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Unlocking Credit Card Rewards: Boost Your Assisted Living Investing

assisted living business finances best credit cards for assisted living owners cashback credit cards for business owners credit card rewards for small businesses financial tips for assisted living investors maximizing credit card points points and miles rewards explained Dec 25, 2024

Running an assisted living facility is a rewarding journey, but it comes with its fair share of expenses. From groceries to utilities, every dollar counts when building a successful business. But what if your spending could also bring in extra cash or perks? That’s where credit card rewards come in!

By using the right business credit cards, you can earn rewards like cashback, points, or miles on everyday purchases. This blog will show you how to make credit card rewards work for you, break down the types of rewards, and share tips to maximize your benefits.

Check out the video, too:

What Are Credit Card Rewards?

Credit card rewards are bonuses offered by credit card companies. Each time you make a purchase, you earn something back—like points, miles, or cashback. Think of it as getting a little thank-you gift for spending money. You can use these rewards to save on business costs or even earn extra cash for your assisted living facility.

For example, you might earn 2% cashback on groceries or 3x points on gas purchases. If you’re spending thousands each month on operations, those rewards can add up fast!


The 3 Main Types of Credit Card Rewards

There are three types of rewards programs:

1. Points

Points are like virtual currency. You earn points for every dollar you spend, which you can redeem for things like:

  • Gift cards
  • Travel
  • Office supplies

Some cards even offer bonus points in certain categories, like 2x points on groceries. If you’re spending $5,000 a month on food, that’s 10,000 points—just for buying groceries!

2. Miles

Miles are travel-focused rewards. Every dollar spent earns you miles that you can use for:

  • Flights
  • Hotel stays
  • Travel upgrades

If you travel to conferences or visit out-of-state facilities, miles can save you a lot. However, if you don’t travel much, a miles card might not be the best fit for your assisted living business.

3. Cashback

Cashback is the simplest reward—you get a percentage of your spending back in cash. For example:

  • Spend $10,000 in a month.
  • Earn 2% cashback.
  • That’s $200 back in your pocket!

Cashback is great because it’s easy to use. You can reinvest it directly into your business or save it for future expenses.


How to Choose the Right Credit Card for Your Business

Not all credit cards are the same, so it’s important to find one that matches your needs. Here’s what to look for:

  1. Spending Categories:
    Figure out where your business spends the most.

    • Groceries? Look for a card with high rewards on food.
    • Gas? Choose a card with gas rewards.
  2. Redemption Options:
    Think about how you’ll use your rewards.

    • Need quick cash? Go for cashback.
    • Like flexibility? Points might be better.
  3. Annual Fees:
    Some cards charge an annual fee but offer better rewards. Compare the fee to the potential rewards to see if it’s worth it.

  4. Ease of Use:
    Cashback is usually the easiest to manage. If you prefer simplicity, skip complicated points or miles systems.


How to Maximize Your Rewards

Here’s how to make the most of your credit card rewards:

  1. Use the Right Card for Each Expense
    For example:

    • Use a grocery rewards card for food purchases.
    • Use a gas rewards card for transportation costs.
  2. Pay Off Your Balance Every Month
    Interest charges can eat up your rewards. Always pay your balance in full to avoid extra fees.

  3. Track Expiration Dates
    Some rewards expire. Set reminders to redeem them before they’re gone!

  4. Consolidate Spending
    Use one or two main credit cards for most expenses to rack up rewards faster.


Real-Life Example

Let’s say your assisted living facility spends $10,000 a month:

  • $5,000 on groceries
  • $2,000 on utilities
  • $1,000 on gas
  • $2,000 on other expenses

If you use a cashback card that offers 2% on groceries and 1% on everything else, you could earn:

  • $100 in cashback on groceries ($5,000 x 2%).
  • $50 in cashback on other expenses ($5,000 x 1%).

That’s $150 a month or $1,800 a year—just by using your card wisely!


Why Credit Card Rewards Matter

Credit card rewards can make a big difference for your assisted living business. They’re not just about saving money—they’re about making every dollar work harder. Whether it’s cashback for reinvestment or points for business supplies, rewards add value to your everyday spending.


Final Thoughts

Running an assisted living facility is no small feat, but credit card rewards can help lighten the financial load. Start by picking a card that matches your business needs, and use it to earn rewards on everyday expenses.

With the right strategy, those rewards can become an extra source of income—helping your business thrive while you provide amazing care for your residents.

Ready To Take The Next Steps?

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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