Career
A guide to choosing the best credit card for your business
My experience and impressions while I am building my business as a solo entrepreneur and woman in tech
As I recently shared in my articles about my recent transition from corporate America to being a career mentor and writer full-time, it wasn’t an easy transition. First and foremost, I had to navigate the challenges of establishing my own brand and identity outside the corporate world.
Shifting from a well-defined role in technical sales to the multifaceted world of solo entrepreneurship demanded a fresh perspective and a strategic mindset. I had to redefine my professional narrative and articulate the value I bring as a mentor and writer.
As I navigate the challenges of being a solo entrepreneur, I understand the challenges and opportunities that come with building a business as a solo entrepreneur. One of them is to keep my finances in check, and that is what I want to share in today’s article.
Navigating the transition: from Technical Sales to Entrepreneurship
Embarking on a new chapter in my professional journey, I found myself navigating the many waves of entrepreneurship. Transitioning from the structured world of technical sales to a solo venture required not only a shift in mindset but also a strategic approach to managing finances.
A component of this strategy was the selection of a business credit card that aligned with the specific needs of my evolving business.
I always used Chase services (for my personal card), and I wanted to try a different brand for my business, but I decided to stick with Chase for my business, and I will lay out some of the reasons. Please, read the disclaimer at the end of this article, I only recommend products I personally use.
The importance of tailored rewards programs
One of the first considerations in choosing a credit card was finding a rewards program that catered to the aspects of my career. As a career mentor and writer, my spending patterns differed significantly from my previous corporate role.
Look for a credit card that offers rewards or cash back on categories relevant to your business, such as professional development, office supplies, and advertising expenses.
Expense tracking: a key factor for a solo entrepreneur
Expense tracking stands out as a critical factor in the success of any solo entrepreneur, and it played a pivotal role in my early stages of building a career mentoring and writing business. As a solo entrepreneur, every dollar spent has a direct impact on the bottom line, making efficient expense management crucial for financial health and sustainable growth.
Many business credit cards offer digital platforms and mobile applications that streamline the process of monitoring expenditures. These tools not only simplify the tracking of day-to-day expenses but also provide detailed statements that break down spending patterns.
The ability to categorize expenses according to specific business needs is invaluable. Whether allocating funds for professional development courses, purchasing necessary office supplies, or managing advertising expenses, a well-designed expense tracking system allows for a granular understanding of where the money is going.
This level of insight empowers solo entrepreneurs to make informed decisions about budgeting, resource allocation, and identifying potential areas for cost-saving.
Moreover, the convenience of having all this information readily accessible plays a crucial role in time management. Instead of spending hours manually sifting through receipts and statements, I can now quickly assess my financial landscape, allowing me to focus more on the core aspects of my business — mentoring women in tech and producing quality written content.
Crafting your unique credit card strategy
Every solo entrepreneur’s journey is unique, and so should their credit card strategy. Consider your business spending habits, financial goals, and the specific challenges of your industry.
Some credit cards may offer benefits tailored to writers, while others may provide perks for those in consulting services. Research and choose a card that complements your individual needs and aspirations.
The solo entrepreneur’s financial safety net
As a solo entrepreneur, financial stability is something we are always thinking about. Opting for a credit card that offers a robust set of benefits, such as travel insurance, purchase protection, and extended warranties, can serve as a valuable safety net.
These features provide added security in unexpected situations, allowing you to focus on the growth of your business without unnecessary financial worries.
Nurturing your business, nurturing your finances
Choosing the right credit card for your solo entrepreneurship journey is not just a financial decision but a strategic investment in the success of your venture.
It is important to reflect on your unique needs as you transition between careers, explore the diverse offerings available, and select a credit card that not only supports your current endeavors but also aligns with your future aspirations.
I always thought about myself and my business as one single entity, but in fact, they are not. It is good to keep things separate.
The credit card I chose to separate my finances between personal and my business was the Chase Ink Business Unlimited. I like the simplicity of getting 1.5 points (1.5% cash back) on every dollar I spend and the no-annual fee.
Some of the perks I like the most about my credit card:
Rewards Programs
Many Chase Ink cards offer rewards programs, through which businesses can earn cash back, points, or miles on their business-related expenses.
Expense Tracking
The cards may provide tools to help businesses track and manage their expenses more efficiently.
Sign-up Bonus
Some Chase Ink cards come with sign-up bonuses, which typically involve earning a certain amount of rewards after spending a specified amount within the first few months of card ownership.
In my case (Chase Ink Business Unlimited credit card), I received 90,000 points after spending $6,000 in the first 3 months after opening the account. These points can be redeemed for cash back for $900. Certain cards in the Chase ecosystem (Chase Sapphire Reserve, Chase Sapphire Preferred, and Chase Ink Business Preferred) unlock the ability to transfer points to hotels and airline partners. This can make the $900 worth more than doubled if redeemed diligently.
Travel Benefits
Some cards in the Ink Business lineup may offer travel-related perks such as travel insurance, airport lounge access, and other travel benefits.
No Foreign Transaction Fees
Some cards may waive foreign transaction fees (I am always traveling, so it is important to me), making them suitable for businesses that frequently make international purchases.
Flexible Redemption Options
Depending on the specific card, businesses may have flexibility in how they redeem their earned rewards, whether as cash back, statement credits, travel rewards, or other options.
If you decide to use the Chase Ink (link here) option I am recommending, you can earn 100,000 bonus points with the Ink Business Preferred® card or up to $1,000 bonus cash back with the Ink Business Premier® card, Ink Business Unlimited® card or Ink Business Cash® card. I can be rewarded if you apply here and are approved for the card. Apply here.
Disclosure: I only recommend products I use myself, and all opinions expressed here are my own. If you’d like to support my work, please consider using my affiliate links that are in this article. It is no cost to you, and I earn a small commission.
