Business owner used 1.8 million credit card points to handle tariff costs

Small businesses facing higher import costs because of steeper U.S. tariffs are having to find different ways of handling the added expense.

Facing hefty tariffs on parts shipped from China, one small business owner took the hit by redeeming over 1.8 million reward points on his American Express card. Robert Keeley, owner of Keeley Electronics, a roughly 33-person guitar pedal company in Oklahoma City, Oklahoma, told CBS MoneyWatch he used the points, rather than cash, to cover the tariffs. 

That unusual approach, first reported by Bloomberg, highlights the challenges many smaller enterprises are facing in coping with higher import duties.