Why EVERYONE Needs Business Credit Cards (Including YOU)
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- Опубликовано: 4 авг 2024
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Hey guys, in this video, I break down 3 reasons as to why I believe everybody should strongly consider applying for business credit cards, including yourself. The first reason I believe so is because most people are eligible for business credit cards, even without an official business. All you have to do is apply as a sole proprietor and use your SSN to apply like normal! The second reason is that business cards offer higher welcome offers than personal credit cards. While the spending requirements to hit those offers may be higher, in combination with reason #3, you’ll see just how powerful this is. The third reason is that business credit cards do not impact your personal credit report (usually). This allows you to add business credit cards without impacting your Chase 5/24 count or adding a new credit account to your personal credit profile. All of these reasons combined (and more) are why I truly believe everyone can benefit from business credit cards. If you’ve been wondering “Are business credit cards worth it?” or “How to get a business credit card without an official business”, this video is for you!
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📚 Chapters:
00:00 The Gameplan
00:25 Reason #1: You’re Eligible (Even Without An Official Business)
02:47 Can You Put Personal Expenses On Business Credit Cards?
05:23 Automatically Activating Business Card Offers
07:18 Reason #2: Higher Welcome Offers
10:22 Reason #3: Do Not Impact Personal Credit Report (Usually)
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#businesscreditcards #bestcreditcards #creditcards
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Great video Spencer! I didn’t fully understand the full power of the credit card game until I started getting business credit card. The fact that they don’t add to my 5/24 status while still giving great subs is the biggest selling point for me personally.
Excellent advice thanks
Thank you spencer, leaving this video I’m convinced that I would benefit from a business card. Since I’m already in the chase realm, I might go for the sapphire ink
Great Info. Spencer Johnson....Thank you.
Great video!
Love Love this video Spencer! I've gotten a ton of value from Business Cards over the past year or so and it's worked out really well for me to continue getting high SUB's while gardening my 5/24 status at the same time. These days most people have some sort of income outside of a 9-5 even like tutoring or pet sitting haha. Great video as always!
I appreciate you Matt!! You hit the nail on the head... that's exactly why I love business cards too! Thanks for the comment as always brotha 👊🏼
Appreciate the information
I’m right there with you. I think everyone should have a business card as well. Great video.
I'm glad we're on the same page Chad! I appreciate the comment man.
I agree! Good stuff!
Thank you!
Approved for the Amex Blue Business Plus! Thanks for the video!
Just got approved for mine yesterday.
@The_Punisher202 how?
You made a great case for business credit cards Spencer! Although I might be biased lol. Great discussion the other day too.
I'm happy to hear you enjoyed it!! I've found a ton of value in business cards thus far and I'm looking forward to adding a bunch more. I'm glad you liked the Creator Conversations too! 🫡
Stepping into the Business card landscape opens up so many great options for some amazing rewards (especially with those HUGE welcome bonuses), I mean 90k points on 2x no AF fees is crazy! If anyone else is reading this and you have some side income, CONSIDER IT! Awesome video as always Spencer!
I completely agree Kevin! They're such a powerful tool that I feel like more people should at least be considering, especially with any kind of side income. Thanks for the support as always man!
Business credit cards are definitely the unsung heroes of the credit card world! For all the reasons you mentioned, it's a great tool to use to use in addition to the usual personal credit card lineup. Business credit cards are great for larger purchases, and those larger welcome offers are a great way to get a little more value those purchases when they come up! Nice one Spencer!
I completely agree with you Stan!! I could've realistically made this a list of 25 different reasons as to why business credit cards are so powerful, but I decided to spare people this time haha. Business cards have definitely been useful to me so far and I'm excited to continue to get more!
Business credit cards are insane! The value they add, while remaining off of your credit report is incredible.
I like the term Ghost cards for Amex business cards 😂
Hello Odin!
Love your content.
- Ivan
Business credit is leverage 7 business cards in my wallet now excellent stuff!
Great vid Spencer! Everyone (in the game at least) really does need some business cards. They are a game changer....
I appreciate you man! I couldn't make the title as long as "why everyone should strongly consider business credit cards" so I had to put the "need" in there, but I genuinely do believe that everyone can get value from them in some form or fashion. I appreciate you watching as always!
Need. No. Unless you’re devoted to chase points and can’t get any more cards with them.
I 100% agree with you about the 0% apr phase for folks that don’t have the funds up front. However, if you know you have the funds a good way to take advantage of the 0% Apr phase on Chase and Amex business cards is to take those funds and put them in a 6-12 month CD or HYSA and pay everything the month before your 0% Apr phase ends. Granted you still have to make the minimum payments, but it’s a good way to make a few hundred to thousand dollars with the extra cash flow.
I'm glad we're on the same page!! That's one use case where a 0% intro APR period could be leveraged, but for a lot of folks, I think that risk far outweighs the reward. It all depends on how responsible you are financially at the end of the day!
I recently got the Chase Ink Business Cash for that 90K offer. I'm planning to do a video review on it after 90 days.
That's awesome to hear! Such a solid pickup. Congrats on that! And I'm excited to hear more of your thoughts on the card as a whole.
Thanks for the video. I do take advantage of the 0% APR period but I do have a $30k churning / emergency fund. Say I have $10k on a 0% APR business card, like you say it doesn't affect my utilization, but it also allows me to invest that money and get interest on it (5.3% minimum in federal money market). So my $30k churning/emergency fund becomes $40k to work with. But at any time I could pay the balance off because that money isn't spent, it is being used a tool to make more money.
No problem! And this is one of those use cases for 0% intro APR periods that I completely understand. But the fact that you have this money set aside as an emergency fund is the important part. I mainly don't recommend people do that on my channel because a lot of folks don't have much savings at all and if they start relying on 0% intro APR periods, it can get bad pretty quick. But as long as you're financially responsible, there are definitely use cases for it!
The purpose of 0 percent apr business credit card it’s to fund your business so if you don’t have the money in your account and need help go FOR IT!!the whole purpose is to start a business!!! Great video
Hi,
I’m a newbie to the credit game, I have a business for over 10 years that I spend over $2500+ per month in business expenses. I just got ink unlimited and ink cash within the past 2 months. Now I need either the business prefered or sapphire prefered to complete the chase trifecta to gain the best value for my points. I’m leaning towards the business prefered because of the massive welcome bonus. Spencer can you please do a pros and cons video between the business prefered and sapphire preferred? Their practically no videos comparing the two and plus it would greatly help me out to make my choice. Thanks again for all you do.
Business credit cards are absolutely essential to my credit card strategy. I'm racking in the welcome offers for both me and my wife and we're both still under Chase 5/24
That's awesome to hear man! I feel like more people should be taking advantage of them, hence why I made this video haha. I'm glad y'all are getting a ton of value from em!
As it is I started my business card with Amex but did not have a personal. They were very generous with a 9,400 limit as a new card holder! My question is if I were to consider a personal Amex would they do a hard pull because I solely have the business relationship or would the soft inquiry apply because I am already a card holder? I have also set up a HYSA with them for that sweet 4.25 APY. Great video as always, I have been inspired by your content among others to consider talking more about this as well as I have been in finances as my day job for 8 years. Any tips on getting started?
I needed this video. You got my sub!
That's awesome to hear man! I'm really glad you found it valuable!
Possibly a weird hot take, but I like business cards as catch alls like the Ink Business Unlimited. High SUB, high welcome offer, zip AF, and 5/24 is (usually) frozen. Rather than cards like the Amex Business Gold where you need to know what you’re doing (and I definitely don’t), the flat rate does its job better if you’re a sole prop.
I think that's a great take! A lot of people do that tbh. Of course you have to be comfortable putting personal expenses on business cards for that to work well, but as I discussed, that's something people do every day and have no issues so take that for what its worth.
I added a 5th Business credit card a few days ago business credit is leverage and very valuable highly slept on!
Does it lower your personal credit score when applying for a business card ?
@@ElitePropertiesByJarel Not usually as it is soft pull for Amex cards after holding other Amex cards. Also business cards don’t report to personal credit bureaus, a select few do but most report only on the business credit side.
@@ElitePropertiesByJarelDepending on the lender they usually pull personal credit to decide approval. Amex it's a SP if you already have Amex cards, rarely there is a hard pull with current Amex relationships.
Can you downgrade an AmEx Business Gold to a $0 AF AmEx BPP after the first year? The SUB is worth it, but I am not sure it is worth the $295 AF in the second year and on.
Looking to get my first one here soon. Wanting to get a chase ink card as I should be out of 5/24 as of last week, but not sure if I should wait a whole calendar month or if I can apply for the card next week. Any thoughts on if I should wait longer or if you think next week is ok? Wanting to make sure to get that elevated bonus before it is gone
That's great man! I definitely wouldn't want you to miss out on those bonuses. I usually wait till the end of the month that I officially dropped under 5/24 to apply for a Chase card, but in reality, even if they denied you for it because of 5/24 if you applied a few days after, you could probably get through fine with recon. I just do it to be extra safe, but you're technically officially under 5/24 right when that card drops off.
@@SpencerJohnsonOfficial awesome to hear! I’ll give it a try maybe today or next week. Thanks Spencer and awesome video per usual!
Question I have an Amazon business account, Do you think I can get approve for the Chase ink unlimited if apply as a sole proprietorship? Will this be a hard pull?
You can apply for basically any business card as a sole proprietor, and that isn't an issue with Chase cards at all. Chase does hard pull for all credit cards you open with them, but the new card account won't go on your personal credit report, just the hard pull.
Is it 100% confirmed that the Blue Business Plus will not add to 5/24? I am at 4/24 and looking to add more lines but don’t want to hit 5/24. Thanks!
That's correct! That's a huge reason people apply for business credit cards, and that's why I applied for the BBP specifically! You can check back on my channel and see that application process, but that didn't add to my 5/24 count at all. Best of luck to you!!
I'm thinking about applying for Chase Ink Cash. Would it be a problem if I used it to buy lumber to hit the 6k faster? This would be my first business cc, so I'm not familiar on the rules. Do people actually use this card as a personal cc even though its a business? Does it get reported to the IRS?
I believe I talk about that more in depth in this video, but to give you a quick answer, business credit card purchases are not reported to the IRS. You have to do any business reporting separately, but what methods you use to make the purchase don't exactly matter. The only people you'd get in trouble with are the card companies, but I've personally never heard of that happening to anyone for putting personal purchases on business cards even though the terms say not to. I'm not saying you definitely should do it or anything, just reiterating data points I've heard from countless folks 👍🏼
How much do they care about the spend on the card? I have a wedding coming up and was thinking about the chase business cards 90k offer
Well I covered my thoughts about that in the video, but there are more data points on reddit and in my Discord if you want to hear more perspectives on it!!
Chase explicitly says in their term that their business cards are for business use only.
Again, it's up to you if you want to follow those terms
Yep that's exactly right!! It's all up to personal preference at the end of the day, but I've never personally heard of someone getting a card shut down for personal expenses on their cards despite those terms. But that doesn't mean I'd recommend you do it at the same time.
Nice
Thanks!!
My business is the business of churning welcome bonuses
Hahah I'm sure the banks love to hear that 🤣 That's hilarious.
I’m first, I don’t care. Go away Matt and Ahmad 😂😂😂
As much as I like you, I will never let you be first!
CJ's a menace!! 🤣 Hey, at least you were top 3 🥉
@@SpencerJohnsonOfficialthe reasons I like business cards instead of personal cards is because you can literally Liquidate some of your business card meaning if you have already set up credit card processing for your business you can use the credit card machine without paying any cash advance fee
The only business card i have right now is the blue business plus, becuase thats the only business card with an achievable sign on bonus for me.🤣
Haha that's exactly how I was for a while. Every once in a while we all have some major expenses that come up and business cards are my first consideration when that happens. But you never want to overspend for a SUB, that's for sure!
@@SpencerJohnsonOfficial I think I will utilize this tax season and car insurance renewal.
Hi spencer✋🙏🏻👍❤💯
Hey Pablo!! 👋🏼
@@SpencerJohnsonOfficial thank you spencer🙏🏻✋👍❤💯
First?
It's nothing new!! I appreciate you boss 👑
👍🏻
🫡
1st
Yet another tight race!! I appreciate you brotha 🥈
Main reason I don't have any business credit cards, the MSR's are ridiculous.
That's a huge barrier to entry for a lot of folks, including myself! But there are always big expenses that come up here and there that may make em more attainable.
Max rewards suck
Yep. Card Pointers is better.
Great video Spencer! I agree that most qualify for business cards! I got approved for 5 business cards as a sole proprietor. Business cards are a great tool! Thanks for the info!🫵
Thanks so much Cesar!! Business cards are definitely a tool I feel like more people could take advantage of, so I hope this video makes them feel a bit more accessible to folks!