Best Credit Cards for Etsy Shop Owners: Maximizing Your Rewards
As an Etsy shop owner, navigating the world of business expenses and finances is a crucial aspect of your entrepreneurial journey. One effective tool for managing your cash flow and earning rewards is through the strategic use of credit cards. In this blog post, we'll explore the best credit cards for Etsy shop owners, focusing on maximizing rewards like cash back, and specifically delve into the benefits of the Amazon Credit Card and Michaels Credit Card.
Understanding Credit Card Rewards:
Before we dive into the specific cards, let's understand what credit card rewards are and how they work. Essentially, credit card rewards are incentives provided by card issuers to encourage usage. These rewards can come in various forms such as cash back, points, or travel miles.
Why are they great for Etsy shop owners?
For Etsy shop owners, credit card rewards can be particularly beneficial. They can help:
Offset Business Expenses: Rewards like cash back can directly reduce your business costs.
Manage Cash Flow: By using credit cards for purchases, you can manage your monthly expenses more effectively.
Earn While You Spend: Every business purchase made with a rewards card can contribute to valuable rewards, effectively earning you money as you spend.
Recommended Credit Cards
1. Amazon Credit Card
Cash Back Rewards: 5% back at Amazon.com and Whole Foods Market; 2% at restaurants, gas stations, and drugstores; 1% on all other purchases.
Additional Perks: No foreign transaction fees, travel and emergency assistance, lost luggage reimbursement.
Annual Fee: $0
Ideal for Etsy Owners: Great for frequent Amazon purchases, offering significant cash back on a major supply source.
2. Michaels Credit Card
Rewards: 9% back in rewards every day.
Additional Perks: 20% off first purchase, periodic free shipping offers, special financing options.
Annual Fee: $0
Ideal for Etsy Owners: Tailored for those who regularly purchase crafting supplies from Michaels.
3. Chase Freedom Flex℠
Cash Back Rewards: 5% in rotating categories each quarter, 5% on travel purchased through Chase, 3% on dining and drugstores, 1% on all other purchases.
Additional Perks: Cell phone protection, trip cancellation/interruption insurance, zero liability protection.
Annual Fee: $0
Ideal for Etsy Owners: Offers diverse cash back options and excellent insurance benefits.
4. Capital One SavorOne Cash Rewards Credit Card
Cash Back Rewards: 3% cash back on dining, entertainment, popular streaming services, and at grocery stores; 1% on all other purchases.
Additional Perks: No foreign transaction fees, extended warranty, travel accident insurance.
Annual Fee: $0
Ideal for Etsy Owners: Good for those with diverse spending including dining and entertainment.
5. American Express Blue Cash Preferred® Card
Cash Back Rewards: 6% cash back at U.S. supermarkets (up to $6,000 per year, then 1%), 6% on select U.S. streaming subscriptions, 3% on transit and at U.S. gas stations, 1% on other purchases.
Additional Perks: Car rental loss and damage insurance, Global Assist® Hotline, return protection.
Annual Fee: $95 (waived for the first year)
Ideal for Etsy Owners: High rewards rate for supermarkets and gas stations.
6. Citi Premier® Card
Rewards: 3X points on restaurants, supermarkets, gas stations, air travel, and hotels; 1X on all other purchases.
Additional Perks: No foreign transaction fees, points transfer to airline loyalty programs, $100 annual hotel savings.
Annual Fee: $95
Ideal for Etsy Owners: Broad range of high-earning categories including travel perks.
7. Wells Fargo Active Cash℠ Card
Cash Back Rewards: Unlimited 2% cash rewards on purchases.
Additional Perks: Cell phone protection, roadside dispatch, zero liability protection.
Annual Fee: $0
Ideal for Etsy Owners: Simple, effective rewards structure with additional protective benefits.
Conclusion
Choosing the right credit card as an Etsy shop owner can significantly affect your financial strategy and business growth. Whether it’s the Amazon Credit Card for online supplies, the Michaels Credit Card for craft materials, or versatile options like the American Express Blue Cash Preferred® Card, each card offers unique advantages. Consider your spending habits and business needs to select the best card for your Etsy shop.
Hey, I’m Nicole!
Following my successful national park-themed Etsy shop, I'm using social media to share my journey and everything I know, inspiring and empowering fellow crafters and small business owners.
