October is National Women’s Small Business Month and in honor of that, we’re taking a look at two of the most popular, tried and true business cards – one from American Express and another offer courtesy of JPMorgan Chase. Which one will best suit your needs? Only you can know for sure, but keep reading as we review and compare both – and then decide.
Owning a small business is a dream many Americans share. One of the most important elements in this process is finding the right financial tools that will allow these business owners to remain competitive while growing their business into flourishing and successful ventures. One way to do this is with responsible credit. Most business owners of any size have at least one business credit card in their arsenal – and many may have one or both of the two card we’re reviewing this week.
Which is best – the American Express Business Platinum card or the Ink Plus Business? You decide!
AMEX Business Platinum Card
American Express is known for its customer service and suite of financial products and tools that have been a part of the American business sector for decades. The American Express Business Platinum Card offers more than thirty premium perks and benefits. One of those benefits is the opportunity to earn 25,000 Membership Rewards Points when you spend $5,000 during your first 90 days of membership. This is a great opportunity, especially if you’re anticipating purchasing new computers or are anticipating other expenses within that timeframe. You should know, however, there’s a $450 annual fee. While that may seem a bit steep for some small business owners, if you’re in the position to take advantage of even a few of the many benefits, it might be worth it to shell out the annual fee.
You’ll enjoy around the clock concierge services, including access to personal consultants twenty four hours a day. Your consultant will be able to assist with any number of needs you have as a small business owner. You’ll also find an entire team of dedicated business consultants who stand ready to help with your toughest challenges as a business owner. As we know, there’s no shortage of those challenges in our modern society. The difference between success and failure is often not nearly as complicated as we think. This team of processionals work to ensure that’s never a problem.
Concerned your identity might have been stolen? Perhaps you’re stranded in a foreign country and are unsure of where to find help? American Express is right there with you every step of the way serving as a liaison between you and resources in the country you’re in. And it’s but a phone call away.
Enjoy a $200 airline fee credit too when you enroll in the Premier Travel Benefits program. Not only that, but you’ll see up to $200 every year in statement credits that can be used for things like in flight refreshments, change fees and even checked bags. It makes traveling that much easier and less stressful.
Complimentary airport club access and Global Entry are two more offerings that make travel a more pleasant experience.
Ink Plus Business
This Chase Ink Plus Business credit card was designed for business owners. Like its AMEX counterpart, you’ll earn a bonus 25,000 points – and you’ll earn it after your first purchase (no minimum purchase, either). This equates to $250 in rewards. Spend $10,000 during your first ninety days and you’ll earn an additional 25,000 points. Also, no worries about your points expiring because they don’t.
The annual fee is considerably lower than the American Express Business Platinum card. It’s just $95 a year with your first year waived. And, unlike AMEX’s offer, you have the option of paying your balance in full or paying over time, which can be a big help for small business owners looking to increase their monthly cash flow without being tied down to a “pay in full” clause on their credit cards. You’ll earn 5x points for every dollar spent up to $50,000 – this is applicable to purchases made in office supply stores, phone bills and even TV cable and services. Your points are double per dollar spent on the first $50,000 you spend at gas stations and hotels (provided you make your reservations with the hotel). Need to provide employees with cards? No problem – get as many as you need at no additional cost.
Finally, you’ll enjoy a 0% intro rate for the first six months for both purchases and balance transfers – this is especially important since many business credit card offers no longer offer this.
As you can see, both offers have much to offer small business owners. It comes down to what will work best for your unique needs. Not sure which is right? Determine what your current needs are with some thought given to what your goals are for the future of your business. Will you be traveling? Does a cash back rewards card work better or rewards points? Own a fleet of vehicles? It could be, then, that your best bet is going to be a gas rewards card. As always, we encourage you to carefully review the offers and most importantly, the terms and conditions associated with those offers. Remember, too, it makes little difference what the perks are if you’re not going to use them, so be sure to make the most of those rewards.
Finally, don’t forget it’s National Women’s Small Business month. The Small Business Administration has a lot of great tips not only for women business owners, but for anyone who’s considering jumping into the small business ring or who’s already there. Owning your own business can be rewarding and can set you and your family up for great financial success. It’s all about careful planning, an attention to detail and a wise approach to credit and cash. Once you’ve mastered that, you’re well on your way to being your own boss in a company you’ve built and can be proud of.
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