Do you use a cash back CC for all business purposes?

Discussion in 'Ask An Owner Operator' started by DC843, Sep 22, 2020.

  1. DC843

    DC843 Medium Load Member

    672
    301
    Jul 4, 2015
    0
    Im not sure how they work and I know details will vary by card but generally is it a good idea to use a credit card that's incurs a % of cashback, paid in full each time due so no interest. There's a lot of expenses with being an owner operator I would assume that would add up to a nice bonus....or am I missing something?

    Thanks
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. User666

    User666 Medium Load Member

    346
    887
    Sep 22, 2020
    Northeast Ohio
    0
    Those cash back points really add up quick if you don't carry a balance.
     
  4. mtoo

    mtoo Road Train Member

    1,908
    4,301
    Jan 15, 2011
    Retired on bended knee
    0
    saving pennies = dollars, saving dollars = hundreds of dollars, hundreds = thousands.
    do everything you can to increase your profits
     
  5. Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,970
    Apr 19, 2011
    0
    Not for all business purchases, but for some. I have a CITI Double Cash 2% back card I use for a lot of purchases, however, I never carry a balance. I usually pay the charge as soon as it shows up online.

    I get my best discount on fuel through a fuel program that is not connected to a credit card.
     
    Last edited: Sep 22, 2020
    Roadgeek395 Thanks this.
  6. mpd240

    mpd240 Road Train Member

    1,540
    3,617
    Sep 17, 2011
    Minnesota
    0
    I worked for a lumber company and one of the things that was said often is we make our money on pennies not dollars. Once in a while big deal would happen but most of the time it was about just grinding it out.

    The second thing I will say about money is it is easier to save it than it is to make it. If you need a hundred dollars how much do you need to put away each week to get there. Now think about how much you have to earn to net 100 dollars. Taxes and wear and tear on equipment.
     
  7. Accidental Trucker

    Accidental Trucker Road Train Member

    3,084
    6,611
    Jun 4, 2015
    0
    I do use a cc for some business expenses, but it is very, very, very easy to fall into the “I’ll buy it because I get cash” back trap. Credit cards make spending emotionally much easier than cash, writing a check or even an online payment. Very easy to spend much more than you’ll ever get back.
     
  8. Midwest Trucker

    Midwest Trucker Road Train Member

    5,768
    20,578
    Aug 31, 2018
    0
    If your a 1 truck operator then go for it. Unfortunately, if you run more trucks then it won’t work as they will only issue you 1 card.
     
  9. God prefers Diesels

    God prefers Diesels Road Train Member

    4,198
    22,246
    Jun 26, 2020
    South Texas
    0
    Before I started doing this, I used a credit card for everything. I kept it at a low limit on purpose. I used it as a buffer in case my info got stolen, the crooks couldn't make off with everything I had in the real bank account. Paid in full once a month, and never paid a dime of interest. Had it on autopay, so I didn't even have to think about it. Debit card stayed at home. Been doing it that way for ten years now. Doesn't really answer your question, but it's another thing to think about.
     
  10. GraniteRiver

    GraniteRiver Light Load Member

    204
    280
    Apr 22, 2018
    0
    All three business credit cards we use that offer cash back allow us as many employee cards as we want.

    To the OP, yes I use a cash back card for everything I can. Ends up being several thousand dollars per year in cash back. Just don’t carry a balance.
     
    Midwest Trucker Thanks this.
  11. rollin coal

    rollin coal Road Train Member

    12,466
    23,622
    Mar 29, 2008
    TN
    0
    Your debit card has the exact same guarantee and protection as a regular credit card and the issuer, Visa or whoever, will refund 100% of your money on all stolen/unauthorized charges. The only way a thief can make off with money from your account if they steal your debit card is if they have the actual PIN number. Never use the PIN number of a debit card for any transaction. Always select "credit" when prompted and use it as a credit card.
     
    God prefers Diesels Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.