| Anyone using Cash Bakc Credit Cards for their Business? |
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teddy12b
Member
Cash: $ 2.70
Posts: 12
Joined: 23 Nov 2005
Location: Indiana
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| Anyone using Cash Bakc Credit Cards for their Business? |
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Hello,
I am currently exploring the possibilites of cash back credit cards for my business and I wanted to know if anyone else out there was doing something similar in theirs. The cards we currently use offer us nothing and I've been looking around at cards that would best suit my company.
These cards would be paid off immediately when the bills came to avoid the interest. The best I have found is a conditional 5% (gas, deisel, etc) and 1% on everything else.
Does anyone out there have any advise? Thanks.
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Wed Jul 19, 2006 2:25 pm |
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Bid-Palace
Full Member
Cash: $ 4.21
Posts: 74
Joined: 17 Mar 2004
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Hello,
I currently use American Express Blue Cash and Amex Gold Card. The "up to 5%" is after 5k of spending and has to be qualified purchases. In other words, certain places/products. I like to pay my balance off each month so I am testing it out. I don't think it hurts espcially if you pay all your bills and use everything on the card+ pay the balance at the end of the month. Although, I am not exactly banking with my returns from it.
If you use it for business, it can be very beneficial. Since you would use it more. Yet, you only get 1% on big or less commen purchases. If you use costco, I believe they have discounts or cash back by using amex + amex blue cash.
I complained somewhat to them that the blue cash isn't really building up. BC the places are limited at which it qualifies. But, I guess they aren't really making any money from me...if I'm not paying interest + no annual fee. So they got me on the Gold Card.. I am testing it out now. Every $1 counts as a reward point and they can be redeemed for more value than the cash back. However you have to spend at a store they have affiliations at and after the 1st yr, its 150. If you fly frequently, they have double rewards I believe with a few airlines. The way I see it, as long as you are able to pay off your balance every month, it is a decent saving/earning opportunity. However which way you look at it.
I hope that helps
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Thu Jul 20, 2006 3:15 am |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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| Re: Anyone using Cash Bakc Credit Cards for their Business? |
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quote:
Originally posted by teddy12b
Hello,
I am currently exploring the possibilites of cash back credit cards for my business and I wanted to know if anyone else out there was doing something similar in theirs. The cards we currently use offer us nothing and I've been looking around at cards that would best suit my company.
These cards would be paid off immediately when the bills came to avoid the interest. The best I have found is a conditional 5% (gas, deisel, etc) and 1% on everything else.
Does anyone out there have any advise? Thanks.
We use cash back credit cards. We sell computers and almost every part we buy for resale is done with a credit card. Sometimes we will charge up 20k of purchases a month (we pay it all off too, never keep a balance). This nets us cash back pretty quickly.
One note, pretty much any cash back card you find over 1% back usually has lots of major limitations. For example, we got a cash back card for 6% on computer purchases. Well, they don't tell you this when you sign up but when you get the card a notice comes and shows you exactly how to get the 6%. Turns out it's a stepping program, you get .5% for the first 10k in purchases, 1% for the next 10k of purchase after that, 2% for the next 10k, 3% for the next 20k in purchases, THEN you get 6% for the next 10k in purchases. After that it all resets to .5% and doesn't go up anymore. Needless to say we went past that amount already and now the card is only netting us .5% for the rest of the year (not to mention that when you add it up it got us barely over 1% on the first total 50k in purchases). Some of these cards will also have an earning limit.
It's worth it to just find the cards that give 1% back flat for every purchase from the first dollar you spend without a limit on earnings.
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Thu Jul 20, 2006 4:11 pm |
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teddy12b
Member
Cash: $ 2.70
Posts: 12
Joined: 23 Nov 2005
Location: Indiana
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I have been finding in my research that most of the cards will only do 1% back. If they give you 5% back it is completely conditional, fuels and other specified costs. I have come across one card that advertised 6% back and it was a stepped program. Once I read all the conditions like you mentioned I decided it wasn't worth it. I just wish there was a flat, no excuses % back rate. That would be a card worth having in my opinion.
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Thu Jul 20, 2006 8:05 pm |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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quote:
Originally posted by teddy12b
I have been finding in my research that most of the cards will only do 1% back. If they give you 5% back it is completely conditional, fuels and other specified costs. I have come across one card that advertised 6% back and it was a stepped program. Once I read all the conditions like you mentioned I decided it wasn't worth it. I just wish there was a flat, no excuses % back rate. That would be a card worth having in my opinion.
I have two discover cards that have flat 1% back. And another mastercard that does so (I think it's Chase).
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Thu Jul 20, 2006 11:56 pm |
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