The worth of a business credit card
Among the so many varieties of credit cards, one of the most underestimated is the value of a business credit card.
Many people do not choose to apply for a business credit card because aside from having a definite target market— the business owners or business executives—it seems to be complicated to use.
Although a business credit card has more requirements and has higher interests compared to other types of credit cards there is, contrary to the common conception, t can be very helpful if used properly.
What is a business credit card?
Basically, business credit card is for the business people’s consumption. Compared to the regular credit card, a business credit card has a high limit plus low interest rates.
Depending on the manner of choosing, a business credit card may also bring a lot of automatic benefits.
Since it is targeted towards businessmen or those people who are heading towards building a business, a business credit card can definitely benefit these small businesses.
A business credit card helps the budding business by extending payments while improving the cash flow.
Aside from bearing the image of a dependable credit card, business credit card boasts of having detailed reports and giving quality customer service as its major trademarks.
Aside from having limits and low interest rates, a business credit card provides many alternatives and numerous credit options for small businesses.
A business credit card also caters to large corporations that are crafted to aid those people who are starting with their own business to grow while closely monitoring the baseline of credit.
Simplifying business credit cards
It really pays to go to the bank when one applies for a credit card to get the chance to answer all immediate inquiries.
But since business credit card is for business people who are always on the go, many business credit card issuers offers online applications for business credit cards.
When one applies for a business credit card, there is no need to visit the bank. There is also no need to wait in the queue just to talk to a bank representative.
When you apply business credit card online, all you have to do is to select the business credit card option that would perfectly suit your small business or corporate credit requirements right from the comforts of your home or office.
Aside from offering safe, secured, and simple processes that are designed help you take care of your starting business, most business credit cards online offer accessible features for the convenience of the business credit card holder like the online payment and reporting.
Customized company logos and access to instant cash are also available on line. Other business credit card online offers detailed reporting features for easy monitoring and access.
Most business credit card applications offer free fee for the first year and no pre-set spending limit or finance charges.
Other business credit card offers viable membership rewards program that enables the member to earn points towards travel, merchandise and other rewards for his or her business.
Some of these business credit cards offer small businesses a line of credit up to $100,000 at a competitive APR as low as prime + 1.99% for both cash and check purchases; 100% of the line is available as cash and no collateral is required.
The business credit card holder or customer might receive fee-free checks as well as a card to access the account.
Everyday savings or exclusive savings, express approvals, no annual fee, up to 5 percent rebates on all qualified purchases, and 0% introductory annual percentage rate
(APR) on purchases during first half of the year of card membership are some of the great offers of most business credit cards.
Although majority of the business credit card issuers offer great value deals, it is very important to research first what does your business needs.
Whether your business credit card is meant for investing in inventory or just for payroll, it is significant to look for a flexible business credit card that can handle almost anything.
Whether you opt to go directly to the bank or apply for a business credit card online, a number of premier business credit card suppliers are there to help you find the right credit card product as easy and convenient as possible.
Credit Card For People With Bad Credit
A bad credit score doesn’t prevent you from applying for a credit card. There are many financial institutions that have credit card offers for people with bad credit.
Of course the major credit card companies try to limit their risk and are more inclined to approve those with good credit.
The issuers who specialize in granting credit card accounts to those with damaged credit do it at an elevated liability.
Because of this added risk, the choice of a credit card available for people with bad credit is narrower, but not impossible. You can even use the bad credit credit card to raise your FICO score.
When looking for a bad credit credit card, it’s best to compare a number of offers before you decide which card is right for you.
The cards offered for imperfect credit vary from unsecured with low credit limits and higher interest rates, to prepaid credit cards or debit cards, where a deposit is required as collateral for your charges.
If you choose an unsecured credit card for people with bad credit, it would be best to pay the balance in full each month as the interest rate charged is higher.
But in order to help rebuild your FICO score, you might want to hold over a small portion of the balance every-other month and pay the balance the next month.
Should you decide on a prepaid credit card or a secured credit card, it can be used just like any regular card and give you access to your funds at any ATM. Your credit limit is set by the amount on deposit and you may even receive interest on your funds.
Before you apply for that new card, be sure the issuer reports regularly to the three credit reporting agencies. After a period of time paying your balance according to the terms and conditions of the card,
re-negotiate with your financial institution for a better credit card deal, including higher limit and lower interest rate.
With proper planning, you can use this time period of using the credit card for people with bad credit to your advantage and rebuild your credit score which will then save you money in the future.
Credit Card Processing Equipment
Credit card processing means the easy transaction of money during a buying and selling process in business or a trade.
This mode of payment is done by swiping of credit card via a credit card machine, thus credit card processing equipment or machines complete the whole trend of credit card processing system.
Before jumping to credit card processing equipment, you need to understand the importance of credit card processing in your trade or business.
Today, acceptance of credit card has become a rage world over and that’s why every now and then credit card providers are coming up with new offers,
schemes and equipments for traders in order to ease the process of quick money transaction and wooing customer with trendy service of shopping anywhere anytime without a need of carrying those bulky pockets and heavy wallets.
The use of credit card service does not just add to the business position and credibility of a trader or a company but also adds to the customer list of the company or the trader. Imagine being able to serve a customer even when he or she is short of a few bucks.
Credit card processing equipments are of various types, as with the change in technology the whole concept of accepting credit cards have become advanced.
These equipments work towards rescuing a customer from paying those big bucks via safe and secured method of money transaction in no time. Some of the credit card companies that offer credit card processing services and equipments are:
-Banks
-Third party credit card processors
-Associations
-Independent sale organization
-Financial service providers
Before you purchase a credit card processing equipment or machine do not forget to inquire about the safety factor and the charges, as each credit card processing equipment providing company comes with their own charges and regulations.
What makes credit card processing equipment a hit among traders and customers is not the hassle free processing of money or the alternate option for payment of goods but also the fact that money transaction is a safe method for both of them.
When a customer’s card is swiped through a credit card machine his/hers credit card number and account detail remains safe and secured.
The role played by credit card equipment in a credit card processing process is of a portal that allows the transaction within a time limit.
The process begins with trader swiping the card through the machine and customer and customer punching in his/her card number.
The moment the card number is punches, bank scrutinizes the account of the customer and allows the transaction.
Today, to facilitate a trader in outdoor trading or dealing companies have also come up with various kinds of mobile or wireless equipments for credit cad processing service.
For those outdoors or door to door traders or traders who trade in fairs and exhibition, mobiles credit card equipment helps to put an impression on customers,
also these mobile equipment or machines serves as a benefit for the traders who have to travel from region to another.
Apply For Credit Cards: The Basic Necessities Unplugged
It is very easy to swipe a credit card and enjoy shopping, but initiation into credit cards is a tough process.
The process to apply for credit cards begins by completing certain formalities after which one can get the credit card in his own name.
The process of selection is incorporated into the credit card issuance methodology to eliminate non-serious users or the users who are not fit enough to hold a credit card. The process to apply for credit cards begins by finding out the credit worthiness.
By credit worthiness, it is meant whether one would be in a position to pay the bills outstanding on the credit card.
In fact the process to apply for credit card is like an interview of the probable user. The higher the credit limit, more widely the chance of the credit card user to pay the outstanding with promptness.
Therefore, the first hurdle that has to be cleared when one has applied for credit card is to be credit worthy. It is found out through the bank details that are fulfilled.
If one is able to clear most of the outstanding bills within a month most of the times, then the probability of getting it after one has applied for credit card is the maximum.
If the potential subscriber has a history of default of any kind in the past, then even after you apply for credit card, it can be denied to him.
Another important criteria being looked when you apply for credit card, is the credit capacity.
This is calculated based on the income and the loan obligations you have and if the installment of the loans are paid on time, then your application gets a highest rating by the card issuing agency.
If it is found after you apply for credit card, that he has the history of default in payment, then the credit card may not be issued at all.
Character is another major deciding criterion looked for by the card issuing agencies after you apply for credit card.
The card issuing agency wants to know whether the day-to-day dealings of the individual are honest and straight-forward.
This is found out after you apply for credit card, and then the issuing agency makes its decision in this regard by seeking reference from the known persons. The information is also obtained from the financial transactions, as also through payment receipts of utility bills.
At times references from employers are also sought after one has applied for the credit card. Therefore, the copy of the pay slip forms an important deciding document when you apply for credit card.
Another criteria used, when you apply for credit card is the identity proof in the form of a social security number or the I-card issued by the employer.
The social security number can provide all the details required that may decide whether the credit card can be issued or not.
Life style is another criterion that is researched in detail before when you apply for credit card. This is done to find out whether the potential user is a heavy user of the consumable items, and if that being so, then he is issued the credit card at the first instance.
The physical assets an individual possess either movable or immovable also are deciding factors in issuance of the credit card, after you apply for credit card. The reason is that it reflects a certain pattern of life style that is followed by the individual.
Finding the Best Credit Card
When you start your hunt for the best credit card what you’re really searching for is the best credit card for your particular situation and needs.
You may, for instance, be someone whe travels a lot for business or pleasure. Travel credit card discounts may be the best credit card option for you.
You may be someone who has bad credit. There are credit cards especially designed for folks like you – these would be the best credit card options for your circumstances.
If you are a shopaholic, for example, the best credit card for you might be one that gives rewards in the way of incentives and percentages back on purchases.
Of course, there are some things that make a card the best credit card for many, if not most, credit card users. These are the ones with the lowest APR (annual percentage rate) and the lowest annual rate.
Some cards – in fact, many – have no annual rate at all. One such card may prove to be the best credit card for you, assuming that there aren’t hidden fees that ultimately cost you more than you’ve saved in lower APR or annual fee.
Keep in mind, though, that the better your credit history, the lower the APR you’re going to find on a credit card.
If your credit is poor the best credit card you’re going to find, unfortunately, is going to be one with a higher than average APR. That is, until you improve your credit standing. There are alternative credit cards for this situation, too.
Other factors to consider in determining the best credit card for you is whether you generally pay off your credit card debt each month or whether you carry over a balance each time.
The reason this is an important factor in deciding the best credit card for you is that some credit cards offer a grace period on this carryover – others do not, and, in fact, tack on hefty penalties for doing so.
Fleet, AFB Industrial and Wachovia Bank all have twenty day grace periods on their credit cards – clearly the best credit card choice for those who don’t pay the balance each month. All other factors being equal, of course.
Another best credit card factor to be considered is whether you typically use your credit card for cash advances. This rate can vary considerably, and some even have no fee attached to a cash advance request.
This, like anything else, depends on credit rating. USAA’s best credit card offer for cash advances, for example, is a free cash advance.
It’s highest percentage fee is nine percent. Fleet and Wachovia both charge four percent.
The other important factor in determining your best credit card is how much traveling you do.
If you’re flying the friendly skies on a regular basis a credit card that lets you rack up credits for each flight you take may save you more than opting for one that doesn’t whose APR is lower, or the annual fee less costly.
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