Best credit cards for multifamily investors?

Question

What's your favorite credit card/charge card for funding renovations or other purchases on your multifamily properties? Looking more for business cards or lines of credit since spending will be $50K+ per month.

This question is geared more for folks with 5 units to 200 units. I'm not looking for recommendations for personal credit cards with a relatively small credit limit.

Jordan B. · Answer

Appreciate yoru take on this card.

For me, i will easily spend $10,000 in 3 months so the $1,000 cash back reward is beneficial for me. I also plan to use it for $0-50k in expenses so at the 2.5% cash back, it would be beneficial for me to get that cash back.

Not surprised there isnt a real estate focused card. We would benefit a lot more than the Credit Card company i would assume.

Ryan Mapes · Answer

@Jordan B. the Chase Premier Business Ink card looks interesting. For me personally, I like the zero interest component. Being able to carry a balance (even though you have enough cash on hand) is helpful purely from a cash flow perspective. Cash back is a "nice to have" in my book since 1-2% here or there isn't going to dramatically change how I operate my business.

In general though, I'm really surprised at the lack of innovation across cards here. Doesn't look like there is one that is really purpose built for real estate investors...at least, I haven't found one yet.

Jordan B. · Answer

@Ryan Mapes Did you make any progress with this? I am in a similar situation. I am looking for a card to use for rehab expenses and materials. I have the cash to use but would prefer to keep it in pocket and utilize a zero interest period and cash back/rewards since ill be spending $40-50K.

Chase Premier Buinss Ink seems to be best card i found so far.

- $1,000 cashback when $10k spent in first 3 months

- Zero interest for 1 year

- 2.5% total cash back on every purchase of $5,000 or more

- 2% unlimited cash back on all other purchases

- $195 annual fee but i plan to cancel after done using it. My cash back will outweigh the annual fee as well.

What do you think?

Ryan Mapes · Answer

Has anybody come across a card that helps build business credit? This potentially helps obtain a large line of credit from lenders down the road.

Yu Liu · Answer

My favorites are the chase ink business cards (ink cash, ink unlimited and ink premier) they all have a great sign up offer and 12 month 0% interest which is amazing in this environment since you can put it into a money market or high yield saving account and making 5% on the money you would be paying.

Would love to dm you my referral link if you decide to get any of those!

Ryan Mapes · Answer

Anything else that you'd want to see?

Ryan Mapes · Answer

Okay, great. Sounds like the points on your AMEX make it worth using.

Doug Smith · Answer

OK...in that case, my wife and I had a wedding in the San Francisco area a couple of months ago. The flight from Tampa is a long one and we really weren't fond of being cramped for that long. We had enough points on my AMEX from using it for business expenses that we went round trip first class. That's the card that I use for everything...if you're paying it off monthly. I thought you meant for actually funding your projects. That's something a lot of people are doing and getting into trouble with. Sorry for the misunderstanding. Good luck!

Ryan Mapes · Answer

@Chris Seveney Is there a specific card you prefer? If so, what are the benefits?

Ryan Mapes · Answer

@Doug Smith I agree on using leverage from other sources for larger capital needs. I'm interested in which cards/LOCs others use to actually cover the cost of materials and other purchases during renovations, etc. I wouldn't want to carry a balance from month to month unless the terms of the card/LOC were favorable (e.g. 0%, etc).

Best credit cards for multifamily investors?

Best credit cards for multifamily investors?

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