Hi Justin.
Welcome to S101.
You could go with a Roland Stika machine within that budget.
I quickly out-grew that and went with a 24 " cutter. In my case a creation CT630. That should still be within your budget. If you have a choice use the WinPCsign software. With a 24" machine you can do almost unlimited vinyl sign work, banners. There are other models that others may ,justifiably recommend. You could design business cards but not produce them with a cutter. Yes, you can do decals but small decals are a problem.
I usually think of decals as a printed item. But you could cut out things like Calvin, Ford logos etc.
What you need to decide is, what do you want to do with this?
Do you have any experience with design programs and technique?
I'm assuming this will be a side-line thing for you. Remember that, just because this is part-time, you should not give your work away.
You have a steep learning curve ahead of you and you should be rewarded for your efforts. If you start giving your work away for cheap, everyone else will expect that of you.
Find a vinyl supplier that will sell material by the yard - Keep the basic colours on hand- white, black, red, blue, yellow, green. Vinyl, on the roll, has a shelf life. I'ts a good idea to try to keep your supply of vinyl "fresh". Establish a good relationship with your supplier as well as the company you purchase your machine from.
Various sizes of transfer tape - 2" on up to 18".
Keep reading these forums--you can search for past discussions on various topics rather than asking and waiting.
Good luck!
Ken