Credit Card Quick

Your Guide to Securing a Business Credit Card with a Low Interest Rate

Choosing Credit Card

If you own a small business then you are certainly aware of the advantages of having a small business credit card. In particular, you enjoy the low interest rates and the high credit limits that usually go along with owning a small business credit card.

However, there are certain steps you can take to ensure that you’re receiving the best, possible terms for your business credit card. How can you make sure you are getting the best interest rate with your business credit card?

• Get quotes from several different credit card companies. Don’t assume that all business credit cards carry the same APRs and fees; in fact, there are a wide range of fees that come with business credit cards, so begin your search for a business credit card by getting quotes from several different companies.
• Use the power of negotiation. If you find a business credit card that suits your business needs, but it doesn’t have the lowest APR when compared to other credit cards, you can always contact the credit card company and ask them to lower the APR; often times, credit card companies will comply with your request because they want your business. Make sure to come to the negotiation table with several other quotes from other credit card companies so you have some ammunition when negotiating.
• Consider a secured business credit card. Many times, businesses only look to unsecured credit cards; however, many secured credit cards can offer lower interest rates. If you have collateral, you may want to consider having a secured credit card. However, keep in mind that you will ultimately be responsible for your credit card bills with a secured credit card.
• Establish credit with one company and then ask for a decrease in your APR once you have a proven credit history with them. More often that not, credit card companies will want to keep your business if you have proven yourself to be a good customer, so use this to your advantage and ask for a lower APR.

Credit Cards: Your Best Bet for a Personal Loan

Credit Card Debt

Personal loans are often a convenient means for getting fast cash for a variety of expenses and purchases. A personal loan can best be described as any unsecured loan that does not have collateral attached to it. Because of this, personal loans often come with higher APRs than other types of loans, like automobile or home loans, for example.

Although you can expect a personal loan to have a higher APR than a secured loan, you still can find plenty of good rates. To get a personal loan, you must first consider where to look. Although you can certainly head to your bank for a personal loan, many individuals are instead turning to their credit cards for personal loans.

The Convenience of Credit Card Personal Loans

Personal loans through your credit card are often rather convenient, as they are typically easy to get because you are already an established customer. Unlike traditional credit card purchases, a credit card personal loan will provide you with a set period of repayment and set repayment terms.

You may also want to use a credit card for a personal loan for a number of reasons, such as a vehicle purchase, a vacation or home improvements. Personal loans, because they are unsecured, can be used for nearly anything at all, including debt consolidation and college expenses, just to name a few.

Learning about your Personal Loan Options

If you need a personal loan, consider contacting your current credit card company and asking them about their personal loan options. If they don’t have personal loans available, you may want to consider using one of the convenience checks that often come with your credit card bill. Convenience checks are, in fact, quite convenient because they allow you to write the check for whatever you desire; you may even want to write the check to yourself and deposit it into your bank account so that available cash to meet your financial needs.

If you have high interest rate debts to pay off or you simply want to finally finish the backyard deck you’ve been dreaming of, consider the many advantages of taking out a personal loan through your credit card.

Calculations: Breaking Down Your Credit Card APR

Introduction

When you have a credit card, you know that you are going to pay a certain amount in interest every year, This equates to some percentage of your credit card balance. It can be fairly low (9%-12%) for those with excellent credit or mid to high (13%-23% or more) for others. Everyone knows that carrying a balance on your credit card, combined with the APR can really add up. However, do you know how to break it all down and find out exactly what you are paying over a shorter period of time?

Calculating Your APR

Under the Truth in Lending Act, your credit card company is required to inform you of the APR that you are paying by ensuring that the rate is visible on your bill. Unfortunately, they are only required to tell you the yearly rate. They do not have to break it down for you into monthly and daily rates. No problem. You can still figure this one out on your own.

Look at your billing statement. Your credit card company either lists your finance charges at a monthly or daily rate, also called a periodic rate. To calculate your monthly rate, multiply your interest by 12. Then, to determine your monthly finance charge, take your average daily balance and multiply it by the monthly rate. If your company is in the habit of conveying your charges as a daily rate, you will need to divide your APR by the number of days in the year.

Something to Keep in Mind

Your APR is, by no means, set in stone. You might have an introductory APR that lasts a certain term or your credit card company might change your rate at their discretion. Credit card companies can change their policies, with or without reason. All they have to do is give you some short notice that the change is coming. Sometimes, it is as simple as the company trying to rescue themselves from the bad customers they have encountered, raising good customers’ rates to make up the difference. Often, however, it is because of your own situation.

If you think the credit card company is not watching you, think again. Just because you pay your credit card balance on time does not mean a thing. credit card companies periodically check customer credit reports. If you have had any difficulties in some other financial area, they will find out. The red flag goes up and now you are a high risk customer, causing your rates to soar. Fair? No, not really. Reality? Yep.

The best way to protect yourself is to pay all of your bills on time each and every month, so as to have nothing negative reflected in credit report. If you find yourself in difficulty, contact your creditors beforehand to see if you can work out a deal. Often, this will result in cooperation and will leave the difficulties unreflected on your credit report.

Your Guide to Getting the Best Credit Card in your Wallet

Choosing Credit Card

If you’re like most credit card holders, your goal is to get a credit card with the lowest interest rate and the most perks. However, how do you begin to find the perfect credit card?

Well, it is best to start your search online, as many websites will compare credit cards, side by side, according to their APR, annual fee, terms and conditions, and perks. This will give you a broader picture of what types of credit cards may be available to you and what you can expect in terms of APR and promotional rates.

However, beyond that, here are some tips that will help you score the credit card that best fits your lifestyle and your budget:

• Chuck the annual fees – There is simply no reason to pay an annual fee for a credit card anymore, unless of course you are involved in an advantageous rewards program. But for most credit card holders, it just doesn’t make sense to fork over an annual fee for a credit card.
• Think “fixed” in terms of interest rates – You may find a credit card with a fantastic, variable interest rate, but beware that this interest rate can shoot up at any given time. The new credit card legislation has clear boundaries for creditors when it comes to raising interest rates on fixed-rate cards, but variable-rate cards are still fair game. No matter how attractive the offer seems for a variable rate credit card, your best bet is to find a card with a low, fixed interest rate.
• Don’t get pulled in by an attractive introductory rate – Introductory rates, which are often as low as 0 percent, may seem like a great deal. However, introductory rates are just that – introductory – which means that after the introductory period has ended your interest rate can shoot up to very high levels.
• Pass up rewards programs (most of the time) – For the average credit card user, rewards programs are just not beneficial. However, if you are a big spender, and you pay off your card in full each month, a rewards credit card may be worth it.

Hidden Credit Card Perks

Credit Card Rewards

Some people may be well aware of all the perks their credit card offers; others might think they have a decent interest rate and a little bit of reward coming to them and that’s it. However, credit cards often offer more than just convenience with a little reward. Here’s a few things to know about often hidden perks:

Roadside Assistance

Car break down? Got a flat? Stuck in the middle of nowhere? Call your credit card’s customer service line and they’ll send a tow-truck out to help. Even if you’re locked out of your car, they can get someone there to help you. Often, this perk will save you some money on the service itself, as much as $50 to $100, simply for using the credit card company’s referral service. This is not true of all cards though. Sometimes, you might simply end up with a referral and no savings. Still, it’s a good perk to have when you’re stuck out on the road and need a little help.

Price Protection

Buy something for full retail price only to find a great deal of savings on the same item within 60 days of the initial purchase? No problem. The credit card company will refund the difference. Credit card companies do set a limit on this, but it is typically reasonable, about $250. Of course, there is a yearly limit, but you are not going to frequently be buying things and finding huge savings after. There are some excluded items and excluded sales and you will need to be willing and able to produce both the original receipt and a printed (non-internet) sales ad that shows the difference in price.

Get Cash Without an ATM

No ATM? No time to find one? Just don’t want the fees? Some credit cards will work like a debit card, allowing you to ask for so much cash back, depending on both your credit card and the store’s limits. It is not a cash advance, so you avoid the fees for that, but are still subject to the APR, as it is considered a purchase. It is a great and convenient perk, however, only available with certain cards and at certain merchants.

There are tons of other excellent credit card perks, both hidden and well-known. These are some of the best little known perks. Hope they give you some added leverage and insight into just what your credit card can do for you.

Making Your APR Work for You

Introduction

There is no doubt that one of the most complicated and frustrating aspects of having a credit card is the annual percentage rate (APR). Some people don’t quite understand that the APR is simply the calculation of the interest on your credit card at a yearly rate. Once you know that, it makes things a little easier to understand. However, don’t be fooled. It is so easy to get in over your head! Interest rates can add up quickly, so spending wisely is always advised.

Interest Rates

Depending on your credit score, your interest rate can range anywhere from 11.99% to just above 23%. There is a big difference there, and the higher the interest, the more it’s going to cost you. Interest does add up, so spending frivolously can easily wind up costing you way more in the long run. In a nutshell, you don’t want to still be paying for something you bought a year from now because of interest rates.

Some credit cards can be so alluring, offering an introductory APR 0%. However, this rate will change within 6-12 months, so if you are unprepared, the hike in your credit card bill might catch you of guard. Interest rates can be either fixed or flexible. If you’re on a budget or don’t particularly care for surprises in your credit card bill, it might be wise for you to choose a card with a fixed-rate APR. However, whether your interest rate is fixed or flexible, you still need to be in the know about what you are being charged. Check the terms and conditions on your card. You might have an interest rate that is set on standard  purchases, however, if you get a cash advance or use another feature of your card, the interest rate is most likely to vary per feature.

How to Make Your APR Work to Benefit You

Having a credit card can be very beneficial, and in an ideal world, we would be able to find the perfect card; one that let’s us set our own limits, choose our own APR, etc. However, we live in the real world, knowing this is not likely to happen.

While it would be nice to have a low APR, few of us will get a rate that is truly minimal. Even the slightest blemish on your credit report can affect your interest rate when getting approved for a credit card. Still, even if you can’t have the perfect APR, you can still make it work for you.

Key Factors

One of the most important keys with credit card interest can not be emphasized enough. Spending. Watch your spending closely. That interest can add up quickly and you’re the one who is going to have to pay the bill.

Another important factor is how much you pay on your bill every month. If you can, it is always best to pay off the balance with each billing cycle. Unfortunately, this won’t always be possible for everyone. Still, don’t just pay the minimum balance. Sure, it is an option, and an enticing one at that, especially when your cash is tight. Nevertheless, if you only pay the minimum balance every month, you’re really getting nowhere, and the bill will just keep adding up. The more you can pay on it every month, the less interest you will pay in the long run. So, pay the maximum you can afford, as opposed to the minimum balance due. You’ll thank yourself later on.

If you are forced to only pay the minimum once in a while, curb that spending until you are back on track. If you pay the minimum, but keep spending as usual, your debt is only going to increase.

If you follow these guidelines and pay close attention to your credit card use, you’ll see that credit card Credit card APR does not have to be intimidating, and your debt can be minimized by making your APR work to befit you.

Which Credit Card is Right for You?

Choosing Credit Card

Once upon a time, credit cards were simple. A plastic card that allowed you to “charge it,” pay off the debt later with a few added fees, and that was that. Our fast paced world thrives on technology and options. Many cards now come with features and perks that make them more enticing to the consumer. Credit cards have become a competitive market where the idea is to gain and keep the customer through great rates, reward programs and more. However, it’s still up to the consumer to decide which credit card fits both their needs and wants. So, exactly what kind of options do you have?

There is, of course, the most common option of the standard credit card. These are unsecured cards offered by most any bank or financial company that issues credit cards. The APR on these varies from issuer to issuer. Standard credit cards include balance transfer cards, which allow the cardholder to transfer the balance owed on a high interest card onto a lower interest card. Another type of standard credit card is the low-interest rate card. This might be a card that offers a lower introductory rate and then increase after a period of time or a low fixed-rate APR.

Credit Cards with Incentives

Many credit cards these days offer perks and rewards just for using them. If you frequently use your credit card, this might be the best option for you. By simply using your card for purchases, travel, etc. and keeping your balance paid,  you can earn rewards, points and even cash to use for future purchases and other things. Talk about customer appreciation! It’s really a nice perk for credit card holders.

There are several different kinds of rewards programs, so you will want to explore the options and decide which suits you most. Cash Back credit cards reward you by allowing you to earn cash on eligible purchases. Everyone loves cash, so this is a popular incentive. These cards only offer a small percentage back on purchases and may take time to add up. They also typically have an annual fee of $50 to $100. However, if your faithful about paying your balance and using your card, it can be well worth it. Some credit card companies are also offering a similar incentive with their savings account program. They will deposit so much per transaction into a high yield savings account.

Points cards offer the cardholder a chance to earn points on their purchases. After accumulating so many points, they can be redeemed for specific items. The promotions and conditions are subject to change, so be sure to stay up-to-date on the fine print. some of these cards will have an annual fee, while others do not. There are also specific points, rebate and rewards programs for travel such as airfare (frequent flier programs) and hotels, retailers, and gasoline purchases. There are other points programs out there, but these are among the most common and most popular offerings.

Credit Cards To Repair Your Credit?

Yes, there are also credit cards made for those with bad credit and in need of credit repair. Some of the best options among these are secured credit cards, which usually require an application fee, an initial deposit equal to or greater than the credit on the card, and a low credit limit. These will allow you to use the card and make payments, helping to repair your credit rating. Another good option is a pre-paid credit card. It’s a lot like a gift card or a debit card, however, you can use it anywhere and don;t run the risk of going over your limit or going into debt because you load the money onto it and you control the spending.

There are also credit cards geared toward businesses and students, so if you fit the bill, you might look into these options.

A credit card can be a great asset to have, however, terms, conditions and rates will vary between card companies, so be sure to read the fine print so you will know what you’re getting and what to expect.

Your Rights under the CARD Act if you Carry a Balance

Introduction

Many of us carry a balance on our credit cards from month to month; in fact, statistics show that about 46 percent of all American families roll their balances over each month. If you’re one of those individuals, consider yourself lucky to be protected under the CARD act currently in place by Congress.

In fact, some of the provisions of these new credit card laws could very well be speaking directly to you, particularly if you find yourself carrying over your balances from month to month.

Here’s how the new CARD act may affect you and your credit card balances:

• Rate Freeze on New Accounts – The new legislation states that creditors must not change a cardholder’s interest rate during the first year of opening the account. That’s great news for the many cardholders who found credit card companies raising the interest rates on their credit card mere months into their new account. However, there are some exceptions to this rule: expiration of a promotional rate; variable APRs; or payments that fall 60 days past due. The creditors, in these three circumstances, have the legal right to change your credit card’s interest rate.
• Reward for Responsible Behavior – If you find yourself on the receiving end of a rate increase because you fell at least 60 days behind on your credit card payment, you may still be in luck. Although the credit card company has the legal right to raise your interest rate due to nonpayment, they must reinstate your original credit card interest rate if you make all required payments during a six-month period.
• Protection on Existing Balances – Although credit card companies are permitted to increase your card’s interest rate after a year of opening a new account, they are not permitted to apply the new, higher interest rate to your current balance. Only those purchases made after the rate hike can fall under the new interest rate.
• Payments to Higher Interest Rate Balances First – If you have a credit card that has different interest rate for different purchases, the credit card company must apply all of your payment (beyond the minimum payment) to your balance with the highest interest rate first, thereby enabling you to save big on finance charges.

How to Avoid the Pitfalls of Credit Card Debt

Credit Card Debt

Think of your credit card as an opportunity to prove your credit worthiness. Your credit card is your chance to build a strong credit history so that you can enjoy all of the benefits that come with a strong credit score.

Here are some tips for preventing the pitfalls of credit cards that so many consumers have found themselves in:

• Find the credit card that is right for you – Instead of choosing a card because of rewards or introductory rates, concentrate on the basics of the credit card, including the APR and the annual fee. Your ability to build a strong credit history relies on your ability to pay your card on time and pay it off in a reasonable amount of time. It is therefore imperative that you find a card with only the most competitive rate and terms.
• Understand your card’s terms and conditions – Your card’s terms and conditions are likely to change because of the new credit card legislation, so it is more important than ever to pay close attention to any and all changes relating to your credit card’s terms and conditions. It is ultimately up to you to understand your credit card and all of the rules and regulations that go along with it.
• Know your credit card’s APR and pay close attention to any changes –Always pay close attention to your credit card’s APR. In fact, it is a good idea to take note of the APR every time you receive your credit card statement. Although credit card companies must provide you with at least a 45 day notice of any changes to your card’s APR, you may miss this disclosure. It is therefore always a good idea to take note of your card’s APR.
• If your card isn’t working for you, don’t be reluctant to find another card that will work for you. You must remain in charge of your financial well being, and that includes taking charge of your credit card. If you don’t feel as if your credit card is giving you the most competitive rate and terms, then by all means find another card that will.

Smart Credit Card Spending: your Guide to Responsible Credit Card Use

Introduction

Credit card spending in the United States has changed significantly over the last couple years. In particular, credit card consumers have developed a whole new appreciation for the use of credit cards and how they can both positively and negatively affect their credit.

This new level of thinking when it comes to credit card spending has come at a high cost: credit card companies are now incredibly picky about who they will lend credit to, and unless you have superior credit, you will likely be paying far more in interest than you did just a few years ago.

However, credit cards still remain a highly attractive financial tool for most American consumers; we just all have to make a concerted effort to establish a respect and understanding of them. Here’s how:

• Pay close attention to the credit card’s terms and conditions – Don’t ignore the APR, the credit limit or the grace period on the card, as all of these terms could have an impact on your credit and your credit card balance. You owe it yourself, your finances and your credit to remain an educated credit card consumer because, in the end, only you are responsible for your credit score and your credit card balances.
• Become a smart spender – Credit card debt is a sneaky little bugger, as it can often creep up on us when we are least expecting it. Decide what type of spender you are, and remove your credit cards from your wallet if impulse spending is your problem. Stop and ask yourself if you really need your purchase each and every time you charge on your credit card; this simple step can prevent your credit card balances from ballooning out of control.
• Choose the credit card that fits your lifestyle and your budget – Even with credit card industry lending standards still tight, you can snag a great credit card if your credit score is strong. However, it is important to assess your spending habits, your budget and your needs when deciding which type of credit card is right for you. Not all credit cards are created equal, so take the time to choose the card that will work best for you.