As a contractor, managing your finances effectively is a crucial part of establishing a successful career. Picking the right credit card for your needs can go a long way when it comes to easing cash flow constraints and even earning rewards to level up your business. In our latest Flik Eco guide, we'll walk you through the best credit cards for contractors, comparing their features and benefits to help you choose the ideal card for your unique situation.
Best Credit Cards For Contractors Table of Contents
1. Chase Ink Business Preferred
1. Chase Ink Business Preferred
Highlights:
- Earn 100,000 points after spending $15,000 in the first 3 months.
- 3X points on travel, shipping, internet, cable, phone services, and advertising.
- 1:1 point transfer to select loyalty programs.
- Cell phone protection plan.
- $95 annual fee.
The Chase Ink Business Preferred card is a popular choice among contractors due to its versatile rewards system and impressive sign-up bonus. The card offers a noteworthy 3X points on various business-related categories, making it ideal for contractors who often need to pay for travel, shipping, internet, and advertising. Furthermore, the cell phone protection plan adds a layer of security and peace of mind to protect your devices as you stay connected on the go.
2. The Blue Business Plus Credit Card from American Express
Highlights:
- Earn 15,000 Membership Rewards points after spending $3,000 in the first 3 months.
- 2X Membership Rewards points on all purchases up to $50,000 per year.
- 0% introductory APR on purchases for 12 months (13.24% - 21.24% variable thereafter).
- No annual fee.
For contractors who prefer a more straightforward rewards structure, The Blue Business Plus Credit Card from American Express is a sound choice. With 2X Membership Rewards points on all purchases up to $50,000 per year and no annual fee, this card is perfect for contractors who want to keep things simple and minimize costs. Additionally, the 0% introductory APR on purchases for the first 12 months offers contractors a great opportunity to finance necessary business expenses without stressing about interest charges.
3. Capital One Spark Cash for Business
Highlights:
- Unlimited 2% cash back on all purchases.
- $500 cash bonus after spending $4,500 in the first 3 months.
- Free employee cards.
- $0 annual fee for the first year, then $95 for subsequent years.
If you'd prefer cash back instead of points or miles, the Capital One Spark Cash for Business is the way to go. This card offers an unlimited 2% cash back on all purchases, giving you maximum earning potential with minimal complexity. The $500 cash bonus sign-up offer and free employee cards are also attractive features for contractors looking to get the most out of their business spending.
Best Credit Cards For Contractors Example:
Imagine you're a contractor specializing in home renovations, and you frequently need to purchase materials, tools, and equipment for your projects. Let's assume your annual spending on these items reaches around $40,000. If you were to use The Blue Business Plus Credit Card from American Express, you would be able to earn 2X Membership Rewards points on these purchases, resulting in 80,000 points per year. You could then redeem these points for various business-related rewards, like travel, advertising, or even statement credits to help offset your costs.
At Flik Eco, our goal is to help you navigate the complex world of personal finance and assist you in making the right choices for your unique situation. We hope this guide to the best credit cards for contractors has provided you with the information you need to choose a card that works for you. Remember, selecting the right credit card can make a significant impact on managing your finances and growing your business. Don't forget to share this article with your fellow contractors, and explore our other practical guides on Flik Eco to continue expanding your financial knowledge.
