Comments on: Anyone Can Apply For a Business Credit Card

By: Patrick

Patrick — Fri, 05 Sep 2008 04:12:15 +0000

Hello Livia, To answer your question, the two business credit cards I linked to in the article are great cards to choose from. The Discover Business Card offers a $100 cash back bonus if you spend $1000 within the first 3 months, and the The The AmEx Business Gold Card offers a $50 cash bonus after your first purchase. The Discover Business Card does not have any associate fees, while the AmEx Gold Card has a $125 fee (waived for the first year). I currently have both cards and they are both quality cards for a business. Other good business credit cards can be found in this article - Best Gas Rewards Cards. The business cards I recommend are The Blue Cash for Business Credit Card, the TrueEarnings Business Card from Costco and American Express, or the SimplyCash Business Card from American Express. None of these three cards have annual fees. All of the cards in this e-mail come with cash or point rewards systems which will earn you additional cash back on items like gas, office supplies, cell phone service, restaurants, and more.

By: Livia

Livia — Fri, 05 Sep 2008 03:42:44 +0000

what credit cards can i apply for using business credit only?

By: Patrick

Patrick — Fri, 08 Aug 2008 23:35:55 +0000

Next Millionaire,

Some business cards have annual fees, so that is something you want to look out for. That is actually why I signed up for the Discover Business Card. It has a great cash back program, gave me a $100 sign up bonus, and doesn’t have any annual fees. It’s a very good business card.

By: Patrick

Patrick — Fri, 08 Aug 2008 18:17:09 +0000

That’s true if you are taxing your income as a business, but my understanding of a sole proprietorship is that there is no separation of business and personal income. But I’m not a tax pro, so be sure to talk to one before filing taxes.

By: Dividend Growth Investor

Dividend Growth Investor — Fri, 08 Aug 2008 17:30:13 +0000

I remember vaguely from my tax class that in order to be considered as a business for IRS purposes, you have to earn a profit for at least two out of the past five years. The thing is that if you are losing money on this “business” IRS could contest that this is actually a hobby and you lose a preferential tax treatment.

By: Patrick

Patrick — Fri, 08 Aug 2008 11:44:34 +0000

MoneyEnergy,

Sole proprietors only do one set of taxes. As a sole proprietor, there is no distinction between the money earned in your business and your regular income. This is not always the case for other business types.

By: MoneyEnergy

MoneyEnergy — Fri, 08 Aug 2008 05:30:33 +0000

thanks for pointing this out, I did not know this. But yeah, I would definitely want to know more about the different types of businesses before doing this personally, just for my own sake. Especially with taxes. If you’re a sole proprietor, do you do two sets of taxes, etc.

By: RCJackson

RCJackson — Thu, 07 Aug 2008 18:14:21 +0000

Hello! Sorry to be a stickler, but the IRS doesn’t allow “anything” to be a business.

It’s really important that it is NOT a hobby and you are engaged in the transactions for the purpose of profit and a form of self-support (not just extra cash on the side) by incurring consistent time and expense into marketing and organizing the business.

Haha, what a downer, right?

By: Patrick

Patrick — Thu, 07 Aug 2008 15:35:01 +0000

There are some cards that you can convert points to cash, but the conversions are always different depending on the card company. That’s one reason I prefer cash; I always know the conversion rate.

There are some rewards cards that do pay cash and don’t apply your rewards to your balance.

By: Dividend Growth Investor

Dividend Growth Investor — Thu, 07 Aug 2008 14:24:38 +0000

Cash Back is king. I am wondering however if there’s any credit cards that give good points ( more than 1 point for every dollar spent) that could convert into real cash ( a check sent to my door in my name).
I use Chase Rewards and they apply the rewards directly to my balance. Which is nice, although I want to simply get cash for whatever reasons..