: $5 or 5% of the transfer amount, whichever is greater
Annual Percentage Rate (APR): 0% for 15 months, then variable 15.74% to 24.49%
Why We Picked It: A solid cash back rate and a long intro 0% APR period make this card a contender.
For Your New Home: You’ll earn 1.5% cash back on every purchase you make. Plus, you’ll get 15 months of interest-free purchases and balance transfers.
Drawbacks: There are higher cash back rates out there.

5. Citi Double Cash

Rewards: Unlimited 1% cash back on purchases and an additional 1% upon payment
Signup Bonus: None
Annual Fee: $0
Balance Transfer Fee: $5 or 3% of the transfer amount, whichever is greater
Annual Percentage Rate (APR): 0% for 15 months, then variable 14.49% to 24.49%
Why We Picked It: You’ll earn a great cash back rate on all purchases with a strong incentive to pay them off quickly.
For Your New Home: With 1% cash back on all purchases and an additional 1% upon payment, you’ll be motivated to pay off your home expenses. Plus, you’ll have 15 months of interest-free purchases and balance transfers.
Drawbacks: You won’t earn your full cash back until you pay your bills.

6. Home Depot Consumer Credit Card

Rewards: None
Signup Bonus: None
Annual Fee: None
Balance Transfer Fee: N/A
Annual Percentage Rate (APR): 0% intro APR for qualifying purchase types, then variable 21.99% to 26.99%
Why We Picked It: This card can help fund your DIY remodel and repair projects.
For Your New Home: Home Depot purchases of $299 and up get six months with no interest. Home Depot also offers 0% financing promotions for up to 24 months on many different purchase types, including appliances, windows and roofing. Cardholders also get access to special discounts and a year of hassle-free returns.
Drawbacks: If you don’t shop at Home Depot, this card isn’t right for you.

Choosing a Card for Your New Home Expenses

There are two primary ways credit cards can help with home expenses: cash back and 0% intro APR offers. New homeowners should look closely at these policies when evaluating a credit card.

If your priority is cash back, you’ll want to choose a card that rewards the way you’ll be spending on your new home. For instance, if you’ll be entertaining a lot, you may want a credit card that offers special cash back rates on groceries. If you’ll be ordering a lot of gadgets and appliances online, you’ll want a card for online purchases. If you tend to spread your purchases around, you may want a card with a good, flat cash back rate on all purchase types.

Intro 0% APR periods are helpful because you can avoid interest for a predetermined amount of time. If you have a lot of upcoming purchases, you won’t have to worry about paying interest for a while. If your new home expenses have already contributed to a high credit card balance, you can get some relief by transferring that balance to a card with a 0% intro APR offer. When choosing a card, look for one that gives you enough time to pay off your balance transfer or make most of your initial home purchases interest-free.

What Credit is Required to Get a Card for New Home Expenses?

Cards with cash back and strong balance transfer offers usually require good to excellent credit. To increase your chances of approval, you should know your credit score before you apply. You can check two of your credit scores for free at Credit.com.

At publishing time, the Citi Simplicity, Blue Cash Preferred by American Express, Wells Fargo Cash Wise Visa, Chase Freedom Unlimited and Citi Double Cash credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).

Note: It’s important to remember that prices for products and services frequently change. As a result, rates, fees and terms cited in this article may have changed since the date of publication. Please be sure to verify current rates, fees and terms with the company directly.

Image: courtneyk

The post 6 Credit Cards for New Homeowners appeared first on Credit.com.

Best Credit Cards for Small Businesses November 2017

Note from the Editor: The information related to Chase Ink Business Preferred Card credit card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

 

As a small business owner you know you need to manage your cash flow and plan for financing. Credit cards can be an ideal way to meet those needs. But business owners need to be savvy cardholders. Small business credit cards come with unique risks that personally affect entrepreneurs.

 

In this roundup we cover the risks and advantages of small business credit cards. And we’ll show you what card fits your business needs.

 

Best Cards for Financing

If credit cards are an important source of financing and capital for your business, then you need to be a savvy borrower. Look for cards with compelling terms, and take the time to understand the fine print. Remember, the card may be in the business’s name, but you’re personally liable for the debt. Don’t take on more debt than you can handle.

Best 0% Financing

The American Express Blue for Business card offers an introductory 15 months of 0% APR for financing. If you fail to pay back your purchases within 15 months, your interest rate will move to a variable rate 12.24%, 16.24% or 20.24%, depending on creditworthiness. You lose access to the introductory rate if you make a late payment.

The 15-month 0% intro APR window is one of the most generous offers available. On top of generous financing, you earn rewards for spending.

You can also earn 10,000 Membership Rewards points after making your first purchase on the card within your first 3 months of card membership. Every year, you’ll also receive a bonus of 30% of the previous year’s points earned.

The card offers perks including secondary car rental insurance, purchase protection, extended warranties, baggage insurance, trip accident insurance, and travel hotline help.

The Fine Print
  • Introductory rate: 0% APR financing for 15 months. You must pay on time, or you lose this rate.
  • APR: After 15 months, a variable rate 12.24%, 16.24% or 20.24%, depending on your creditworthiness
  • Annual fee: No annual fee
  • Rewards: 1 point per dollar spent on all purchases.
APPLY NOW 

Low Interest Rates

If you and your business have excellent credit, the Platinum Plus for Business MasterCard from Bank of America offers low ongoing financing. This is a great card for businesses with periodic short-term borrowing needs. Besides interest rates as low as 10.24% variable, it offers a seven-billing-cycle 0% APR promo rate and $200 statement credit if you spend $500 in the first 60 days.

Plus, the card offers travel accident insurance, secondary rental insurance, and automatic downloads to QuickBooks.

Remember, it’s not wise to use a small business credit card for long-term financing. Many credit unions will offer low rates on installment business loans.

The Fine Print
  • Introductory rate: 0% APR financing for seven billing cycles.
  • APR: 10.24%-21.24% variable APR, depending on your creditworthiness (after seven billing cycles)
  • Annual fee: No annual fee
  • Late fee: $19-$49 (depending on your balance)
  • Returned payment fee: $39
  • Cash advance fee: Greater of $10 or 4%
  • Cash advance APR: 25.24% variable
  • Sign-up bonus: $200 statement credit if you spend $500 in your first 60 days
  • Rewards: None
APPLY NOW 

Cash Flow Management

Managing cash flow can be one of the most difficult problems facing small business owners. The Plum Card by American Express makes cash flow easier. You can pay no interest if you take up to 60 days to pay the balance in full. You effectively get a 0% working capital line of credit if you can make your payments within 60 days. And if you are able to pay back your balance sooner – within 10 days – you get a 1.5% early pay discount.

This card is one of our favorites because (a) it has one of the most generous grace periods in the market (60 days), which can really help businesses that have customers who pay on a Net-60 basis. But it is also our favorite because (b) if you pay the balance in full and on time, you are still able to earn really good rewards (a 1.5% discount).

The Fine Print
  • On-time payment bonus: 1.5% discount if you pay balance within 10 days of statement closing
  • Annual fee: $0 for the first year, $250 thereafter
APPLY NOW 

Imperfect Credit

If you’re struggling to get approved for a small business credit card, the Capital One® Spark® Classic for Business offers an excellent option. The card has a high variable APR (23.99%) and mediocre rewards (1% cash back). But Capital One will approve business owners with just average credit.

This isn’t a great card for borrowing, even in the short term. However, the Capital One® Spark® Classic for Business will give you some working capital, and it will help your business build its credit. Just remember to pay your bill on time each month and to keep your credit use low.

The Capital One® Spark® Classic for Business also offers perks like purchase protection, free extended warranties, and travel and emergency assistance. These protections offer tremendous value to business owners.

The Fine Print
  • APR: 23.99% variable APR
  • Annual fee: No annual fee
  • Late fee: Up to $39
  • Cash advance fee: Greater of $10 or 3%
  • Cash advance APR: 23.99% variable
  • Rewards: 1% cash back on all purchases
APPLY NOW Secured

Cards for Service Members

Former and current members of any branch of the military can join Navy Federal Credit Union and apply for these high-quality credit cards. The Visa and MasterCard have the same fees and conditions, but they offer different perks.

 

Navy Federal Credit Union’s Visa for Business credit card gives former service members access to low interest rates and rewards spending. This can be an excellent choice for service members with excellent credit who may have to borrow for short-term needs.

The card gives access to the Visa SavingsEdge program, which gives up to 15% off business purchases at qualifying retailers. However, the card doesn’t offer extended warranties or other protections, so it isn’t always the best choice.

The Fine Print
  • APR: 9.99%-18.0% variable
  • Annual fee: No annual fee
  • Late fee: Up to $20
  • Returned payment fee: Up to $20
  • Cash advance fee: $0 at Navy Federal Credit Union branch ATM, 50 cents domestic, $1 foreign
  • Cash advance APR: APR + 2%
  • Rewards: 1 point per dollar spent
APPLY NOW 

Navy Federal Credit Union’s MasterCard for Business credit card gives former service members access to low interest rates and rewards. The low interest rates make it a compelling choice for service members with short-term borrowing needs.

The card gives access to the MasterCard Easy Savings program, which gives automatic 10% rebates at a network of gas stations, auto repair shops, and shipping companies. This can lead to significant savings. The card also connects to the MasterCard Business Network, which makes expense reports easy. However, the card doesn’t offer extended warranties or other protections.

The Fine Print
  • APR: 9.99%-18.0% variable
  • Annual fee: No annual fee
  • Late fee: Up to $20
  • Returned payment fee: Up to $20
  • Cash advance fee: $0 at Navy Federal Credit Union branch ATM, 50 cents domestic, $1 foreign
  • Cash advance APR: APR + 2%
  • Rewards: 1 point per dollar spent
APPLY NOW 

Best Cards for Rewards

Many small business credit cards offer compelling rewards to cardholders. These rewards can allow you to reinvest in your business, or you can take them for personal use. If you choose to use a rewards credit card, try to avoid paying interest. Most of these cards are not good choices for short-term borrowing.

Travel Perks

If you’re a frequent traveler, these small business credit cards give you access to incredible perks. But be sure to read the fine print. These cards have a few gotchas attached.

 

The Business Platinum® Card from American Express is a charge card with a premium price tag ($450 per year) and premium benefits. Please note, it is not a credit card; you should not plan to borrow money with this card. These are the most significant perks:

  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
  • Get 50% more Membership Rewards® points.1.5 Points per dollar on each eligible purchase of $5,000 or more. Up to 1 million additional points per calendar year. 1 point for every dollar you spend on eligible purchases.
  • Global Lounge Collection access, which includes access to Delta Sky Club lounges and American Express Centurion lounges
  • $200 airline fee credit (for checked bags, inflight refreshment, etc.)
  • One free Global Entry or TSA Pre-check application fee (allows you to expedite security at select airports and U.S. Customs)
  • 10 free passes per year to inflight Gogo Wi-Fi and unlimited Boingo (land-based Wi-Fi) access
  • Starwood Preferred Guest Gold Elite Status, which also gets you Marriott Rewards Gold status for room upgrades and free breakfast. It also gets you access to the Fine Hotels and Resorts Program (perks like in-room WiFi, complimentary breakfast, and other hotel perks at participating luxury hotels).
  • Annual fee: $450
  • Rewards: Earn Membership Rewards® points
APPLY NOW 

As a business owner, little incidentals can add up in a big way. The Chase Ink Business Preferred Card mitigates these costs by providing high-value insurance protection to you and your employees. Not only will you earn rewards (outlined in the fine print), you’ll enjoy these perks, too.

Trip Cancellation/Trip Interruption Insurance
If your trip is canceled or cut short by sickness, severe weather, or other covered situations, you can be reimbursed up to $5,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.

Trip Delay Reimbursement
If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.

Travel Accident Insurance
When you pay for your air, bus, train, or cruise transportation with your card, you are eligible to receive accidental death or dismemberment coverage of up to $500,000.

Auto Rental Collision Damage Waiver
Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary when renting for business purposes and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the U.S. and abroad.

Baggage Delay Insurance
You are reimbursed for essential purchases like toiletries and clothing for baggage delays over six hours by passenger carrier up to $100 a day for five days.

Lost Luggage Reimbursement
If you or an immediate family member check or carry on luggage that is damaged or lost by the carrier, you’re covered up to $3,000 per passenger.

Extended Warranty Protection
This warranty extends the time period of the U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.

Cellphone Protection
Get up to $600 per claim in cellphone protection against covered theft or damage for you and your employees listed on your monthly cellphone bill when you pay it with your Chase Ink Business Preferred Credit Card. There is a maximum of three claims in a 12-month period with a $100 deductible per claim.

The Fine Print
  • APR: 16.99%-21.99% variable
  • Annual fee: $95 per year
  • Late fee: $15-$39, depending on balance
  • Returned payment fee: $39
  • Cash advance fee: Greater of $15 or 5% of transaction
  • Cash advance APR: 25.99% variable
  • Sign-up bonus: 80,000 points when you spend $5,000 in the first three months
  • Rewards: 1 point per dollar spent, 3 points per dollar spent on travel, shipping purchases, internet, cable or phone services, or online advertising (social media or search engines)
  • Bonus: Points worth 25% more when you redeem through Chase Ultimate Rewards (Chase’s travel website)

Big Introductory Bonuses

Business owners who know they’ll spend a lot in a short period of time should take note of these cards. These bonuses provide excellent value if you can meet the spending requirements. But be wary: these cards have high interest rates. You won’t come out ahead if you end up financing a big purchase with these cards.

The Business Platinum Card offers excellent travel perks, but it offers an unparalleled sign-up bonus, too. Right now, you can earn 50,000 Membership Rewards points after you spend $10,000 within three months of card membership. You’ll also earn 25,000 more points after spending an additional $10,000 within your first three months.

If you plan to spend $20,000 or more in the next three months, this bonus is worth the highest value when redeemed for travel rewards. Depending on which option you choose, this bonus may offset annual fees. You need to churn through a lot of money to meet the spending minimums, but this is a lucrative bonus.

Click here to see details including perks and the fine print.

The Chase Ink Business Preferred Card offers ideal perks for frequent travelers, but right now you can get a great sign-up bonus, too. By spending $5,000 in three months, you’ll earn 80,000 points. This bonus is worth $1,000 if you spend your points through Chase Ultimate Rewards for travel or $800 if you redeem for cash back. You can also transfer the points to airline partners like United and Virgin Atlantic and hotel partners like Marriott and Hyatt.

In addition to the lucrative bonus, you can earn everyday spending rewards (including 3 points per dollar spent in certain categories) and valuable trip insurance.

Click here to see details including perks and the fine print.

Cash Back Rewards

Every business owner can benefit from more cash in their pocket. These cards give you the best cash back offers for everyday spending. You can find better rewards if you use multiple cards, but these have excellent rewards for those who don’t want to mess around with multiple cards. Plus, these cards have excellent protections, too. But be careful when you finance with these cards; they don’t offer great terms for borrowing.

 

The Capital One® Spark® Cash for Business offers unlimited 2% cash back on all purchases, and it is free for the first year. Plus, if you spend more than $4,500 in the first three months of holding the card, you get a $500 cash bonus. After the first year, you’ll pay $59 to hold the card. After the first year, if you spent more than $3,000 per year, it’s worth it.

The Capital One® Spark® Cash for Business also offers valuable protective features like purchase protection, free extended warranties, primary auto rental collision coverage, and more. Overall, the Capital One® Spark® Cash for Business gives straightforward rewards to business owners with excellent credit.

The Fine Print
  • APR: 17.99% variable APR
  • Penalty APR: 30.4% (applied if you make a late payment)
  • Annual fee: Free for the first year, $59 per year afterward
  • Late fee: Up to $39
  • Cash advance fee: Greater of $10 or 3% of transaction
  • Cash advance APR: 23.99% variable
  • Sign-up bonus: $500 cash bonus when you spend $4,500 in the first three months
  • Rewards: 2% cash back on all spending
APPLY NOW Secured

The Capital One® Spark® Cash Select for Business offers a rare combination of friendly financing terms and rewards. You’ll earn an unlimited 1.5% cash back rewards on all purchases, and you’ll receive a $200 sign-up bonus if you spend $3,000 or more in your first three months.

On top of that, you’ll have a 0% APR financing rate for nine months, and an APR as low as 13.99% variable afterward.

This isn’t the most lucrative rewards card, but you won’t pay an annual fee. This makes it a great card for businesses that don’t spend as much on a credit card.

The Fine Print
  • Promo APR: 0% for nine months
  • APR: 13.99%-21.99% variable, depending on your creditworthiness
  • Penalty APR: 30.4% variable (applied if you make a late payment)
  • Annual fee: $0
  • Late fee: Up to $39
  • Cash advance fee: Greater of $10 or 3% of transaction
  • Cash advance APR: 23.99% variable
  • Sign-up bonus: $200 cash bonus when you spend $3,000 in the first three months
  • Rewards: 1.5% cash back on all spending
APPLY NOW 

Best Category Bonuses

If you and your employees spend a lot of money in a limited number of categories, you might want to consider a rewards card with heavy bonuses in those categories. These cards offer at least 3 points for every dollar you spend in a given category. That’s the equivalent of a 3% reward.

Remember, rewards cards aren’t usually a good choice for financing purchases. Look to pay off these cards every month.

Online Advertising

Businesses that regularly advertise on social media networks (Facebook, Twitter, etc.) or via search engines (Google, Bing) can earn impressive rewards on their marketing spending. These are the best cards for heavy online advertisers.

 

You’ll earn 3 points for every dollar you spend on online advertising. In addition, you’ll be eligible for travel perks, sign-up bonuses, and more.Click here to see details including perks and the fine print.

The American Express Business Gold Rewards Card allows you to choose to earn 3 points per dollar spent on any one of the following categories: airfare purchased directly from airlines, U.S. advertising in select media, U.S. gas stations, U.S. shipping, or U.S. computer hardware, software, and cloud computing purchases made directly from select providers. You’ll earn 2 points per dollar on the four remaining categories.

All other spending earns 1 point per dollar you spend.

As a sign-up bonus, you’ll earn 50,000 points if you spend $5,000 or more in your first three months of holding the card. In addition to the rewards, you get trip accident insurance, extended warranties, and purchase protection.

Since the Business Gold Rewards Card is a charge card, you shouldn’t plan to borrow with the card. But the rewards for online advertisers are excellent. Just watch out for the $175 annual fee that kicks in after the first year.

The Fine Print
  • Annual fee: $0 for the first year, then $175
  • Rewards: 1 point per dollar spent
  • Bonus rewards: 3 points in one category (pick between airfare purchased directly from airlines, U.S. advertising in select media, U.S. gas stations, U.S. shipping, or U.S. computer hardware, software, and cloud computing purchases made directly from select providers).
  • 2 points rewards on remaining four categories.
APPLY NOW 
Dining and Travel

Dining and travel cost a lot, but these cards offer enticing rewards. The cards we recommend offer more than 3% cash back on restaurant spending, travel, or both. Plus, they have other compelling perks. But most of these cards aren’t great for borrowing, so check the fine print.

 

Looking to thin down your wallet? A Sam’s Club Business MasterCard, doubles as your membership card. But it’s not just for wholesale shopping. Spending on the Sam’s Club Business MasterCard gives you the opportunity to earn 3% cash back rewards on all restaurant spending worldwide. It also gives 5% cash back rewards on gas (except when purchased at other wholesalers) and 1% on all other spending.

Road warriors and frequent business entertainers will love this card. Plus, the $45 statement credit (if you spend $100 the day you open it) pays for your annual Sam’s Club membership.

The Fine Print
  • APR: 15.90%-23.90% (assigned upon aproval)
  • Penalty APR: 29.99% (applied if you make a late payment)
  • Annual fee: $0 (requires $45 Sam’s Club membership)
  • Late fee: Up to $39.99
  • Cash advance fee: Greater of $5 or 3% of transaction
  • Cash advance APR: 20.90%-26.90%
  • Sign-up bonus: $45 statement credit when you spend $45 on a single-receipt purchase the same day you open your account.
  • Rewards: 1% cash back on all spending. Maximum of $5,000 back in a given year.
  • Bonus rewards: 3% on dining and travel expenses. 5% on gas (up to $6,000 in gas purchases). Gas cannot be purchased from other wholesale clubs.
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If you prefer Costco to Sam’s Club, the Costco Anywhere Visa Card offers similar terms. Their 4-3-2-1 program includes 4% on gas purchases (up to $7,000 per year), 3% cash rewards for all dining and travel expenses, 2% on Costco purchases, and 1% on all other spending.

While the rewards are sweet, the terms can be expensive. This is not a good card for borrowing, so be sure to pay it off each month.

The Fine Print
  • APR: Introductory 0% for seven months, then 16.24% variable
  • Penalty APR: up to 29.99% variable (applied if you make a late payment)
  • Annual fee: $0 with your paid Costco membership
  • Late fee: Up to $37
  • Returned payment fee: Up to $37
  • Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Cash advance APR: 26.24% variable
  • Rewards: 1% cash back on all spending.
  • Bonus rewards: 4% on gas (up to $7,000 in gas purchases). Gas cannot be purchased from other wholesale clubs. 3% on dining and travel expenses. 2% rewards on all purchases from Costco and Costco.com.
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If you’re a frequent business traveller, Chase Ink offers the best rewards. You earn 3 points for every dollar you spend on travel, but you get a travel bonus. Every point is worth 1.25 points when you book through Chase Ultimate Rewards.

Travel perks also include trip insurance, auto rental collision damage waivers (this is primary coverage), and more.

Click here to see details including perks and the fine print.

Gas

 

As a small business owner, you know that driving can be an economical choice, but you can also earn rewards for all those miles on the road. Sam’s Club Business MasterCard gives 5% cash back rewards on gas (except when purchased at other wholesalers), and 1% on all other spending.

Even if you don’t frequent Sam’s Club, this is the best category for rewards for gas purchases.

Click here to see details including perks and the fine print.

Learn More

Risks of Using Small Business Credit Cards

Many business owners see credit cards as an easy solution to their capital needs. But small business credit cards have unique risks. Savvy entrepreneurs will consider the risks before opening a new line of credit. These are the most important considerations.

 

1. Personal Liability

As a small business owner, you’re personally liable for credit card debt. Business bankruptcy won’t protect you. Whether your business succeeds or fails, you have to pay back the debt.

The only way to get rid of small business credit card debt is to declare personal bankruptcy. Bankruptcy destroys your credit history for a few years, and it stays on your report for 7-10 years.

Don’t treat a credit card like venture capital. It’s not. You need to repay it.

2. Credit Bureau Reporting

Small business cards don’t report to the credit bureaus the same way personal cards do. Depending on which card you choose, if you pay your credit card on time, you may not see any information on your personal report. For most business owners, that is a good thing. It will keep your personal credit utilization low.

However, an unpaid bill will show up on your personal credit report. A bill that goes unpaid for 60 days will generally appear on your personal credit report. Some banks offer more generous reporting and some less. You can speak with a banker to determine your bank’s reporting standards. Still, your personal credit score can take a hit at the same time that your business credit runs afoul.

When you take out a business credit card, put precautions in place to protect yourself. You can limit employee spending, and remove authorized users. You can also set up automatic payments each month.

3. Not Protected by the Credit CARD Act

In 2009, Congress passed the Credit CARD Act. The act curtailed predatory lending behaviors, including raising interest rates on existing balances. It also required credit cards to be more transparent about rates and fees.

This act does not apply to business credit cards. With a small business card, banks can raise the interest rate on your existing balance at any time. A higher interest rate means a bigger minimum payment and a longer time to pay off your debt. If you’re using your small business credit card to finance something, you could be at risk.

Still, many banks will not raise your rate if you have an excellent history of on-time payments. It is simply a risk to understand.

Another risk related to the Credit CARD Act is the possibility of double-cycle billing. Business credit cards do not require an interest accrual grace period. This means you may begin accruing interest on purchases right away. We only recommend cards that have a grace period of at least 23 days built in. If you choose a different card, be sure to check for this in the rates and fees schedule.

4. Employee Risk

Small business credit cards make it easy to watch employee spending. Still, they pose serious risks. You’re personally liable for any employee spending on a credit card. If you wouldn’t trust an employee with your wallet, don’t trust them with a company card. Employees can rack up debt and leave the company. That leaves you with a bill and no recourse to get the money back.

The Best Ways Use Small Business Credit Cards

Once you understand the risks of small business credit cards, you can also understand their best uses. Over 65% of small businesses use credit cards on a regular basis. Some use them for rewards, and some for financing. In fact, close to 10% of all small business financing comes from credit cards.

Here are some of the best ways to use a small business credit card.

 

1. Earning Rewards and Protection

If you pay your small business credit card in full each month, you can earn substantial rewards. Many business credit cards offer perks, including cash back, travel rewards, extended warranties, trip insurance, and more. As a business owner, you can reinvest the rewards into your business or take them for personal use.

2. Managing Cash Flow

Cash flow problems destroy small businesses, but credit cards provide short-term working capital. If you have a sales cycle that lasts 30 days or less, a credit card can fund inventory purchases. By the time your bill comes due, you’ll have money to pay it off. If you follow this practice, you’ll pay no interest, and you’ll manage your cash flow.

Credit cards can simplify employee monitoring, too. Most business credit cards allow you to place individual restrictions on employee use. That means you can limit how much and where employees can use company cards. But your employees may manage to misuse the cards. If they do, you will be stuck with the bill.

3. Building Business Credit

Businesses have credit reports just like people. Business credit cards can help you build your score. To build your business credit, hold the card under your employer identification number (EIN).

When your EIN establishes a record of paying its bills on time, it makes your business creditworthy. That means you’ll have an easier time finding long-term loans at great rates.

63% of all small businesses carry debt. Having a lower interest rate on that debt could make the difference between success and failure. This means every small business should take their credit history seriously from the outset. Small business credit cards may allow you to build that history without paying interest or fees.

4. Short-Term Borrowing

Small business credit cards have high interest rates, but they can work for short-term borrowing. If you know that you’ll only carry debt for a few months, you may want to finance something with a credit card.

Credit cards do not have origination fees or prepayment penalties. Sometimes this means that they offer the best terms for short-term borrowing. Just be careful when you borrow, and pay it back quickly. High interest debt compounds over time.

If possible, borrow on a card with a 0% introductory offer. Remember, failing to pay off 0% interest purchases may result in back interest. Be sure you understand the risks before you borrow.

The Worst Ways to Use Small Business Credit Cards

Small business credit cards aren’t always the best tool to get the job done. These are a few times when you should avoid using credit cards.

 

1. Personal Expenses

Bad accounting sinks many entrepreneurs. Always keep your personal spending off of your business credit cards. This will simplify bookkeeping, and it will keep your business credit utilization low. If you need to borrow for personal expenses, look for a low-interest credit card instead.

2. Long-Term Financing

Due to the high interest rates, most businesses should not finance long-term commitments using credit cards. Instead, consider an installment loan from a local credit union or a bank.

Applying for an installment loan can be a pain, but the lower interest rate will be worth it in the long run. Keep money in your pocket and avoid small business credit cards for long-term financing.

3. Cash Advances

Cash advances are the most expensive way to use a credit card. Banks begin charging interest right away, and the advance has a higher interest rate. Cash advances also have high fees of up to 10% of the amount you withdraw.

If you need cash, withdraw it from your business checking account instead, or take out a traditional loan.

4. Financing a Failing Business

Do not use credit cards to help a failing business limp along. Too many people will not give up on their idea even when the execution doesn’t work out. Credit card debt will bury a failing company and erode your personal wealth.

Remember, negative credit behavior will show up on your personal credit report. Plus, courts hold you liable for all credit card debt your business incurs. Use an objective lens to decide whether you need to shut down your business.

The post Best Credit Cards for Small Businesses November 2017 appeared first on MagnifyMoney.

The Best Elite Credit Card in America

best elite credit card

Premium credit cards offer not just greater rewards and benefits, but they can provide a more enjoyable experience when traveling. Considering the ordeal that modern travel has become, these benefits alone are often worth the higher price that cardholders must pay to hold a premium credit card.

What to Look for in an Elite Credit Card

At its core, a premium credit card is a rewards credit card, and you should look for the most valuable rewards for the spending you do. Most of these cards offer a single point or mile per dollar spent, with bonus points or miles for spending on certain types of purchases. For example, a card that offers airline frequent flier miles will typically offer double points for purchases from that airline, while other cards might offer additional points for dining or entertainment purchases. But as with other rewards credit cards, those who tend to carry a balance should look for a card that offers the lowest possible interest rates, not rewards for spending. These credit cards often require an excellent credit score to get approved. You can check your credit scores for free on Credit.com to see where you stand.

Next, you have to consider the benefits of these cards, and your ability to use them. For example, a premium credit card affiliated with a single airline will offer perks like free checked bags and priority boarding, which can be valuable, but only when flying on that airline. Furthermore, premium credit cards will offer an airport lounge benefit, but you have to learn which lounges they provide access to, and if they also provide access for guests. Finally, you have to consider the price of these premium cards, which includes an annual fee of $400-$500.

The Winner: Citi AAdvantage Executive World Elite Mastercard

Why It Won: This card now goes above and beyond all other premium credit cards by offering lounge benefits not just for the primary cardholder, but for all authorized cardholders as well.

The Benefits: When traveling on American airlines, cardholders receive their first checked bag free for themselves and up to eight additional people on their reservation. Cardholders also get to use the priority check-in areas at ticket counters and the expedited airport screening lanes, as well as priority boarding privileges. Furthermore, all cardholders including additional authorized users receive American Airlines Admirals Club membership for themselves and their immediate family members, or two guests. And since there is no additional charge to request cards for authorized users, you can offer lounge club membership to anyone you choose to add to your account. (Just be aware that adding an authorized user to your account leaves you open to responsibility for any charges they incur using the card.)

Cardholders also receive a $100 statement credit towards an application for the Global Entry program. Reach elite status sooner by earning 10,000 AAdvantage elite qualifying miles every year when you spend $40,000 on purchases. (Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)

The Costs: There is a $450 annual fee for this card and no foreign transaction fees.

Want to see the other winners in the Best Premium Credit Cards in America ranking? You can read more on Credit.com.

At publishing time, the Citi AAdvantage Executive World Elite Mastercard is offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

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The post The Best Elite Credit Card in America appeared first on Credit.com.