People with their own businesses, or who largely work as freelancers, face unique challenges when it comes to obtaining credit, whether it’s a small business loan, or the credit cards most businesses need to handle their day-to-day cash flow, and even earn rewards points for things like cash back and airline miles.
Even though the American Express brand has a certain lifestyle cachet, it might be a good fit for those of you who are self-employed. While the American Express Enhanced Business Gold Rewards Card® from American Express Open does offer new clients a signup bonus of 25,000 points (after they spend $5,000 during the first three months of membership), there is the small matter of a $175 dollar annual fee, which may be too rich for some small business owners. That’s still less than the $450 annual fee charged by an Amex Business Platinum Card ®.
Still, using any kind of American Express credit card does lend a certain air of credibility and financial solvency to your company, even if you’re the sole employee. However, it may not be the best choice for your personal bottom line, even though it does carry with certain benefits such as:
The Chase Ink Plus® Business Credit Card just might be the credit card for anyone who’s self-employed. Consider these benefits offered by this card’s issuer:
Before you rush off to apply for the Chase Ink Plus Business Card®, you need to know that it’s more in the nature of an old school charge card that has to be paid off every month, just like an AmEx card. The 5X points given for the first $50,000 doesn’t just apply to your office Internet and business phone line. That same benefit applies to your spending on office supplies from stores like Staples or Office Max.
Since office supply stores sell pens, copy paper, office furniture, ink cartridges, and even small appliances, your bonus points can accrue rapidly. That’s especially true if you’re buying items like bottled water, snacks, and coffee for your office, all things that most office supply stores sell these days.
Another good choice for the self-employed person or small business owner also comes from American Express: the Amex EveryDay Credit Card, which offers a 0$ annual fee for the first year, plus the following benefits:
This might not be the first card that comes to mind when you’re considering adding a card to your wallet, but it’s got some interesting features that might benefit anyone who’s self-employed. For example:
This card has one benefit that might be a huge boon to self-employed people who are already carrying a huge balance on an existing card with a high interest rate. The Citi Simplicity® Card will allow you to pay 0% interest on any balance transfer for the first 21 months, and that goes for any purchases, too. It’s got some other nice features, as well, including:
So, as you can see, there are a range of options for cards that can fit the needs and lifestyle of the self-employed person. The important thing is to shop around and take your time before signing up for any card. For some additional ideas about good credit card deals for parents, military members, or other credit card customers with specific needs, please check out CreditRepair.com.
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