<description>&lt;p&gt;&lt;strong&gt;OVERVIEW:&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the &lt;em data-stringify-type="italic"&gt;Healthcare Boss Academy podcast,&lt;/em&gt; presents the pros and cons of having a business credit card. If you choose to have one, he provides tips on how to use the card wisely.&lt;/p&gt; &lt;p&gt;&lt;strong&gt;EPISODE HIGHLIGHTS:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li&gt;Jason shares an example of someone who funded their startup with a business credit. He changed his mind on the business and presumed he wouldn't be held personally responsible for the debt. He was wrong.&lt;/li&gt; &lt;li&gt;Jason explains the differences between a small business credit card and a corporate credit card. A corporate credit card is more difficult to set up but it holds only the business liable for expenses versus the person. &lt;/li&gt; &lt;li&gt;There are revenue requirements to set up a corporate credit card – $4million in gross revenue. Only C corps and S corps can apply – not LLCs. &lt;/li&gt; &lt;li&gt;The great value business credit cards provide is their point system. Jason's Chase Preferred card offers 3 points for every $1.00 he spends. For example, if he spends 10k in a year, using the 3-point system, that's 30k points or $300 in cash value. &lt;/li&gt; &lt;li&gt;Divide your credit card points by a hundred to get an estimate of its value in gift cards or if you were to cash it out.&lt;/li&gt; &lt;li&gt;Set up reminders for your credit card payments to avoid paying interest. Jason advises not to trade interest for points. &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt;TWEETABLE QUOTES:&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;"If you're responsible and you've proven you have a great track record of financial and fiscal responsibility, go for it [a credit card]. Get the extra rewards." – Jason Duprat&lt;/p&gt; &lt;p&gt;"Be wise, be smart and be honest with your business transactions." – Jason Duprat&lt;/p&gt; &lt;p&gt;&lt;strong&gt;RESOURCES:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li&gt;Sign up for one of our free business start-up Masterclasses by heading over to &lt;a href="https://healthcareboss.org/?page_id=9433" rel="noopener"&gt;https://healthcareboss.org/masterclass/&lt;/a&gt;&lt;/li&gt; &lt;li&gt;Have a healthcare business question? Email me at &lt;a href= "mailto:podcast@healthcareboss.org"&gt;podcast@healthcareboss.org&lt;/a&gt; and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.&lt;/li&gt; &lt;li&gt;Do you enjoy our podcast? Leave a rating and review: &lt;a href= "https://lovethepodcast.com/hea" rel= "noopener"&gt;https://lovethepodcast.com/hea&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt;</description>

Healthcare Boss Academy Podcast

Jason A. Duprat MBA, MSA, APRN, CRNA

#358: The Pros & Cons of Having a Business Credit Card

NOV 7, 202313 MIN
Healthcare Boss Academy Podcast

#358: The Pros & Cons of Having a Business Credit Card

NOV 7, 202313 MIN

Description

OVERVIEW:

Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, presents the pros and cons of having a business credit card. If you choose to have one, he provides tips on how to use the card wisely.

EPISODE HIGHLIGHTS:

  • Jason shares an example of someone who funded their startup with a business credit. He changed his mind on the business and presumed he wouldn't be held personally responsible for the debt. He was wrong.
  • Jason explains the differences between a small business credit card and a corporate credit card. A corporate credit card is more difficult to set up but it holds only the business liable for expenses versus the person.
  • There are revenue requirements to set up a corporate credit card – $4million in gross revenue. Only C corps and S corps can apply – not LLCs.
  • The great value business credit cards provide is their point system. Jason's Chase Preferred card offers 3 points for every $1.00 he spends. For example, if he spends 10k in a year, using the 3-point system, that's 30k points or $300 in cash value.
  • Divide your credit card points by a hundred to get an estimate of its value in gift cards or if you were to cash it out.
  • Set up reminders for your credit card payments to avoid paying interest. Jason advises not to trade interest for points.

TWEETABLE QUOTES:

"If you're responsible and you've proven you have a great track record of financial and fiscal responsibility, go for it [a credit card]. Get the extra rewards." – Jason Duprat

"Be wise, be smart and be honest with your business transactions." – Jason Duprat

RESOURCES: