Small Business Money Tips

Best Business Credit Cards

2008-03-06T09:19:00.002-05:00

There are 2 credit cards that I use for our business. I consider these the best business credit cards.

1. Chase Cash Back business (I have 2 of these)
2. HSBC Cash Back

Benefits:

Separate business from personal spending
Low interest Rate, currently 9.9% fixed for Chase, 7.9% for HSBC
At least 1% cash back on all perchases
No Limit to the cash back received.
Can request a check at any time, not just at end of year or certain time periods.
CSV format statements.
Chase automatically increases your credit line if you pay in full on time.
Automatic setup of payments.

These cards serve dual purposes, since I typically pay of the credit cards in full monthly, they're actually paying me to use the cards. We use the cards to do all our purchasing, so the amount adds up. Secondly, if I have to carry a balance, the interest rate is reasonable to carry for a month or 2.

My recommendation would be to apply for these cards. Even if you don't get the rate or credit line you require, you can establish a history with those companys. Later you can ask for an increase in the credit line or a decrease in the rate.

Next: Tips on obtaining the best interest rate when applying for Chase Business Cash Back and HSBC Cash back credit cards.

Credit Scores and Credit Monitoring

2008-02-24T19:39:00.002-05:00

Businesses require credit. In order to get the best credit terms you need to know your FICO score. Knowing you're FICO score and communicating it to whoever you are obtaining the credit card or loan will help you obtain a better interest rate on the credit.

I use myFICO.com which is one of the highest rated services.

I was introduced to myFICO.com when I received an letter from the Army stating that my Social Security number may have been comprimised and that I should consider monitoring my credit for possible identity theft. The letter specifically mentioned myFICO.com

The service costs ~$50 a year but you get a lot for that price:

FICO® score & credit report from TransUnion. You get one full credit report every 3 months.
Monitoring of your FICO score and e-mail alerts when score changes are detected
An explaination of your score which tells you whether you score is good or bad or in-between.
A "get a loan" and "get a credit card" section which shows you what percentage rate you can expect based on your FICO score.

I've set up 2 accounts, one for wife and myself. The service includes identity theft monitoring and will e-mail you if something suspicious is happening with your credit.

If you google +myfico +coupon (google trick to return only those results that match both) you should be able to find a 20% or 25% off coupon easily.

Next : More on myFICO.com and finding the best business credit cards once you have your FICO score.

Welcome to Small Business Money Tips

2008-02-24T16:53:00.002-05:00

Hello, my name is Bob McCarthy and welcome to Small Business Money Tips!

Here I will discuss some of the practical methods my wife, Maria, and I use to manage our small web-based businesses, including http://www.amodernrenaissance.com/.

I hope you will find the information and useful and profitable.