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Best Biz Credit Card for Small Business

1,032 Views | 9 Replies | Last: 1 yr ago by LostInLA07
gigemhilo
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AG
Looking for something to use to buy retail inventory. Our first thought was Amex Gold, but if there is a better option I'd like to hear it.

We won't be using it for travel - just purchases.

Thanks in advance!
LostInLA07
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AG
Spark Business is 2% cash back
Hanrahan
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AG
Spark 2% cash. Goes on personal credit tho if that is a factor.
Proposition Joe
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2% cash back should be your absolute minimum.
permabull
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AG
Amex blue cash business is 2% back on everything no annual fee.

The chase ink preferred is pretty good too if you can hit the minimum spend. It also has a solid downgrade path to a no annual fee card after you earn the bonus.
gunan01
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AG
LostInLA07 said:

Spark Business is 2% cash back
One question about this card how does that 2% cashback get paid back to you? If it is a check paid to your business don't you get taxed on that?
Aggie09Derek
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AG
Plum Card
Hanrahan
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AG
gunan01 said:

LostInLA07 said:

Spark Business is 2% cash back
One question about this card how does that 2% cashback get paid back to you? If it is a check paid to your business don't you get taxed on that?
no. check sent to you. no tax. because its really a personal card masquerading as a business card. It goes on your personal credit, but the benfit is rewards are issued personally and not in name of business. I've pulled 6 figures tax free off this card thru our business.
gigemhilo
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AG
Hanrahan said:

gunan01 said:

LostInLA07 said:

Spark Business is 2% cash back
One question about this card how does that 2% cashback get paid back to you? If it is a check paid to your business don't you get taxed on that?
no. check sent to you. no tax. because its really a personal card masquerading as a business card. It goes on your personal credit, but the benfit is rewards are issued personally and not in name of business. I've pulled 6 figures tax free off this card thru our business.
It is technically a "discount"
LostInLA07
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AG
You actually can choose whether it's a statement credit or check to you. But like everyone mentioned, it's better to get the check because it's technically a "rebate" instead of taxable income.

If you take the statement credit, supposedly it's just reflected as an expense reduction or rebate to the business and the gain ends up as taxable income for you when distributed out of the company.

Once you run the math on the tax benefit it's worth more than 2%, how much about 2% depends on your marginal tax rate.
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