Reginald Chan

Tag: corporate cards

  • How to Maximize the Benefits of Points-Earning Cards?

    How to Maximize the Benefits of Points-Earning Cards?

    The idea of earning rewards for spending money would have been a crazy thought just a few short decades ago, but now it seems like nearly every single kind of credit card has some kind of benefit, points, or reward system for your spending habits. This allows you to rack up some bonuses when you are already spending money.

    You can earn points or rewards in many different ways. It could be for air travel or redeemable for a cash-value system. Whatever it is, there are a lot of cool things that your credit card can do for you. The idea of letting your card work for you is not new, but it, letting people enjoy some rewards for their use.

    If you have a points-earning card or are looking for one and need some help figuring out how to best maximize the benefits, check out these tips to help you out.

    Find Cards With Useful Points to Earn

    Not all points or rewards that these cards offer are going to be good. Some are great for everyday uses like groceries, but you want something that isn’t just a singular use. That is why an ultimate rewards credit card is so popular because it offers more points, therefore, offers more value. Not only that, but it could have a great ratio of points per dollar spent, with most cards being 1 point = $1. 

    Nearly every credit card company or bank offers a points-reward type card. You can get air miles, grocery rebates, gas rebates, general multi-use points, and in 2021 you can even get a Bitcoin reward card that works like a cashback card. There are a lot of options out there, so it can be tricky to pick the right one, but you want to make sure that the points you are earning are actually going to help you.

    Use Them For Big Purchases

    A good idea for getting the most out of your points-earning card is to use it for those big purchases. You probably already use your credit card for big purchases, like electronics, bills, etc. but you can really help yourself earn more points if you are doing that with a reward card. If every $1 spent = 1 point, then a big purchase of $1000 would equal 1000 points and help you get closer to, say, a dream vacation. Remember that these points aren’t free, and credit still needs to be paid back, so don’t go overboard making purchases you can’t afford just to earn some cool rewards.

    Use Them Often

    Some people rarely use their credit cards because they don’t want to rack up debt. This is a good solution for being safe with your money, but doing that also limits how many points you can earn with your card. If you use your bank/debit card to purchase everyday items, think about switching over to your credit card to start taking advantage of the total amount of points you can possibly earn. Groceries are a weekly purchase, and usually so is gas, so these can help account for a lot of points each week without you even realizing it. Another good idea is to make sure your bills (utilities, rent, cellphone, car insurance, etc.) are going through this card to get points without you having to even use the card, so to speak.

    Know What Purchases Give You Rewards

    It is also important to point out that not every purchase you make is going to help you earn those coveted points. There are a lot of retailers that will not be recognized by your credit card as a source of rewards for the card. The necessities like gas or groceries will definitely be one (although not all stores will help), but more niche items probably won’t be. Check the fine print of the rewards points agreement to see what they say and what counts towards rewards. You don’t want to be going out spending money on a lot of things only to find out that you don’t get anything for it.

    Keep the Balance Low and Pay It Off Quickly

    Always being late with your payments on your balance or carrying a balance will be bad news for your points earning potential. Not only will it increase your interest rate, which makes it even harder to spend money, but it will also pretty much erase any progress you made on accumulating those points. Be careful with your credit cards and ensure that you are either carrying a low balance, or you are making payments promptly.

    Have Multiple Cards

    Utilizing multiple cards and rewards is not only smart, but it’s also encouraged. It might seem like contradictory information to have multiple cards but for people who are responsible with their credit, this can help their score. In this case, you can take advantage of multiple offers from multiple different credit card companies to get a significant amount of points-earning potential. If one card intrigued you for its points earned for air miles, the other one might be able to get you better points rewards for everyday purchases like groceries or gas. Having a few cards is good, just remember that the same principles of owning a credit card apply, and then some, when you have multiple credit cards.

    Take Advantage of Welcome Bonuses

    There’s no love lost when you switch to a new rewards card. Big credit card companies won’t feel an emotional attachment, and neither should you. You can find some pretty incredible welcome bonuses for new points-earning cards from other companies. Instead of spending years with the same card trying to earn 20 000 points, switch to a new card that offers you 25 000 to sign up, which usually means spending a certain amount within the first few months. This saves you time and money on purchases.

    Earning points from your credit card purchases can be a great way to earn some valuable rewards. People have ended up paying for entire trips just through the points they accumulated over the years. With these tips, you can maximize your points-earnings and possibly end up being one of those people too.

  • How Corporate Cards Can Help You with Your Startup Company

    How Corporate Cards Can Help You with Your Startup Company

    If you’ve decided to open a startup company then this is an exciting time in your life. You probably have some big ideas and hopefully, a reasonable plan that will allow your business to grow and develop. More than half of new startups fail in the first five years and the predominant reason is that they try to scale too quickly.

    One of the things that can help you with handling your business in a more productive manner is corporate credit cards. Although obtaining one can be very difficult for a startup, more and more providers are focusing on this part of the business sphere. Let’s see how you can get a corporate credit card and how helpful it can be.

    What are Corporate Credit Cards?

    They function pretty much in the same way as standard personal credit cards all of us use. The difference is – they are issued to specific employees by their employer for business-related expenses. You can use them to buy tickets for work-related tips, to acquire office necessities, or something similar. Instead of waiting for the worker to report the expenses, the money will be immediately deducted from the firm’s funds. This way you won’t have to rely on the statements of those working for you to have credit card reconciliation. However, in most cases, you will have to provide a finance team with proofs of purchase, for tax reasons.

    This will make the whole situation less stressful for everyone involved. You will have regular reports when it comes to the financial standing of a company while your employees won’t have to worry about payment charges and debt. Most of the corporate cards offer various perks for those who use them such as airport lounge access and travel emergency services.

    There are also certain drawbacks when it comes to using this type of card. Those using them might be less inclined to spend the money reasonably since it’s not theirs. Noticing something like this can be more difficult, that’s why you need to have an agreement with those who use them as well as with your financial team. Overall, this is definitely a more practical alternative to filing endless expense reports and waiting to be reimbursed. It’s something you should include in the work practice of your company right from the get-go as it will bring a lot of benefits down the road.     

    How Does It Work?

    We don’t have to say how important it is to manage your finance in a proper manner, especially if you’re just entering the market with a startup company. As experts from https://www.tribal.credit/ know well, the banking sector is not providing this part of the economy with what it needs. The traditional financial system doesn’t look at startups too kindly but more and more providers are focusing on covering the needs of these young entrepreneurs and helping them reach their goal.     

    Corporate credit cards seem like a good solution for several reasons. First of all, you will be able to separate personal and business expenses. This is important and should be done from the very start. This will not only make it easier to track where your money is going but it will also be very helpful when the time comes to do your taxes.

    Another perk is that you don’t have to wait ‘till the end of the month to see the list of expenditures. Many providers are now giving you an opportunity to follow your team’s spending as it happens and get an instant overview of all payments.

    Young entrepreneurs very often hear ‘No’ from traditional banking systems when they want to obtain a corporate credit card. Given the fact that they represent completely new businesses, they don’t have credit histories. However, there are more and more providers entering the financial scene directing their services towards startups specifically.

    Many of them will allow you to register and submit all the necessary documentation via online application. Understanding the situation these companies are in, they will not judge you by person or by company credit history. Even more than that, you will be able to set and adjust individual spending limits for every member of your team. And if anyone steps over the line and uses more money than needed, you can in one click freeze cards.

    Also, having a balanced cash flow is usually difficult for startups. This way, you will get access to higher credit limits which means not worrying about unplanned expenses all the time. Basically, you will be borrowing money now to pay it back later. This kind of leeway will give you more room to create a successful business story. Plus, a higher limit means a lower ratio which also helps improve your overall score. 

    Are You Familiar with Virtual Cards?

    As technology moves forwards and the rhythm of our everyday lives gets faster and faster, we are looking for more practical solutions that will be able to make us more productive and time-efficient. Physical credit cards are something all of us are familiar with but what about virtual ones?

    Virtual credit cards can be used for shopping, just like the regular ones, but they are issued on a temporary basis. This option will be good for any startup as they eliminate the waiting period and your team can start using them immediately.

    Differently from plastic ones, virtual cards represent random 16-digit numbers with expiration dates and CVV codes. Another benefit of using them is that they add another level of security. If a hacker somehow gets hold of your information, you don’t have to close the whole account. Thanks to spending limits, you will feel safer when it comes to hidden or unauthorized charges.

     Getting a corporate credit card will make life easier for those who are managing a startup company. Not only will this allow entrepreneurs to separate personal from business spending but it will also give them a better insight into their financial situation overall. Expenditures will be immediately available to them via online application so they can take the necessary steps if money is being used unreasonably.