What Your Mama Never Told You About Business Credit Cards

What Your Mama Never Told You About Business Credit Cards
by Bidhi mathur
You may have watched your mama use a credit card many times at the grocery store, at the mall, or paying for gas at the local convenient store. But, did she ever explain to you the difference between a personal credit card and a business credit card or anything at all about a business credit card?

To begin with, you can use your business credit for any business purchase that accepts credit cards just like a personal credit card. So, they are the same in the way that you can purchase items. But, a business credit card is issued based on the company’s credit rating instead of your own personal credit rating. Business credit cards also have different spending controls such as restricting the usage for different types of trade categories or even cash withdraws from an ATM machine.

A business credit card also comes with management information and reporting services to help you run your business effectively and also know where the money is being spent.

Many business credit cards also have some other great features that personal credit cards holders do not get the benefit of which includes insurance and discounts that are relevant to your business.

There are also more benefits when using a business credit card that a personal credit card does not give to their bearers. They not only benefit the company itself, but also the card holder. These benefits include, a business credit card is safer to carry than cash, are cheaper than making bank transfers or sending checks, allows the company to control the spending of each cardholder, and can also consolidate payments. When you think of these benefits, you will realize that a business credit card can save your company money and give your employees that need the money to function better in their roles as partners, sales persons or just spokes persons for your company.

For management, a business credit card will give you more information so you can analyze the way your company spends money, help with budgeting, help identify savings opportunities, and even negotiate better rates with your suppliers, while helping you enforce your business outgoing funds and your preferred supplier policies.

There are many ways in which a business credit card holder can use their credit card. For traveling, a business credit card can be used at hotels, restaurants, car rental agencies, train stations, airlines, travel agency charges, foreign currency and travelers checks. For driving, a business credit card can be used for fuel, servicing, repairs, congestion charges and fines. For telephony a business credit card can be used for mobile phones, and business telephone bills and calling cards. Around the office a business credit card can be used to purchase stationary and office supplies, including office or business equipment. Retail business purchases can also be made with a business credit including not only local retail stores, but also mail order, telephone and internet purchases. You can even receive cash withdraws through your bank or ATM machine if authorized by the company.
About the Author
Nidhi mathur writes for What Your Mama Never Told You About Business Credit Cards

Small Business Credit Cards

Small Business Credit Cards

By: Rob Mellor

So what do you look for when applying for a credit card for your small business? One thing is for sure, wasting money isn’t an option because it can make or break your business. Things to look for are low interest rates and good customer service.

Ask around for companies with good customer friendly service. Some will let you off late payments time after time while others will come down like a ton of bricks. You need them to be flexible as you never know when you may run into problems.

Make sure you don’t go with one because of a low introductory offer. You want a long term one as you may not have time every six months to be jumping from one to another. Before signing up for one read the small print, remember it could save your business.

Look out for special bonuses companies offer. Some times companies such as Visa or American Express join with other companies to save you money on anything from shipping or office supplies.

Here are two small business credit card options but look around for more and weigh up the benefits for each one.

American Express Business Gold Card

* No annual fee for the first year,
* No pre-set spending limit
* Save at known brands, such as Staples, FedEx and Hertz
* When you enroll in the Membership Rewards program, you earn points virtually every time you use your eligible, enrolled Business Card.
* Online Account Management
* Car Rental Loss and Damage Insurance

CitiBusiness® Platinum Select® Card

The CitiBusiness® Platinum Select® Card is the card built for small businesses and includes:

* A generous credit line
* Low rate on purchases
* Additional cards for employees
* Free quarterly and annual account summaries
* Free 'Ask the Experts' service
* Free 24/7 Concierge Service

A great place to find out more about credit cards is the internet, One useful site is: http://www.credit-card-index.com http://www.credit-card-index.com/visa-small-business-credit-card.html

About the Author

Rob Mellor is the webmaster of http://www.credit-card-index.com where you can find other articles and info on credit cards.

Source: www.isnare.com

Save Money With A Balance Transfer Credit Card

Save Money With A Balance Transfer Credit Card

By: Nick Davis

It is estimated that about a third of people fail to pay off their credit or store card balances in full every month, and therefore pay interest on the balance. If that applies to you, the chances are you could save money by applying for a new credit card which offers zero (or low) interest balance transfers.

The way this works is that you take out a new credit card offering such a deal and immediately ask them to pay off the debt on your old card. The balance on your old card then becomes zero, and the entire balance goes on to your new card instead, with its zero or low interest rate.

A number of card issuers offer these deals. Zero rate offers typically last from five to twelve months. If you are confident that you can pay off the entire balance during this time, they are a good choice for saving money.

If you think it may take longer to pay off the outstanding balance, a better option may be to apply for a card which offers a low rate for the entire life of the balance (i.e. until it is repaid). American Express™ offers a fixed, low APR for the life of the balance with its Platinum card.

If you are currently paying interest on a balance with your current card, it makes sense to transfer your existing store or credit card balance to another provider. There are a few points to watch out for, however.

Check if there is a charge for balance transfers

Balance transfer fees are becoming more common as credit card issuers try to recover some of the money they lose by offering interest-free periods. Fees range up to 2% of the total balance. However, there are still several card providers offering free balance transfers.

Remember to pay off your balance every month

Even though the card issuer offers an interest-free period, you will still have to make the minimum monthly payments by the monthly due date, or you will be charged interest.

Avoid spending extra on the card used for the transfer

Most credit cards pay off balance transfers preferentially, so if you incur any other debts on the card, they will not be discharged until the entire transferred balance is paid off. That means any new spending will be “trapped” on the card, accruing full interest charges. If you are using your new card to service a balance transfer, therefore, do NOT use it for additional spending as well – use another card instead.

Switch again when the introductory period expires

If you have failed to pay off the balance completely once the 0% introductory rate for balance transfers expires, you could apply for another card and transfer your balance again. However, if you plan to do this you should always remember, in the month the 0% deal ends, to move the debt again to another 0% offer. This means you will need to apply for another card about six weeks before the introductory period ends. You will need to be well organized and remind yourself to do this.

Note that your credit rating may suffer

If you apply for a number of credit cards, especially at the same time, your applications will be noted by the credit reference agencies, and your credit score may suffer. The most important preventative measure is to spread card applications out. Do this and most people with reasonable income and no bad debts will be fine, though be aware that there will be a small risk to your ability to get competitive credit in future.

Having decided on the type of balance transfer deal you are looking for, do take the time to study the market and see what is available. Do not simply fill in and return the next credit card application form that arrives in the mail. Credit card comparison sites such as www.finest-credit-cards.com can make this easier for you by listing all current card offers for you to choose from, and also have a range of articles offering unbiased advice and information.
About the Author

Nick Davis is the owner of http://www.finest-credit-cards.com, which aims to match you up with the ideal credit card to suit your situation. With details of all the leading card offers updated daily, plus informative articles to guide you in your choice, you will never pick the wrong credit card again.

Which Credit Card?

by John Mussi Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:

Debit card

You can use a debit card to buy goods and services. A debit card is very much like a cheque, unlike a credit card, you pay for goods straight away and the money comes out of your account quickly. The amount you spend using a debit card is immediately deducted from your current account.

A debit card allows you to make purchases whereby the money is taken straight from your current account, the benefit of a debit card is that your finances are kept up to date immediately, without having to wait for a monthly bill as is the case with a credit card.

Your banking institution issues you with a debit card. Debit cards offer less protection than credit cards in the event of a billing dispute. In addition, if your debit card is stolen, it is possible that your debit card account could be emptied. Most debit cards have a Switch/Delta/Solo/Electron symbol on them. If you become overdrawn you will pay interest on the amount due.

Cash card

This lets you take out money from a cash machine (ATM). To use it, you'll need a Personal Identification Number (or PIN) which your bank sends you. Each time you use your card at a cash machine, you'll need to key in this number.

Credit card

A credit card lets you buy goods and services up to a set limit before you pay for them. A credit card represents a loan agreement where you are offered credit, providing you pay off a minimum amount each month. You can charge purchases up to the amount of your credit limit and pay for them later.

If you clear your balance in full each month, you don't pay any interest on the money you have spent. But, if you don't, you'll normally have to pay at least 3-5% of the balance, and interest will be charged on the outstanding balance. Some cards charge you an annual fee.

A credit card allows you to live now and pay later. When you successfully apply for a credit card, you will be advised of your credit limit. Ensure you stay within it, as exceeding it could result in either your card taken away from you or being charged interest on the extra credit you incur.

Charge Card

This is very similar to a credit card, although the monthly balance must be paid in full. An example of a type of charge card would be an "American Express" card.

Cheque guarantee card

If you're paying for goods or services with a cheque, you'll probably be asked for a cheque guarantee card. This means the bank will normally pay your cheque up to the amount guaranteed.

Store Card

A restricted form of credit, store cards act as credit cards in those shops that the card is accepted. Purchases are made using the card, and then a consolidated bill is sent at the month's end, which is then settled in a manner similar to a credit card.

Deciding which plastic card to use can be confusing but it can help you to reach a decision if you know what you want to use the card for.

If you just need it as a substitute for carrying cash, rather than use a credit card, you may as well use a debit card, which takes the money from your bank account directly.

If you like to pay your balance off each month, a charge card might suit you.

If you want to pay off your debt in instalments, choose a credit card.

About the Author

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.

Source: http://www.financearticlesonline.com/credit/which-credit-card.html