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What's In Ken's Wallet? (My Top Picks for Practice Owner Credit Cards)

Uncategorized Dec 15, 2020

If you're like me, this is the time of year that I do a lot of strategic thinking about the year behind and the year ahead. 

One of the things I spend some deliberate time reviewing is the credit cards I use to pay for my practice expenses.

By being smart about which credit cards my practice uses and which expenses actually go on which cards, I can reduce a large portion of my costs by 1-2%. 

Here's what I use, the rationale for each, and links to their websites.*

 

Chase Ink Business Cash Card:

Biggest Perks: 5% cash back on internet, cable, phone and office supplies and $750 sign up bonus (minimum spend required). 

The Chase Ink Business Cash card was the original card my practice used and it's retained its value as we've grown. 

The biggest perk is the 5% we earn at office supply stores like Staples and OfficeMax, as well as on all our internet, cable and phone bills. They limit this benefit to $25,000 in spending annually on those categories, after which it reverts to 1%.

It also earns 2% on restaurant and gas purchases, so all those parties for your team and the driving around you do to network or market can earn another $500 in rewards annually ($25,000 max spending in that category). 

As a bonus, you can redeem your rewards in gift cards which are often discounted by 10% off their face value. For example, I recently traded $900 in rewards to receive a $1,000 Home Depot gift card. 

If you're spending a ton on social media and search engine advertising, one of Chase's other cards, the Chase Ink Business Preferred may be worth a look. It awards 3 points for every dollar spent on those categories, on up to $150,000 in spending annually. 

You can see all Chase's Business cards here

 

Southwest Rapid Rewards Business Preferred Card:

Biggest Perks - Annual Companion Pass Potential and 100,000 Point Sign-Up Bonus (minimum spend required)

If you're like me, travel is one of your favorite forms of self-care. That's made the Southwest Rapid Rewards Business Preferred Card a slam dunk for me, since it makes it very easy for me to earn a unlimited companion pass for air travel. 

This companion pass allows a person of my choice to fly FOR FREE with me anytime I purchase OR redeem a reward ticket throughout the entire calendar year on Southwest Airlines. This includes their flights to Hawaii and Caribbean destinations. 

It also includes other Southwest perks like free wifi on flights (normally $8), four upgraded boardings per year, and reimbursement for signing up for the TSA pre-check service to get through security quicker. 

Aside from the 100,000 mile sign-up bonus (which pays for 4-5 tickets and gets you really close to the 125,000 miles needed for the companion pass), it also earns two miles for every dollar spent on internet, cable, phone, and social media / search engine advertising. 

Learn more about the Southwest Rapid Rewards Business Preferred Card here.  

 

Marriott Bonvoy Card:

Biggest Perks: Three free nights sign-up bonus (subject to mininum spend), One Free Night Annually and Automatic Silver Status

My Marriott Bonvoy Card is where I charge everything else that doesn't earn well with the two previous cards. In addition to earning two points for every dollar you spend (which can be redeemed for free stays at 7,000+ properties), they also give you a free night stay (up to 35,000 point value) and automatic silver status, which can earn you free upgrades to larger rooms, if available. 

Check out the Marriott Bonvoy cards here

 

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Have a great week!! You're a badass!

 

-Ken

 

*Disclaimer: Some of the credit cards recommended in this article pay referral fees or bonuses to SemiPrivatePractice.com. In every instance, these cards are actually used in Ken's practice and the evaluations of these cards reflect how they're actually used by the author. 

 

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