Who is eligible for business cards?
You (most likely)! And why it matters.
Before I launch into the world of business cards and why they matter in the grand scheme of thing with points and miles - just a reminder that this Monday 3/3 I am hosting a class on how to book a $10K+ trip on points.
If you can’t make the class live, you can watch the recording if you’ve registered in advance. And a reminder that subscribers get 50% off by using the discount code in the newsletter here!
Back to the point of this newsletter!
Some of you may only know me as the founder of Brooklyn Family Travelers (which makes sense!) and others also know me as the founder of a 15 year old music education company called Blue Balloon Songwriting for Small People which offers private in-home instrument lessons through songwriting to both kids and adults in NYC and a couple other cities. I’m still the founder & CEO but also have an incredible team that runs the day to day and makes it possible for me to do other things….like travel! And grow another business!
So, when I became points and miles obsessed years ago, I knew I was eligible for business cards as someone who had multiple LLCs and a long running business. But what I didn’t know is that having those more involved businesses wasn’t necessary for getting a business card. And I also didn’t know how important business cards would be for my overall points and card strategy.
That’s because what the banks/credit card lenders call a business and what you/the IRS may think of as a business are NOT the same thing.
And this is important because if you only open personal cards, you will max out with your cards and points much, much faster than if you also apply for business cards. More on that below.
Here are some things that can make you eligible for business cards according to the banks:
Selling things on Poshmark, Etsy or Ebay, etc.
Writing/Blogging
Owning a rental property
Consulting
1099 work
Being a musician
Freelancing online
Babysitting/Dog Sitting
Uber/Lyft driving
Handyman work
Referring a credit card to a friend or family member
Having an idea for a business you may want to start someday (!)
The list is really long and broad and this list is not even finite! Most people can qualify for business cards. Like 99.9% of people!
Why do business cards matter?
They don’t report to your personal credit. They may show up for a couple weeks on your credit report and then they disappear.
Many business cards have high bonuses and low or no fees.
It’s possible to have many more credit credits over time if you mix in business cards because…they don’t report to your personal credit AND they open up many more card applications you are eligible to apply for.
Do I need an LLC or EIN to apply?
Nope! You can apply as a Sole Proprietor with your name as your business name and your social security number. If you come up with a clever name, your application will be denied. You just want to apply with your first and last name if you are a Sole Proprietor.
Do I need to have business income to qualify?
Surprisingly, no! Many business don’t make any money for years and others make very little money. No one said your business has to be successful for it to be a business!
Does having a business card affect my taxes?
Nope! Banks and credit card companies do not send information to the IRS. Having a business card has no effect.
Can I use the card for personal expenses?
The banks don’t know what is a personal expense and what is a business expense. Your trip to Trader Joe’s? It is for a dinner party or entertaining colleagues? They have no way of knowing and I’ve never heard of them asking.
Here’s my quick FAQ on how to answer some of the questions on the card applications:
Ok now what?!
So, there are a lot of reasons to want business cards (hello 75K points and no fee!) and a lot of ways in which you can qualify (personally if I didn’t have my LLCs, one way I’d qualify is via Postmark listings!). The next step is to find out…
Which business cards are best?
There is no one right answer for every single person. I am committed to giving expert level personalized, tailored advice to each of you anytime you need it! Using my credit card links supports my business — and the cards support your free travel so it’s a win-win.
So, drop me a line, let me know which cards you have (personal and business) and I’ll let you know which card is best for you (business or personal). You can fill out this form here or message me below and I’ll always get right back to you. There is no charge.
And a reminder that on Monday I am leading a live zoom class (with a recorded option for anyone who can’t make it live!) on how to book a $10K+ trip for your family on points. For paid subscribers, there is a 50% discount on the class. Find that code here!