Can I Use Business Credit Card For Personal Expenses – New Marriott Rewards Premier Business Credit Cards Survey Reveals Small Business Owners’ Unique Perspectives on Travel and Behavior (Graphic: Business Wire)
WILMINGTON, Del.–( BUSINESS WIRE )–Two-thirds of small business owners believe personal time off benefits their business, including increasing focus, creativity and motivation, according to a new survey released today by the Marriott Rewards Premier Business Credit Card. . Despite knowing the importance and benefits of fully disconnecting from work, only 25 percent of small business owners are able to do so, and nearly three-quarters worry about losing work and leisure responsibilities.
Can I Use Business Credit Card For Personal Expenses
To address this issue, 85 percent of small business owners intentionally set aside time for personal activities during their business trips.
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“While small business owners enjoy making their own schedule and being their own boss, they often miss out on perks like guaranteed paid time off,” said Vibhat Nair, CEO of Chase Card Services. “As some of the most dedicated workers in the country, small business owners deserve a break, and this survey shows they’re finding time off to travel for business.”
The Marriott Rewards Premier Business Credit Card introduces new benefits to help small business owners rest even easier. All cardholders now have an enhanced path to Gold Elite status after spending $50,000 annually, and for a limited time, new cardmembers will be able to earn 100,000 bonus points after spending $5,000 in purchases in their first three. months after opening the account.
This report includes an online survey of a nationally representative sample of 1,001 small business owners with 99 or fewer employees, age 25 and older, who travel at least three times a year for work. The survey is conducted from 2016. April 19 to 2016 April 29 and has a margin of error of +/-3 percent with a confidence level of 95 percent.
Marriott International, Inc. (NASDAQ: MAR) is a leading global lodging company headquartered in Bethesda, Maryland, United States, with nearly 4,500 properties in 87 countries and territories. Marriott International reported revenue of more than $14 billion in fiscal 2015. The company owns and franchises hotels and licenses vacation ownership resorts under 19 brands. The company also operates the award-winning Marriott Rewards® and The Ritz-Carlton Rewards® guest rewards programs, which together have more than 56 million members. For more information or reservations, visit our website at www.marriott.com and for the latest company news at www.marriottnewscenter.com.
Is It Illegal To Use A Business Credit Card For Personal Use?
Chase is the consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services company with $2.4 trillion in assets and operations worldwide. Chase serves nearly half of American households with a variety of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,300 branches, 15,500 ATMs, mobile, internet and telephone. For more information, go to Chase.com. Not all credit cards are created equal. If you’re a small business owner, you’re missing out if you don’t have a business credit card.
If you are a business owner, there are many reasons to have a credit card. On the one hand, it’s a great way to keep track of all your business expenses in one place. They also offer the chance to earn points or rewards for purchases you would have made anyway. Not to mention, it can be a great way to finance your business, especially if you’re in the early stages and still can’t get a small business loan.
However, one thing many business owners do wrong is putting all of their business expenses on a personal credit card. While business and personal credit cards can work similarly (depending on how you use them), there are some key differences that set them apart. Here are the main differences between personal and business credit cards – and why the latter should definitely be in every business owner’s back pocket.
You read that right: you can usually get a much higher limit with a business credit card than with a personal one. That’s because companies in almost every industry have more expenses than a single person ever has. They also have more capital than individuals, so it stands to reason that they have more purchasing power.
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This higher limit can be invaluable to your business for a number of reasons. On the one hand, you as a business owner will need to make large purchases, and putting them on a business credit card is a great way to get short-term financing.
On the other hand, a high credit limit means a better chance of building your business credit score. An important factor in determining your business credit score is your credit utilization rate—the average percentage of available credit that you’ve used.
A healthy credit utilization rate is less than 30 percent. So if you have a $10,000 credit limit, you should only be able to give up to $3,000 at a time. The higher your credit limit, the easier it is to keep your costs below your desired credit utilization level, which in turn helps boost your business credit score, which is vital for the future of your business.
Using a business credit card is very important in building your business credit score, which will be vital in helping you obtain other forms of financing. However, before you start using a business credit card, it’s important to understand how it affects your business and personal credit.
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While your personal credit card usage will only affect your personal credit score, how you use your business credit card will affect your business credit score and your personal credit score. This is because most business credit cards require a personal guarantee. This gives your business credit card company the security of knowing that you are personally responsible for paying your business credit card debt if something happens and your business can’t cover it.
Because of this inevitable connection between your business and your personal history, business credit card companies typically consider your personal credit score as part of your application. Some business credit card companies report credit card activity only to business credit bureaus, while others also report to consumer credit bureaus.
If you have a business credit card but aren’t sure which of your issuer’s billing bureaus, ask them to find out. Do the same when deciding which business credit card to apply for. This may not affect your decision, but it is good to be fully informed.
Consumer protection laws such as the Credit Card Act of 2009 require that a person’s credit card activity must be closely monitored and controlled. However, the same consumer protections do not apply as much to businesses.
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This means that your business credit card issuer may charge you higher late fees than you would with a personal credit card if you miss a payment. Also, your business credit card company may throw you more curveballs than you’re ready for, like a sudden increase in your debt.
Of course, you may not need to worry – most business credit card companies provide the same protections for business owners as they do for consumers, just as a matter of good practice However, before you apply for a business credit card or accept a business credit card offer , it’s important to spend carefully, monitor your business credit card activity carefully, and read all the fine print.
One of the biggest reasons people use credit cards these days is for rewards, which are cash back or points that can be used for everything from consumer purchases to travel. Personal credit cards often have great rewards programs, but if you’re a business owner, you’ll need business-specific perks.
For example, your business credit card may award the most points in common expense categories for business owners, such as computer software, advertising expenses, and office supplies. Personal credit cards, on the other hand, typically give you the most points for spending in categories like restaurants, gas, or groceries. Depending on the rewards programs, there are many travel benefits available for both business and personal credit cards.
Small Business Owners Realize Benefits In Taking Vacations, But Still Struggle To Unplug, Marriott Rewards Premier Business Credit Card Survey Reveals
If you’re going to earn points, you might as well earn in the categories where you spend the most. A business credit card will be much better designed to reimburse business expenses.
Whether you’re a business owner with multiple employees or just a sole proprietor, if you make regular business purchases, you should have a business credit card. Be aware of what you’re doing — like not being protected by the same laws that help consumers.
A business credit card can help you build business credit and reward you for purchases you would have made anyway. If that’s not a smart business move, what is? Only
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