New business credit card

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knichols13
 
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Joined: Thu May 11, 2017 8:11 pm

New business credit card

Postby knichols13 » Thu May 11, 2017 8:20 pm

In the last 6 months I have started a real estate investment business. Although I have a Lowes and Home Depot credit card, I feel a business specific credit card would be very beneficial. Home Depot only offers gas rewards and no in store discounts, and carries a high rate as I can't always pay off at the end of month and until a home closes, I have to carry high balance.

My credit score is around a 780, and I would like to find a credit card that I could utilize at Home Depot and for other costs associated with my business including gas. I am looking for a card that is low interest, preferably no annual fee, and gas rewards as well.

Shopping around I have not easily found what I am looking for. Any guidance in this area would be greatly appreciated.


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CreditCardSage
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Re: New business credit card

Postby CreditCardSage » Fri May 12, 2017 11:55 am

Thanks for the question! One you might look into is the SimplyCash® Plus Business Credit Card from American Express. There's no annual fee and you get 3% back on gas.

As far as maximizing spending at Home Depot, I'd love to hear what suggestions the Forum has.

Tubpbs
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Re: New business credit card

Postby Tubpbs » Fri May 12, 2017 1:59 pm

knichols13 wrote:In the last 6 months I have started a real estate investment business. Although I have a Lowes and Home Depot credit card, I feel a business specific credit card would be very beneficial. Home Depot only offers gas rewards and no in store discounts, and carries a high rate as I can't always pay off at the end of month and until a home closes, I have to carry high balance.

My credit score is around a 780, and I would like to find a credit card that I could utilize at Home Depot and for other costs associated with my business including gas. I am looking for a card that is low interest, preferably no annual fee, and gas rewards as well.

Shopping around I have not easily found what I am looking for. Any guidance in this area would be greatly appreciated.


I would be surprised if you find a business card with low interest.

That said, depending on the amount of time you need to carry the balance, the Amex Plum card MIGHT suit your needs. You can carry the balance for 60 days with no interest (or pay within 10 days for 1.5% back).

The issue is, that's it. After the 60 days, you have to pay the full balance from that statement cycle.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Tubpbs
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Posts: 1051
Joined: Mon Oct 19, 2015 2:08 pm

Re: New business credit card

Postby Tubpbs » Fri May 12, 2017 2:00 pm

knichols13 wrote:In the last 6 months I have started a real estate investment business. Although I have a Lowes and Home Depot credit card, I feel a business specific credit card would be very beneficial. Home Depot only offers gas rewards and no in store discounts, and carries a high rate as I can't always pay off at the end of month and until a home closes, I have to carry high balance.

My credit score is around a 780, and I would like to find a credit card that I could utilize at Home Depot and for other costs associated with my business including gas. I am looking for a card that is low interest, preferably no annual fee, and gas rewards as well.

Shopping around I have not easily found what I am looking for. Any guidance in this area would be greatly appreciated.


You can also look into a line of credit for your business. That will likely have a lower interest rate but provide no reward. I assume you will be significantly better off with a lower interest rate than with rewards, given that you'll be carrying a balance.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



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