Posts tagged with "debt"

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Six Tips for Tackling Debt in the New Year

The new year brings new opportunities to reflect on your achievements and set new goals to crush throughout the coming months. Financial resolutions are among the most common goals people set for themselves. Many Americans are acquiring more debt than ever and struggling to keep up with their bills.

Whether you want to tackle residual debt or recover from overspending during the holiday season, check out these six tips to help.

  1. Create a Budget
    Creating a budget will help you allocate where your funds go and get a handle on working towards any goals you may have for the new year. A budget gives you a realistic visualization of how much money you make, where it goes and what’s left over after you pay your monthly bills. This visualization lets you plan costs like grocery shopping and other living expenses or extras like special family activities.

First, you’ll want to calculate how much money you bring home each month after taxes. Then, list your fixed and variable expenses and how much they cost each month. Review your monthly expenses compared to your net income and see if you need to make any adjustments. The more money you have after paying your bills, the more you should save. Budgets can help you save, pay off debt and help you track your spending.

  1. Lower Your Yearly Taxes
    Did you know there are ways to reduce your yearly taxes? Lowering your taxes can save you money and help you pay down other debts. Some ways to lower your annual tax rates include opening a health savings account, contributing to a retirement account or deducting home office expenses from your taxes if you work from home. If you aren’t offered a 401k through your workplace, you can opt for an IRA instead.

Making charitable donations throughout the year can also reduce your taxes. If you are fself-employed, you could qualify for the home office tax deduction or other special deductions, like continuing education or phone or Internet bills. Rather than opting for standard deductions when doing your taxes, you’ll need to itemize your returns. Ensure that you keep records of everything you’ll need for tax time.

  1. Track Your Spending
    Try to avoid acquiring more debt than you already have. While this can prove challenging, there are ways to limit and track your spending to maximize your funds. First, analyze your spending habits and look for ways to cut back. Many people use impulse spending as a coping mechanism and stress reliever, so identifying your weaknesses can help you limit your spending. Emotional spending is dangerous when you are on a limited budget and can substantially increase your debts.

To avoid buying things you don’t need in stressful times, feel your emotions rather than avoid them. Hold yourself accountable — you can use a spreadsheet to track your spending, write in a journal or use an app on your phone. Knowing where your money is going can tell you where you need to make adjustments.

  1. Set Up Automatic Payments
    Setting up automatic payments can help you track your expenses and stay on top of your bills. You can set up automatic payments that align with your monthly income, like scheduling bills immediately after payday. Your fixed expenses should be withdrawn from your bank account automatically to ensure you are paying them monthly.

Mortgage payments, insurance, property tax–all constant bills should directly come out of your account each month. Late fees on monthly bills are generally high, so automatic payments can eliminate the possibility of missing payments. You can also use your budget to make extra payments on your debt.

  1. Lower Your Interest Rates
    High-interest debt is expensive, so pay that down first. Since interest makes everything more expensive, you should consider calling your lender or credit card issuer to ask for a lower interest rate. Success rates are high for people who have done this, so it doesn’t hurt to ask.

You can also lower your interest rates with a balance transfer credit card or a personal loan since their rates are lower than most credit cards. Be careful with getting a loan to pay another loan since that can cause additional debt. Pay close attention to interest rates, hidden fees and potential drawbacks of cards and loans.

  1. Consolidate Your Debt
    Another option for tackling your debt in the new year is consolidating it all into one payment plan. You could qualify for a line of credit from your bank with a low-interest rate if you have a good credit score. One good loan with a low-interest rate can pay off all of your debt and leave you with one big monthly payment, which is much easier to manage than multiple payments.

You can reduce your balances and save money if you qualify for a low enough interest rate. Paying down debt can significantly improve your credit score, making it easier to get approved for debt consolidation. A secured credit card can help improve and build your credit over time. Financial advisors are always available to hire if you need more guidance on tackling your debt.

  1. Get a Side Hustle
    Side hustles are an excellent way to generate extra income to help you tackle debt. Due to inflation, side gigs are popping up everywhere right now — you are not alone. Making some cash on the side can give you more funds to allocate where you need them and give you peace of mind that you can pay your bills.

You can maximize your free time with fun hobbies that can turn a profit, like making jewelry or designing digital downloads you can sell online on sites like Etsy. There are also many other options available, like driving for a delivery service or exploring freelance opportunities. If you have free time to earn some extra cash, you can take advantage of your skills that are monetizable and help pay down debts.

360 Magazine, Business

How To Take Control of your Finances

Debt has been a challenging subject that can be either easy or hard to explain. Debt is the amount of money that one party owes another party. Debt can be seen in multiple ways especially in this generation. To learn more about debt details look into this article. Not many of the Gen-Z fully understand how debt or banking works which lead to many being under a huge amount of loans after certain aspects of life. The main three types of debts that occur in this generation are credit cards, student loans, and mortgage loans.

There is a reason why those debts are listed in that order because they correlate to each part of life. Credits cards are great to learn from when you’re single and first tackling the real world. It’s the first type of debt you start with. Credit cards are very common and most people may find it odd if you don’t have at least one credit card to build your credit score in order to gain more loans. Multiple resources recommend each person to have at least two credit cards, but not more than three because that shows banks that your expenses are very spread out. Student loans are once you start or complete your college degree in order to have a higher-paying job. Student loans can be divided into two types, private loans or state financial aid. Private loans are with an organization that offers loans and state financial aid is money given by the state government to help. Then we start with a mortgage loan for your first house when you start your family. Mortgage loans are for big property purchases that the bank normally gives out and normally payment is for 15-30 years.

As controlling your financials can be hard, especially without guidance, here are some solutions to hold right at your fingertips: budgeting, finding outside sources for student loans, and joining debt consolidation.

There are multiple ways to budget in the modern world due to the amount of resources we have today. Most budgeting templates require you to list out your expenses and the total income you have to work with monthly. In order to reduce debt, it would be better to take out unnecessary expenses as getting nails done, going to the movie theater, eating out, or clothes shopping. These are expenses that you want but don’t need. “Need” expenses include water bills, electricity bills, health insurance, rent, gas, and many more. If you fully understand what you actually need to spend in order to survive, that’s a good start to paying those loans off. Now that doesn’t mean you have to fully give up everything, just give more room for more important things. From making a list to canceling things off the list, try to pay more toward your debts. Informative Youtube videos have detailed outlines on fiscal responsibility that cut out unnecessary expenses, and thus in return make ends meet for debts.

Student loans can be forgiven under certain states that have forgiveness for student loans that are through the state government. Certain colleges even have a forgiveness program based on your financial income. Budgeting would work as well or even automatic billing for student loans to make your expenses lined up.

The last solution is a debt consolidation service where an individual can seek aid in a trained professional that can provide all of the possible ways to get lower collected debt. Consolidation is where you can combine all of your loans for a single monthly payment rather than paying each loan individually. This service can help you have more control of your debts. Some other service is to have settled the loans with negotiations or in general get counseling on how to manage your money if it gets into a mess. Gen-Z can utilize not YouTube videos but debt consolidation experts virtually as a possible solution. Remote learning and banking can save you time and money.

Piggy Bank illustration by Heather Skovlund for 360 Magazine

Financial Future

Securing Your Financial Future

Mark Williams, CEO Brokers International

When it comes to securing your financial future, the best time to start planning is today. There are a lot of tools and products available to help put a plan together, but they all have one thing in common: the earlier you take advantage of them, the better off you’ll be.

Studies have shown that younger individuals, particularly millennials, tend to prefer savings over retirement accounts. Whether that’s because they lived through the Great Recession and saw what happened to older generations whose retirement strategies were rooted in the stock market, a lack of financial literacy, or something else altogether, the fact remains that younger generations have a more conservative mindset regarding financial planning and investing.

Many people put off retirement planning until retirement itself moves more into focus. But to maximize the impact of your efforts to plan for a secure financial future, start as early as you can. Here’s where you should start.

Workplace 401(k)s

For many people in the workforce, a 401(k) is offered through their employer. Saving money for the future in a tax-advantaged vehicle is a wise move, but for those whose companies offer a 401(k) match, it’s a no-brainer to maximize that source of free money. Due to the power of compound interest, even a small regular contribution makes a major difference over time.

Consider this example. If you invest $50 a month into a 401(k), at an average 7% annual rate of return, that investment adds up. After 15 years, you’ll have invested $9,000, but it will be worth over $15,000. That same $50 a month after 30 years will amount to $18,000 out of your pocket, but it will have grown to nearly $57,000. And if you invest just $50 a month for 45 years, that $27,000 investment will be worth just under $171,500. (You may not get 7% every year, but as an illustration, the value is clear.)

Annuities

Planning for your financial future can be difficult when you may not even have a view of that horizon. You don’t know what your life will look like, what your financial needs will be, and what resources will be available to you once you are no longer working.

Annuities provide a great response to the uncertainty of long-range financial planning. It’s the only financial product available that guarantees an income stream for life — once you turn on that income stream, it’s fixed. Fluctuations in interest rates or the marketplace won’t affect it. An annuity will provide you with a paycheck every single month until the day you die — and some products even allow you to extend that benefit to your spouse or children.

Life Insurance

This is the big one, but many people overlook life insurance because they won’t be able to take advantage of it themselves. But ask yourself, at any stage of life, if you don’t make it home one day, who relies on you to provide financially? More than anything, insurance is a form of safety and protection, for you and for those you love. It’s critically important for someone who is married with children to have life insurance in case of tragedy, to be able to help cover debts, provide a future source of income and even allow space for grief without financial anxiety.

But even for single young professionals, just starting off their careers, life insurance should be a primary consideration in financial planning.

Consider a young, single, 23-year-old individual who may not have anyone who depends on their income. Why would that person want to purchase a life insurance policy in that situation? In part, because they don’t know what their situation will be like in 1, 5 or 10 years, and a 20- or 30-year term life insurance policy will provide financial safeguards for some of the possibilities that may arise. Additionally, there’s a popular saying in the insurance industry: money pays for life insurance, but health buys it. When you are young and healthy, you’ll never be able to get a life insurance policy as cheaply as you can at that point.

Just as you never know if or when your circumstances may change and you’ll find yourself wanting a life insurance policy to protect the financial interests of someone you married five years after initially deciding not to purchase a policy, you may also receive a diagnosis in that same five-year period that makes life insurance impossible (or prohibitively out of reach).

If you buy life insurance when you’re young and healthy, you can take advantage of the best rates possible and provide a blanket of financial security for your loved ones.

Plan Ahead

Financial planning isn’t a lot of fun for most people, but it is necessary. Whether you are aiming for a specific short- to a mid-range financial goal or turning your eye toward your eventual retirement, it pays to start thinking about securing your financial future as early as possible. The cost of doing so when you are young is comparatively lower than if you wait 10, 20, or 30 years to make some of the same decisions.

If you’re young, take advantage of your long time horizon and plan accordingly. If you’re older and already feeling close to retirement, you may not have taken advantage of the power of compound interest but it’s still not too late to reallocate some of your assets and shore up your financial situation as much as possible.

For anyone, I would strongly recommend seeking out the advice and experience of a financial professional — they will understand all of your available options and know best how to construct a strategic plan to help you reach your goals.

Issy Wood If It's Any Constellation artwork via Maggie Faircloth | Sunshine Sachs for use by 360 Magazine

ISSY WOOD – IF IT’S ANY CONSTELLATION

ISSY WOOD RELEASES NEW EP, IF IT’S ANY CONSTELLATION, VIA MARK RONSON’S ZELIG RECORDS

RELEASES NEW MV FOR TRACK “FUSS”

STREAM IF IT’S ANY CONSTELLATION NOW, VIEW “FUSS” MUSIC VIDEO

Today, U.K. painter and 2021 Artist to Watch Issy Wood releases her self-written/produced EP, If It’s Any Constellation via Mark Ronson’s Zelig Records. This latest release by the artist crowned ascendant popstar by ArtNet is now available on all streaming platforms. She also released the music video for her song “Fuss” which is featured on the EP. Listen to If It’s Any Constellation here and check out the new music video here.

The music video for “Fuss” features sculptures by balloon artist David Crofts. The full video was shot at Issy’s art gallery in London in a single morning.

“Fuss’s video, despite its childlike medium, depicts a very sad dinner date. It fits perfectly on an EP that is equally playful in form and morose in lyrics,” said Issy.

If It’s Any Constellation was written and recorded in the artist’s kitchen using a Juno-106 synth given to her by Ronson last summer. This project explores Issy’s reality during an isolated 2020 in which inner demons were impossible to ignore. While the EP’s first single “Muscle” (released in April and co-produced by Mark Rosnon) both longs for and mocks ideas of toughness through the lyrics and anthemic classic rock feeling production, the second single, “Fuss” (released in May) leans towards the ballad format.

“Fuss is a passive-aggressive song. Its relative simplicity is a sign of its confidence, as are the lyrics, which are given permission to hold the whole track in place. This is about somebody looking to destroy a person in the most British way possible: politely,” shared Issy.

The other tracks on the EP include:

  • “Tough luv” admits to enjoying being deterred by another person
  • “I’ll hold” looks at self-betterment in a traumatic moment, trying to differentiate being abandoned from being placed on hold.
  • “Child’s pose” juxtaposes calmness with the question of maturity using yoga as a stand-in. Unearthing this dilemma, the track starts: oh once the trauma’s baked in / You’ll never sweat it out / It’s set up shop in your bones. 

If It’s Any Constellation is Issy’s newest project since her debut EP, Cries Real Tears!which came out in December of last year. That EP, which featured her two singles, “Debt” and “Cry / Fun,” was crafted over the course of several months during the pandemic. During that time Issy focused on teaching herself to create new worlds through sound while writing most of her haunting lyrics in between painting projects. The result was a unique body of work that deals in both sweetness and cruelty. If It’s Any Constellation, is the next chapter of her introspective journey.

Issy comes from a fine artist background and gained initial recognition for her paintings. Her pieces have been featured in art galleries across the world. Her recent EPs are the result of Issy’s continued exploration of artistry by using music and multimedia as an extension of her work.

Money & Relationship illustration by Heather Skovlund for 360 Magazine

Money Issues × Relationships

Are Money Issues Ruining Your Relationship?

Read on for 5 tips to resolve them.

The COVID-19 pandemic has played havoc with families’ finances through lost jobs, squeezed budgets, increased debt, and missed payments.

Money and the decisions spouses make with it are one of the main sources of stress among couples, and sometimes money issues end relationships or cause divorce. But differences can be solved or managed if couples learn to listen to each other and work as a team to formulate a sensible plan, says financial planner Aaron Leak, the founder of ECL Private Wealth Management. 

“No matter how long you have been together, financial issues can wreak havoc on a committed relationship,” Leak says. “When couples don’t agree about spending and saving habits, it causes arguments and resentment.

“But understanding what you’re fighting about and why helps you and your partner come up with solutions. By being transparent and honest with each other about your finances, you can not only prevent arguments that strain your relationship, but you will strengthen it.”

Leak offers these tips for couples to address and resolve financial issues:

  • Understand your money styles. Think of some extreme examples of money styles in your circle. Like your friend, the foodie, who won’t touch a bottle of wine that costs less than $75. Or your sister who constantly surfs Amazon. Or your mom who washes aluminum foil, then folds and reuses it. Everyone has a money style, and it’s helpful to talk about it without any name-calling or labeling involved. Understanding your partner’s spending habits often involves a deep dive into money fears, scarcity memories and childhood traumas. Come up with a spending plan that works for both of you.
  • Decide how to divvy up the bills and save for future goals. You can both put all your earnings in a joint account and pay everything out of that. Or you can split bills down the middle and keep the rest of your own earnings for yourselves. Once you have decided how the bills get paid, you need to devise a plan for saving for your long-term goals. Remember that you need to work closely together as life changes arise – such as one of you losing a job or cutting back on hours to care for a parent. If 2020 has taught us anything, it’s that contingency plans are always advisable.
  • Create personal spending allowances that stay personal. Having some personal money that’s designated just for you each month can really help how you feel about your relationship. It can also help avoid relationship-ruining behavior like “financial infidelity,” when one spouse hides money or purchases from the other. The personal spending allowance gives each partner the chance to spend their money however they wish, no questions asked.
  • Face and eliminate undesirable debt. Couples should employ a strategy to pay off debt, such as paying off the higher-interest debt first or paying off the smallest loans first (the snowball method). Payments on credit cards, car loans, and student loans can devour monthly budgets, so the sooner they are paid off, the better.
  • Set a budget you can live with. One of the best ways to keep in sync with your partner financially is to have a budget as part of your overall plan. The budget includes your household bills, your personal spending allowance, your debt-paying strategy, and your monthly budget for long-term goals like retirement.

“Relationships take consistent work in order to be happy and successful, and money management is a big part of it,” Leak says. “The best way to be sure you and your spouse are staying on the same page financially is to talk honestly and without judgment.”

About Aaron Leak

Aaron Leak has 16 years of experience in the financial industry and is the founder of ECL Private Wealth Management. He holds Series 7, 6, 63 and 66 licenses as well as life, health, and property and casualty insurance licenses.

Realestate image by Rita Azar for 360 magazine

Property Liens 101: What Are Your Options When Selling a Home?

Sometimes, getting from under debt can mean selling your home. However, how can you relieve yourself of mortgage debt if your property has a lien attached?

More than likely, a property sale will bring any related legal problems to light. A property lien is a serious issue that you must deal with before you can close the sale. Property liens give a creditor the right to possession of your property until you pay any debts.

To learn more about your options when selling a home with a lien, continue reading.

What Are Liens?

A credit error can prove problematic if you’re trying to buy a home. Likewise, a property lien will cause similar grief if you want to sell your property.

A property lien will most often show up when a bank or potential buyer does a title search. A title search is a legal check on the ownership of your property.

If there’s a problem with your title search, it will more often than not delay the closing. For this reason, you need to deal with the lien before you can sell your property.

A lien on a house is a legally binding claim that another party has on your property. It allows them to access your property if you do not pay your debts.

A creditor must file a property lien with the county clerk’s office or a state agency. Next, the appropriate office will approve or deny the claim.

The office that records the claim will then deliver notice to you with the terms of the lien. In short, the notice will explain that a creditor has taken action against your property.

A creditor can place liens against property for tangible items such as your car or boat. However, they can also file for a property lien against your home.

For instance, a bank would file for a property lien if you fall behind on your mortgage payments. Usually, a property lien is a last resort action to recover a debt.

Who Can File a Lien Claim?

The courts will award a property lien after a creditor has made numerous attempts to collect payment. For example, the creditor may have hired a collection agency to recover the debt.

A property lien is a very effective way for a creditor to recover a debt. However, it’s also particularly stressful for debtors.

With a bank loan, for instance, a lender can file for a first-order property lien. A bank may apply for this kind of lien after you’ve missed several mortgage payments.

A lender has specific rights regarding how they can use a property as collateral against a mortgage. For this reason, it’s quite easy for a bank to obtain a property lien for delinquent mortgage payments.

Can You Sell a House With a Lien?

In short, yes. You can sell your home if a creditor has placed a lien on it.

You could try to close a sale without help. However, the process is long and complex. It’s also stressful and financially draining.

Various types of creditors may place a lien on a house. For instance, you may have an outstanding debt with a bank, homeowner’s association, or the state or federal government. These parties all have the power to prevent you from selling your home if the courts have awarded a lien.

However, creditors don’t want your home. They want their agreed-on payment. To that end, a property lien gives them the right to sell your home to recover the delinquent debt.

Once you pay the debt, the creditor will issue a Letter of Satisfaction. At this time, you may want to check out Dover Homes for Sale in PA. However, creditors take advantage of the fact that most homeowners don’t know their rights when it comes to property liens. The typical homeowner doesn’t understand the options that they can use to resolve a lien.

If you’re trying to sell your home, this fact adds to the problem. If a creditor knows that you want to sell your home, they’ll use that fact as leverage to collect the debt. Often, a homeowner will end up with more problems from debtors that use circumstances to their advantage.

For these reasons, it’s beneficial to seek financial help when you’re trying to sell a property that’s under a lien. An experienced lawyer, for example, can help you to navigate the process. For more information regarding rental property management, visit Mynd Management’s website.

What Are My Options Regarding Property Liens?

If you decide to resolve the issue independently, you’ll need to start by evaluating the lien. In other words, you’ll need to figure out what kind of liens and judgments creditors have against your property.

The procedure for different liens varies. Some liens on a property are nonnegotiable. However, you can settle other kinds of liens with little or no money.

Next, you’ll need to find someone willing to purchase a house with a lien. Most often, buyers and realtors view a lien is a major problem.

No buyer or agent wants to deal with a stubborn creditor. For this reason, they won’t pursue a property purchase until you’ve paid all debts in full.

Instead of going it on your own, it makes sense to hire an experienced real estate attorney. An expert attorney can make a big difference in your ability to sell your home that’s under a lien.

A knowledgeable real estate attorney can make sure that you say the right things to creditors. For instance, it’s a good idea not to tell a creditor you’re trying to sell your home. As soon as you give them this information, they’ll use it to pressure you.

In other cases, the creditor will lie in wait for your settlement payment. Once you receive it, they’ll claim the funds. If they win, a judge might award them compensation directly out of the closing proceeds.

It can prove difficult knowing what to say when talking to creditors. An experienced attorney can help you navigate this kind of minefield. To learn more about working with a professional real estate attorney, take a look at this article by Fernald Law Group.

Mulling Over a Lien Sale

If you need to sell your home and there’s a lien on it, it’s in your best interest to work with a professional real estate lawyer. There are a lot of nuances when it comes to liens on property.

For example, each state has different rules about the statute of limitations for liens. Even if a lien expires, however, a creditor can refile a lien and extend it in most states.

For this reason, it’s important to have an experienced professional on your side. A professional understands how to overcome the challenges of selling a house with a lien. More importantly, a creditor is more likely to negotiate with an expert who understands lien laws.

Learn More, Know More, Do More

Now that you know more about property liens, you can hopefully make a more informed decision about what you’ll do next.

Life has its challenges. Navigating some of life’s challenges, such as liens against property, can prove downright perplexing. Fortunately, there’s help.

With the right information, you can make it through the toughest obstacles that come your way. Check out our blog for more insightful news and tips for help navigating business, pleasure, and life.

Kaelen Felix illustrates Japanese flag for 360 Magazine

Japan’s Political Future Increasingly Murky

By Elle Grant

In a surprising turn of events, Japan’s current era of politics has come to an end following the sudden resignation of Shinzo Abe, the country’s longest serving prime minister. Abe attributes his step-down due to serious health issues related to colitis, a chronic intestinal disease

His departure leaves the highest-ranking political position in the third-largest economy in the world with an open seat. The scramble for who will replace Shinzo Abe has begun, and its importance cannot be understated.

The next prime minister of Japan inherits a host of serious issues including coronavirus relief response, a decreasing economy, an aging population, an increasingly aggressive China, the confusion of the Olympics, female rights, the complexities of potentially reintroducing militarization, a changing United States dynamic, and more. “It makes me wonder why anybody would want to be prime minister,” said Jeffrey Hornung, an analyst at the RAND Corporation.

In considering relations with the United States, Mr. Abe aspired towards a more independent Japan. His term can be considered a success in some regards, but whether that is attributed to Mr. Abe or to a United States shrinking from international engagement under President Trump is up for debate. Either way, Japan in recent years has worked to assert itself in Eastern politics, especially in comparison to potential rivals in South Kora and especially China. These efforts will become increasingly important as Japan navigates the highest public debt amongst advanced industrial economies at a staggering 251.91%

Despite all these issues, there is a host of men clamoring for the job. They include Fumio Kishida, a former foreign minister; Toshimitsu Motegi, the current foreign minister; Taro Kono, the current defense minister; Shigeru Ishiba and Tomomi Inada, both former defense ministers; and Seiko Noda, a member of the lower house of Parliament. Ms. Inada and Ms. Noda, both women, are the only female candidates attempting to throw their hat into the ring. However, Japanese politics remains male dominated and the likelihood of a female prime minister remains slim. Odds are in favor of Abe’s top aide, Yoshihide Suga replacing him.

Shinzo Abe’s successor will be voted on September 14th with a Liberal Democratic Party election, with the Diet (Japan’s national parliament) formally electing the winner two days later. The winner will the serve the rest of Abe’s term until September 2021 and after may choose to run for prime minister for their own term.

Vaughn Lowery, Alejandra Villagra, illustration, 360 MAGAZINE

10 of our Favorite Business Credit Card Options in 2020

A good business credit card is an invaluable tool for a business owner. But with so many options on the market, you might find yourself completely overwhelmed in deciding which card could possibly serve all your specific needs. After all, every year brings a new potential crop of products out there vying for your business.

That’s why we’re here to present a detailed rundown of the 2020 best business credit cards. Before you make any decisions regarding which is the best fit for your company, be sure to consult with your executive team as well as the banks in question. With that disclaimer out of the way, here are 10 of the best business credit cards out there.

American Express Blue Business Cash Card

Cardholders of this American Express product will earn 2 percent cash back on up to $50,000 of all eligible purchases per calendar year. The Blue Business Cash Card also carries “Expanded Buying Power,” allowing you to strategically go over your credit limit.

That amount actually adjusts with your card use, transaction history and financial records. Plus, you receive 0.0 percent APR on purchases and balance transfers for 12 months and no annual fee.

American Express Blue Business Plus Credit Card

This second American Express card has some of the same basic features as the above. However, it also provides double the membership rewards points for eligible business purchases. Likewise, it still has Expanded Buying Power, providing much greater opportunity to rack up points.

Bank of America Business Advantage Cash Rewards Mastercard

With this Bank of America card — the only one to make our list — you’ll get $300 in statement credit when you spend at least $3,000 during your first 90 days.

You can also earn 3 percent cash back in a category of your choice, as well as 2 percent cash back on dining and unlimited 1 percent cash back on other purchases. Moreover, you’ll face no annual fee, and perhaps best of all, your cash rewards never expire.

Capital One Spark Cash for Business

When you sign up for the Spark Cash for Business card, you earn a $500 cash bonus as long as you spend $5,000 in your first three months. Plus, you’ll receive $1,500 when you spend $50,000 within your account’s first six months.

As for cash back incentives, cardholders get unlimited 2 percent cash back on every purchase without any restrictions whatsoever. You also won’t have to deal with foreign transaction fees or an annual fee for the first year.

Capital One Spark Miles for Business

If you’re the type of professional who does a lot of traveling, then this Capital One card might be for you. If you spend $5,000 in your first three months, you’ll receive 50,000 bonus miles. Or if you spend $50,000 in six months, you’ll get a staggering 150,000 bonus miles.

You’ll also receive unlimited double miles per dollar for unlimited, unrestricted purchases or five times the miles on any hotel and rental car bookings. And, yes, there’s no annual fee in the first year.

Capital One Spark Cash Select for Business

The last Capital One card to make our list has a lot to offer. First, cardholders get an unlimited 1.5 percent cash back incentive on unrestricted business purchases.

You’ll also get a one-time $200 cash bonus if you spend $3,000 in the first three months of your account’s life. Moreover, you receive 0 percent intro APR for 12 months, no annual fee and no foreign transaction fees.

Chase Ink Business Unlimited Credit Card

For the detail-oriented business owner, Chase has several notable business credit cards on the market. This one offers $500 bonus cash back after a $3,000 expense in the first three months.

But it also features unlimited 1.5 percent cash back on every business purchase you make. If you need something a little more robust, stay tuned. But the Business Unlimited card has all the basics covered.

Chase Ink Business Cash Credit Card

With the Business Cash card, Chase account holders get the same $500 bonus cash back as the Business Unlimited card. But they also have access to 5 percent cash back on the first $25,000 spent at office supply stores and on telecommunications services.

Moreover, you earn 2 percent cash back on the first $25,000 in expenses on gas stations and restaurants each year. For the business owner with a higher budget, this card is the perfect option.

Chase Ink Business Preferred Credit Card

Cardholders with this Chase card earn 80,000 in bonus points once they spend $5,000 on any purchases in the first three months of their account.

The Business Preferred card also offers 3 points for every dollar of the first $150,000 spent on travel and select business purchases. For all other purchases, there is an even point match for every dollar spent.

Discover It Business Card

New customers with this credit card receive an unlimited cash back match for every dollar spent in the account’s first year.

In addition, you earn 1.5 percent cash back on every dollar you put toward any purchases. Plus, there’s no annual fee, accessible customer service and a free credit score just for being a customer.

Choosing the Best Business Credit Card for You

So there you have it: our 2020 best business credit cards. Choosing the best one for you is going to depend on your unique business needs, from your overall budget to how often you travel and whether or not you’ll be making foreign transactions. For comparison’s sake, take a look at Incfile’s Top Credit Cards of 2019. With so much to consider, selecting a business credit card is not an easy decision. Hopefully, this glimpse at what’s out on the market has inspired you to find the perfect one for your business needs. Make 2020 the best year yet for your business!

This article was originally published on the Incfile Blog.

Dustin Ray leads business development and growth initiatives at Incfile, a national incorporation service company specializing in business formation and small business services. Founded in 2004, Incfile makes it possible to start a business with a $0 formation + state fee and has assisted in the formation of more than 250,000 corporations and LLCs.