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Brex Visa: The Best Business Credit Card?

hey credit Warriors a credit surfer here and today we are looking at this new business charge card in fact it's not new but they have brought in a new rewards program on it and it is called Breck's and to me that sounds kind of like it should be a breakfast cereal or maybe an even more abbreviated way of talking about Britain leaving the EU I don't know but anyway it's called Breck's it's aimed at startups probably aimed at Millennials you know Casey Neistat type people look is that a boosted board anyway so it's called Breck's it's a corporate charge card it's a visa and it actually earns 7x points per dollar back on ride share and taxi services which is really cool and there isn't any other card in business or in personal that earns that kind of rate on ride share or taxis so that's that's pretty cool and then 3x back per dollar on travel 3x back at restaurants and 2x on recurring software payments so things like QuickBooks software or myself our company is signed up to Adobe Creative Cloud where we have to pay monthly for Adobe Premiere and Photoshop and all the other software as well which is what we use to edit these videos so that would definitely be useful for some businesses now we will talk a little bit more about the points and what they're worth a little bit later on in the video and but well first of all just go into a little bit more detail about the card itself so the brics card uses an EIN for the application that's your employer identification number that if you set up a company you will have so you do need that for the IP air for the application this isn't like you can use your personal SSN for it in fact they don't even ask your SSN because this card does not have a personal guarantee if you don't know what that is some business cards require a personal guarantee in addition to your company you know kind of guaranteeing that they will pay so if your company goes bankrupt or doesn't pay they can come after you personally and you're personally liable for that debt this doesn't have that it's just your company that is liable and so there's no credit check for the application but what they do instead it's a little bit like the petal card which is a personal card they get you to sign into your bank account through their website and they basically get read-only access to your business bank account and they analyze your transactions look at how much cash you have in reserve and from that they decide on you know the success of your application and what your credit limit will be etc so there's actually no credit check for this card but it will help you build credit they report through the Experian Bureau experience business credit bureau and so you your company's on time payments so you will actually build your credit through having this car there's no annual fee and no foreign transaction fees and actually basically no fees at all no late fees or anything because you do have to pay your balance every month that is a charge card remember not a credit card and you actually have to enroll in automatic bill pay so that that money comes out of your account automatically the first five cars are free so the primary card and the employee cards and you can actually set spending limits on employee cards which is pretty useful just in case you have an employee that goes AWOL with your card or something right and then after five cards there's a $5 a month fee per card for any extra employee cards you want to have after that so I think this is going to be more suitable for smaller businesses and as they start to expand you might want to look at other options because then you're gonna have to start paying for these cards but actually five dollars per month is still not that higher fee you're talking about $60.00 per year per employee card there are a few prohibited industries for example marijuana even in states where it's legal prostitution and escort services I mean that probably goes without saying gambling companies involved with gambling can't have a breast card and then also get-rich-quick schemes sorry Tai Lopez multi-level marketing that kind of thing they don't want companies doing that to have Breck's cards either now we're gonna get into talking about the signup bonus and this is quite cool so the Breck's card doesn't offer a signup bonus in the same way that other business cards do where they would give you say like a $500 statement credit or a certain number of points like 50,000 points in you know whatever they actually give you a load of deals when you sign up so for example you get a $5,000 credit for Amazon Web Services you get 15% off of we work us office location for the first six months there's also 25% off of sales for software subscriptions etcetera and actually bricks say that these credits value up to twenty five thousand dollars and that's if you take advantage of all of them okay so the average business probably won't take advantage of all of that but even if you take twenty percent say you would be saving five thousand dollars so this actually really could be a very useful thing for businesses that are just setting up renting their first office you get 15% off for six months so it could really lower your startup costs for new businesses and so that's pretty cool now let's get into talking about the points currency that the Breck's card earns and this is very new the points were just introduced like today or yesterday so they're just worth one cent per piece um so it's not really as competitive as say chase Ultimate Rewards points or Amex points or whatever and they can just be redeemed for statement credits on your car okay so you can't transfer them to Airlines or whatever so those earning categories start to not look quite as impressive except for the rise share plus taxis category 7x per dollar even if you account for the value of points there aren't really other cards that can match it but when you use the Breck's card you will want to consider the value of points versus other business cards and if you have other business cards so if you think about the chase ink preferred it owns 3x on travel well the Breck's card also earns 3x on travel but the chase ink preferred it's worth one point two five cents through the portal or if you transfer to sapphire reserve it's one point five cents through the portal or if you transfer to Airlines potentially it's two cents or more and that you could get back in value so you want to consider which points are earned more and in this case 3x 3x they both found 3x on travel but the ink preferred would be the better card to go through however for ride share and taxis I think the Breck's is taking the crown here so it would be really good for a company that has a lot of you know rideshare spending you know going to see clients and all that kind of stuff so that would be beneficial now there's just one more thing I want to talk about before we get into the conclusion and that is the fact that you can scan receipts and import them into the account and then they will automatically match with transactions on your account so you don't have to manually match receipts now Brett's say that this is something that's kind of unique to them whether that's truly the case or not I'm not quite sure but anyway they say that it's their technology that scans the receipt really well and can seamlessly match it to transactions and then it connects with QuickBooks it can connect with other business software so get rid of the hassle so a lot of the angle on this is sort of like getting rid of hassle making it convenient for you making it convenient to get the card for businesses that have an established credit but do have positive cash flow all that kind of thing and this is linking into my conclusions so like we saw with the petal card it's a credit card for people with no credit it uses a soft sorry read-only access of your bank account to you no confirm the application this is the same sort of thing so it's a very sort of thin techy kind of thing you know FinTech financial technology this Breck's obviously it's kind of a technology company in addition to being a credit card company because they're coming up with technological solutions for financial problems okay like using the read-only access of your bank account instead of a hard credit inquiry for the application for example and all their technology associated with scanning receipts importing that and all that kind of stuff so to me I think it's quite a fresh look at a business credit card the fact that there's no personal guarantee I think is a big plus because once you you know you start growing your business you do at a time want to start separating your personal and business finances and many small business cards that don't allow you to do that so that's definitely a big plus and I also think it would be a great card for companies that are kind of like just starting out and they want to rent their first office so you get 15% off of we work offices for the first six months that's great and all those other things Amazon Web Services etc if you use that QuickBooks and stuff into it software like it could really lower your startup costs for many small businesses so it gets a thumbs up from me guys leave your comments below what do you think about this card do you think it's a winner or do you think it's all hype I know probably on the earning points section it's not that great except for the 7 percent cash back on right yep all right guys leave your comments below we'll also put some of our favorite business credit cards in the links below if you are considering a business credit card do have a browse of what's on offer and if you do use our links it helps out our show so we thank you very much if you do please subscribe more content like this almost every day we'll see you next time

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Business Credit Cards Explained

hey guys it's a passion from a Sebby and today we're gonna talk about everything you wanted to know about business credit cards but first if you are new here we're all about how to maximize the value of your credit cards so basically how to get the most cash back and also how to travel for free if that sounds interesting than subscribe to our channel but let's get started so I've talked about business credit cards in the past before and I still keep getting the same questions over and over so I figured I'd make a video discussing these exact questions and again anything else you'd probably have questions about anyways the first thing we're gonna talk about is applying for these business credit cards so for most of them assuming that you're applying for business cards and not corporate cards so we're gonna talk about corporate cards towards the end of the video for business cards they're still going to be looking at your social security number even if they ask you for the ein they're still going to ask you for your social so again it's going to be a hard inquiry and depending on other factors and depending on who you're applying with their rules are going to affect you so for example if you're personally over five twenty four and you apply for a business card even if you're using your EIN they're going to ask for the SSN meaning that you're not going to be able to get certain cards at the chasing preferred card another thing to consider is that of most business cards you're going to be personally liable whenever you apply for a credit card there's a bunch of terms most people don't really read these but again if you look at them directly and actually read it you're going to see that you're personally liable this means that if you have a credit card and again if the company defaults you can't really file bankruptcy to run away from this debt one of the really big benefits of having a business is that you don't have personal liability but again if credit cards you do still have that personal liability on a similar note if you issue employees cards then you're going to be liable for any transactions as well so hopefully you have enough internal controls just to make sure that there isn't any fraudulent transactions and again obviously if there is a fraudulent transaction what you can choose to basically sue the person or charge them but you really don't want to go through that process and again I think it's better to be preventative rather than have to deal with the consequences given everything that we just talked about what's the point of having these business credit cards they sound pretty bad and they sound pretty dangerous so the main benefit is that it typically have different categories compared to personal cards sometimes different benefits as well meaning that you can really out misers spend for example cards at the chasing cash card give you 5x and points back and office supply stores as well as well for cable bill and also your phone bills another reason people pursue these cards is because some of them do have really great sign up bonuses so again if you really want to maximize the return under spend for a big purchase this is a really good way to do it for example if you look at a card like the Chase Sapphire Preferred and even the reserve you're getting 50,000 points after $4,000 a minimum spend of the chase a preferred card you're getting 80,000 points so 30,000 points more for only $1000 more in spend so five thousands that are four thousand one thing I answered in Prior videos that they still get a lot of questions about is who is eligible for a business card the one thing a lot of people don't seem to realize is that businesses come in all shapes and forms so again yes you have the corporations yes you have other pass-through entities but you also have sole proprietorships a sole proprietorship is basically when you're operating as yourself providing a service so whether I am Sebastian fund plumbing or Sebastian funk photography or maybe Sebastian from consulting or computer development that would be considered a sole proprietorship depending on what state you're in there was different requirements for what you need in order to get a bank accounts or in order to get a credit card as a sole proprietor in California for example as long as you're operating under your own name and you actually don't need any additional paperwork another thing to consider - of business card applications is that even if you have zero dollars in income you can still get approved for a card I've had friends who are thinking about starting sole proprietorships mostly doing side hustles on the side doing software development and they've been able to get cards saying that they're either getting zero revenue are based off what they expect to make which is probably between 10 to 20,000 dollars once you get approved for this credit card what transactions can you use it for so technically you can use it on everything but based off the terms you're only supposed to use it towards business expenses obviously this gets a bit more confusing especially if you are a sole proprietor just because there's kind of a weird line between personal and business for example let's say I had a youtube channel that only did gaming and then deriving income from that meaning that I have to pay taxes and again if I don't have another corporation then it's going to be a sole proprietorship if I buy a Nintendo switch and I play games on and I also play games on my own time that's unrelated to that Channel then is it still a business expense so again it really just depends it's kind of a great line to me at least as long as it's justifiable so if there is some way at all that you can defend it then I think it's fun even though they do have it in the terms one thing I do a lot is obviously research data points and research other people's experiences typically on forums and I've never heard of anyone getting their account shut down because they made purchases that were not business expenses the biggest risk of using your card for non-business expenses isn't really shut down it said you lose consumer protections whenever you apply for a new card or if you do a product change then you're probably going to get one of these guides and again they go through a lot of the benefits you have as well as the protections the main risk in my opinion is really Black Swan offense so these are unlikely events that can have a very negative effect on your life a really good example of this is if you rent a car and again you use your business card and you're hoping to rely on the protections for the CTW and again maybe you do have an accident which isn't really expected because you don't typically get into accidents and if they look back at it and they're like hey when you rented this car was it for a business exercise was it for maybe going to a job or doing something or was it personal and again I'm not really sure who the onus is on but I really wouldn't put yourself in a position where again if you can't prove that it was a business expense you might be out at CDW benefit meaning that you might be paying twenty thousand dollars of your total a car another commonly asked question I get is what effect two business cards have on your personal credit report for the most part they don't really have that much of an effect so typically they only negatively affect your accounts and not positively again we have utilization we have payment history to our Kotori marks average age of accounts total accounts and credit inquiries for most business cards they do not show up as utilization so again that might be really good for you or it might be really bad depending on how you use your credit if you're someone who keeps that balance on their card that it typically does make a lot of sense to keep it on the business card just because it's not going to show up as a really bad utilization amount compared to using it on a personal card for the payment history again most business cards will not show your positive effects meaning that all the good payments that you do that you pay off your accounts will not we be counted on the other hand though - raaga Tori marks are affected this means that if you default on your accounts it's going to show up in your personal report average age of accounts and total accounts also are typically not affected but inquiries are just because again you're taking that hard inquiry in order to get this account a lot of people actually use business cards as a way to stay under five twenty-four since they don't show up under total accounts everything I just said applies to Chase applies to Amex applies to most of the major issuers the only issuer that it does not affect so the one that posts to your credit report is Capital One this means that if you get a Capital One business card it's gonna show up on your report as a total account it's gonna show all the payments and all the other stuff so again it might be good for you it might be bad it really just depends on your circumstances the final thing we're going to talk about is corporate cards so these are targeted more towards big companies rather than small companies if you get a job at IBM Deloitte or any other big company if you do have expenses they typically issue you one of these cards and they encourage you to use it in order to qualify for corporate cards you typically need a corporation and you also need to submit three years of financial statements sometimes they also ask you for a tax returns just to validate information as well each Bank has their own requirement but I typically want to see that you're making a lot of money and that you have a lot of transactions my guess is that they assign you an Account Manager and again they want to make sure that they're getting positive expected value if we play with Amex as tool we can kind of see what they're looking for and again the open cards are the ones we talked about earlier so they're the business cards that we typically talk about for most people I don't really think you need to worry about corporate cards unless you run a big corporation then that might be helpful but for the most part most people watching this probably don't fall into this situation on a side note if you are looking to apply for any business cards and you want to support our channel we do have links on our site it really helped us out so hope it was helpful and let me know if you have any questions my question for you guys is do you have a business credit card which one let me know in the comments down below if you like this video give it a thumbs up it really helps us out and if you know anyone else who'd benefit from what we just talked about feel free to share this video with them because it's probably going to help them out but otherwise hope you guys liked it see us next time

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Funding for startups Business

all right how you doing Brian Howard here BK's credit group B cash credit group com and if you haven't subscribed to the channel please do so so that whenever I release the videos you're able to be notified of such that you know I've released a new video what I want to talk about really quick here is I want to talk about what is the best way to fund a start up business now I consult a lot of startup businesses and a lot of business owners that are starting businesses are really not educated about you know what it takes in order to get money for their business and what the best way is in order to get money for their business if you if you want to take a survey of business owners and ask them you know what's the best way or they needed money for their business where would they go I'm sure 99.9% of them will say well they'll go to the bank that they bank with and while we know banks do offer business loans I'm here to address the myth that are not even the myth the fact that you know your local bank or your conventional bank probably isn't the best place to go if you start a business and you're looking to get funds for your business and and I'm gonna break that down very very quickly and here's why number one every bank every conventional bank and most banks fall under conventional banks have what they call SBA products SBA loan profits mean these are loan products for businesses that are backed by the SBA ie the Small Business Administration and to think about the Small Business Administration loan requirements in addition to the fact that it's a very very long process there's a lot of paperwork and a lot of documents and things that are required in order to even apply for these type of business loans the big thing is that they require and you can go straight to SBA and verify this excellent personal credit strong business financials and adequate collateral now notice I gave you three things that are required in order to get an SBA loan strong personal credit meaning they're gonna check your personal credit strong business financials meaning your business needs to be making money and then adequate collateral you don't need one or two of them you need all three but then obviously if you're starting a startup business you don't have strong business financials and you might not own any type of adequate collateral as they describe in their terms adequate collateral could be real estate that you own outright stock options bonds for one you know 401 K cash in the bait different things like that could be used as collateral when you're basically saying hey if I default on this loan you can have my condo or you can have the money in my 401 K or you can have the money in my savings and bonds account and so all these things are required in order to get approved for an SBA loan which is why per the Department of Revenue over 95 percent of those that apply for revenue loans are denied so what is so what is the solution to that well I believe with hands down the best solution to fund a startup business is business credit cards and you can get business credit cards using your your personal credit right if you have a strong personal credit profile because remember if you go for an SBA loan they're gonna take your personal credit anyway but you're also gonna need you're also gonna need collateral and you're gonna need financials but with our business credit cards if you have a strong business credit profile you can get anywhere from fifty to a hundred and fifty thousand dollars in business credit cards usually spread out over three to five cards and the amazing thing about these cards is a lot of them come with six months nine months 12 months some of the 15 months no interest so up to the first 15 months of actually using these credit cards could actually be no interest so you have a no interest loan and these business credit cards are revolving so you only pay payments on what you've used whereas if you got a $100,000 loan then you have to immediately start making payments back on the amount of $100,000 you know as far as your payments whereas with business credit cards if you were approved for a hundred thousand business credit cards but right now you're only using say twenty thousand then your payment is gonna be reflected based on you only utilizing twenty thousand dollars of your available 100 thousand the other great thing is that as soon as you make payments on business credit cards because it's revolving account then the money can be used over right away so if I make a five thousand dollar payment to a credit card account to my business credit card account today then in two days and three days when that money clears I can actually use that money over again so that's another great benefit of the business credit cards that is not that you can't take advantage of when you're using or apply for an SBA loan also business credit cards require pretty much no documentation we don't need collateral we don't need financials the only thing that's required is that you have a strong personal credit score well we consider strong is somewhere around seven twenty or so personal credit you should have at least one you know credit card with at least a five thousand five thousand dollar credit limit that's not guarantee that it has to be five thousand but that's kind of like what we like to look for and we want you to have about a five-year credit history that's it and if you're not there then you can go through a very good credit restoration or credit repair program like ours of someone else's and have yourself and you and your business in position to be able to take advantage of those business credit cards in a short period of time when I say a short period of time I'm talking like maybe six months whereas you might not ever be able to qualify for the SBA level so the whole point of the video is for me to help you understand that the fastest way to get money for your startup business is through business credit cards leverage your personal FICO credit scores to get your business anywhere from fifty to a hundred and fifty thousand dollars in business credit cards and you can get that funding in as little as three to five weeks and those business credit cards will report on your business credit report which in turn would help you build your business credit and so now you're killing two birds with one stone you have business credit cards with the liquid cash that you need to finance and fund your business and you're also building your business credit because those business credit cards are going to report to the business credit reporting agencies so if you're interested in business credit card funding then you know get on my calendar at WWE cash credit group com and if you think that you may qualify then get on my calendar and let's talk about your situation take a look at your credit and see if we could map out a strategy to help you get funded with business credit cards okay all right I wanted to make that real quick this is Brian Howard signing out for PJ's credit group let's get that startup business fun

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