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Good Credit Card for a small trucking business

Discussion in 'Ask An Owner Operator' started by EMCO_Trans, Aug 8, 2016.

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  1. Aug 8, 2016 #1
    EMCO_Trans

    EMCO_Trans Light Load Member

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    Jan 1, 2016
    Iowa
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    Whats a good bank to go with? Card would be used for repairs mainly and paid off each month or in few months if the bill is bigger. Also want something that will build up my score so I can get some new trailers in a year. Any other tips for this?
     
    EMCO_Trans, Aug 8, 2016
    EMCO_Trans, Aug 8, 2016
    #1
    Badcable Thanks this.
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  3. Aug 8, 2016 #2
    double yellow

    double yellow Road Train Member

    5,946
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    Aug 28, 2011
    State of Jefferson
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    I'm happy with US bank. 3% cash back on gas & office supplies, 1% on everything else. At the end of the year you get an additional 0.25% back. No annual fee.

    Plus mortgages from 3.27% for a conventional 30-year fixed.
     
    Last edited: Aug 9, 2016
    double yellow, Aug 8, 2016
    double yellow, Aug 8, 2016
    #2
    EMCO_Trans, Terry270 and Badcable Thank this.
  4. Aug 8, 2016 #3
    Badcable

    Badcable Medium Load Member

    356
    191
    Feb 1, 2008
    Outside Chicago, IL
    0
    US Bank bought my bank. Hated them at first.

    I use their cash back Visa card for larger purchases, pay it off within the period and still get the cash back. It's not a bad deal at all.
     
    Badcable, Aug 8, 2016
    Badcable, Aug 8, 2016
    #3
    EMCO_Trans Thanks this.
  5. Aug 9, 2016 #4
    ramblingman

    ramblingman Road Train Member

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    Jan 12, 2014
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    I just got the citi double cash back card. Its the only card i know of on the market giving 2% cash back on unlimited spending. Im pretty excited about it. Ive already made 1500 dollars off my 1% card. I expect to get 2k a year in free money off this card.
     
    ramblingman, Aug 9, 2016
    ramblingman, Aug 9, 2016
    #4
    EMCO_Trans Thanks this.
  7. Aug 9, 2016 #5
    double yellow

    double yellow Road Train Member

    5,946
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    Aug 28, 2011
    State of Jefferson
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    nice @ramblingman ! Does that have to be in a person's name or can it be used by a business?
     
    double yellow, Aug 9, 2016
    double yellow, Aug 9, 2016
    #5
    EMCO_Trans Thanks this.
  8. Aug 9, 2016 #6
    d o g

    d o g Trucker Forum STAFF Staff Member

    24,184
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    Sep 20, 2010
    Texas
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    Chase Ink Cash (not the Ink Plus) is a great no-fee business card. It's a cash back card, with 5% back on cell phone charges, satellite or cable TV, and office supply stores. Two percent at restaurants and gas stations, 1% on everything else. Just the 5% back on cell phone bills makes it worth having for most of us. It comes as a Visa or a Signature Visa. The Signature version is a flexible spending card, meaning that you can go over your revolving limit with it as long as you pay the over-limit amount at the first statement (similar to the way an Amex charge card works).

    Chase is often tough to get in with, but if you have good credit and are familiar enough with your business to go through an interview with an analyst, they offer some good starting limits. They also usually have a $200 bonus for new accounts that will give you $200 cash back after spending $3,000 in the first three months of having the card. If you're patient and watch for the offers, that is sometimes bumped up to a $300 bonus.

    Amex SimplyCash is another no-fee, cash back business card that gives 5% back on cell phone bills and office supplies. Plus, you get to choose a 3% back category to go along with that, then 1% on everything else. They also usually have some type of sign-up bonus with a minimum spend for new accounts. Probably easier to get than Chase, but they do still have some acceptance issues, so you'll run into some places that won't take it.

    You'll probably need a 720+ for either of those, although the Amex might approve with a lower score, offset by a lower starting limit. Both of those will probably pull your Experian personal credit report, and Chase might double-pull with an Equifax, as well. But, they don't report to your personal credit reports. In other words, your personal credit report will show an initial inquiry from them, but they don't report monthly. Essentially, they're hidden trade lines because the utilization doesn't impact your personal credit scores. You'll build up business credit with them, but they won't reflect on your personal credit unless you default.
     
    d o g, Aug 9, 2016
    d o g, Aug 9, 2016
    #6
    EMCO_Trans, Terry270 and MJ1657 Thank this.
  9. Aug 9, 2016 #7
    Terry270

    Terry270 Road Train Member

    1,455
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    Jan 21, 2014
    BG, KY
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    I have Chase ink and freedom, US Bank and Discover. They all have their advantages, I have over 7k in cash back just from swiping the cards over the past 4 years in business. I may get a Citi double cash soon that sounds like a good deal.
     
    Terry270, Aug 9, 2016
    Terry270, Aug 9, 2016
    #7
    ramblingman Thanks this.
  10. Aug 9, 2016 #8
    BoostedTeg

    BoostedTeg Road Train Member

    1,605
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    Jun 2, 2008
    Boise ID
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    Costco has a thing with citi now offering 4% cash back on fuel for the first $7000. Then 1% after that.
     
    BoostedTeg, Aug 9, 2016
    BoostedTeg, Aug 9, 2016
    #8
  11. Aug 13, 2016 #9
    EMCO_Trans

    EMCO_Trans Light Load Member

    127
    48
    Jan 1, 2016
    Iowa
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    Got a Capital One Card that offers 2% cash back on everything. Now I just got to start using it to pay everything possible and pay it off each month.
     
    EMCO_Trans, Aug 13, 2016
    EMCO_Trans, Aug 13, 2016
    #9
  12. Aug 13, 2016 #10
    x1Heavy

    x1Heavy Road Train Member

    34,017
    42,104
    Mar 5, 2016
    White County, Arkansas
    0
    If you have 5000 dollars to 10,000 and are a Vet or a spouse of a vet, you can establish either a Navy Federal Credit Union Banking (Accessible by VA in person in Arkansas or online/telephone. No branches in Arkansas.) and then use that money to provide a foundation for a VISA Black. They say you can buy things on the Black that most people cannot or usually do not buy with your more common credit cards. And a good stiff AMEX card plus a decent Discover will do you well.

    Keep an eye on those interest rates. Everyone is going negative rates in real world banking now. Have been for a few months. But there are still barriers that need to fall before Negative banking rates hit you and me. Meaning you pay a fee to maintain a checking or savings account, per account per certain amount of time.

    If Negative rates got really large, say -20% in a few years time, it might create a sitaution that is unacceptable.. the Joe Citizen beer belly man getting paid to hold a bit of debt if the debt is large enough... such a negative rate across say 6 to 12 credit cards might provide a living, working 40 hours cannot match.
     
    x1Heavy, Aug 13, 2016
    x1Heavy, Aug 13, 2016
    #10
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