Want to learn how to leverage your healthcare knowledge to start or grow a business? The Healthcare Boss Academy podcast presents interviews with real-world healthcare entrepreneurs, innovators, and other leading business experts. On each interview episode, your host Jason A. Duprat will deconstruct each guest's playbook for success so that you can learn ideas, strategies, and insights that will help you on your entrepreneurial journey. You can follow Jason's personal journey on his bite-sized "Tactical Tuesday" solo episodes!
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episode 358: #358: The Pros & Cons of Having a Business Credit Card
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:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Email me at podcast@healthcareboss.org and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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