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How to Get a Small Business Line of Credit

Posted by on Sep 3, 2012 in Business line of Credit, Small Business Loan | Comments Off on How to Get a Small Business Line of Credit

How to Get a Small Business Line of Credit

If you’ve had trouble getting a small business loan or other types of bank credit or financing for your business or startup, here’s something that might work: Apply for an unsecured small business line of credit. Start small – basically with whatever size line a lender is willing to provide. The important thing is to get a foot into the bank financing door. Even if the credit line is small, put it to immediate use and pay it off diligently and always on time. Once you’ve established a track record, you can seek to expand the credit line in small steps. Many major banks that serve small business offer unsecured business credit lines of $5,000 to $100,000 for firms that have been around at least 2 years. These include well known commercial banks such as – including Bank of America, Wells Fargo, US Bank, Chase and Key Bank, as well as community banks, credit unions, online banks and some you might not have thought of such as American Express Bank, Capital One Bank, Discover Bank and Advanta Bank. A business credit line is a flexible financial tool that can help a small business grow and keep you in control. So even if you don’t have an immediate need for a credit line, it’s handy to have in your hip pocket if business conditions change. Establishing the revolving credit line is cheap, you only pay interest on what you borrow and you can use the line for almost anything. Here are few things a small business line of credit can be used for: Remodel, expand or upgrade your store, offices or other facilities. Buy new computers, servers, office technology or other equipment. Purchase extra inventory for upcoming promotions or seasonal spikes. Launch a new online marketing campaign. Create a new product prototype, pursue a promising business opportunity. Cover unexpected expenses. Banks are still a good place to look for credit lines. Sure, bankers are being more tight-fisted these days, but they do have money to lend – especially for established businesses – and credit lines are one way they are doing it. Wells Fargo, for example, offers small business credit lines up to $100,000 that you can apply for online, even if you’re not a current customer. Credit lines are also appealing because of their low costs. Interest rates will vary with prevailing market rates, but many lenders allow you to tap the line – via paper check writing, online, check card or other method – for no fee. However, you can expect to pay a modest fee to open the account once you’ve been approved. Wells Fargo, for example, charges $150 for lines under $25,000 and $250 for larger lines. Any annual fee is often waived for the first year, and may run $100-$150 annually thereafter. You should also ask if the lender offers some kind of interest rate protection or lock-in feature to protect you against rising rates in the future. Some lenders will let you lock in an interest rate on your business line of credit for a year. Beware of using a credit line for cash advances however, as many banks charge a cash advance fee that can run 3% or more. How to apply for a Business line of...

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How to apply for a Business line of Credit

Posted by on Sep 3, 2012 in Business Credit Cards, Business line of Credit, Small Business Loan | Comments Off on How to apply for a Business line of Credit

How to apply for a Business line of Credit

To obtain a credit line, you will probably need to supply some financial information about your business as well as yourself, so be prepared with income and other statements or tax returns. Sources of small business credit lines are numerous. To find the perfect fit and absolute best terms, you should plan to comparison shop among several lenders. Some banks also offer unsecured revolving lines of credit backed by the U.S. Small Business Administration (SBA).   This SBA’s CAP Lines program helps business owners meet short-term and working capital needs and can be a great option for newer businesses less than four years old. Choices include these five different types of credit lines: 1. Seasonal Line. Loan proceeds can only be used to finance seasonal increases of accounts receivable and inventory (or in some cases associated increased labor costs), but can be revolving or non-revolving. 2. Contract Line. This line finances the direct labor and material cost associated with performing an assignable contract and can be revolving or non-revolving. 3. Builders Line. If you are a small general contractor or builder constructing or renovating commercial or residential buildings, this can finance direct labor and material costs. The building project serves as the collateral and loans can be revolving or non-revolving. 4. Standard Asset-Based Line. This is an asset-based revolving line of credit for businesses unable to meet credit standards associated with long-term credit. It provides financing for cyclical growth, recurring and/or short-term needs. Repayment comes from converting short-term assets into cash, which is used to pay back the lender. 5. Your business can continually draw from this line of credit, based on existing assets. This line is generally used by businesses that provide credit to other businesses. 6. Small Asset-Based Line. This is an asset-based revolving line of credit of up to $200,000. It operates like a standard asset-based line except that some of the stricter servicing requirements are waived, as long as your business can show repayment ability from cash flow for the full amount. Credit Line Tips and Warnings •             Avoid carrying a constant balance on your credit line. Periodically paying down the debt completely will keep the credit in place and your lender happy. •             One key factor in obtaining a credit line will be your business cash flow. •             If your small business doesn’t quality for a standard credit line, ask for an “asset-based” line. •             Remember, the best time to set up a small business line of credit is before your business actually needs it. How to Get a Small Business Line of...

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Celebrity prepaid and credit cards

Posted by on Sep 3, 2012 in Credit cards for celebrities | Comments Off on Celebrity prepaid and credit cards

Celebrity prepaid and credit cards

Celebrity prepaid and credit cards Credit card with your idol’s picture on card lets you be a hyper fan while shopping. As long as you know how much your dedication will cost you? Choose a star that affords your budget. Celebrity Cruises Credit Card is apparently a credit card targeted for those who would like to earn reward points on Celebrity Cruises. Gold and platinum cards; the trend now is to have your favorites celebrity’s name or mug on your plastic Searches related to credit card celebrity Celebrity cruise credit card | celebrity cruises | royal Caribbean credit card Celebrity cruise line credit card | celebrity credit card...

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Celebrity Credit Cards

Posted by on Sep 3, 2012 in Credit cards for celebrities | Comments Off on Celebrity Credit Cards

Celebrity Credit Cards

Credit cards for celebrities Celebrities had credit cards to match their lifestyles and which credit card types would be in their wallet that explains credit limits Celebrities do not exactly live like the normal people thanks to fame and fortune. If they did, however, what kind of credit card would they keep in their wallets? Analyzed the lifestyles of nine celebrities and compared them with a credit card fitted to their states of affairs. Celebrity Credit Cards Even if they are rich and famous, celebrities are same as normal people; they need to use credit cards just like others. Rich and famous celebrities are individuals as they need to use credit cards just like everyone...

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Balance Transfer Credit Cards

Posted by on Sep 15, 2010 in Featured | Comments Off on Balance Transfer Credit Cards

Balance Transfer Credit Cards

Take advantage of 0% introductory APR’s on balance transfers for as long as 12 to 24 months. If you are carrying an interest containing balance, you must consider transferring the balance to a 0% introductory offer card. Balance transfer credit cards offer promotional rates on balance transfers, and may also offer cash back, rebates, reward points, and high credit limits if you qualified for it Save Money with 0% Balance Transfer Cards 0% balance transfer credit card offer that doesn’t charge any interest during the introductory period and also promote your finances score in many important directions No interest credit cards grant you relief from high interest debt. You can use money from 0 balance transfer cards to pay off debts one you carrying from higher interest cards. Some credit card offers also have special offers of low interest rates on balance transfers made with some guide lines. No interest credit cards promote your budget a cash extract. If you have unusually high spending or need extra cash, a 0 APR credit card can help tide you over until your income catch up. Many 0 interest credit cards will even transfer money directly to your bank account or send you a bank check. No interest credit cards can help you make purchases and 0 APR credit card gives you the option to make large purchases easier than you normally could...

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Benefits of Small Business Credit Cards

Posted by on Sep 15, 2010 in Featured | Comments Off on Benefits of Small Business Credit Cards

Benefits of Small Business Credit Cards

Business Credit Cards Business credit cards give your business the chance to earn fringe benefit for your business and your employees.  Charging expenses on a business credit card can gain cash back on all purchases and many cards have no cap on earnings rewards. Most cards let you earn reward points which can be redeemed for travel and helping bring down the cost of flying business class. Benefits include 0% introductory APR’s, expense management reporting and higher credit lines. Small business credit cards provide easy access to credit to help you manage your cash flow; they also come with legion benefits that can be helpful in the day-to-day management of your business. Get offer many great features and best of all, the cash-back and rewards programs, which most small business credit cards offer to save money. Many business credit cards have high initial credit lines, depending on the credit history of your business. Most small business credit cards also come with attractive introductory 0% APR deals. You may wish to consider 0% balance transfer cards if you need temporary cash extract for an existing business or start-up capital for a new stake. While most cards offer the 0% APR rate on either balance transfers or purchases only, a few offer 0% APR on both purchases and balance transfers, providing you with the excellent flexibility. Interest rates can vary over time, so take time to review and compare credit cards before you decide which card might work best for your business, and read the terms and conditions of each card carefully. Many business owners opt to carry several credit cards—one with a low interest rate or 0% APR offer for carrying balances, and one for charging expenses that they will pay off in full every month. This strategy lets you take full advantage of the cash back or rewards benefits of your small business credit card, letting you earn up to 1.5% cash back on business-related purchases, such as office supplies or gas. Or, you may opt for a card that lets you earn travel rewards, modifying you to purchase your spending towards free airline trips, class upgrades, and last-minute ticket purchases. To maximize rewards earnings, consider adding employees as additional cardholders, a service offered for free by most small business credit cards. To control expenses, simply set spending limits for each employee; many cards even let you set limits for how much an employee can spend in specific categories. Add employees as cardholders also enable you to consolidate your business expenses into one account. This greatly helps book-keeping – simply download your card statement into your accounting software each month. you can get expense reporting from your card broken down by employee, a service offered for free with most business credit cards. In addition to business cards, credit cards for individuals also offer many benefits, and our site contains a wide selection. Benefits include introductory periods with 0 apr, rewards, cash back, low interest or frequent flyer miles. Each of the card categories on our site that are for individuals also includes the same business credit cards listed...

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Get the benefit from zero Balance Transfer credit cards

Posted by on Sep 15, 2010 in Featured | Comments Off on Get the benefit from zero Balance Transfer credit cards

Get the benefit from zero Balance Transfer credit cards

To get the most out of your 0 APR credit card, read the terms and conditions carefully before you sign up. For all balance transfer cards, the 0% introductory rate will expire after a designated period. Make sure you know exactly when that period ends by reading the terms of the balance transfer, so you don’t get hit unexpectedly with a high interest rate that will undermine your savings. Also be sure you are aware of what the transaction charges is for each balance transfer. In some cases there is no fee, and that will be indicated in the card benefits or terms and conditions. Most credit cards issuer consider convenience checks as balance transfers, but the money can go into your checking account instead of paying off another credit card. Be sure you are aware of the 0% interest period for the convenience checks and the balance transfer has some transaction charges. Many 0 APR credit cards also offer low interest, cash back, rewards, or frequent flyer miles. Each major section also features business credit cards that offer benefits to the point to that...

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How credit cards works with Monthly Payments and Finance Charges

Posted by on Sep 15, 2010 in Credit Cards | Comments Off on How credit cards works with Monthly Payments and Finance Charges

How credit cards works with Monthly Payments and Finance Charges

Very few credit cards such as American Express require you to pay off all of your charges each and every month. Usually have no finance charge and mostly no maximum limit. Most cards including Visa, MasterCard, Discover and some others offer what is known as revolving credit. This means they let you carry a balance on which they charge interest and they require you to make a minimum payment. The minimum payment is usually about 5 to 10 percent of your current balance The method used by financial institutions to calculate finance charges Adjusted balance: Adjusted balance which consumer experts say favors to cardholder takes the balance from your previous statement and adds new charges, subtracts the payment you made and then multiplies this number by the monthly interest rate. Average daily balance: Average daily balance which is a perfect just one and the most commonly used, works like this: card issuer monitor your balance day-by-day adding charges and subtracting payments as they occur. At the end of the period they compute the average of these daily totals and then multiply this number by the monthly interest rate to find your finance charge. Previous balance: Previous balance generally favors the card issuer according to consumer individuals. Card issuer multiplies your previous statement’s balance by the monthly interest rate to find the new finance charge. This means you’re still being charged interest on your balance a whole period after you have paid it off. Whatever you pay will depart depending on your balance and interest rate and the way your finance charge is calculated. Some example that shows how much difference the interest rate can make in what you actually end up paying: Late fees and over the limit fees are a couple of newer charges that are used by most credit card banks. Most card issuers are forcefully raising interest rates after a set number of late payments once you have a few of late payments the creditcard company can charge you the ballooned interest rate for the remaining time of the account. Most credit card issuer report your payment record to credit bureau and even a few late payments could cause you problems when you try to buy a car or a...

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Low Interest Credit Cards

Posted by on Sep 15, 2010 in Credit Cards, Credit Cards for Bad Credit | Comments Off on Low Interest Credit Cards

Low Interest Credit Cards

Low interest credit cards are particularly suited for people who carry a balance month to month. These cards from different banks and issuers offer some of the lowest interest rates for purchases and balance transfers and can feature either a low fixed rate APR or a low introductory APR. A low interest credit card is recommendation with other card benefits if you finance your large purchase, or you desire to use a balance transfer to pay off higher interest loans. Low interest cards can be an excellent deal, because in addition to long-term low rates, many offer a great introductory rate, typically ranging from 0% to 4.5% annually. The introductory rate may apply to balance transfers, purchases, or both, and it will extend from six months to more than twelve months. After the introductory period, the interest rate on low APR cards typically ranges from 4.5% to around 11.5%. When comparing low APR credit cards please read the terms and conditions carefully and then count all of the above components to find the credit card that best fits your needs. To qualify for a lowest interest credit card, you will generally need good to excellent credit rating. Regardless of your situation you can still find a low rate credit card that fits your profile. You may even find that your existing card company will lower the rate on the card you have, rather than lose you as a customer. Pay off your balance before the end of the month you may instead be interested in American express credit card Two types of rates on low interest credit cards: fixed and variable. If low interest card has a fixed APR rate will for the most part remain the same. Credit Card Company may still change the fixed APR rate but they will notify you in advance. With a variable APR the rate on low interest card is normally related to the national prime rate; when prime rate changes variable APR the rate may change. Carrying a balance of fixed rate is often the best way to work with. To transfer a balance looks for credit cards with 0 APR introductory rates on balance...

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Save money with a 0 APR credit card offer

Posted by on Sep 15, 2010 in 0% APR Credit Cards, Credit Cards | Comments Off on Save money with a 0 APR credit card offer

Save money with a 0 APR credit card offer

Save some money with a 0 percent promotional offer on purchases or balance transfers. However, it takes thrifty check to see a significant payoff. Most consumers don’t comply the terms well enough to save money on 0 APR credit cards, card issuers wouldn’t be so generous with these offers. You have to be much trained to follow through and make the payments to pay off the 0 APR balance on certain time. To take advantage of these deals without getting caught by retroactive penalty rates and other UN expected expensive charges trap Part of the payment is applied to the balance with the highest interest rate and the disclosures are much clearer as well. Altogether it is a much better situation now than it used to be Credit card offers are getting better if you have excellent credit; you may be eligible for promotional terms that run as long as 24 months and you could pay less in balance transfer fees also, at least until the promotional grace period expire. Many ways you can save with a 0 percent promotional credit card offer Pay off high-interest credit card debt Transfer your high-interest credit card balances to a card with a 0 APR or low-interest balance transfer offer. Then use the saved money to pay off your debt faster. Be sure you pat off all balance in full before the introductory offer ends in order to avoid paying higher interest rates on the remaining balance. If you are facing with higher than usual spending  or need a short term cash flow, saved money on a 0 APR balance transfer or a 0 APR offer on purchases can give your budget a temporary cash in hand to free you over until your economic position get improvement. Calculate ahead of time how much you can able to pay off before the promotional term expires and don’t spend more than your limit. If you’re planning to make a large purchase within the next year, charge the purchase to a card with a 0 percent APR and repay the balance before the promotional period expires. This will allow you to make the purchase earlier than planned and pay off slowly without getting interest. You must know that carrying large balances on a credit card could affect your credit score. Before taking out a balance transfer use a FICO score estimator to calculate the effect on your credit score, and then decide if it’s still worth...

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