No downsides⦠I have read that the consumer protections are not present in business cards. ie compared to consumer cards.
However, you cannot beat the points and other benefits. I have done 2 Chase biz cards in the past 6 months. Will use the UR points for another trip to Europe in 1-2 years!
Really? Ink Cash is the only card I can think of with highest category-specific rewards.
A wasted inquiry if you donāt get approved.
Some business cards are reported on your personal credit report.
Personal purchases are technically not allowed (some issuers write this into the agreement, not sure if they all do), and usually thereās no consumer protections for personal purchases. It may be a non-enforceable technicality, just keep it in mind.
Chase started limiting rewards opportunities and cracking down on rewards churners.
I think youāre right. Perhaps I should have used the word āhandsomeā in place of the word āinflatedā. However:
Do not myself have any focus whatsoever on category-specific rewards, so this is a blind spot for me. I cannot make any money with category-specific rewards. My entire ability to profit relies on across-the-board rewards. And the business cards do offer opportunities in that regard.
I was researching, trying to find a āsafeā way. āSafeā in this instance refers to application of my own, personal, criteria regarding safety.
After consulting the aforementioned references, and after further consideration, I do not find a āsafeā way to go forward with a business CC.
And I have not gone forward. For me personally, and only for me, it is not a prudent course of action. However, I am respectful of the different conclusion arrived at regarding this matter by others, folks for whom a business CC (without a business) is a āgoā.
I have a legit freelance business so getting business credit cards is not an issue but aside from double dipping for some cardsās signup bonuses (Chase SW say) or getting around the anti-churning rules (5/24 Chase or 2-yr from closure Citi), the terms are so similar to personal cards that itās not worth messing with them for the non signup rewards.
Chase ink is the main exception. I donāt use it that much though. Additionally business cards are nice if you use balance transfer/cash advance offers. You can 95%+ the card limits and it doesnāt affect your credit score. It would have been nice though if Iād have obtained another personal Southwest card (when there was premier and plus) instead of 1bus+ personal before they recently instituted the āonly can have one Southwest cardā. Two Southwest priority cards would have been nice :/. I couldnāt have guessed the trend shift to credit cards with high annual fees that are negative effective annual fees.
Now I have two with negative effective fees. Southwest priority and amex aspire, at least until theyāre both gutted.
Yes, this is a nice sweetener if you have a high APY reward checking. The WF business card has a great bonus ($500), plus 0% APR for 9 months. Iāve been very happy with this one.