Cash back on business credit card

American Express Blue Business Cash… 2% on everything. Compatible with Mudflap for 2% back on your $75k yearly fuel bill ($4.50/100k/6mpg) is $1500 extra savings.

Chase Ink… 1.5% on everything that doesn’t accept AmEx.

 

There is another Chase Ink that is 2% cash back. Has an annual fee, I think it is $95. I use it for my non trucking business and average over $10,000 a year back.

 

Good call. I’ve anyways been anti-annual fee, but when we’re talking making thousands and costing under $100… plus having Visa is more convenient even though Amex advertises “99%” accepted. I’ve been turned down more than I’d like with my Amex card.

 

I have that blue a few months, 2% is limited to the first $50k a year/ no annual fee. *eta there is still a discount past that first $50k but its lesser, and I don’t recall what it is.
Amex you have to pay in full within like 10 days of end of billing cycle/ which is ~6 days from getting the bill to get the “cash back” which is rebated against the following billing cycle.

I had the plum card from Amex for about a dozen years, that was 1.5% cash back with no top out, but an annual fee that kept rising, i think it was $275 a year when I opted to switch to the blue card; which wasn’t offered when I had originally signed up for the plum card.

 

Wow - thanks dude. I didn’t realize it was the first $50k only. That’s a big deal. I’ll keep an eye on mine and switch back to the Ink when that point arrives!

 

Capital one Spark business card is 2% back with no limits. $95.00 annual fee.

 

That's what I have also

 

Supplier accounts are a better way to build business credit. Even if you have to secure the account with cash on the DL. Right now you’re trying to deal with banks with no credit history. That’s a short trail. Banks attitudes change when you walk in with a file full of supplier accounts and their payment history’s. Talk to your suppliers, mine worked with me. They’re little guys too and went through the same bs through their start up. The big problem in business is you can’t extend credit when you don’t have any. That makes for tough sledding starting out. Especially in this business because the numbers are huge. For the most part banks aren’t going to lend to a company on its own merit for 5 years unless you come up with some kind of a credit history. Not without you exposing yourself personally. If you’re going to sign personal property security arrangements what’s the point of having a company in the first place. As soon as you sign one of those the company offers you no protection, you personally secured the company debt with your assets. If it’s in the company name, you’d have to sign a PPSA before they give it credit card if the company has no credit, they’d want that secured. I’d suggest a tour of everyone you’re buying from in cash and talk to them. A bunch of small ones work. The numbers don’t matter to a bank so much as giving them something to look at. They want to know if the company and its management are responsible enough to lend to is what it comes down to. In the meantime, if you paper the countryside with PPSA’s in the pursuit of credit now, that may bite you hard later if something goes sideways.

 

No fee on my Spark. I don’t know how. I have another fee card but don’t pay a fee on it either. Lucky me?‍♂️