As a landlord, managing rental properties and maximizing profits is your top priority. One tool that can significantly aid in achieving this goal is the right credit card.
In this extensive guide, we’ll explore the best credit cards for landlords. Whether you’re a seasoned property owner or just starting out, these credit cards can provide valuable benefits and rewards tailored to your needs.
We’ll also address common questions about credit cards for landlords and provide insights into building business credit.
Here’s what’s in store:
- Why Should Landlords Choose Business Credit Cards?
- Key Factors to Consider When You Choose a Credit Card
- The Best Business Credit Cards for Landlords
- Frequently Asked Questions
- Final Thoughts
Let’s get crackin’!
Why Should Landlords Choose Business Credit Cards?
Running a successful rental property business requires effective financial management. Compared to consumer credit cards, business credit cards tend to come with higher limits, yes. But, that’s not the only advantage.
Business credit cards offer several benefits that can simplify your operations:
First, with business credit cards, you can separate personal and business expenses effortlessly, making tax season a breeze.
Next, you can enjoy flexible credit limits to cover property-related costs and unexpected repairs.
And, you can earn valuable rewards, cash back, and discounts on everyday expenses associated with rental properties.
Finally, you can benefit from purchase protection and extended warranty coverage for appliances and equipment with a business credit card.
Furthermore, when you establish and strengthen your business credit profile, it can lead to better financing options in the future.
How to Grow Your Profits with Business Credit
Building strong business credit can be invaluable for a thriving landlord venture.
To build your business credit, here’s what you can do:
- Lay a Solid Foundation – Choose your name and business category strategically. Establish your business entity and ensure consistency.
- Prepare Your Business for Credit – Secure an address, insurance, and licenses. Create an online presence and dedicated business account.
- Foster Financial Relationships – Network with local banks and credit unions. Understand financing programs and underwriting processes.
- Develop Strong Credit Profiles – Obtain a DUNS number and monitor your credit scores. Use tools like Nav for credit profile strength.
- Establish the Right Trade Lines Start with trade lines like store cards, net 30 accounts, and gas cards. Build a stable credit profile so you can continue to grow.
And, here are some relevant companies that can help you build business credit:
(Learn more about the process in our 7-step Business Credit Workshop.)
Key Factors to Consider When You Choose a Credit Card
To choose the right credit card for your landlord venture needs, here’s what you need to consider:
- Rewards & Cash Back – Look for cards that offer rewards categories relevant to your rental business, such as office supplies or home improvement purchases.
- Annual Fees – Choose a card with no annual fee or a fee where rewards redemption will make it worthwhile.
- 0% Intro APR Offers – If you plan to carry a balance, seek out cards with a 0% introductory APR period.
- Credit Limit: Make sure the credit limit lines up with your monthly expenses.
- Benefits and Perks – Consider additional benefits that align with your business.
The Best Business Credit Cards for Landlords
Here are the best credit cards for landlords, each offering unique advantages tailored to your rental property business – These credit cards cater to landlords by providing rewards, expense management tools, and cash flow flexibility that align with the ongoing nature of property management.
1. Chase Ink Business Preferred Card
The Chase Ink Business Preferred Card’s specialized bonus categories and advantageous point value for travel redemptions make it particularly valuable for landlords, addressing a range of expenses and travel requirements.
Plus, landlords usually have ongoing expenses related to property maintenance and management, which makes the card’s rewards on shipping and business categories worthwhile. The elevated redemption value for travel will benefit landlords who travel to manage properties in different locations.
- Rewards – Earn 3X points on shipping and certain business categories, and 1X on all other purchases.
- Redemption – Points gain a 25% boost in value when used for travel via Chase Ultimate Rewards.
- Additional Benefits – Employee cards available, along with 5X points on Lyft rides.
2. Amex Blue Business® Plus Credit Card
The Amex Blue Business Plus Credit Card offers straightforward rewards for every purchase, coupled with useful tools for expense management that enhance a landlord’s ability to efficiently oversee their business finances.
The card’s straightforward rewards structure and expense management tools make it useful for keeping track of expenses associated with managing multiple rental properties.
- Rewards – Gain 2X Membership Rewards® points on the initial $50,000 spent annually, followed by 1X points for subsequent purchases.
- Cash Flow Flexibility – Experience Expanded Buying Power, with no preset spending limit.
- Expense Management Tools – Benefit from employee cards, integration with QuickBooks®, Vendor Pay through Bill.com, and more.
3. Amex Business Platinum Card
The Amex Business Platinum Card stands out with one of the most robust rewards programs, many of which are relevant to property management, specifically those with properties in various locations.
Additionally, the card’s rewards on construction materials, hardware suppliers, and shipping providers align with landlords’ purchasing needs.
- Rewards – Earn 1.5X points on eligible purchases at U.S. construction material & hardware suppliers, electronics, software & cloud providers, and shipping providers, plus on purchases of $5,000 or more elsewhere.
- Travel Benefits – Take advantage of an array of travel rewards, such as:
- Get a statement credit for Global Entry or TSA PreCheck® application fees.
- Earn 5X Membership Rewards® points for flights and prepaid hotels booked via AmexTravel.com.
- Access over 1,400 airport lounges through the Global Lounge Collection.
- Gain 35% of points back with Membership Rewards® Pay with Points for eligible flights via American Express Travel.
- Enjoy perks and earn 5X points on prepaid hotel and resort stays.
- Receive up to $200 in statement credits annually for qualifying airline incidental fees.
- Taka advantage of the Premium Private Jet program, premium car rental perks, Business Platinum travel service, trip delay and cancellation insurance, and more.
- No Foreign Transaction Fees – Make purchases outside the U.S. without incurring foreign transaction fees.
4. Amex Business Gold Card
The Amex Business Gold card’s bonus categories encompass a wide spectrum of business expenditures, rendering it a valuable tool for various aspects of managing properties. Ans, the pay over time option provides cashflow flexibility, particularly when rental income is inconsistent.
Similar to the Business Platinum Card, the Business Gold Card’s rewards categories cover a broad range of expenses, including advertising, utilities, and shipping, which are often relevant to landlords.
- Rewards – Earn 4X Membership Rewards® points on the top 2 categories where your business spends the most in each billing cycle from a selection of options.
- Cash Flow Flexibility – Take advantage of the option to pay over time with no preset spending limit.
- Additional Benefits – Access expense management tools, employee cards, integration with QuickBooks®, Vendor Pay through Bill.com, and more.
5. Chase Ink Business Unlimited Card
The Chase Ink Business Unlimited Card delivers straightforward cash back on all purchases, which can offset a variety of expenses linked to property management activities, including supplies, renovations, and transportation.
The flat cash back rate on all purchases is beneficial for ongoing maintenance and home improvement expenses. Plus, the introductory 0% APR period can help manage large expenditures without incurring immediate interest.
- Unlimited Cash Back – Secure 1.5% cash back on every purchase.
- Intro APR – Enjoy a 0% introductory APR for 12 months on purchases.
- Additional Benefits – Offer staff cards and earn 5% cash back on Lyft rides.
Frequently Asked Questions
Can a landlord get business credit?
Yes, landlords can get a business credit card to build business credit. This helps separate personal and property expenses. Despite having a single property, you can qualify by using your business’s Employer Identification Number (EIN) instead of your Social Security Number (SSN).
How do I use my EIN number for credit?
Using your Employer Identification Number (EIN) for credit involves applying for business credit cards and loans. Lenders use your EIN to assess your business’s creditworthiness.
Which bank credit card is best with no annual fee?
The Ink Business Unlimited® Credit Card from Chase is an excellent option, offering no annual fee and straightforward cash back rewards.
Which credit card is easy to get?
The Ink Business Cash® Credit Card from Chase is relatively accessible and offers tiered rewards, making it suitable for landlords.
What credit score do most rental companies use?
Most rental companies use a FICO credit score, with a score of around 650 or higher typically being considered a good credit score for rental applications.
Selecting the right credit card for your rental property business can significantly impact your financial success – By considering factors like rewards, annual fees, and purchase protections, you can choose a card that aligns with your unique needs.
The top business credit cards for landlords, along with their alternatives, provide valuable rewards and benefits that can enhance your rental property operations.
Ready to take your property management business to the next level? Explore the possibilities with Business Credit Workshop and learn how to secure up to $100K in business credit within as few as 30 days.