Small business owners: How do you separate your business/personal credit cards?

[joe1487]

I want my business expenses to attain the same rewards benefits as my personal card, but I don't want to pay two annual fees. I can obviously put all business expenses through my personal card, but in that case, I have to go through my several-page statement every month and segregate business expenses and personal expenses.

How do you structure your business/personal credit cards? Do you carry two cards, or do you just separate your expenses at the end of the month?

[thezone]

I keep track of receipts as they are what the tax man cares about. So I just use one credit card.

[Jacklad]

I keep track of receipts as they are what the tax man cares about. So I just use one credit card.

+1

The only other thing I do is print off the credit card statements and highlight business expenses. Why? Because receipts printed with thermal cash register printers fade to nothing over time (yes, Canadian Tire, I'm looking at you) .

[joe1487]

Do you then cut yourself a cheque from the business once a month specifically for credit card expenses? Or do you just account for a portion of your normal withdrawals as the payment of expenses (rather than management fees, a salary or whatever structure you use to pull money out)?

[tweetie]

I can't be bothered to try and manually go through all the expenses like that. I use different cards for business and personal. It's much simpler and I would think that technically you would need to split the reward with the way that you're doing it. Honestly, for $120 for an annual fee for most cards, it's easier not to do the manual work.