What is going on, you guys welcome back to another. What is going on. You guys welcome back to another video. The support lately has been really crazy.

I just wanted to feature some of the messages and the kind words that I got from you guys and I also wanted to feature some of the most popular business questions regarding side, hustles, business, credit cards, credit cards and things to that nature. But I just want to get recognition. I know I say thank you a lot on this channel and it really is because I'm truly truly grateful to have this opportunity to be able to speak on this platform. I never thought I would be like doing youtube like this full-time ever in my entire life, so every day super big blessing just want to say thank you guys so much.

I truly do appreciate it. Let's get into the video. Let's talk about business credit cards. I got a whole list of topics that we're gon na cover and we're gon na drop a lot of fire in today's video.

So if you guys are watching this video first of all, thank you second of all. Congratulations because you are on a path to bettering your own personal finance and, if you're, watching a business, video talking about credit cards and money, and things like that on YouTube. When you could be watching entertainment, videos, prank videos, things like that, I think you guys are on the right path. My audience is is truly incredible, like usually my audience really knows what's going on, they know.

What's up, I just want to say thank you. Thank you. Now, let's get into the video number one we're gon na talk about how to get approved for a business credit card. Basically, what the most important factors are when you guys are considering applying for a business credit card.

There's a lot of myths out there. There are a lot of misconceptions out there as well too, so we're gon na break those things down and tell you exactly what you need to know in terms of just getting accepted for a business credit card number two thing is we're. Gon na talk about personal expenses on a business credit card, very popular question I get almost consistently, I would say every other day, I'm getting a question Brian. Can I put personal expenses on a business credit card or not we're gon na go over exactly what the answer to that is for number three: we're gon na talk about how I personally manage my books with my business credit card, so most people who do have Business credit cards do own a business.

To some extent there will be people out there who have a low income or a low generating revenue business, and there will be people who watch my videos who are making easily seven to eight figures. Profit revenue they're in the million dollar ranges of towards how much money they can actually make, and I know my demographic is pretty pretty wide out there. So we're gon na talk about exactly what I do to manage my books, because it does get a little hectic when you're running a lot of businesses. When you have things going in and out - and I have a service that I particularly use that helps me a lot in terms of getting my taxes straight and just knowing what is a business deduction and what isn't number four we're gon na talk about how much Money do I need to make to get accepted for a business credit card.

Another very popular question. Some people out here do not make that much money with their business, but there are people who are still getting accepted for these business credit cards and I'll share with you guys exactly what that revenue amount is, and, last but not least, we're gon na talk about Business ideas that work well with business credit cards, so a lot of people do find themselves getting accepted for business credit cards, but they don't know exactly what the next step is and what they should do on that list for the people who do get accepted. For these business credit cards, you should understand that there should be a game plan in place if you're getting all of these credit cards, that don't report to your personal credit report, you're getting all these cards that have no APR and getting a lot of money, basically Alone - that is interest rate for a couple of years. You can really learn how to leverage that and if you're sitting on free interest, free money and you're not investing that or you're, not using that towards any personal ventures that you may have, then I believe that that is a waste and you really should have a Game plan and as someone on this platform, I think my job right now is to really educate you guys and also inspire and motivate you guys to just pursue these passions to pursue these businesses and as someone who has started their own business at a young age And who has gotten to the level where I am now, which is it's not that high? But you know it's better than nothing.

I think I can really inspire some people that are watching this video and hopefully I can so make sure you guys stick through the whole thing. There's gon na be a lot of value in here and if you guys at any point, get a lot of value drop that like button drop, the like button drop, the like button chop, the like button guys drop the like that's inappropriate. That was no so inappropriate. What what so just okay, okay, lesson number one we're gon na talk about how to get approved for business credit cards.

I made my own independent video on that, but we're just gon na recap on some of the things I mentioned, because I know we're getting a lot of new users and a lot of new subscribers. A lot of people who just for some reason, still miss out on those videos guys I've had videos they're, not disappearing, that the information really isn't changing. But let's let's go over it, so you're interested in business credit cards and you don't know how to get approved for one. What are the things you can do to most likely better your chances in getting accepted for a business credit card.

Now there is a stigma and a misconception that you need to have a very high DMV score, which is basically like your business credit score or you need to have some type of history, with net 30 accounts with banks and other lenders. That's not true either and if you guys have no idea what that meant. That's okay, because most of the time, that's not even really gon na matter back in the day. Those things really mattered because, if you're getting a business loan for your business, there is a lot of volatility to that and what that means is there's a lot of risk.

So if I went into a bank and they're like I'm like yo, I'm trying to get my $ 500,000 of funding right here for my new business, you know. Let me let me get that I'll pay you guys back in a couple years. I think you know, let me let me let me have some of that money. There's a lot of risk associated with that, because banks and other issuers know that when it comes to business, this whole thing can be a gray area.

The main concern that a lot of these banks have is really just the authenticity of that business and whether or not you're gon na run away with that money as credit card consumers and users. As long as we can show just a little bit of proof or a little bit of security, that we can borrow money and pay back, that's usually good enough for these credit card issuers to lend you out these business credit cards and to get you guys accepted. Now the best way to gauge someone's performance on how obedient they are in terms of repaying that money, it's gon na, come for your personal credit score. People often think that this does not relate to your business credit score at all, because they're two different wait.

Look! What you guys need to understand is that, if you're trying to get accepted for your first a business credit card, the only way they can really gauge on how well you can get money and payback is off your personal credit score. If you already have a bad personal credit score, chances are, you are probably not gon na have a good business credit score and the bank's really just want to reduce that risk of anyone defaulting on their payments, sending it over to collections and going through the hassle Of retrieving their own money as credit card consumers, we really need to understand exactly the idea that these banks and these credit card issuers have they actually make a lot of money off of those interchange fees. So if we are a business owners, we are someone who's trying to start our own business or an aspiring entrepreneur, starting from nothing chances are. You may actually use that money more than someone who's making just a very corporate salary, 9 to 5 or a 40 or $ 50,000 salary income every year, if you're, someone who has a business compared to someone who owns a corporate job, there is a much higher Likelihood that you can make more money, which means you could spend more money, spend more money on ads, spend more money on office supplies.

You end up having more expenses than your average person and these bank issuers. They want to be the card that captures those energy change fees and be there for you, because out of anyone, you guys may know business owners usually are the people that spend the most amount of money on these credit cards and credit card issuers want to catch. Those fees that they can and they really want to be there for you in terms of being the support being the card that they use and lending the money out for them to get back and really that just cycles. A lot of the money through basically the whole ecosystem of the consumer, the business and the bank and just it's a cycle.

Basically it's a little harder to explain, but it's a cycle kind of like a period. That's a bad example. Moving on so, the main thing you guys need to understand is that business owners, we have more volatility, but this comes down to that risk versus reward analogy. We may have a lot more risk, but our reward is pretty dang high and if they get lucky with maybe just one person who has a business credit card with, for example, American Express chances are if they end up becoming the next Jeff Bezos and he's putting All of his expenses on that card, it's a high chance of a good reward system, regardless of what that risk level may be in the beginning.

Now. Another very important factor when looking to get approved for your first business credit card is that you need to have some type of proof or validation that you are the owner of that business. This is not really to validate whether or not this business is authentic. It's really to show that ownership for the business because, like I said they want more people to have these business credit cards, they just don't want someone else getting the card.

You know fraud, identity, doing all those things and then running off with it. It really comes out of security. There's a couple ways you guys can actually improve your chances of showing ownership in a business couple. Good examples are just getting your EIN and E.

I n is basically a tax identification number for that business, so we all have our own social security number. I have my social security number, which is one two three four five six seven go like this video and subscribe. That was clever right, that we all have our own social security number and businesses, because they are kind of like their own entity. It can, it can kind of be like its own person.

Those businesses can get their own identification number two. That is what, in ein is an EIN is completely free to get people think you have to pay money. If the hire service you literally go on irs.gov, you fill out a couple things on their website. It's as simple as signing up for a new Twitter or a Facebook account you punch in your information, you let it load! You get your instant ìin number! You use that to put into your application, to show that you have.

That E. Is that identification number for that business? You use that for your application and then you also want to just show some type of proof or ownership. So if I am someone who's in the reselling business and basically I have an ebay account, maybe I'll use the bills or the utility I get from paying the the fees on that eBay account or in other ways just show proof that that the business name is On one of my bank accounts that I pay for so when apply for a new business credit card, it's just like applying for a personal credit card, except you just have to add in a couple more things: it's the ein or what type of business you are. What type of entity it is? Is it a sole proprietor is an LLC? Is it a corporation? Chances are most likely, people are gon na, be a sole proprietor.

Another thing that it asks. You is how much money is it making. So there are a lot more factors that go into this, but guys I made a walk through a step by step guide on my blog that you guys can check out listed down below in the description on how you guys can get your first business credit cards. If you, as do apply, don't forget to check out the links I got affiliate links down below does support the channel, but you don't have to use it, but it does support the channel now going to number two.

Let's talk about personal expenses. Wait you guys can put on those business credit cards what's not allowed and basically what the rules are. Keep in mind, you guys I'm not a financial expert. I don't have a business degree, I'm not someone who I I don't even know what credentials you would need to be able to talk about something like this, but I'm no expert so do this at your own discretion.

I'm not gon na. Tell you guys exactly what you can do or you can't do or what you shouldn't do or what you should do. I'm just gon na share with you guys exactly my experiences and exactly what I think about the whole system. So for me, when I first got my business credit cards, I put all my expenses on my business credit cards, and that is because, when we're talking about personal vers business expenses, it's really a gray area, not many issuers can actually determine what is an expense or Not so a good example is in the recent light of a lot of youtubers coming up.

A very popular way to make money is actually by eating food. This is an unusual way to make money, but a lot of people are making money and this is called mukbang. So mukbang is literally where you sit in front of a mic kind of like this one. You just eat food.

Sometimes you don't even talk at all and if I have a business where I need to eat food to make money, these banks are gon na. See me going out to Shake Shack, McDonald's five guys and see all these charges on food which may not be a business expense to them, but because businesses can really be so wide range right now. Business expenses can almost capture anything. So, for me, I've never had an issue putting any of my other expenses on my business credit cards, but at the same time, a lot of my expenses.

I have can arguably be a business expense. If I need some journals to basically make a video on they're. Just gon na see a lot of these Amazon charges and not understand what it is, but here's the thing pigs don't care a lot of people. Think banks are like.

Oh my gosh business, a person shut him down, shut him down. We got shut him down. He's a menace to us a lot of people right now are paranoid about shutdowns of getting their accounts to spend in just all these things. That happens.

If you guys mess with a point reward system, if you guys use a self referral link, they will probably shut. You down, if you guys, get gift cards and reload them back onto your bank account, and you like the points and you cycle all that that is probably gon na get you shut down, but using business credit cards to just buy things. Isn't enough for you guys to get an account shut down? You usually need to aggravate something and do something more in order for you to risk your account and have something happen to it. For me, I've had my cards for over.

I would say three four years now: I've had no issues at all. Not only do I use my account the way they were supposed to be, but I use my business credit cards for the expenses that I would assume would go towards my business now. Business credit cards offer very good incentives, like the welcome bonus associated with those cards. Now, sometimes these cards make you pay three thousand five thousand seven thousand dollars in a span of three months.

To get all those points I know. Sometimes people are gon na have to leak their accounts on to it, but I have put my expenses on that card. I put my car payment. I put my rent.

I put all my other expenses on that card and I've had no issues. You guys need to understand that these banks and credit card issuers are making money off the interchange fees. We need to understand that they care less about the expenses that you put on the card. They care more about the security and whether or not your account is safe.

Now this really rolls into number three, which is so. How do you manage all your books if you have all these different expenses on your business credit card, so this actually happens to be quite frequently, so I usually just carry my che sink business cards. I carry my American Express gold card and whenever I go out to any of these Asian restaurants in my area, they never take my American Express gold card. They always just they assume that the the fee is just way too high on it.

They don't accept it. So usually the only cards I'm left with is my chase ink business cards. Now, if I'm buying a meal - and I know it's for a personal spend and that's the only card - I have at the moment that I know they'll - accept - I'm gon na give them that card. It doesn't make a difference, but what it does affect towards the end of the year is, if you're, someone who's paying taxes on your business, and you really want to separate both of those two things.

It can get a little tricky, so this really leads into the next topic for number three and it's: how do I manage my business and my personal expenses, especially when I'm cominging my business credit cards with whatever personal expense I have now for me personally, I use Services like QuickBooks QuickBooks, I actually have had five accounts at one point with them all for my different businesses I was running. I think I have only like 2 or 3 accounts left and you may be wondering, like Brian that's overkill. Why do you have so many? Well, you really want keep at least your businesses separate from everything else, and some of the main benefits of this app is that you can actually sync up all your banks, all your credit-card accounts and you can just determine whether or not what expense it was attached. Some received it even tracks how much you're driving so if I'm driving to an office instead of like going back home later calculating those miles, I can just click one button and it'll tell me exactly what those business model deductions are.

So I actually have my own link down below it'll. Save you guys 50 % off your QuickBooks membership. I recommend you to try it out for at least a month. If you don't like it, just cancel it any time.

It's not a contract thing. You try it out, you organize your books and I think right now is one of the best times to do it, at least for the year of 2020, because most business owners I know going into the new year, we're only in January. You have enough time to go back in the last month or so, and to really figure out exactly what expenses go under the business or the personal category, and really just organize yourself. That way.

Now QuickBooks is one of my personal favorite ways. I use that consistently. It allows me to track my expenses better. It allows me to get a better overview of how much money is coming in what's going out, but if you guys don't want to pay for any type of service or you think it's not valuable to you, then you guys can actually just use Google sheets.

I have a budget planner to completely, for you guys can check it out I'll, have it linked down below, which is an easy way for you, guys to actually put in all the things the downside is, like I said, QuickBooks automatically syncs in everything together, Google sheets, You need to do it everything independently. So if I have seven cards with Chase, if I have five cards with American Express and then three more cards with Discover and then I have three different bank accounts like two business accounts and then one personal account. That means I would have to log in and go through every single credit card to be able to log that in, and it just takes a lot more time. So for me, I'm someone who really values my time over certain things.

I am very frugal with some of the subscriptions. I've had a good examples. Probably Netflix, like I, I've been always using my family members for a while. There are some things that I do believe that you guys should not pay for, but then there are some things where, if you save a lot of time - and you can reinvest that time into different things or better things - and you have a better ease of mind And just it makes life a lot simpler.

There are things that are considered good investments. I would say this is one of them. Quickbooks I've been running with them for about a couple years now, and I've never had an issue with them. So that's what I recommend, if you guys, are trying to juggle out your personal and your business expense and it's coming gold with your business credit cards, just separate them at the end of every week, using a service like that it'll go into this list.

That says it's in review, and all you have to do is just think back. Was this a business expense or was this a personal expense? Was I getting a business meal with some of my buddies? Who were other youtubers too, or was I just eating out with a couple of my friends, and it was just for a personal expense? You guys just go through that every week, look through it at the end of the month and you have your own reports. It's so easy, not just for you, but if you work with an accountant or a CPA, and you have to file taxes, it makes the whole process a lot easier. I know how stressful it can be, especially when you have a business like e-commerce, where you have money coming in, but then you have cost of goods advertising.

You have to pay off your contractors, the people you have hired your virtual assistants and you have all these fees, the processing fees it just gets a little overwhelming. I think that's one of the easiest ways to put it it's. It gets overwhelming for businesses. That's why accountants are their own thing.

That's why people need accountants, but this will just make it a lot easier. So that's what I use personally for number three and you guys want to check out QuickBooks. I got a link down below so how much money does my business need to make in order for me to get accepted for a business credit card? I find that a lot of my viewers are actually trying to get into business credit cards, but they don't really have their first business set. Yet they they have a general idea of what they want to do, whether that's trying out drop shipping trying out Amazon, FBA, trying out affiliate marketing or even just setting up their own blog there's people who have their own ideas.

I know vending machines was pretty popular. I think it still is right now we're just flipping random things. People usually have an idea of what type of business they want to get into, but usually what happens is a lot of people get scared before applying because they feel like they haven't really made enough money to qualify for these business credit cards? I know a handful of people who have made less than a couple thousand dollars or even a couple hundred dollars on their business, yet they still get accepted for it. Business revenue isn't as important as people think it is.

They just want to have a good gauge or an understanding of exactly what you're gon na do and how much money you're gon na make. You know for me when I was first applying for my business credit card. I had no idea how much money I was making, because when you're three months into business and say you only make two three thousand dollars for that month, can you project to make more money in the future? What is that yearly income? How can you even gauge that, for me, a lot of that was estimated income that I figured I would make before that month? I only did 10 sales, but I still made a revenue of $ 3,000. I would gauge, maybe next month I'll make a little bit more or projected see exactly where this is all headed and see exactly what my revenue is and add that into my income.

A lot of people get hesitant on this, but guys keep in mind a lot of these banks and credit card issuers. They want people to get more business credit cards you just have to put in the correct information. You have to show validity in the business that you own and it's as simple as that. It's like a personal credit card except there's just one more page and adding in a couple more details for me.

There's no real answer to how much money you should be making to get accepted for a business card card. I've seen people who have made little to nothing still get accepted for these cards. This is just up to you. How well your business is doing and if it does come to the situation where you don't get accepted, or it's that pending reminder called the business reconsideration line.

Let them know like hey I'm in the situation where I want to start my own business, we're not making that much money right now. I'm gon na put my blood, sweat and tears into this business and although it may not be anything right now, although it may be just a little swimmer just swimming around, I know that there's a lot of potential, because I want to start this business. I want to grow this business and I want to use you guys chase American Express whoever these other issuers are. I want to make sure you guys get the fees and are there with me.

While I grow this business from the beginning, they understand a lot of these issuers. They understand so really don't think it's you get accepted or you don't you. You really have a lot of possibility in terms of moving around and seeing what you guys can do so for the fifth topic: we're gon na talk about business ideas that work well with business credit cards, so the biggest benefit of business credit cards, like I always Mentioned is that it does not report to your personal credit report. This does not mean they are not going to pull out of your personal score to check what your personal score is.

I've had people confuse that so many different times. They need to check something in order to get you approved for that business credit card, so they will do a hard inquiry on your personal credit score. If you have no relationship with them to check what your personal credit score is before getting you approved. For that specific card now that does not mean if you get that card once you get that card, you have an open town.

The thing is: if you have utilization, if you have debt, if you have a balance on there, that you're not willing to pay off, it's not going to affect your personal credit report, that's what it means. It does not mean. There's still not gon na do a hard pool, but that doesn't even matter hard poles go away, it's temporarily so business ideas that work very well with business credit cards. I would often look into businesses that can provide any type of return almost either immediately or within that one-year program.

There are business credit cards out here that offer you a no APR promotion for like 12 to 15 months, and if you go into the ATM business, you buy an ATM. Your invest, your money into that and you get your return back into it. And then you keep leveraging OPM, which is other people's money. Those are really the type of businesses where I can see people doing that, but I always recommend try to use your money first before leveraging other people's money.

I know when you have access to funds like this, when you have instant access that you can get 50 to $ 100,000 of free money with no interest for a whole year. People can go a little crazy with that, but that's really not the way you would want to go about it unless you're really certain you can get your investment back. I always say start a business use your own money. I I I'm not gon na lie.

I had no no money when I first started my business. I had to use my student loans for that to buy my first round of inventory and and it's one of those things where I say, try to work that extra job and then put a little bit of time into that side. Hustle, maybe after you're done with work but reinvest into the business with your own money, try to use your own money first and when you get to a point where you need to scale, then start leveraging other people's money. So a good example is, if I know I'm a senior in college right now, and I know for sure I signed on, I did my internships and I'm about to start working at a corporate location.

Maybe that's a good opportunity for me to test what type of businesses may work, especially when I know I'm gon na get another paycheck when I work that other job really, the discretion is up to you. But when it comes to different business ventures and what you guys can do, I always recommend anything involving the internet: Amazon, FBA, dropshipping, retail arbitrage, affiliate marketing, starting your own YouTube channel, starting your own blog. There are so many different things you guys can do to make money online, but the reason why I say making money online is one of the best ways. Right now is because you don't have overhead, you don't have to pay rent on a brick and more store.

You don't have to buy a whole booth. You don't have to worry about true cost of goods depending on what business you're in you can really start with nothing and make yourself everything with little to nothing and that's why I recommend, starting with the internet, because all you need is a computer. You need a Wi-Fi connection, maybe a phone, but you don't need much in terms of having a successful business. I love businesses where I don't need that much capital.

I want to put my work, my intensity. I want to put my drive into the business and have that become the sole determination on whether I'll succeed or not. So I really hope you guys enjoy this video. I hope you guys are able to find some value.

Some fire in this video regarding business credit cards, businesses, side, hustles, if you guys want to see more videos just like this. Let me know down below in the comments, and I also want to hear: do you guys have a business credit card like where are you in your journey? Did you get accepted for one already, or are you trying to get accepted for your first one? I really want to hear where people are in terms of their business credit card adventure or their journey, but guys keep in mind. I'm not an expert. This is just my experience.

Another thing is: if you guys still need help with your business credit cards, I made more in-depth videos, not only on my blog but on my youtube channel as well, there's a whole playlist regarding business credit card. So if you guys are still unsure about the whole application process, the full benefits of it check out my other videos on this channel regarding business credit cards, the benefits and what you guys can do with it under most of those blogs and videos that I have On this channel, I do have affiliate links that do really support this channel. So if you guys found yourself getting any type of value and you guys want to support in any way - that's a very easy way. You guys can do that, but don't feel obligated to use those links at all.

If you guys have your own personal links or maybe someone you know to use theirs, help them out help out the people that you care about and love in your life. But if you guys want to support this channel in any way, that's a free, easy way without you guys losing or missing out on anything, it's just an easy way to support this, but guys. I hope this video did help you guys out. If you guys have any other questions for me, let me know down below in the comments I'm gon na go through them, try to answer them or maybe even make another business credit card video where I can help you guys more out with so let me know Give me some feedback and I hope I see you guys in the next one: peace, peace, peace, peace,.

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