Side Hustles / Small Business & Credit Cards | lets chat business 💰 – Brian Jung

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1. how to get approved for a business credit card
   1. Personal Credit Score
   2. Business Proof/ Validation
   3. Bank and card issuers WANT more applicants because of a few reasons
      1. Interchange fees
      2. High Reward Probability
         1. 9-5 40k salary worker- spend is constant. Interchange fees consistent
         2. Business owners have more volatility. Higher chance for business owners to have increased income potential and spend potential. High spend means more money or more interchange fees for card issuers
   4. Personal expenses (On the topic of spend, lets answer some popular questions I receive with regards to if you can put personal spend on business cards
      1. Disclaimer. I am not a financial expert. I am not a legal authority telling people what they can and can’t do. Im a simple man. A regular guy on YouTube talking about credit cards so Ill speak out of experience rather than say what is okay and what isn’t.
      2. I have never had an issue with putting any of my personal spend on business credit cards. Bank and credit issuers first of all want that interchange fee like we mentioned earlier.
      3. There is no way where banks and issuers can determine what is and isn’t a business expense. Think of it like this. You are a mukbang Youtuber and on your chase ink cash card it is all food purchases you need to make videos for your business. Every business purchases different things for their business.
      4. Shutdowns. Shutdowns happen when consumers mess with the rewards system. Getting points or self referring- main points all come from that. Not using your business credit card on purchases they are unsure about.
2. So how do I manage my books if I have personal expenses on a business credit card.
   1. I use a software called Quickbooks to organize it
   2. At one point I have had 5 different accounts managing my books for the business. The more businesses you have the more hectic accounting gets.
   3. If you have a business card and you are running a I highly recommend you to use a service that automatically sync to your accounts
      1. If you have seen my credit cards video you will see I have at least 13 credit cards and I need a platform that organizes and syncs all of them together. It saves me hundreds if not thousands of lifetime hours.
      2. They have different packages catered towards your need. I wish I started organizing my books since the very beginning of my journey regardless of the income I was making.
      3. Another alternative to this would be using Google Sheets. Once you have this set up you can get the basics down but once you run into having multiple cards and accounts this really can get hectic.

3. How much money do I need to make to get accepted for a business credit card?

4. Business ideas THAT work well with business credit cards

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