Feb 5, 2024 Newsletter

Chat GPT Tells Me The Absolute Best AMEX Card for Amazon Businesses

Happy February!

As we dive into tax season and the boys gear up for another semester packed with school and afterschool activities, our schedule is filling up fast! They’re sticking with karate, tap dance, soccer, skateboarding, piano, and parkour – a variety that keeps them engaged and active. Luckily, our area offers plenty of options for organized activities, and they’ve honed in on their favorites.

Looking ahead to the next semester, the school has been exploring the integration of AI, including tools like ChatGPT, into the classroom and assignments. It’s promising to see them embrace these resources, but the emphasis is rightly on using them ethically and as aids rather than shortcuts.

For those of you who are accounting clients or considering becoming one, remember to reach out sooner rather than later. Deadlines for corporations’ T5s and T4s are fast approaching at the end of this month. Let’s stay ahead of the curve.

And asked it to give me the best card recommendations for an Amazon Seller.

Here’s the results:

-Best for Cashflow: AMEX Plum – For extended payback periods without accruing high-interest rates, the Plum Card is beneficial as it offers a unique payment flexibility feature, allowing you to defer payment for up to 60 days without interest.

-Best for PPC: No surprise, the AMEX Business Gold. This card is particularly beneficial for advertising expenses, offering 4X Membership Rewards points on the two select categories where your business spends the most each billing cycle, which can include U.S. purchases for advertising in select media – up to $150K, then you need to get another one (up to 10)

-Best for Travel: The AMEX Business Gold will obviously give you the most travel rewards due to the high spend from Advertising – but if you’re looking for cards specifically with travel rewards, check out the AMEX Business Platinum Card which is ideal for frequent travelers due to its extensive travel benefits like access to the Global Lounge Collection, $200 Airline Fee Credit, Fee Credit for Global Entry or TSA PreCheck, and luxury travel perks.

OR the Hilton Honors Business Card: If you prefer staying at Hilton hotels, this card offers valuable rewards and benefits like Hilton Honors Bonus Points, complimentary Gold status, and Free Night Rewards.

-Best for Inventory Purchases: Amex Blue Business Cash Card: This card is excellent for inventory purchases due to its 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. That being said, $50K isn’t all that much in inventory purchases per year. For that reason, it’s probably best to use the AMEX Plum Card due to the 2x as long payback period.

BONUS: For what it’s worth: There are also payment services who — for a fee — will allow you to pay your supplier invoices via credit card. Cashflow thought experiment:

>Invoice for $100K comes in.

>Pay with 3rd party service, they charge 3% (or $3k)

>Put on AMEX Plum – 60 day payback + Whatever terms you have from the supplier.

>Let’s say it’s 30% down and 70% landed.

That means you’ll only have to pay $33K ($30K down + $3K fee) up front, and the other $70K in approximately ~100 days (60 Days payback on AMEX Plum + manufacturing and shipping time of 40 days)

Obviously if you have better terms, extending your cashflow becomes even more outrageous.

While I was writing this newsletter, the school called to tell me that my son, Jackson, got hurt playing soccer. He took a hard hit to the head and was having trouble walking. My nightmare – not a call I wanted to get… The school sent paramedics right away to check on him. I hurried to meet them at the school.

Once I got there, the paramedics took him to the clinic quickly. We didn’t wait long before he got two X-rays, one for his head and one for his wrist. The doctor checked him and said he was okay. Jackson was already feeling better, which was a huge relief. Because of the school’s agreement with the clinic, we didn’t have to pay for the doctor’s visit or the ambulance ride. We only paid $145 USD for the X-rays.

We were back home by 3 pm, just two hours after I got the call at 1 pm.

The clinics nearby have bilingual staff and short waits. If you need an X-ray while you’re here, I suggest going there. You don’t need a doctor’s referral, and you don’t have to wait long. They’ll give you the X-ray results quickly. Some of my friends from North America have gotten medical care here for much less money than at home. You can also get prescription drugs without needing a note from a doctor. Some people even come here for dental work while they’re on vacation.

Check out Beachside Clinic’s services: https://beachsidecliniccr.com/

The bad news: I had an OA product taken down due to product safety concerns (it happens).

The worse news: Amazon won’t remove it unless I provide a million product testing safety documents (impossible).

The no good very bad horrible news: Since they won’t let me remove it, it’s stuck in Amazon warehouses indefinitely. Since it’s stuck in Amazon warehouses, I pay storage fees. I’ve been paying storage fees for over four months (during peak season, no less). On a product I can’t remove. Not great.

Speak Up! Community Comments & Questions:

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All the best,

Max & Rob