If you plan on self-publishing a book and printing copies to sell at seminars or speeches, find a card with 0 percent interest and ample rewards to get the most out of your big purchase without sacrificing your profit
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Elaine Pofeldt is a journalist whose articles on entrepreneurship and careers have appeared in Fortune, Working Mother, Money and many other publications. She is a former senior editor at Fortune Small Business magazine and an entrepreneur herself, as co-founder of 200kfreelancer.com. Her book, “The Million-Dollar, One-Person Business,” was released in 2018. She writes “Your Business Credit,” a weekly column about small business and credit, for CreditCards.com.
Dear Your Business Credit,
Congratulations on self-publishing your book! I just wrote a book myself and know much hard work goes into it.
Speaking engagements can be a great opportunity to sell your books, but it’s wise to think about which credit card you will use to purchase them. If you choose a card where you are paying a high interest rate, what you’re paying in interest can eat into your profits.
Fortunately, there are many small business and personal credit card deals offering an introductory period with 0 percent interest to customers who have excellent credit. Assuming you purchase an amount of inventory you can sell at this seminar or future events in the next few months, you should be able to purchase the books without paying interest. Taking a close look at the other benefits of each card to make sure they will be useful to you can help you decide among them.
Choose a sign-up bonus you can easily earn
Depending on when you think you’ll be able to pay the card off, there are different factors you can consider. If you think you can pay it off within a year, go for a card that has 0 percent APR for 12 months on new purchases (then 15.24% – 21.24% variable), no annual fee and a great sign-up bonus. For instance, the Chase Ink Business Unlimited Credit Card is currently offering $500 in cash back after you spend $3,000 on purchases in the first three months from account opening. You also earn 1.5 percent back on all business purchases, so if you plan on printing a lot of books in the coming months, this benefit could be valuable.
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Another alternative that also offers rewards is the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, which is offering $300 cash back after spending $3,000 in net purchases within the first 90 days of account opening. If you plan on selling all of your books at the conference, then the more limited nine billing cycles of 0 percent interest (then 14.24 percent – 24.24 percent variable APR) shouldn’t be a problem.
The Capital One Spark Miles Select for Business card also offers 0 percent interest on purchases for nine months, with no annual fee. With this card you can earn 1.5 miles per $1 on every purchase, plus a one-time bonus of 20,000 miles once you spend 3,000 on purchases within three months of your account opening. This could be a nice benefit if you will be traveling a lot to promote your book and would like to use points to pay for some of your travel.
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Many cards offer an introductory period of time with no interest, so make sure you look for the sign-up rewards offer that best fits your needs. And, consider whether you’ll primarily use the card for business purchases or if it will be your all-around personal card; you’ll want to get a card that offers category bonus points for what you’ll be purchasing the most.
Know when introductory offer ends
Once the zero percent interest rate expires, consider shopping around again for a similar deal. The APR will jump from 0 to 14 percent or more, and if you plan on carrying a balance, that will quickly eat into whatever profits you may make. While profit margins are higher on self-published books, the cost of printing and shipping can quickly add up. If you don’t sell as fast as you hope, you can be stuck with some big bills you won’t want to pay interest on. Picking the right card ahead of time can save you stress and money down the road. Good luck in spreading the word about your book!
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The Bank of America content of this post was last updated on Sept. 3, 2019.