Getting Everyday Discounts for your Business
The credit card companies in the USA these days are just a little bit crazy! They are always trying to incentivise new businesses and consumers to get their cards to get their business going. So as a business there are many ways you can take advantage of this.
There are a few aspects you need to consider when you’re looking at getting a credit cards.
- What are your expenses, for example do you spend a lot on gas, and if so how much do you spend per month?
- Can you find a credit card with cashback based on your expenses? Meaning if your biggest expense is a supermarket, then finding cashback for the supermarket you go to.
- What are the fees of the cards and its limits? Many will have fees around $100 a year, so you need to make sure your saving is worth it.
There are many comparison sites for credit cards, and these are changing all the time, so we won’t get into any recommendations here.
But, some best practice for using the credit card. Once you have the credit card from the right company, limit its use to where you get the discount. This will assist you in managing your finances better and controlling your cashflow.
Set up the card to be auto paid off, credit cards can be a slippery slope, so keep it as part of your business strategy and manage how you’re going to use it and pay it off.
Avoid using your credit cards for getting cash! You will find this can be extremely expensive if you don’t know what you are doing. There are a lot of associated fees and charges, which you probably won’t fully realise until you get the bill and the money is taken.
Keep a calendar of your cards. A lot of the benefits will end after 1 year, so often that will be the time to file away that card and see what other promotions are around. If you’re lucky, your credit card company will try to keep you spending and will send out additional promotions to keep you going. You should consider contacting them about this towards the end of the initial term.
Another key point is that you must read the terms before committing to a card. Some cards have rotating categories, which means your cashback is not as straightforward and will change over time.
As long as you can pay off your cards every month, and you’re smart with how you use it, you can really enjoy the perks for your business as well as rewards and fraud protection.