Discover Small Business Credit Card
Wednesday, September 20, 2006
Small businesses can save money on gasoline with gas credit cards too! With the Discover Business Card your business could be saving 2% on gas and 5% on office supplies. Plus you also earn 1% cash back on other purchases.
You have to read the fine print to see that those percentages are limited. Your business only earns 5% cash back for the first $2000 of office supply purchases each year. For gas station purchases the same applies. For your first $2000 in annual gas station purchases, you earn 2% cash back. Afterwards purchases at gas stations or office supply stores earn the same rebate as other purchases. For your first $5000 in other annual purchases your business earns 0.25% cash back. Other purchases in excess of $5000 earn 1% cash back. That $5000 includes your gas and office supply purchases.
Your business can also earn 0.25% cash back at select warehouse clubs and discount stores. That extra savings could be enough to give you the edge over your competition. Many cash back credit cards exclude these discount warehouse purchases.
To help savings add up even quicker, this credit card offers a 0% introductory APR on purchases for 12 months and there is no annual fee. Balance transfers have a 5.99% APR for 12 months.
Despite the cash back limitations, the Discover Business Card could be a perfect match for your business. Analyze where your business uses its credit card the most. Then estimate how much you could save. If your business spends money at gas stations or office supply stores, a cash back or rewards credit card of some type is a must. If you spend significantly more at gas stations consider a business gas credit card.
Overall this credit card is best suited for businesses with smaller budgets. A larger business would quickly reach $2000 in gas or office supplies. If that is the case, your buying power should be able to get you a better deal. Or your business could use a different credit card once your office supply and gas station limits are reached.
Jeremy Biberdorf writes for several credit card websites, including GasolineCreditCards.net and SmallBusinessCreditCards.net
Compare the best gas credit cards and small business credit cards, including the Discover Business Card.
The Advantages of a Business Credit Card
Modern businesses these days are finding life easy by using a business credit card. Smart business men always make it a point to establish their business credit through this type f credit card. This type of credit card is the same as your ordinary personal credit card, but these cards are use exclusively for business transactions. These credit cards can often be more important than your personal credit, so knowing as much as you can about them is indispensable. It is also vital to know what you should look for in a business credit card.
A good number of cards offers you will receive will be based on your personal credit and just have your name on them. This means that your business name will be included in your personal credit report and this card will report to your personal credit. As a result, you will be unable to build credit for your business. If you want to find out about the nature of the credit offers you are getting, you have to ascertain the credit agency they report to. The common business credit agencies that credit card offers report to are: Experian Business, Business Credit USA, Dun & Bradstreet, and Equifax Business. If they report to anyone else then it will be based on your personal credit. Try your best to get a business card to ensure that you will build business credit.
The benefits of having a business credit card are not limited to initiating a business credit report. You will also be able to separate business and personal finances. It allows you to monitor your business purchases and keep a detailed record of everything buy on your credit card in your monthly statements. The biggest advantage will be apparent during tax time when you will not be bothered by sorting through the mess of mixing business and personal records.
The other things that you need to examine in a business credit card are similar to what you would look for in a personal credit card. It would be good to compare interest rates and fees. Consider how you should use your card and the benefits offered by the credit card company. It would be wise to shop around and look for the card that will suit your business.
Try to take advantage of the benefits that a business credit card can give you and your business. It makes it convenient to organize your finances and build a decent credit history for your business. To take full advantage of a business credit card, make sure that it is reporting to the business credit card agencies and is detached from your personal credit record. Try to find the best cards that matches your business and has good fees. Finding a good business credit card is in some ways similar to finding other types of credit card except it is exclusively meant for business purposes.
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting Business Credit Card
Tips For Obtaining A Business Credit Card
The first thing that most businessmen will do in establishing businesses credit is to obtain a business credit card. It is important to know that these credit cards are not the same with credit cards for personal use. These credit cards can often be more important than your personal credit, so knowing as much as you can about them is indispensable. It is also vital to know what you should look for in a business credit card.
The majority of cards offers you will receive will be based on your personal credit and just have your name on them. This denotes that your business name will be added to your personal credit report and this card will report to your personal credit. You will be unable to build credit for your business.
If you want to find out about the nature of the credit offers you are getting, you have to discover the credit agency they report to. The common business credit agencies that credit card offers report to are: Experian Business, Business Credit USA, Equifax Business, and Dun & Bradstreet. If they report to anyone else then it will be based on your personal credit. Try to ask them for a business card. This will enable you to build business credit.
Business credit card benefits are not limited to initiating a business credit report. You will also be able to separate personal and business finances. It allows you to monitor your business purchases and keep a detailed record of everything buy on your credit card in your monthly statements. The biggest advantage will be evident at tax time when you will not be bothered by sorting through the mess of mixing business and personal records.
The other things that you need to examine in a business credit card are similar to what you would look for in a personal credit card. It would be good to compare interest rates and fees. Consider how you should use your card and the benefits offered by the credit card company. It would be wise to shop around and look for the card that will suit your business.
Having a business credit card will be useful for you and your business. It allows you to organize your finances and build a decent credit history for your business. To take full advantage of a business credit card, make sure that it is reporting to the business credit card agencies and is detached from your personal credit record. Try to find the best cards that matches your business and has good fees. Finding a good business credit card is in some ways similar to finding other types of credit card except it is exclusively meant for business purposes.
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting Business Credit Card
Restore Your Credit For Free, It's Fast & Easy
Lately it is not uncommon for folks to have a few problems getting the bills paid on time, considering the loss of job and reduction in pay. Now that you are finally back on your feet you are wondering what you can do to repair the damage that your credit suffered.
You have got plenty of company. There are more than 30 million people in the United States with credit blemishes severe enough (and credit scores under 620) to make obtaining loans and credit cards with reasonable terms difficult.
Or maybe your credit is OK, but you would like to make it better. After all, the better your credit, the lower the interest rates on your on mortgages, car loans and credit cards.
Understanding Your Credit Score
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports, you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs. You can obtain your FICO credit scores, the ones lenders use, from MyFico.com. Or you can get Experian's "consumer education" version here. Once you know what your score is , let the restoration begin.
Now you are ready to take the steps to speedy credit repair:
1) Pay your credit cards down. Paying off your installment loans (mortgage, auto, student, etc.) can help your score, but typically not as dramatically as paying down -- or paying off -- revolving accounts like credit cards.
The credit-scoring formulas like to see a nice, big gap between the amount of credit you are using and your available credit limits. Getting your balances below 30% - 40% of the credit limit on each card can really help.
While most debt counselors recommend paying off the highest-rate card first, a better strategy here is to pay down the cards that are closest to their limits.
2) Use your cards lightly. Hefty balances can hurt your score, regardless of whether you pay your bill in full each month.
You typically can increase your score by limiting your charges to 30% or less of a card's limit. If you are having trouble keeping track, consider using a check register to track your spending, logging into your account.
3) Know your limits. Your score might be artificially depressed if your lender is showing a lower limit than you have actually got. Most credit-card issuers will quickly update this information if you ask.
If your issuer makes it a policy not to report consumers' limits, however -- as is the usual case with American Express cards and those issued by Capital One -- the bureaus typically use your highest balance as a proxy for your credit limit.
You could go on a wild spending spree to raise the limit, but a more sober solution would simply be to pay your balance down or off before your statement period closes. Check your last statement to see which day of the month that typically is, then go to the issuer's Web site about a week in advance of closing and pay off what you owe. It won't raise your reported limit, but it will widen the gap between that limit and your closing balance, which should boost your score.
4) Do not close out an old card. The older your credit history, the better. But if you stop using your oldest cards, the issuers may stop updating those accounts at the credit bureaus. The accounts will still appear, but they won't be given as much weight in the credit-scoring formula as your active accounts, said Craig Watts, an executive at Fair Isaac & Co., one of the leading credit scorers.
Begin to take small steps and watch you credit score increase rapidly.
Lisa Jefferson, Lending a hand to help others restore what has been damaged
Selecting the Most Attractive Credit Cards
The credit card has been actively promoted for the last decade and more. Promotions for credit cards have become commonplace all across Asia, from aggressive telemarketing to classy freebies being thrown at the prospective customer.
If you're a user in Asia, here are some tips you can take advantage of to make the most of your credit card experience. If you are not in Asia, perhaps there are some similarities in the use and administration of the cards business that will provide some insights into how to maximize your card usage.
When shopping for a card, there are several things you should look out for; the cost, the interest rate and the rewards, amongst others. The cost of the card refers to the annual fee or membership fee for the use of the card. Membership fees differ depending on the type of card applied for, ranging from the ordinary blue, green or silver cards, to more expensive gold and platinum cards. The difference is that more expensive cards come with more privileges, such as concierge services and priority golf for platinum cards.
In Asia, most banks and card companies give out cards for free for the first year, or even up to three years. If you would like to minimize the costs associated with the usage of a credit card, select one with a longer fee-free period. Otherwise, try out the more expensive cards and feel free to cancel the card after the fee-free period is over.
Interest rates on card unpaid balances do not differ much amongst different cards available today, generally ranging from 18% to 24% per annum. This refers to the interest you will have to pay if you do not pay your outstanding balances in full by the payment due date. Tied in with this is what is referred to as the interest-free period, the time between the purchase date and the date payment is due. For most card companies, the maximum interest free period ranges from 45 to 60 days, so you could buy something in the middle of June and not have to pay for the purchase till the end of July, interest free.
One thing to bear in mind is that if you roll over your balances, that is, if you do not make payments in full, the interest free period will no longer apply to subsequent purchases until the payment is made in full. From the example above, if you did not make full payment at the end of July, even purchases made at the early part of July would accrue interest at the stated rate. So if you're a person who rolls over your balances, it would make sense to pay attention to the payments made and not made, in order to avoid interest payments on new purchases.
Rewards and other benefits. As the cards market grows and saturation rate grows, competition amongst card companies has led to the development of intricate rewards programs with flashy products. In some markets, the cost of the card is tied to the rewards program; in Asia, this is not necessarily the case. In shopping for a card, look out for the rewards to spending ratio, that is, how much does the customer have to spend before being able to redeem a certain gift or voucher. You might also want to select the card, which gives added rewards points at selected merchants, or a card that gives double or triple the points. Being able to redeem shopping vouchers is almost the same as an outright discount on your purchase.
Hot tip. With a quickly saturating market, active promotion of cards comes in the form of telemarketing and road shows. Along with this is the offer of attractive freebies, such as dining vouchers, radios, sports bags and watches. Such offers might only be available at promotion booths or through telemarketers. If you can wait, do not apply for the card directly, but look out for such promotions to obtain your free gift.
With the above information, you are now equipped with the knowledge to make an informed decision about the most attractive card for your needs.
Michael Russell
Your independent guide to Credit Cards
Who is Eligible for a Bank Credit Card
Almost all the U.S. banks offer a good selection of credit card options. Before applying for a bank credit card, one must be sure to meet the eligibility criteria established by the bank. Even though the terms and conditions offered by each bank are different, the basic requirements to obtain a bank credit card are almost the same. To qualify, the person needs to be a permanent resident of the U.S. or a U.S. citizen, with a social security number. The minimum age requirement for applying for a bank credit card is eighteen years or more. Another criterion is to have a minimum gross annual income.
Even if the applicant meets the above-three core criteria, he must have a good credit history/credit report to get a bank credit card. The credit history can be obtained from national credit bureaus, which gather and sell credit information. If the report shows a history of financial troubles or delayed payments on previous credit cards, then there is an increased chance of becoming disqualified.
One of the easiest methods to establish a credit history is to apply for a small loan or a line of credit from any bank. For the applicants with bad or no credit, secured credit cards are issued by the banks, which help them to regain or rebuild their credit.
Bank credit cards with a low interest rate are available for students. To obtain these, the applicant must be a full-time or part-time student of an accredited two- or four-year college or university. Student bank credit cards enable them to start building a solid credit history.
Once the above eligibility criteria are met, the person can apply for a bank credit card. This is done by completing bank credit card applications, which require personal and financial information about the person. If the details mentioned are not accurate, the bank may refuse the credit card.
Bank Credit Cards provides detailed information on Bank Credit Cards, Bank Secured Credit Cards, Bank Student Credit Cards, No Bank Account Credit Cards and more. Bank Credit Cards is affiliated with Banking Services.
Obtaining a Bank Credit Card
A bank credit card is a financial tool that can act as a form of revolving credit. A consumer, who uses a bank credit card, must pay back the money after a period of time, along with some interest. Sometimes, the bank waives interest charges when the balance is paid completely each month.
Any U.S. citizen who is above eighteen years of age is eligible to obtain a bank credit card. Despite this, many banks issue bank credit card only after opening a bank account. The consumer needs to maintain a good credit history and his income must meet the bank's criteria.
Most of the U.S. banks verify the details written in the consumer's credit card application form before issuing the bank credit card. This is usually done by contacting the consumer in person or by telephone. Some banks even assign agencies to check the consumer's credit history. It is always advisable to have a copy of the credit report from any of the major national credit bureaus before applying for a bank credit card.
When the application is approved, the bank sends a Personal Identification Number (PIN) that serves as the key to obtain cash from an ATM. A PIN is a highly confidential number known only to the consumer; it is unique to every bank credit card. In most cases, the consumer can obtain a bank credit card within ten business days upon approval of the application.
With the advent of online banking, it is very easy to apply for credit cards online. It is a more secure method, as it protects the consumer's personal financial information. Some U.S. banks provide additional benefits such as insurance, credit card protection, rebates, and discounts along with the credit card.
Even when the consumer has bad or a damaged credit, it is possible to obtain a secured bank credit card; to do so, the consumer is required to open and maintain a savings account to act as collateral for the credit line.
Bank Credit Cards provides detailed information on Bank Credit Cards, Bank Secured Credit Cards, Bank Student Credit Cards, No Bank Account Credit Cards and more. Bank Credit Cards is affiliated with Banking Services.
Canceling a Bank Credit Card
Nowadays, the trend of making payments with bank credit cards is rapidly increasing. But having too many bank credit cards can create a negative impact on the credit score of the person. If a bank credit card is no longer in use, it is better to cancel it. When a bank credit card is lost or stolen, it is better to cancel the credit card in order to avoid fraudulent use of the card.
Before canceling a bank credit card, one should check whether any balance remains to be paid for the particular bank credit card. Notify the bank about canceling a bank credit card only after paying off the balance amount completely. Otherwise, some banks increase the interest rate if the cardholder tries to cancel while a balance still exists.
Canceling a bank credit card can be done either by sending a letter to the bank or notifying the bank of the cancellation by phone. The request letter should contain the name, address, and account number of the cardholder. Always keep a copy of this letter to avoid future problems. On accepting the request, the bank sends back a notice, either on the same day or the next day. The rewards on the credit card as well as bank machine access stops upon cancellation of a bank credit card. Moreover, the convenience checks issued by the bank are destroyed.
After canceling a bank credit card, the person must get a copy of the current credit report and make sure to verify the credit score. The cancellation of the credit card must be reported correctly in the credit report.
It is always advisable to keep the bank credit card when the person is planning to take a vehicle loan or mortgage. Canceling a large number of unused bank credit cards can also adversely affect the credit score.
Bank Credit Cards provides detailed information on Bank Credit Cards, Bank Secured Credit Cards, Bank Student Credit Cards, No Bank Account Credit Cards and more. Bank Credit Cards is affiliated with Banking Services.
Bank Credit Card Applications
Banks and their associates are now competing with one another to provide a quick and easy credit card application process. There are two common options for bank credit card applications - online format and paper copy format. Banks' disclosure statements provide all information regarding the costs and the terms of repayment.
By entering a few simple answers and providing financial details at a safe website, you can get a response to your application within a minute. An online application is the fastest and easiest way to receive credit cards. It is also one of the safest ways, as it protects personal financial details. There are a number of card types available. You can easily choose a card that matches your needs.
Banks' websites usually display a list of their credit card types, interest rates, special promotions and credit limits. Many of them indicate the level of credit you require. For instance, a credit card with a high limit may need good credit, but in case of a student card, past credit history is not required. Generally, a person who is 18 years of age or older can apply for a card with any U.S. bank.
Most bank applications accompany two statements: 'pre-selected' and 'pre-approved.'
In the case of 'pre-selected' statements, a person receives credit based on the details he provides on the application and depending on a succeeding credit report. In the case of 'pre-approved' statement, the person is granted credit just as he fills out the application and demands. But, he would not obtain as much credit as he desires.
Bank Credit Cards provides detailed information on Bank Credit Cards, Bank Secured Credit Cards, Bank Student Credit Cards, No Bank Account Credit Cards and more. Bank Credit Cards is affiliated with Banking Services.
Doing The Business With A Business Credit Card
Most people are used to making personal purchases with a credit card. It can help with money management and is useful for situations where you haven't got quite enough cash in hand. These are some of the same reasons why business owners should consider having credit cards for their businesses.
A business credit card can speed up the process of doing business. This applies to both online and offline transactions. It's a good way of paying for company purchases or making payments quickly.
Why Have A Business Credit Card?
Business credit card deals may be better than those available for personal credit cards. For example, there may be lower annual percentage rates (APRs), waiver of annual fees, higher credit limits and other incentives. Business credit cards also offer the same incentives as personal credit cards, such as balance transfer deals and 0% interest periods. And if you don't like the deal offered, it's always possible to negotiate.
Expense Tracking
Business credit cards are a good way of tracking expenses. This applies to both company expenses and the expenses incurred by employees on the company's behalf. They are also a good way of improving cash flow as business owners can pay for something today and have a grace period of up to 56 days before having to settle the bill.
Help For Employees
Employees can use business credit cards when travelling on company business to pay for flights and other travel, accommodation, eating out and entertaining. This means employees don't have to worry about finding money and being reimbursed. It also means that businesses can keep track of company expenses through itemised credit card statements. Businesses usually get a monthly statement where all such transactions are listed.
Choosing A Business Credit Card
When choosing a business credit card, it is best to pay attention to:
- The APR
- The credit limit
- The grace period
- Repayment options
- Annual fees
- Application fees
- Cash withdrawal fees
Since companies get monthly statements, they have to spend less time on administration. There's no longer any need to work out and check employees' expense claims, though some businesses may prefer to have that process as a backup.
Other Business Card Options
Business owners can also choose to have a business debit card. This means they can only spend what is in the business account. Another option is a business charge card. There is usually an annual fee for this and the balance has to be settled in full each month. Neither of these options is as flexible as a business credit card.
Some small businesses may start by financing their business with a personal credit card. However, this makes it more difficult to separate personal and business expenses. In addition, you will be personally liable for any spending on the personal credit card. A better option is to get a business bank loan or overdraft. This will offer better interest rates and will not endanger personal finances.
Joe Kenny writes for the Personal Loans Store, allowing visitors to compare loans and also information on business loans in the UK.
Visit Today: http://www.ukpersonalloanstore.co.uk
Tips To Improve Your Credit Rating
The day you open a bank account is a very significant day. It's the day you take your first steps towards financial responsibility. It's also the day that your credit report is created – and unlike your bank, your credit report will be with you for the rest of your life.
Your credit report consists of financial data stored with a credit reference agency. Equifax and Experian are the largest and best known. Your credit report will affect whether you can get loans, credit cards, mortgages and other financial products. It will affect credit in retail outlets as well. That's why it's very important to keep your credit report looking good. Here are some tips to help you get a good credit score.
Keep On Banking
Banking history is an important aspect of any credit report. It shows financial responsibility. Banks check your credit too, so if you have a cheque account, an approved overdraft, a savings account and a credit card from your bank, lenders will increase your credit score. What's more, the longer you stay with the same bank, the better that portion of the credit score gets.
It can be tempting to change bank accounts to take advantage of preferential interest rates or account incentives. The best approach is to keep and use your original bank account, even if you manage the bulk of your finances elsewhere.
Be Responsible
Responsibility comes in many forms. Credit checkers score older people more highly than young ones. They also score homeowners more highly than tenants. People who are living at home will not score well on this aspect of the credit file. Lenders are hoping to see the profile of a responsible citizen. Someone who owns a home is less likely to disappear and leave bad debt behind.
Another aspect of being responsible is being on the electoral roll. This means that your local authority has a record of where you live. It also makes it easier for lenders to look up your address details. If they can't find your address, they may hesitate before lending money.
Make sure you have a telephone at home. This is a sign that you have successfully passed a credit check and that you have paid your bills on time. Lenders will see this as another way of showing responsibility.
Manage Your Credit
Another key way to improve your credit rating is to get some credit. This can be a store card, credit card, loan or other form of credit. Whichever you choose, the trick is to manage it well. That means making payments on time and in full, no defaults, no arrears and definitely no CCJs. Managing existing credit well looks good on your credit report and makes you a good risk for further credit.
Good credit history, responsible banking and traceability will help to improve anyone's credit report. And if you have got bad credit there are still many loan and credit products available to you. If you manage those well, then you could be on your way to a better credit report.
Joseph Kenny writes for the Personal Loans Store which offers information on loans and more on how to improve your credit rating,
Visit Today: http://www.ukpersonalloanstore.co.uk
Cash Back Credit Cards: How to Make the Most of Your Money
Cash back credit cards are a big deal right now. Every major credit card company is pushing them hard, and you can stand to earn back a nice little chunk of change on your purchases. Below are some suggestions on how you can take advantage of these offers and get the most cash back from them.
So What’s the Catch?
So the idea of getting paid to spend money is a little counterintuitive, right? Most people think there is probably some catch, or a slew of fees and pages of “fine print.” A few years ago that might have been true; companies made these offers that were less than straightforward. But as competition increased and the concept gained momentum, these offers improved dramatically. As a consequence they are usually pretty straightforward, and not many will stick you with fees.
Pick a Card, Any Card…
If you are considering a cash back card you will need to know about the different options in order to find the right one. Many potential customers are either unsure or confused on how these little guys work. There is no single explanation, but because as the market has grown competitive, companies have introduced new exciting features. Here are the two basic ideas:
1. The General Cash Back Card - Your general cash back card is pretty straightforward. It is probably best for the person who has a broad and unpredictable spending pattern. Citi, Discover, and Chase all offer very nice packages for everyday spending. “Every day items” can earn you up to 5% back, where as other purchases will get you 1%. You will typically get your cash back at the end of an established cycle, or after you cross a value threshold.
2. Points Card – Point cards are a little tweak on the traditional cash back card. Purchases earn you points, sometimes more points if you spend with specific vendors. Amazon.com springs to mind, as does Overstock.com, and Universal Entertainment. Many points cards are targeted on specific purchases. Discover has a gas card, and the Chase 6 for 1 Flexible Rewards offers 6 points for every dollar of gas, groceries and drug stores.
Tips for Maximizing Your Rewards
There are some very simple common-sense-tips to drive up your cash back or point rewards. First and foremost, determine your spending pattern. If you are swamped with day-to-day household expenses you will definitely want to find a card tailored to that situation. Determining the nature of your spending habits can concentrate your rewards from what you are doing most, because there is probably a card that targets that market.
Make sure you read the fine print. Some points redemption cards are restricted to specific kinds of purchases. For instance, Blue by American Express limits your point redemption to retail shopping deals and entertainment packages. That’s great if it is up your alley, but look into the details to make sure you are getting what you expect.
Finally, create more opportunity to purchase. If you carry a balance from month-to-month you are limiting how much you can earn back from your card. If you have more capacity to buy, you have more capacity to earn cash or points rewards. Carrying a balance limits your available purchasing power. Also, by paying your card’s balance each month, you will see a credit line increase more quickly. This is the cash-back jackpot. Upping your limit, as with paying your balance, gives you more purchasing power, and thus more rewards. Start that cycle early, and watch your rewards pile up.
Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to http://www.credit-card-surplus.com
Please click here to find Cash Back Credit Cards.
Ed Vegliante runs the website http://www.Credit-Card-Surplus.com, a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. View more Credit Card Articles.
Credit Repair: 5 Tips To Successfully Getting Out Of The Hole
If credit repair is your need, there is no doubt that you are at the bottom of the hole. You know that you need help and your credit problems may even be taking control of your life. For that reason, it just makes sense to take today to get back on track. Unfortunately, credit report repair is not a simple solution and there is no magical way to make it all go away. If there was, wouldn’t everyone do it? Yet, you can take your credit problems and turn them around with some additional help.
Here are five tips that you can use today and into the next months to help you to get yourself out of credit card debt. Will you stay that way? Only you can make that decision.
1. Remove all credit cards from your daily spending habits. Instead, sit down and make out a budget for you and your family. Don’t cringe, but instead make it a family affair. Determine important expenses such as housing costs, utilities and necessities. Provide yourself with a bit of money to use as spending money for things that are not necessities. Whatever is left over in your budget should go to paying down credit cards.
2. Determine what you can cut back on. Credit repair means work and you will likely need to give up on some stuff so that you can improve your situation. Therefore, see if you can cut out any expenses such as that expensive coffee on the way to work or the movie tickets. Instead of buying books, borrow them from the library. Cutting back is essential to improving your credit report because, you need all the funds you can to pay down what you owe.
3. Determine which credit lines you have the highest interest payments on. Pay the minimum payments on credit cards each month, but pay the one with the highest interest rates anything extra that you can. You should also call on your creditors, tell them about your situation and ask them to lower your rate. Some credit repair will automatically happen as you pay down these amounts.
4. Pull your credit report for free one time per year. You are provided this as a service. If you want to know your credit score, you will need to pay for that service. Contrary to what you may believe, pulling your own report directly from the agencies does not harm your credit score. Make sure that everything on your credit report is accurate. Remove anything that is not.
5. Make credit repair your focus. You need to insure that each purchase you make is a wise one. Paying down your credit card will do something magical for you. You will be able to get back on track. As much as possible pay for the things you need and want with cash.
What is surprising will be the amount of money you can save yourself and actually have extra a month after you pay off credit debt.
Visit Credit and You.com to find out more about credit repair and what you can do starting today to begin repairing your credit.
Don't Let Bad Credit Stop You From Getting a Mortgage Loan
Best Mortgage Loan Rate
If you are looking for the best mortgage rates but don’t have much time to spare, use a mortgage broker to assist you in finding bad credit financing. Sometimes a broker can help you secure lower rates than the market rate and the most beneficial loan terms and conditions. When the time comes to apply for the loan, if you decide not to use the broker, it is still a very good place to start your search.
Mortgage Broker
The broker himself does not offer the actual finances, but they synchronize lenders with borrowers based on individual circumstances. The broker is paid when the loan is closed as a portion of the closing costs. Using online brokerage sites, you can often obtain several quotes within a matter of minutes. Then after making comparisons among offers, you can apply for the loan online.
Use Multiple Sources When Searching for a Loan
Remember the importance of shopping around. It is not wise to accept the terms and conditions of the first broker you encounter. Compare multiple quotes until you find the best offer for your financial situation. This is especially important for borrowers with poor credit, because if you rely on a single quote, it is very easy to get tangled up in a loan with high rates and fees. Use the information granted by the brokers so that you can make a smart decision.
Bad Credit Mortgage Sources
If your credit score is below 620, you will need a get a subprime or hard money loan (sub 520 credit score). These bad credit loans will carry less desirable rates and terms -- however, they are a welcome alternative to foreclosure or defaulting on your current loan. As with any type of loan, you should compare quotes and terms to insure that you are getting the most competitive deal available.
Gregrey Pashby is a writer and contributor for Bad Credit Lender who specialize in bad credit loans and hard money loan information. Bad Credit Lender provides poor credit mortgage refinance loans, bad credit home loans, and hard money loans. In addition, Greg is one of the main contributors to the Coastal La Jolla Funding -- A California Hard Money Lender and 1st Access Hard Money & Foreclosures.
The Delights And Dangers Of Credit Card Jumping
If you're thinking of becoming a credit card jumper, you need to be well informed. Here's what you need about how credit card jumping can work for you.
What Is Credit Card Jumping?
Credit card jumping is the practice of moving debt from credit card to credit card to take advantage of low or nil interest rates.
Who Offers Low Credit Card Interest Rates?
Just about every credit card company offers low introductory interest rates to attract new customers. Some offer permanently low rates, which is good news for anyone who has a debt at a higher interest rate. Others offer 0% on purchases, which means consumers can spend as usual without paying any interest. Finally, many credit card companies offer 0% interest on balance transfers. This is very attractive for credit card jumpers.
How Do I Transfer My Balance To A 0% Card?
It's simple. Just apply for a credit card as usual. Most credit card application have room for people to list the cards they want to transfer balances from and the amounts they want to transfer. In this case, the balances are transferred automatically when the account is opened. Other credit card companies allow customers to transfer balances after the account has been opened.
Are There Other Incentives For Getting A 0% Credit Card?
Most credit card companies offer other incentives to new cardholders. These include cardholder discounts on win, hotels or travel, travel insurance, money off vouchers and cash back offers. It is worth looking at the range of incentives before deciding on a card.
How Can I Be A Successful Credit Card Jumper?
To make a success of credit card jumping, there are two key things for consumers to do. The first is to make the required repayments on time. The second is to choose a new credit card and move the outstanding balance before the 0% interest rate expires.
What Are The Dangers Of Credit Card Jumping?
Credit card jumping only works if:
- People pay the required amount (the minimum repayment)
- People pay on time
- People move the money before the interest rate goes up.
Failure to do the first two could damage a person's credit rating. This would make it more difficult for that person to get another credit card. Failure to move the money on time means that the credit card holder will have to pay interest. Since the point of credit card jumping is to reduce debt, this is not a sensible strategy.
It is also best to avoid putting additional spending on the card, as the interest on spending might be different from the balance transfer rate. It is best to check the fine print first.
Some credit card companies now apply a balance transfer fee so that they make some money from credit card jumpers. It is worth shopping around to find the few that don't. Even with this fee, credit card jumping may be a useful strategy for people with a large debt.
Joe Kenny writes for the Card Guide, a UK credit cards site, apply for a 0% balance transfers to clear your credit card debt today.
Visit today: http://www.cardguide.co.uk/
Understanding The Importance Of Credit Reports
More and more companies are relying on credit reports to get a good idea of how responsible a person is or isn’t. Whether it’s a potential lender for a personal loan or the manager of an apartment complex, your credit report will tell them how many times you’ve been late on a payment, if you have any collection accounts, if you’ve filed bankruptcy and so on.
This information will then be used to determine whether or not you’ll be approved and if you have a low credit score, you’ll probably be asked to come up with a co-signer. Although your credit report isn’t always the only factor in making a credit approval decision, it does weigh heavily in the minds of most lenders.
If you’re applying for a job that would cause you to handle finances, don’t be surprised if your potential employer runs a credit check on you. It’s only understandable that they would want to see how your financial situation is and if you can be trusted in a position that requires you to deal with money.
Since your credit report comes into play in so many aspects of your life, it’s crucial you know what’s in it. Applying for a loan without any idea what your chances are for approval isn’t smart- but coming armed with the knowledge of the type of interest rates you should expect for your credit rating is.
You can obtain one free credit report per year, so take advantage of this offer. But don’t worry that by checking your credit report, your credit score will go down. Checking your credit report doesn’t hurt or help your credit score, it’s only when you continuously apply for lines of credit that your credit score can decrease.
As you’re probably beginning to understand, dealing with credit takes discipline and it’s fairly easy to figure out how it works. Simply put, if you pay your bills on time and don’t max out your credit card without the means to pay it off, your credit report should turn out positive. If you are constantly paying your bills late and have a high balance in comparison to your available credit, your credit report is probably going to be negative.
It’s not complicated to understand how it all works, but it can be difficult to resist the temptation to live beyond your means. Fancy cars, expensive technology and the latest wardrobes can often convince us to spend more than we should, but now that you know just how often your credit score is going to affect you, you should think twice before whipping out the plastic.
Visit Credit and You for more information on credit reports and what to do strating today to correct negative information in your credit report.
Don't Let Bad Credit Stop You From Getting a Mortgage Loan
Best Mortgage Loan Rate
If you are looking for the best mortgage rates but don’t have much time to spare, use a mortgage broker to assist you in finding bad credit financing. Sometimes a broker can help you secure lower rates than the market rate and the most beneficial loan terms and conditions. When the time comes to apply for the loan, if you decide not to use the broker, it is still a very good place to start your search.
Mortgage Broker
The broker himself does not offer the actual finances, but they synchronize lenders with borrowers based on individual circumstances. The broker is paid when the loan is closed as a portion of the closing costs. Using online brokerage sites, you can often obtain several quotes within a matter of minutes. Then after making comparisons among offers, you can apply for the loan online.
Use Multiple Sources When Searching for a Loan
Remember the importance of shopping around. It is not wise to accept the terms and conditions of the first broker you encounter. Compare multiple quotes until you find the best offer for your financial situation. This is especially important for borrowers with poor credit, because if you rely on a single quote, it is very easy to get tangled up in a loan with high rates and fees. Use the information granted by the brokers so that you can make a smart decision.
Bad Credit Mortgage Sources
If your credit score is below 620, you will need a get a subprime or hard money loan (sub 520 credit score). These bad credit loans will carry less desirable rates and terms -- however, they are a welcome alternative to foreclosure or defaulting on your current loan. As with any type of loan, you should compare quotes and terms to insure that you are getting the most competitive deal available.
Gregrey Pashby is a writer and contributor for Bad Credit Lender who specialize in bad credit loans and hard money loan information. Bad Credit Lender provides poor credit mortgage refinance loans, bad credit home loans, and hard money loans. In addition, Greg is one of the main contributors to the Coastal La Jolla Funding -- A California Hard Money Lender and 1st Access Hard Money & Foreclosures.
Credit Cards And Their Rewards
A lot of credit card companies offer incentives to people with large debts. These include 0% balance transfers, 0% purchase rates and long term low interest rates on balance transfers. But people who clear their balances regularly do not benefit from these rewards. After all, if they pay off their balances each month, they are not paying interest anyway. So how can these people gain something from using their credit cards? The answer lies in credit card reward schemes.
What Are Credit Card Reward Schemes?
Credit card reward schemes are schemes that offer bonuses or incentives to people when they spend on their credit card. These schemes are usually linked to the amount spent, so this is a good option for people who put their monthly spending on their credit cards. There are a number of credit card reward schemes to choose from.
Earning Nectar Points With Your Credit Card
One of the best known reward schemes is the Nectar points scheme. This started as a loyalty card scheme, with Sainsburys, Debenhams and BP as the principal players. There are now a number of retailers who accept and issue Nectar points. There is also a branded Nectar credit card (run by American Express) which allows card holders to earn Nectar points when shopping for a range of goods with the credit card. Card holders who also have a Nectar loyalty card can earn up to 4 points for every pound spent. These points can then be used for shopping, entertainment, travel and more.
Other Credit Card Points Schemes
Many other credit card companies also offer their own proprietary points schemes. Again, these allow card holders to collect a set number of points for every pound spent. These points can then be used to claim discounts on food, wine and travel; travel insurance; clothing; high street discount vouchers; or exchanged for cash. Many credit card companies also give cash back rewards. These consist of a rebate of a certain percentage of the amount spent on a credit card per month or year. There is usually a cap on the amount of the rebate.
Reward Yourself For Travelling
Another common points scheme is the air miles scheme. This allows card holders to earn a set number of miles linked to the amount they spend on the credit card. Card holders can have separate air miles accounts or can gain more benefit by applying for one of the many credit cards that offer air miles as their reward. With air miles credit cards, credit card holders can also benefit from balance transfer rates and other incentives. Many air miles credit cards also offer additional discounts or upgrades on travel products.
Other Credit Card Reward Schemes
In addition to these credit card reward schemes, there are credit cards that offer specific incentives to consumers. These include earning money to help with the purchase of a car. Credit card holders can also consider using their credit cards to give to charity. There are a number of charity credit card schemes backed by major banks.
Joe Kenny writes for the Card Guide, a UK credit card site, apply for a 0% balance transfer credit cards to clear your credit card debt today.
Visit today: http://www.cardguide.co.uk/
Credit Card Tactics: Making Free Money From Balance Transfer Offers - Part I
Many smart folks save money by taking advantage of credit card companies balance transfer offers. With balance transfers, a card holder is looking to transfer a credit card balance with a high interest rate to another card that offers a juicy low interest rate or, in many cases, a 0% annual percentage rate during the promotional rate period. Before the teaser rate expires, our card holder pays off the balance transfer amount and saves money on the interest he or she would have paid on the old high interest rate card. But there are some very savvy credit card holders who have taken this practice to another level. They have figured out how to make a profit using the credit card company's money every time they do a 0% APR balance transfer. If done right, balance transfer arbitrage amounts to free money from something you would have to do in the first place - pay your credit card bill.
How It Works
If the balance transfer offer is a good one, Mr. or Ms. Smart Card Holder has the credit card company issue a check payable to them instead of immediately paying off the old credit card balance The card holder then deposits the money into a high yield savings account or a high yield money market account. Using the credit card company's money, our credit card holder makes the minimum credit card payment due. Prior to the expiration of the low rate offer, the person pays off the new credit card balance with the funds on deposit in the high yield savings account or money market account and keeps the interest earned on the entire amount deposited. The profit is the spread between the interest earned on the balance transfer amount in the high yield savings or money market account and the payoff amount less the fees, if any, on the balance transfer. What if you don't have a balance on your credit card? If you have a car loan, student loan, personal loan or home equity line of credit, you may be able to transfer the balance to your
new credit card. Even if you have no debt at all, you can still make money from this credit card tactic. Let's say you were able to borrow $25,000 at 0% APR for a year and CitiBank is paying you 5% interest for the year on that $25,000, that's $1,250 for the year. Its not enough to make you rich, but its nothing to sneeze at either.
Learn The Game Before You Leap
Now before you start sifting through credit card solicitations in the junk mail or google "balance transfer offers", you really need to know the game. The first thing you need to understand is that balance transfer arbitrage is not for everyone. There are pitfalls to this credit card strategy and if you are not careful, it can backfire on you. If you have a negative credit history, if you are the type who "forgets" to pay their bills on time, if you shopping for a mortgage or an auto loan, you may need to take a pass on this strategy. Also, this may not be for you if you regularly carry a balance on your credit cards. Forget about the marketing piece you received in the mail or reviewed online. The meat, what you really need to know about the offer, can be found in the terms & conditions - only through a thorough analysis of the terms & conditions can you determine whether or not a balance transfer offer is a good deal.
In Part II of this article, we will detail what you need to look at in evaluating balance transfer offers.
Ray Harris writes articles on credit, investments and personal finance. He is the webmaster of a website that provides information on a variety of credit card offers, including balance transfer offers.
All rights reserved. This article may be reprinted provided it remains as is and all links remains intact.
Easy Ways To Obtain Credit Cards Even With No Credit History
Did you know that besides bad credit, a no credit history could also hurt you when the time comes for you to apply for a loan or a credit card? Surprising, isn’t it? This may seem unfair or unreasonable from your point of view. However, look at it from the perspective of the moneylenders. It would be a little scary to open an account for a person who has no credit history. Without a credit history, lenders and credit card companies are not able to judge your reliability to make payments on time.
What are you supposed to do, then, when you can't build a credit history when credit card companies won't approve your credit card application in order to build a credit history? There's actually a few ways people with no credit history build one.
Credit Card Options Available to You
You might not be able to get a credit card without a credit history from the bigger card companies, but you would be able to obtain one from the smaller companies, such as department stores or gas stations that offer a line of credit. Whichever one you choose, make sure that you pay on time because you want to build a good credit history to demonstrate to bigger credit card companies that you are a credible card user.
You could also try a credit card company that is willing to look at you entire financial situation instead of your credit history. Things they will review are your employment history, housing situation and the number of times you have moved. If a company gives a favorable review of your financial situation, you might get your credit card application approved. Again, use your newly acquired credit card wisely.
Credit Cards from Credit Unions
If you are eligible for membership or already a member of a credit card union, look at their policy for issuing credit cards. Although credit unions tend to be selective when issuing credit cards to members, they usually have less stringent terms. Because credit unions don't require you to be with a specific company in order to become their member, it's a good idea to check them out if one exists near where you live.
Secured Credit Cards from Lenders
A lender would generally give you a line of credit that is equal to or a tad bit higher than the cash you deposit with them. This type of credit is called a secured credit card. As you use your secured credit card and make payments on it regularly, your lender may increase your limit without the need to add cash to your deposit. You can eventually apply for an unsecured credit card from bigger credit card companies because you would have established a credit history with your secured credit card.
Student Credit Cards for Establishing Credit History
If you are a student, you can avail of a student credit card. Having a student credit card is a good way for you to build a credit history. By the time you graduate and enter the real world, you will have an established credit history and it will be much easier for you to get approved for major credit cards. Check the banks near your college or university. Most of these banks are willing to issue credit cards to college students. Once again, always remember to use your student credit card sensibly.
Whichever option you take, keep in mind that you are trying to build not just a credit history, but a good credit history. Whether it's a department-sponsored credit card, a credit card issued by your credit union, a secured credit card or a student credit card, show future lenders and credit card companies that you are a reliable credit card user, not a financial risk to them. Use your card wisely, pay bills on time and avoid making outrageous purchases. By learning how to use these cards properly and wisely, you will become a good credit card holder.
Find more valuable and helpful advice on instant approval credit cards and tips on obtaining credit cards with bad credit at BestOnlineCreditCardOffers.com located at http://www.bestonlinecreditcardoffers.com
