Professor of Entrepreneurship Dr. Mark Schenkel was recently featured as an expert in two articles from MoneyGeek.
In “The Best Small Business Credit Cards in 2021,” Schenkel discusses how to find and use the right business credit card. He said using a business card versus a personal card for a small business should be determined on a case-by-case basis, depending on the needs of the card holder and the intended use. Business Cards are more likely to offer rewards for business-specific purchases like online advertising, whereas personal cards offer rewards for things like groceries or streaming subscriptions. Schenkel goes on to discuss ways business owners can appropriately use their credit cards to build credit and stay out of debt, and he talks about capital access, bookkeeping and common cost reward benefits.
In “Best Student Credit Cards of 2021,” Schenkel offers a few suggestions for new credit card users, namely students, who are looking for best ways to use their new credit cards. He emphasizes that students should never rely on credit cards, because until the money spent is earned, it still belongs to someone else. He said credit card holders need to remember they are always being graded on their use and that grade will have an impact on their futures. In discussing how to compare credit cards, Schenkel said, “The bottom line is that the combination of the nature and volume of spending habits will ultimately determine the extent to which card makes the most sense, and there’s no shortcut to doing the math up front.”