Maximize Credit Card Rewards for Your Assisted Living Business
Nov 13, 2024
Credit card rewards are more than just perks for personal purchases—they can also benefit your assisted living business. Whether you’re running a small facility or scaling your residential assisted living (RAL) business, using credit cards strategically can save you money and improve your financial standing. From earning cash back on routine expenses to building business credit, credit card rewards can play a key role in your overall business strategy.
In this blog, we’ll explore how to get the most out of credit card rewards for your assisted living business. We’ll cover picking the best card, managing spending to maximize rewards, and avoiding mistakes that could hurt your efforts. Whether you're focused on saving money or investing in growth, these tips can help your business make the most of credit card benefits.
Check out the video, too:
Business vs. Personal Credit Cards: What's the Difference?
One of the first questions many business owners ask is whether business credit card rewards differ from personal cards. The short answer is no—not really. Many credit card companies use similar reward systems for both. Whether it’s points, miles, or cash back, you can earn rewards on business purchases just like you would for personal use.
However, business credit cards come with their own set of benefits tailored to company needs. It’s important to research and choose a card that fits your business spending. And keep in mind, some premium cards have higher fees, so be sure the benefits are worth the cost.
Is a Premium Business Card Right for You?
Some small business credit cards come with annual fees ranging from $100 to $500 or more. If you’re considering a premium card, make sure the rewards and benefits outweigh the cost. For instance, if you’re paying a $500 annual fee but only earning $300 in rewards, the card may not be worth it. Take the time to calculate the value based on your spending habits and needs for your assisted living business.
Boost Your Rewards with Introductory Offers
One of the easiest ways to rack up rewards quickly is by taking advantage of introductory offers. Many business credit cards offer big bonuses if you spend a certain amount within the first few months of opening the account. For example, you might get $300 in statement credit if you spend $3,000 in the first three months. Be sure to compare offers and choose one that aligns with your regular business spending.
Choose a Card That Fits Your Business Needs
When choosing a credit card, consider the specific needs of your assisted living business. Do you travel often for work? Look for a card that offers rewards for airfare, hotel stays, and rental cars. If your biggest expenses are groceries and supplies, choose a card that offers cash back or points for those purchases. By matching your credit card to your business’s everyday expenses, you’ll maximize your rewards without changing your spending habits.
Beyond Points: Extra Perks to Consider
Many business credit cards offer additional perks, like 0% introductory APRs or balance transfer options. These can be especially helpful when managing cash flow or making big purchases for your business. For example, if you need to replace a furnace in your assisted living facility and traditional financing isn’t available, a 0% APR credit card for 18 months can provide a temporary solution. Just be sure to pay off the balance before the introductory period ends to avoid interest charges.
Making the Most of Your Credit Card Rewards
To truly benefit from credit card rewards, stay organized and track your earnings. Use your rewards to cover business expenses, like employee holiday gifts or travel for industry conferences. Keep in mind that rewards only work in your favor if they don’t come with high costs, like steep annual fees or interest rates. By staying on top of your spending and managing your rewards carefully, you can help your assisted living business save money and grow.
As you navigate the world of credit card rewards, remember that careful planning is essential. Whether you're starting a new assisted living facility or looking to improve your existing operations, a solid business plan is crucial. To help you get started, download our Business Plan Checklist here and set your facility up for long-term success. Additionally, consider applying to our Assisted Living Investing Mastermind program, where you'll learn to build a business plan, find the right property, secure the funding, obtain a license, and run and scale your business.
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