Canadian small or home-based businesses can utilize their personal credit card rewards (points, cash-back, etc.) to offset many common business expenses. The concept isn’t new, but the ability to strategically plan it is.
We’ve discovered a new, free tool that makes it simple for Canadians to compare credit card reward programs and find the most beneficial one for their needs. Can I Pay Less takes your spending habits and what you typically use your rewards for, and calculates an actual cash value for reward programs. This information is used to recommend the best credit card reward program for you. It also includes the option to enter your current credit card reward program for comparison purposes. You’ll be pleasantly surprised at how many options are presented to you in the final results, allowing you to further tailor your choice to suit your needs.
The site allows you to “take a peek” so you can see examples of this powerful tool in action before you sign up. One case scenario features Jack, who makes $30,000/year. He spends a lot of money on gas and eating out, and uses most of his credit card rewards for cash, gift cards and merchandise.
Jack’s Total Monthly Expenses: $1700.00
Can I Pay Less comes up with a whopping 49 options for Jack, beginning with the credit card(s) with the highest monetary value in rewards (less fees):
For record-keeping purposes, the easiest way to use a personal credit card for business expenses is to have designated cards that are only used for your business. Then it’s a simple matter of keeping your statements as a summary and filing them with your receipts. If you are able to pay them in full every month, your credit card rewards will truly be freebies.
Refine your credit card rewards strategy with a plan for how to best utilize them, such as:
- Travel (tickets, hotels, car rentals)
- Office Supplies (gift cards)
- Employee incentive gifts (merchandise or gift cards)
A partner in a company I once worked for used Air Miles® accumulated through his credit card rewards program, to give away a trip to anywhere in North America at our Christmas party. There is virtually no end to the practical applications.
How do you use credit card rewards for your small or home-based business? Please share your ideas in the comments below.
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