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Credit card?

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who on here pays for there purchases via credit card? I just did my year end tax info and I shelled out over 45k in materials and other stuff that I paid with a credit card or went on my account? Seems like way to much money to spend without getting any benefits on the backend. Thoughts on this would be great.

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For larger purchases, say $1000.00 +, I'll use my AMEX Delta Sky Miles card, then go home and pay it immediately with my business checking account. One day I'll be able to travel. Been thinking of switching to a cash back card. I have one I use for gas purchases exclusively and the cash back once a year is nice.

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10 mins ago, Chunkah said:

For larger purchases, say $1000.00 +, I'll use my AMEX Delta Sky Miles card, then go home and pay it immediately with my business checking account. One day I'll be able to travel. Been thinking of switching to a cash back card. I have one I use for gas purchases exclusively and the cash back once a year is nice.

Yeah I was thinking of a cash back card myself. 

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Cash back. I have both a Cap1 and Costco card for the business. What's cool is Amazon will let me choose to spend the cashback as a card option, so I spend the 'free money' on personal stuff not the business. The Costco has cashback too, but its superpower is adding a year to equipment warranties. If you live close to a Costco store with gas, you can really make out between the discount and cheap gas.

 

I put EVERYTHING on cards, nothing cash except the occasional minor labor. Cards get paid down in full automatically every month, and I download the transactions into Quicken so at end of year I have every dime I spent categorized and ready for taxes.

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Points or cash back. Know which card give your what and use that for the most back. I know I get 3% back on gas or groceries with one and rest goes on the other. 

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6 mins ago, Blank Disc said:

Points or cash back. Know which card give your what and use that for the most back. I know I get 3% back on gas or groceries with one and rest goes on the other. 

I don’t buy the groceries but I should have my wife look into that card. 

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I am not in the construction trade, but for my business expenses I use a Cabela's card, 1% back in points. For me it's $1500ish a year in free fishing gear. Admittedly I am less and less impressed by Cabela's product offering and service every year, so I may switch it up. For home, my wife and I use the Costco card which has a good cash back program. When we did my big back deck renovation a couple years ago we put the whole tab on that card and then just paid it off the next month. We had the cash on hand to pay outright, but why not get the free cash back?  

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While getting pricing and estimates on a new HVAC system, most in the $9K to $11K range, I asked one contractor if I could pay them using American Express and was told they had a limit on either the % of the total cost or a fixed amount that could be applied using a CC. I was under the impression that the credit card companies forbade this practice or even that of having a minimum amount for which one can use their card. Anybody truly in the know about this? 

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I don't see why a company can't put limits on the amount of charges. Credit card fees are big money, 3% in many cases. That takes a lot off the bottom line of a $10K job. I ran into this when I had a big HVAC job a couple years ago and ended up just writing a check. 

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15 mins ago, BARhopper said:

While getting pricing and estimates on a new HVAC system, most in the $9K to $11K range, I asked one contractor if I could pay them using American Express and was told they had a limit on either the % of the total cost or a fixed amount that could be applied using a CC. I was under the impression that the credit card companies forbade this practice or even that of having a minimum amount for which one can use their card. Anybody truly in the know about this? 

Probably cost them a 3% transaction fee. 

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2 hours ago, BARhopper said:

While getting pricing and estimates on a new HVAC system, most in the $9K to $11K range, I asked one contractor if I could pay them using American Express and was told they had a limit on either the % of the total cost or a fixed amount that could be applied using a CC. I was under the impression that the credit card companies forbade this practice or even that of having a minimum amount for which one can use their card. Anybody truly in the know about this? 

 

Minimum purchase amounts have been allowed by the card issuers since 2011.

 

Maximums are not allowed unless the merchant is a school or gov't entity (imagine that, they know it's a money loser due to transaction fees and get special treatment). 

 

Not a law, but governed by the Merchant Agreement they signed. I'd guess if you pushed them on it for estimates of large projects they'd institute a higher price with a "cash discount", which is allowed.   

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i have alaska airlines and costco cards, air miles on ak card & cash back, extended warranties and discount on gas with costco. I haven't paid for trips from/to alaska in years. Everything goes on the cards and gets paid off each month

 

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