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How To Record Cashback Rewards In Quickbooks

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

In exchange for making purchases company owners would make anyway, the American Express Blue Business CashTM Card offers a great cash back rewards program and does not charge an annual fee. It’s a good all-around business credit card because there’s no annual fee, and it’s especially useful for financing large purchases for 12 months at 0% APR.

The American Express Blue Business Plus and the Chase Ink Cash Business are two of the many business reward credit cards that the Blue Business Cash Card must compete with.

The American Express Blue Business CashTM Card’s Key Benefits

The Blue Business Cash Card has these main characteristics. Take note of the generous initial offer, the rewarding cash-back program, the introductory period of 0% interest (some conditions apply), and the other perks that might prove invaluable to small company owners.

Welcome Bonus

Spend $3,000 on your new card during the first three months and receive a $250 statement credit.

Earning Cash Back Benefits

When you use your American Express Blue Business Cash Card for purchases of up to $50,000 each year, you’ll receive 2% cash back. There is no cap on the amount of cash back you may receive from purchases in these categories.

Redeeming Cash Back Rewards

Any rebates you’ve earned will appear as a statement credit on your next monthly statement.

Introductory APR

Enjoy a 0% APR on purchases for a year from the date of account opening. Please visit this page for information on the American Express Blue Business Cash Card’s rates and fees.

Regular APR

At the end of the promotional APR term, the standard variable APR will kick in, which can range from 16.24% to 24.24% (see the Rates & Fees section for details).

Important Charges

You won’t have to pay anything yearly to be a part of this community. The fee for all foreign transactions is 2.7% of the transaction value. There is a $39 fee for late or rejected payments. For costs, please review the pricing section.

Additional Business Advantages

Numerous perks are included with Blue Business Cash that are unavailable to cardholders who aren’t running a business. Among these are:

  • In your American Express online account and mobile app, you can now attach photographs of your receipts and notes to individual transactions with the help of the American Express® Business App.
  • Having a designated Account Manager (such a reliable employee) take care of billing questions, card replacement requests, and disputes.
  • Individualized account notifications
  • Apps and websites like QuickBooks and Bill.com may be integrated with.

Credit Required

You need exceptional to decent credit to qualify for this card. Credit problems, especially serious ones, will probably rule you out.

American Express Blue Business CashTM Card Benefits

For frequent cardholders, the American Express Blue Business Cash Card offers a number of useful perks. Among its many advantages are the absence of an annual charge, the generosity of its welcome offer, the quality of its cash-back program, and the ease with which its rewards may be earned and redeemed.

  • There is no yearly charge. The absence of an annual charge is a significant bonus for cash-strapped business owners who may otherwise use this card. There are other cards with annual fees, such as the Chase Ink Business Preferred (annual fee: $95) and the American Express Business Gold Card (annual fee: $295).
  • A Good Incentives Package for New Cardholders. If you’re a new cardholder with Blue Business Cash, you may take advantage of a generous welcome gift of $250 once you spend $3,000 on purchases during the first three months.
  • Get 2% Annual Cash Back on Your First $50k in Eligible Purchases. When you use Blue Business Cash, you may get 2% cash back on your first $50,000 in purchases each year. That’s a yearly cash back of 2%, or $1,000, which may make a significant difference for company owners watching every penny. However, with the Capital One Spark Classic for Business, you’ll get a flat 1% cash back on every transaction.
  • Strong Discounted Interest Rates for the First Few Purchases. This card offers a promotional 0% APR on purchases for the first 12 months. Consider this your chance to save a ton of money on interest fees if you’re planning a major expenditure for your company that will take more than a month to pay off.
  • Rewards Funds Will Be Added to Your Account Instantly. Get your cash back whenever you want with Blue Business Cash. At the close of every billing cycle, this is handled mechanically for you. Unlike with some other cash-back business cards, you don’t have to manually redeem your rewards, which might be a hassle in the midst of your busy workday.

American Express Blue Business CashTM Card Drawbacks

The American Express Blue Business Cash Card falls short of being ideal. It imposes a foreign transaction charge and imposes an annoying spending restriction for the 2% cash-back category – a spending cap that is low enough to annoy heavy spenders.

  • Charges a fee for transactions made in a foreign currency. A major drawback of this card for company owners who frequently go abroad is the 2.7% international transaction charge. Capital One’s Spark business credit card family doesn’t impose any additional fees for purchases made outside of the country.
  • Budget Restriction for the 2% Group. Larger enterprises with greater annual expenditure needs may be constrained by the 2% cash back category’s annual $50,000 cap on eligible purchases. The Business Green Rewards Card, the Business Gold Card, and the Business Platinum Card from American Express are all good choices if you know you’ll often rack up charges that surpass this threshold.

Bottom Line

You should reconsider applying for the American Express Blue Business CashTM Card or another business credit card if you haven’t done so before. If you can verify that you will be using the credit card exclusively for business purposes, you may be approved for this card even if you are a sole owner without formal incorporation.

Whether you run a one-person show or a corporation with tens of employees, the simple act of submitting a Schedule C with your income taxes as an indication of self-employment is sometimes sufficient proof that you are a business owner.

Although the terms of the American Express Blue Business Cash Card are similar to those of many consumer credit cards, business cards are excluded from several of the essential elements of the CARD Act, such as the need that cardholders be frequently advised of changes to the terms and conditions.

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