No doubt about it: The gig economy is flourishing, and that means more and more of us are creating our own paths to success. The implications of the growing gig economy are enormous and filter through to countless aspects of our jobs and lives. One thing will never change, though: companies need business charge or credit cards.
The thing is, most freelancers have different needs than traditional corporations do. We need versatile business charge or credit cards with big rewards that suit our unique needs. The only trouble is that there are so many business cards out there.
I've done some research and come up with my favorite perks to look for in rewards.
1. Customizable Rewards
For a small business in the gig economy, every penny matters. Freelance or gig workers may want to consider finding business cards with rewards that fit their needs.
Big companies also have expenses in every category you can imagine, so how rewards dollars area accumulated or disbursed might not matter a whole lot. The same isn't true for the gig economy.
A freelance writer will have vastly different business expenses than a house painting business. Fortunately, there are an array of cards that let you decide which categories of expenses you want to earn your rewards on.
Some cards, specifically those geared to small companies, let users customize their business card by selecting a purchase category in which rewards may be accrued at a higher rate. For instance, office supplies.
Your goal should be to look for versatility. You'll find lots of cards with these flexible, customizable rewards programs, which make them a good choice for many small businesses particularly for the gig economy.
2. Travel Rewards
If you ask me, travel rewards are probably the single most exciting category for companies of all sizes.
Travel costs money—from plane tickets to cab fare, hotels, meals and entertainment. That means it benefits credit card issuers to reward travel, often at higher returns rates than you'll find in other reward categories. And cashing those travel rewards can be just flat-out fun!
Whether your side hustle or freelance work actually involves travel for business or not, you can still accrue benefits that you can use for personal trips as well. And using a good travel rewards card can make sense for gig work. One of the primary benefits of freelancing is the ability to set your own schedule and—in some cases—work remotely. If you can handle an accounting client from the beach in Mexico, at lodging paid for by travel rewards, why wouldn't you?
From airline travel to dining benefits and hotel stays, there are a number of business cards out there that offer substantial travel rewards.
3. Luxury Rewards
Some workers in the gig economy are seriously strapped for cash, but that's not true for everyone. While the first two categories of rewards credit cards are perfect for bare-bones startups and side hustles, some entrepreneurs have healthy cash flow and great credit. For those participants in the gig economy, there are more credit card options available with super luxe perks.
What kinds of perks?
Your luxury rewards card can give you access to travel lounges with complimentary Wi-Fi, food, beverages and a little peace and quiet. You can get a credit toward your TSA Pre-Check fee. Some cards offer credits for car share rides, travel expenses for airlines, luxury concierge services, plane and yacht charter services and even a credit for those pesky luggage check fees when you travel.
If you've worked hard and have both the income and credit rating to show for it, your business card can reward you handsomely if you look for VIP perks and rewards.
Running a business—even a side hustle—inevitably costs money, and for that you may want to consider getting a business charge or credit card.
After all, if you're going to have expenses, you may as well reap the benefits. Selecting a card that delivers customizable rewards can get you off the ground, and choosing a card with great travel benefits can get you where you're going for less money.
Read more articles on credit-card financing.
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