It is very important for actors and models to own a credit card. There are many situations where actors and models need to travel to auditions, go-sees and or actual bookings.
To always have enough cash on hand is not very feasible.
The other area where it is imperative that actors and models have a credit card is when they need to sign up to have their images on various web sites. Many of these companies solely rely on talent using a credit card to register.
So, it is very important for all actors and models to have access to a credit card.
If you work in the entertainment industry as an actor, model or in any capacity, it may behoove you to get a credit card.
It can make your life a lot easier and there are some cards that cater to you as an actor. In short, you are your own business.
Just like any entrepreneur, you are selling your “idea” (which is your style of acting or your “look”). It is unique, one of a kind and needs to be treated as an asset.
Thus, you will need to have at least one credit card to run your “business”. Here are some basic facts and resources for actors in the USA and Canada.
What can a credit card do for you?
- Makes it easier to keep track of business expenses: If you have a credit card that you use solely for the expenses you have as an actor or model, all of these transactions will be kept together. You can even categorize them when you download statements into Quick Books or Quicken to make your tax returns easier.
- Use Other People’s Money for Free (for a while): Credit cards allow you to pay for things using their money for free as long as you pay in full on time. Most credit cards have a grace period of about 3 weeks and some longer. This means that money you personally have can stay in an interest earning account that much longer. It is a win-win situation for you, provided you pay on time and pay off the entire amount you owe each month.
- Makes travel convenient: As an actor, you travel. Getting plane, car rental, or hotel reservations without a credit card is not possible. Plus, most credit cards offer reasonably priced travel insurance in case you need it. You need a credit card if you travel at all.
- Quick Cash: While it is not the cheapest way to borrow money, credit cards allow you the ability to get a reasonable amount of cash fast, just by going to an ATM. This is a very convenient service, especially when you are early in your career and do not have a ton in savings somewhere.
Credit Cards which Cater to Actors:
Throughout the USA and Canada, there are institutions which have negotiated credit card deals for its members that provide extra perks and a better (lower) interest rate than non-actors can get. Here are some places you can investigate and apply.
- Best US Credit Cards: This site lists the best credit cards available in the USA. They are not all targeted at actors, but there may be some deals out there that are temporary. Worth looking into.
- Charge Cards Canada: This site lists the best credit card deals available in Canada. Canadian credit cards are known to be better than most USA cards. If you can get one, you will be ahead of the game.
- Actors Federal Credit Union: This is a credit union only actors and entertainment industry professionals can join. They offer two types of credit cards; a secured VISA and a Platinum VISA. A secured VISA means that you deposit a certain sum of money into an interest paying account. However much you have in the account equals your credit limit. This is a great way to build a credit history or rebuild your credit after financial ruin. It is also great for young people whose family gives them a chunk of cash. The Platinum VISA is a traditional credit card with better rates for actors.
- Creative Arts Savings and Credit Union: This is an institution targeted at Canadian actors. While they do not offer a traditional credit card, they do offer lines of credit and will issue a card that you can use as a credit card. This way you can make reservations and start building a positive credit history.