Connect with us

Business Finance

Top 3 credit cards for getting cash back

(Business Finance) Whether hoping to save money on business expenses or groceries, not all cash back credit cards are created equal – NextAdvisor studies which offer the most rewards.

Published

on

credit cards

cash back credit cards

Cash back credit cards for your business

“We’ve all seen the commercials for cash back credit cards where they pitch how much money you’ll make once you have their particular card in your wallet,” said NextAdvisor Editor, Tasha Lockyer. “It’s important to know that although a card can sound good on TV (or the radio), it may not be the big money-maker you expect. Cash back cards are often subject to complicated terms and conditions, earning limitations and quarterly signup requirements. Plus, a cash back card that works for one person’s spending profile may not work as well for another’s.”

NextAdvisor analyzed their popular cash back cards, evaluating exactly how over 7,500 of their users earned rewards and researching potential earning limitations or other hassles, basing each card’s earnings on real-life data collected over the past 15 months.

bar
Users told NextAdvisor that they spend monthly an average of $300 on groceries, $180 on gas, $150 on eating out, $25 at department stores and $444 on everything else. They applied those numbers to each credit card, using the individual card earning percentages to calculate how much cash back each card would generate. They also included cash back bonuses, subtracted any annual fees and took into account earning limitations.

The 2014 Cash Back Analysis results yield the top three business credit cards:

1. Blue Cash Preferred Card from American Express

The Blue Cash Preferred Card from American Express stood head and shoulders above the pack, earning $672 cash back over the course of 2 years. With an enormous 6% cash back at supermarkets (on up to $6K in purchases annually), 3% at gas stations and select department stores and 1% on everything else, the Blue Cash Preferred earned over $100 more than our #2 rated card.

It also features $100 reward dollars after spending $1,000 in the first 3 months, a year of Amazon Prime and a 0% intro APR on purchases and balance transfers for 15 months. There is an annual fee of $75, but this is already accounted for in the 2-year earnings of $672.

2. BankAmericard Cash Rewards Credit Card

Second place goes to the BankAmericard Cash Rewards Credit Card, which earned $522 over a 2 year time period. Users will earn 2% cash back at grocery stores and 3% on gas for the first $1,500 in combined grocery and gas purchases each quarter (after the limit is reached, users earn the standard 1% cash back). All other purchases earn 1% cash back. Plus, you’ll get an additional 10% bonus each time you redeem your cash back rewards into a Bank of America savings or checking account (not taken into account in our analysis).

This means if you redeem $100 you’ll receive a bonus $10. It’s the bonus that keeps on giving! Additionally, you’ll earn $100 cash rewards bonus after spending $500 in the first 90 days and there is no annual fee. Overall, this is a strong work-horse of a cash back card and their top choice if you don’t want to pay an annual fee.

3.  Blue Cash Everyday Card from American Express

In third place is the Blue Cash Everyday Card – the sister card to our #1 ranked Blue Cash Preferred Card. It earned $507 during the 2 year period. You’ll earn 3% at supermarkets (on up to $6K per year in purchases), 2% at gas stations and select department stores and 1% on everything else. You’ll also enjoy a $50 bonus after spending $1,000 in the first 90 days, a year long membership to Amazon Prime and a 0% intro APR on purchases and balance transfers for 15 months. Plus, there is no annual fee.

The other cards included in their analysis, in order of most cash back earnings to least were:

They’ve created a cash back calculator to help figure out which is best for you, based on your own spending.

Business Finance

Which generation has cried the most over money, and why?

(FINANCE) Financial stress is tough on everyone. Here’s who has cried the most about money woes, and a few tips on how to alleviate some of that stress.

Published

on

Upset young man seated on bench with head in hands thinking about money.

There’s been serious critique in the last several years about the educational system and what basic knowledge young people should be taught in the United States. Home Economics (Home Ec) comes to mind (everyone should probably know how to cook or sew a button), as well as literacy with money.

There are many young Americans who grow up not really having a deep understanding of budgeting and fixed and variable expenses… But it may not be their fault. Perhaps, Mom and Dad (or other guardians) have always been paying for all of their expenses, making sure they had a roof over their head, clothes on their backs, and food in their fridge. Because, that is what you’re supposed to do as a parent, correct?

So, while there’s no reason to blame anyone, often the process of learning what it costs to live and pay your bills is a rite of passage.

The current state of debt and financial fears also doesn’t mean that Millennials and Gen Zers weren’t educated around savings or working. Many young people have had part-time jobs (although much less in comparison to Gen X or Baby Boomers) but they may also be able to use the majority of that income for discretionary spending – which never created room for feelings of lack when they didn’t have to pay rent or a mortgage.

This scenario can ultimately create a challenge when you are finally out on your own and now have student loan debt, credit card debt, utility bills, and required car insurance. Especially if you are young person moving to a big city for exploration and/or new opportunities, where the cost of living can be quite high.

If you are feeling nervous or sad around finances, you are not alone. If you have cried over your personal balance sheet or your bank statements, you are also not alone. According to yahoo!money, a recent online survey of 1,004 Americans by CompareCards.com found that,

“7 in 10 Americans said they have cried about money in their lifetimes. Many cited worries over their job or making ends meet. Younger Americans appear the most vulnerable to financial tears. About half of millennials and half of Gen Zers said they cried at least once in the past month over money.”

So how can you cry LESS about money? Well, the first thing is to not be too hard on yourself. But you will also want to create a plan that works for you. Each person deserves financial freedom and not a bank statement that makes them cry on the regular.

Here are some financial literacy resources that may help you figure out how to navigate your way out of crippling debt.

Dave Ramsey Books – The Total Money Makeover – A Proven Plan for Financial Fitness

Bravely Go with Kara Perez – Feminist economics + inclusive personal finance

Debt Relief Programs – you’ll have to do your research but there may be a program that is right for you and an agency that can help you set up a realistic payment program for you

Student Loan Forgiveness – it is worth looking in to your options if you are feeling overwhelmed with student loan debt and there may be ways for your loans to be forgiven

Financial Advisor – consider working with a professional that can help you with your budgeting, investing and retirement savings/funds

And you may still cry because this is big adult stuff… But hopefully you trust yourself to do the research, explore, ask, and find options that work for you to gain a little more control over your financial situation.

If you are not already doing so, it may be as simple as starting with a budget to better understand your income and outgoing expenses. Being informed can help you to plan better for the future and make you feel less like crying.

Continue Reading

Business Finance

Win over investors immediately with a great 1st impression

(FINANCE) First impressions are everything, and it’s no different when it comes to approaching investors. We have the tips to win them over.

Published

on

first impression handshake with investors

Going in for your first pitch meeting with investors can be nerve-wracking – especially if you haven’t yet met these investors in person. Fortunately, if you land a solid first impression, you can set the right tone for the meeting, and make the rest of the presentation a little easier on yourself.

But why are first impressions so important, and how can you ensure you make one?

Let’s start with a recap of the benefits of a strong first impression:

    • A reputation framework. Our brains are wired to make quick judgments about our surroundings. Accordingly, we tend to judge people based on our first interactions with them, with little opportunity to change those initial judgments later on. If you strike investors as a smart, likeable, and capable person early on, they’ll see your pitch deck in a whole new light.
    • Memorability. First impressions stick with people. If yours stands out from the other entrepreneurs pitching these investors, they’ll be more likely to remember you, specifically, and therefore may be more likely to eventually fund your project.
    • Personal confidence. If you know you’ve nailed the first impression, you’ll feel more confident, and as you already likely know, confidence makes you a better public speaker. You’ll speak more deliberately, more passionately, and with fewer mistakes.

So how can you make sure you land this impression?

    • Arrive in a nice vehicle. Show up in a luxury vehicle, or at least one that’s been recently detailed, sends a message that you’re already successful. This isn’t a strict necessity, but it can speak volumes about what you’ve already achieved, and how you might look when you drive to meet your future clients.
    • Dress for the occasion. Along similar lines, you’ll want to dress nicely. You don’t need to have ridiculously expensive clothes, but you should wear standard business attire that fits you properly and has no signs of wear. It’s also a good idea to get a haircut, shave, wear tasteful makeup, and make other small touches that improve your overall appearance.
    • Smile. Smiling is contagious, and it instantly makes you more likable. Don’t force a grin (or else you’ll look like a robot), but do flash a genuine smile as often as appropriate during the first few minutes you meet your prospective investors.
    • Use your investors’ names. When you speak to your investors, try to address them by name as often as possible. People love to hear the sound of their own names, so it might help you win their favor. As an added bonus, it will help you reinforce your association with their name and face, so you eliminate your risk of calling someone by the wrong name later on.
    • Warm-up with something personal. It’s tempting to get down to business right away, especially because your investors’ time is limited, but in most cases, it’s better to warm up with something personal—even if it’s only a few lines of a conversation. Tell a funny joke you heard earlier in the day, or share an anecdote about how your morning has been going. It makes you seem more personable and charismatic.
    • Find a common link. If you can, try to find something in common with each of your prospective investors. You might comment that you got your tie at the same place they did, or that you use the same type of pen. Look for subtle clues about their personalities, lifestyles, and hobbies, and forge a connection through those channels. People disproportionately like other people like them, so the more commonalities you can find with your prospective investors, the better.
    • Watch your posture. Your posture says more about you than you might think. Keep your back straight with your shoulders back, and walk confidently with your hands out of your pockets. This is crucial for projecting confidence (and feeling it internally as well).

If you can land a great first impression, you’ll set the stage for a killer presentation—but don’t think you’re out of the woods yet. You still need to make sure you have a fantastic pitch deck in place, and enough knowledge on your startup idea to handle the toughest investor questions. If this is your first pitch, don’t worry – it does get easier – but the fundamentals are always going to be important.

Continue Reading

Business Finance

Follow these 7 steps to get outstanding invoices paid to you ASAP

(FINANCE) For a freelancer, it’s more important than ever to bring up the issue of getting paid on time. Here are 7 tips to get your money.

Published

on

Handing over card representing getting paid.

For many, an awkward topic of conversation revolves around getting paid. Whether asking for a raise or asking to borrow money, people often feeling uncomfortable when talking money.

This is equally, or possibly even more so, true for freelancers who are solely in charge of their finances. Without a system of weekly direct deposit, freelancers have to work overtime to keep their earnings in order.

The issue with this is that clients also have a lot on their plates, and something as simple as a freelancer’s paycheck is common to fall through the cracks. This causes freelancers to have to work friendly reminders into their repertoire.

However, freelancers may not always be knowledgeable of the best ways to keep their finances in check (no pun intended). Below are seven ways to enhance payment methods.

  1. You have to be willing to make billing a priority. Due to the fact that money is awkward to talk about, as aforementioned, many let this fall by the wayside. The best way to do this is to keep up to date with your invoices and send them as soon as they are done. Making a calendar specific for billing can help with this idea.
  2. This second bit dates back to when we were young and learning our manners: it is crucial to be polite. Not only is it the right thing to do, but it also increases speed in payment. Using “please” and “thank you” in invoicing emails are said to get you paid 5% faster.
  3. It is best to try and keep a complicated concept like finance as simple as possible. Make sure you are creating specific due dates. This will help to signify importance of payment.
  4. Now that virtually anything can be done online, it would make sense to use electronic payment verses an old-school check. Accepting online payments will get a user paid, on average, eight days faster as opposed to a check.
  5. This is an important notion to keep in mind for any aspect of your business life: be professional. Invoices are often seen by many eyes so it is best to include your business’s logo on said invoice. This has been found to increase chances of being paid on time by 10%.
  6. Specificity is urged again in the form of transparency. Make sure you are giving detailed descriptions on each invoice so that anyone looking at it knows exactly what you are being paid for. By doing this, you are 15% more likely to be paid on time.
  7. While you may be invoicing month by month, try to avoid sending on the 30th or 31st. Being that everyone, generally, sends their invoices in on these dates, it takes 10 – 20% longer to be paid. With everyone sending it at the end of the month, it has a tendency to back up payroll.

The most important thing to remember is that while the topic of money may be awkward, it is your money. If you let a few invoices fall behind because you are uncomfortable reminding your client, this has a way of adding up. Be sure to keep on track with your finances to earn what you are working for.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!