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

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    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
     
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  3. User666

    User666 Medium Load Member

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    Those cash back points really add up quick if you don't carry a balance.
     
  4. mtoo

    mtoo Road Train Member

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    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

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    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
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  6. mpd240

    mpd240 Road Train Member

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    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

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    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

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    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

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    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

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    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.
     
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  11. rollin coal

    rollin coal Road Train Member

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    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.
     
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