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The separation of personal and professional expenses is essential when you are a freelancer. Author not illustrated.Christine Mooijer / Getty Images
After working as a full-time freelancer for about three years, I finally managed to open a credit card to cover all the expenses of my small business. My former colleagues, who were accountants and CPA's, have said over and over again: you should have a separate credit card for your business. But as I was an army of one and the only employee of my content creation business, I kept mixing my personal and professional expenses on a personal credit card for a while. good time.
After researching the best business credit cards, I chose Chase's Ink Business Preferred. In addition to enjoying certain benefits and rewards, having a credit card only for my "solopreneur" work has greatly facilitated the management of my finances in relation to my work.
How a professional credit card simplified my life
It's easier to stay at the forefront of financial management for my business
Placing all of my business expenses in Ink Business Preferred greatly simplifies my record keeping. Rather than having to synchronize multiple accounts with my accounting software, or deal with a ton of transactions and separate my personal and professional expenses (a big no-no, by the way), everything is on one account.
This saves time during the tax season
When it comes time to file taxes for my business, even if I have saved all my receipts, I can also extract my credit card statements to review the transactions. No need to browse through stacks of receipts, or try to read those whose numbers are starting to fade.
Here are some of the purchases I make that count as business expenses:
- Marketing expenses, such as web hosting
- Business trip
- Business meals and entertainment
- Professional subscriptions and subscriptions
- Pay for contractors
- A percentage of my mobile phone bill
- Accounting and Accounting Software
- Office supplies and equipment, such as the cloud service for backing up files to my computer
Why did I choose the favorite business ink?
Ease of use
The Ink Business Preferred is on the Visa network, which is virtually accepted everywhere. Whether for a professional conference, to buy computer supplies online or to meet a potential customer in a restaurant, I never have to worry about whether my card will be accepted.
In addition, there are no transaction fees abroad. Thus, when I go abroad, I do not have to pay the 3% transaction fees abroad that are typical of some other credit cards.
Bonus points
I've also chosen the favorite business ink because of the reward points it offers:
- There is a generous offer of registration bonuses: 80,000 bonus points if you spend $ 5,000 in the first three months after you open your account. If you redeem your points through Chase Ultimate Rewards, your travel reward will go up to $ 1,000.
- 20,000 bonus points if you refer other business owners to the card. You can sponsor up to five friends per calendar year, for up to 100,000 points. Until now, I referred a colleague this year, which allowed to easily increase the number of points.
- 3x points on qualified purchases on certain categories of companies (up to $ 150,000 in combined expenses in the year following your anniversary date as a cardholder, then 1 point per dollar): shipping; telephone, cable, Internet services, advertising purchases with social media sites and search engines; Trip
There is an annual fee of $ 95, if you spend enough on the card and earn enough points, I think it's worth it.
Purchase Protection
In addition to points, Ink Business Preferred offers protection for certain purchases you make with the card. For example, if an expensive item is damaged or stolen within 120 days of the date of purchase, you can use the protection of the purchase. You can do this for any purchase under $ 10,000 and claim a maximum of $ 50,000 per calendar year. Plus, it can extend the manufacturer's warranty up to three years.
Travel protection
In addition to the protection of certain purchases, insurance protects you against snafus during your travels. For example, if your travel plans are delayed, you will be covered up to $ 500 to cover your meals, hotel stay or transportation.
Baggage delay
If your luggage is delayed while you're on the road, you could be reimbursed up to $ 100 a day and up to five days for some necessities, such as clothes and toiletries.
Cancellation and interruption of travel
If your trip is canceled or interrupted due to a covered loss such as illness or extreme weather, you and your immediate family members can benefit from coverage up to $ 5,000. by event.
And finally, the card also offers mobile phone protection to cover damage and theft.
Click here to find out more about the Ink Business Preferred credit card from our partner The Points Guy.
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