How to Find Low Interest Credit Cards and What it Takes to Qualify

Finding credit cards with low interest rates is an effective, and a surprisingly overlooked, way for consumers to reduce their debt and save money. The good news is that this does not have to be an arduous or time consuming process. With a small amount of preparation, a few key pieces of information, and a little persistence, anyone can learn how to be a confident and effective shopper for low interest cards.Approximately 55% of all credit cardholders carry a balance on their cards, and for these individuals in particular it’s important to not only know how to find low interest cards, but to understand the general credit approval criteria used by card companies.Often, the difference between a low interest credit card and higher interest rate cards can be 10% or more. A card with a balance of $5000 and an interest rate of 10%, for example, would have a minimum monthly payment of $92 (keeping in mind that minimum payment calculations can vary among companies). However, if this same card had a rate of 20%, the minimum payment shoots up to $129. Even worse, the time frame to pay off the higher interest card (paying the minimum payment) increases by nearly two years, and the total interest costs over the life of the card is roughly $4000 greater. Ensuring you are not overpaying on your credit card interest simply makes good financial sense that can directly impact your bottom line.Preparing For the Search
Before setting out on your credit card hunt, it makes sense to first do a little prep work to aide in your research. Two points are essential. Firstly – be clear on how good (or bad) your credit is. Secondly – you need to understand the various types of fees and penalties associated with credit cards so that you can accurately compare total costs and features between different card offers.Know what is on your credit report. With today’s laws that govern consumer’s availability to their personal credit reports, there is no excuse for not obtaining and reviewing reports periodically. Learn the process to request your credit report.Your credit rating determines if, and how much, leverage you have over the credit card companies. Do you have an excellent credit profile that card companies drool over? Or, conversely, do you have poor credit – and find it difficult to get approved for most types of credit? When we talk about one’s credit rating we refer not only to the all important credit score, but also the detailed payment history information contained in your personal credit report. Like any loan product, getting the best rates on credit cards will require an excellent credit history and payment record. The better the card interest rate – the more stringent will be the credit requirements. Being clear on your credit rating let’s you know if you should concentrate your search efforts on the very best rates, or perhaps focus on a card offer that is a tier or two down from the lowest rates.It’s important to know and thoroughly understand the cost and fees associated with a typical credit card. Regulation Z of the Truth in Lending Act requires lenders to disclose fees and rates in a uniform manner. Credit card interest cost is expressed in the annual percentage rate (APR). Reg Z is extremely helpful in that it ensures that card companies publish the APR in big, easily recognizable lettering. However, beware that other penalties, fees, or rules may be found only in the fine print. For that reason – make sure to always read and understand the terms of any offer before submitting an application. Other fees to consider are; annual fee, late payment charges, grace period before late payment is charged, over-the-limit fees, credit limit increase fee, cash advance fee, interest rate on cash advances, and any other penalties. Hone in on the fees or penalties that are especially important to you. Do you sometimes need a few extra days to make a payment? If so – the grace period and late charge fees should carry extra weight in your card search criteria.Also critical is to know when and under what circumstances a company can increase the rate. Credit cards come with either a fixed or variable interest rate. Though cards with fixed rates can go up, companies must provide at least a 15 day notice. Variable-rate cards, on the other hand, change automatically and without notice to the cardholder. Most financial experts recommend choosing a fixed-rate card over the variable rate.Thankfully, we live in an age where the most efficient and speedy method to find, compare and research credit cards is right at our fingertips- the internet. A good first step is to get an idea of the average card rates in the country, which provides you with a reference point to gauge what rates are below average, above average, or somewhere in the middle. Good credit card rate charts can be found at and It’s not uncommon for rate charts from different sites to show a slight variance in rates. Tabulating the average rates among credit cards from across the entire country is a complex process, with a fair degree of differences arising from data interpretation or timing processes. Use the charts as a guide – and try to utilize more than one.To shop for, and research, a variety of credit card offers, the recognized leader is There, you’ll find an abundance of information to help you find and evaluate rates and other features. You have the ability to search by card type (such as low Interest cards or rewards cards) or credit type (e.g., excellent, good, average, or bad). Additional quality sites include,,, and ( has an excellent credit card analyzer tool where you can easily scan information on many cards, while ( employs a handy comparison tool that enables you to search by state.As mentioned before, read the details and fine print of each offer that falls into your desired rate target range. Make sure the published APR is just an introductory offer. You may see a “V” next to the APR – this signifies the rate is variable. Use several sights to compare a wide selection of card products and offers.What you need to qualify
Credit card lenders each have their own separate set of approval guidelines, which is dependent on their risk appetite and other economic and business factors. Generally speaking, to get the cards with the lowest rates, a credit score of 720 to 750, or even higher for some offers, will be required. Lenders will want to see a clean credit payment history, a higher than average income, and a low debt utilization ratio. Debt utilization, or sometimes called credit utilization, is a financial ratio that measure a person’s total credit balances vs. their total credit limits – and is a figure lenders watch closely when extending credit. To visualize how to calculate a debt utilization ratio – let’s look at an example of a person whose only debt is 2 credit cards, each with a $5,000 balance. If this person has maxed out both credit cards (i.e., their amount owed equals the credit limit), his or her debt utilization will be 100%. Lenders would frown heavily on this scenario as it may appear that a person may be overextending or mismanaging their debt. A figure of 20% should be the target for any individual looking to obtain a card with a low rate.Final Thoughts
Not all consumers, of course, have the necessary qualifications to get the absolute cheapest cards – yet this need not be the end goal for everyone. For some individuals, simply improving on the rate you currently have could be a sensible goal. Evaluate your own credit worthiness – and then set realistic goals as to what credit card product you will target. An important point to remember is that you don’t want to apply to too many offers at one time. Doing so raises a red flag to lenders that you may be trying to get too much credit in a short period of time – and can temporarily reduce your credit score. The best method is to submit one card application, and wait for a credit decision before applying for another offer if necessary.

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Finding the Best Cheap Credit Cards

Want to find cheap credit cards? Your best source for information on cheap credit cards is a Web site that not only lets you view the offerings of a variety of credit card companies but also gives you reviews of the various cards by cheap credit card users.Let’s take a look at one site that gives us a glimpse into more than 70 credit cards, some of them cheap credit cards, from many countries of the globe.The first, the American Express Blue credit card, was reviewed ten times (score is from one to ten, with one being the worst and ten being the best.) Interestingly enough, this credit card had ratings that ran the gamut from one to ten. Overall, its valuation as a cheap (as opposed to more costly) credit card was 7.9, which is quite good. Customer service rating on this card was not quite as good, but better than average at 6.2. 90 percent of the reviewers, or nine out of ten, recommended this as a good buy if you’re looking for quality but cheap credit cards.33 cheap credit cards users reviewed the Aspire Visa credit card. This didn’t look to be a good choice for cheap credit card, according to these reviews. Only nine percent of the Aspire cheap credit card users recommended its use, and for overall value as a good buy in cheap credit cards its rating was one out of ten.Accucard credit card, however, even with only two reviews, was a strong recommendation if you’re in the market for cheap credit cards. Both reviewers gave this cheap credit card a rating of ten out of ten. What could be better? One reviewer said that this credit card has great rates and low annual fee (making it a top notch choice when comparing cheap credit cards) and, in fact, you have a lot of variety with this card, actually choosing your rate and credit card, and changing that choice as your needs or budget changes.The second Accucard reviewer said that it was the best of the cheap credit cards, currently offering 1.6 percent cash back the first six months you use the card.Virgin credit card, according to the twelve cheap credit cards reviewers that rated it on this site, doesn’t seem to be the best choice in cheap credit cards. The overall rating is a very low 1.8 out of ten. At first glance it looks like some pretty extensive accounting and customer service errors on the part of this cheap credit card company. One reviewer talked about a nightmare
experience, especially if you’ve chosen this card because you need cheap credit cards. First they overcharged the interest, and then they corrected it but overcharged again. Another reviewer said the interest rate on this allegedly cheap credit card went to over 24 percent without any notice.For customer service the Virgin cheap credit card earned a 1.4 out of ten from these reviewers. The same rating was given for value (not one of the cheap credit cards, according to these folks.) Its overall value was a two, with recommendations to purchase from only 17 percent of the reviewers.

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Bad Credit – Credit Cards

Bad credit-credit cards come in two forms: secured and unsecured. Secured credit cards for bad credit require the consumer to put some amount of cash into an account that is held by the lender. They are designed to provide you with an unsecured line of credit which will help you to establish or re-establish your credit through the used of a credit card. Have you fallen into bad credit like many people in today’s society have? They are For People With Poor Credit Scores – If you’ve had credit problems, then you’ve probably received offers for credit cards aimed at people with a poor / a low credit score / bad credit. These offers range from legitimate, to be questionable, to outright scams.They often charge annual fees of up to $50 or more. This is a protective act for the credit card company.Rate changes raise or lower the finance charge on the account. If you’re considering a variable rate pre-approved card, the issuer needs to provide various information that discloses, the rate may change and how the rate is determined – which index is used and what additional amount, the “margin,” is added to determine the new rate. Rates may be reduced after some time and the credit limit may be raised after you have established some credibility.Financial decisions are personal, based on an individual’s situation. Consult with a financial professional before making any financial decisions. Financial needs are great, especially when you want to find the best deal out there for you.Compare offers and apply online. Compare up to 3 at a time. Compare credit card designs to find the credit card that best reflects your personality. These cards come with a range of benefits including how to improve your credit rating to fixed amount payment plans.Prepaid debit cards can be used like credit cards if they have the MC or Visa logo, but you cannot ‘borrow’ money you don’t have. There are a few prepaid debit cards with these logos and each has different fees and features. Prepaid cards work exactly like a credit card; however, money must be deposited into the prepaid credit card account before they can be used.Unsecured loans offer no such alternative in the event of default. The lender, therefore, needs incentive to make an unsecured loan; this comes in the form of a high interest rate. Unsecured credit cards do not require a cash deposit, but they do generally require a decent credit history. The card’s limit is based on your credit history and can go up or down based on your credit rating and history of paying off the card. Unsecured credit cards are the classic credit cards that you seem most people using. The credit card lender lends you the money for your purchases; if you don’t repay within a month, you must pay interest.Secured credit cards are usually given to those with bad or no credit history. A deposit is made; say $500, which gives the customer a $500 limit. Secured cards work somewhat like a debit card. When you open a secured credit card account, you deposit a certain amount of money into the account, which then determines your credit limit. Secured cards are exactly the same as regular credit cards except for this feature, which is a prerequisite for the extension of credit. The amount of money that you must deposit into the savings account varies with each program, but generally it determines your credit limit.Secured bad credit-credit cards are the step down from the unsecured cards. They are easier to get approved for, but they also require you to “secure” them. Secure cards have been around for a while and are not likely to go extinct anytime soon. Perhaps, you’re confused as to whether getting one is actually a right take.Cash back Credit Cards will give you back a small percentage of your overall spend, each time you use them, which means, over the course of a year, you will receive a percentage of your yearly spend back. This form of Credit Card could be a good source of gaining additional finance. Cash’s back rebates are easier than reward points to understand and despite the slightly lower percentage back offered by the former, many people still favor the convenience and simplicity that cash back reward credit cards provide.Check to see if past financial ties (such as bills with ex-partners) have been removed. If a record does have to be amended, make sure it has been changed by ordering another report six week later. Check with the card provider as to what method they use. Check with the company to find out the specific reason that you were declined.Student’s credit cards are one of these. Students and new migrants are also eligible. This card will help you rebuild your credit.They are offered by credit card companies with some strings attached. You are usually provided with a lower credit limit and a higher-than-standard interest rate. They are not a bad thing. They are for the people who’re struggling to rebuild their finances. They are designed to help you elevate your credit score by demonstrating that you can be responsible with the plastic and do not need to be cut off from credit completely. Many providers actually offer them now because there is such a need for them, and so you have a choice if you do plan on getting one soon.They are not the ordinary credit cards. These bad credit-credit cards give people who unintentionally damaged their credit scores and want to rebuild or improve their credit score. They are intended for people hoping to rebuild their credit history. They are designed for people who are unable to qualify for a regular credit card. There are many reasons why a person is denied for a credit card. They are no different. They exist to help a certain group of individuals.Another option is trying and rebuild your credit or fix your fico score and will a little learning this is something that you can do yourself with do it yourself credit a repair program .Typically, the requirement is to make a deposit between $200.00 to $300.00 dollars with the credit card company to get matters underway. I have seen individuals with a 500 credit score get approved. Typically, this consolidated payment is lower than the original payments combined.Companies offering these deceitful bad credit-credit cards make you open up a “bank account” in order to receive their credit card. After they deduct an enormous amount of your money you may wind up with just over a hundred dollars of available credit. Companies and lenders are getting tighter about their lines of credit. This change in the market affects many consumers, including credit cardholders.Instant approval bad credit-credit cards occasionally require more info than what can be gained instantly to choose if they may approve your request. Instant approval cards are my favorite since you don’t have to wait for approval in the mail. Most of the time you’ll even know your credit limit and often have a temporary card number you can begin using right away.Start with making a note of all the debts you have right now. Whatever bills you haven’t paid and creditor notes you may have been piling up, you need to sort through. Peoples who have the worse credits can even qualify for such a loan and fulfill all their personal short term or long term needs, that too at a very competitive rate than other loans. It is a significant help to the people who going through financial hardships and cannot find a way to come out. People are managing their own finances for the first time and credit is made available to them, often in larger amounts than it probably should be.Remember, this is the only way you can boost your credit score and rebuild your credit. Your credit card company should also offer you an upgrade to a regular card if you have consistently proven to be a good payer. Remember though that not paying will further bring your score down. Remember, all- that sometimes count you – a reading was typed previously, then you were made payment so not to panic if you were recently made payment and this does not appear.Thank you for taking your time to read this article. Information shared here does not constitute financial, legal, or other professional advice. This article is intended to provide general information only and does not give advice, which relates to your individual circumstances.Gurmit is an insurance and mortgage expert.To make contact with Gurmit, please visit his website

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Get Bad Credit Credit Cards And Boost Your credit Score

Are you looking for a company that provides bad credit credit cards? If yes, then read this…Not everyone has a perfect credit score. In fact, only a few have such a luxury. Bad credit can happen to anyone either due to some unexpected illness, or loss of job, or untimely payments of bills. Just a month’s delay in payment can pull down your credit score ferociously. However, you need not suffer due to a bad credit. The times have changed. There are many types bad credit credit cards available today. Shop around a little and you will come across the right kind of bad credit credit card for you.What Are Bad Credit Credit Cards?
If you did not heed the age-old advice of using your credit cards carefully to avoid debt traps and are now struggling with a plummeting credit score, then it’s time to go for bad credit credit cards. Well, these cards are not something very special; they are just like regular cards with the exception that they are designed for high risk cardholders. You are regarded as a high risk client by the credit card companies due to your low credit score.Be VERY Careful With Bad credit Credit Cards
Once you get a bad credit credit card, be careful not to repeat your mistake of thoughtlessly using the card. If you do so, you would lend in deep trouble. Here’s a piece of advice: if you sense a possibility of defaulting on your card, please don’t apply. Before applying for such cards, make sure you have read the terms of the cards.Bad credit credit cards have surprisingly lower credit limits. The maximum limit that you would encounter on a bad credit credit card is not more than $1000. This works as a safety measure for you. Some people think that the low card limit is a disadvantage. However, they fail to see the bright side of it. The lower your card limit, the more aptly you will use the bad credit credit card and make timely payments. It is difficult to pay on higher card limits with a bad credit.Annual Percentage Rate (APR)
Don’t worry about APR. they are quite reasonable on bad credit credit cards. They are usually around 10 per cent, which is considered to be excellent for a credit card. Moreover, shop around for bad credit credit cards with interest rate as low as possible. This will enable you to pay off your charges faster; at the same time pulling up your credit score.Fees On Bad credit Credit Cards
Normally, annual fees on various credit cards should be avoided. However, bad credit credit cards come with standard fees. The lenders of such cards usually charge annual fees of $50 or maybe more. It’s useless fretting over this. For a credit card company, this is a safety measure. You will have to accept this charge, if you possess a bad credit and you wish to have a credit card.There is another fee called enrollment fee. This is yet another thing to be avoided by good credit holders. However, bad credit holders have no choice but to accept it. Bad credit credit cards generally come with such a fee.Reporting To All The Major Credit Bureaus
Always check out whether the bad credit credit card that you applied for has been reported to all the main credit bureaus. This plays a significant role in boosting your credit score.So, flaunt your bad credit credit card with pride and get more points added to your credit score!

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How Do I Get My First Credit Card?

In the economic environment of today, although you may not need to use it, having good credit is vital to survival. It positions you as a fiscally responsible person and can help ensure that:You get better rates on your mortgage;
You get better rates on your car loan;
Your security deposit, if your utility company requires it at all, is as low as possible;
Your potential landlord favors you over someone with a bad credit rating; and
Your potential boss favours you over a candidate with a bad credit rating.That being said, you should always keep in mind that the ability to obtain credit is a privilege not to be abused. It takes a long time to build up a good credit record but your reputation can be destroyed in a very short time. Do not borrow money that you cannot afford to repay.How do you get your first credit card?There is a slow way to get your first card fast. (And get a good credit rating)And there is a quick way to get your first card fast. (You only need some collateral)My hope is that if you are still young enough you will implement the slow way. If you are not – well keep on reading.The slow way to get a credit card fastOpen a debit or savings account (having an account demonstrates stability.)
Become an authorized user on a parent’s, siblings or friend’s card (do not use this card and make sure that the primary account holder is financially responsible.)
Get a student credit card.
Consider an auto loan (the interest rate is usually higher but it is a simple way to build good credit.)
Pay all accounts on time (set up debit orders to pay your bills or have a reminder system in place so that you’re never late with a payment. This includes utility bills, cellphone accounts and accounts at stores.)
Keep your employment history clean (your work consistency and stability in holding onto jobs is very important.)
Maintain a stable place of residence for as long as possible (this home address can even be that of your parents. Having a fixed home address greatly affects your credit rating.)
Consider a loan from a peer to peer lending site (individuals who offer these loans compete with each other to offer you the lowest rates. Often lower
than the bank’s rates. Ensure that these sites report to all the credit bureaus.)
Get a copy of your free credit report every year and make sure there are no mistakes.Building good credit is about proving financial responsibility and that you can reliably repay money you are trusted with. A single missed payment can negatively impact your credit score and take many years to disappear.If all these things have been taken care of, getting your first card will be quick and painless. Just make sure you are able to pay the balances when they fall due or all of your planning and sacrifice will be for nothing.The quick way to get a credit card fast1. Pre-approved CardsCompanies which offer pre-approved cards get information from you through an electronic trail that you leave behind every time you apply for a card. If you have a good credit rating, you would be able to get a loan every time you apply and can prove that paying it back will not be a problem. You would also be able to get the benefits and privileges given to people with a good credit rating.Everything is also visible online if you happen to have a bad rating. Potential lenders are also able to see that you have been disallowed credit and how often. This is a clear evidence that you are in possession of a bad credit rating. Only those with bad credit ratings get continuously rejected.As such, they send you invitations so that you will be able to get hold of their pre-approved cards. If you take a good look at what they are offering, especially the conditions, you will see that they are asking higher interest rates. But, given your situation, this is may be a pretty good opportunity to try to bounce back.2. Instant Approval CardSearch online for offers by banks and credit institutions for instant approval cards. These cards can be approved or denied in as little as 60 seconds.Compare the benefits and obligations attached to these cards.Apply for those that suit your needs and re-compare all those that are accepted. Most times, you will only need one card. It is not necessary to get all the cards for which you are approved.3. Secured CardWith a secured card the credit card company will require a deposit held against the card’s use that will be used if you fail to pay the account. The deposited funds for a secured card are not used to pay for the goods and services as you use the credit card. This deposit will also determine the limit on your card.Secured card providers report to the credit reporting agencies.Pay all your bills on time and after six months of ‘good behavior’ you can consider applying to the same lender for an unsecured card. By this time, you will have established yourself as a responsible borrower.If your application for an unsecured card is turned down, find out the reason. Not all lending institutions are the same. Some may require that you wait a little longer before applying for an unsecured card. Say anything from 12 to 24 months.Do not re-apply every month. Unsuccessful applications reflect on your credit rating and can leave you with an unfavorable rating.4. Pre Paid CardA pre paid card is very similar to a secured card in that it also requires a deposit up front. However, unlike a secured card, the amount available from this deposit is reduced every time you make a purchase. In this way, your card actually functions as a debit card. The details of account behavior on a pre paid card are not normally released to credit bureaus. So, if you are trying to build up a good credit rating, this is not always the best option.5. Retail AccountsSome retailers issue cards for use only at its own stores, while gasoline companies offer cards for fuel purchases. Gas and retail cards are more likely to approve consumers with little to no credit history. Retailers and gasoline companies report activity to Experian, Equifax and TransUnion and are useful credit rating builders.6. Joint AccountsYou can make use of a parent, a spouse, a close relative or a friend with good credit by opening a joint credit card account with that person. The bank approves the application based on the other person’s high credit rating, and the account gets reported in both cardholders’ credit files.Use your card responsibly and always pay on time or you may damage your joint account holder’s excellent records. Make sure that your joint account holder does the same. You will want to get your own card eventually and a bad credit report will hurt the process.7. Charge CardsThe providers include Diner’s Club and American Express.Charge cards are similar to credit cards, but the difference is that the balance of a charge card must be repaid in full every month whereas a credit card balance can be carried over to the following month. Charge cards don’t have credit limits either, so you have to be sure to spend only what you can pay off at the end of the month.The cards mentioned above can usually be obtained on the same day that they are applied for – sometimes within minutes. How fast is that?

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College Student Credit Cards: Types, How to Get, Advantages and Disadvantages

The Most Popular Credit Card Types For College StudentsThese days, credit cards for students have become quite popular as they enable them to get the benefits of cards with low interest rates. In fact, some cards do not even charge any kind of fees. Apart from the benefits, the cards also help the students to build credit. Nowadays, there are a number of such cards to choose from, such as secured, unsecured, merchandise, and prepaid cards. But, you should always choose the one that suits you the most. Along with, you should also keep in mind that credit cards come along with a lot of financial responsibilities. Therefore, you must use them wisely.UnsecuredIt is a kind of card that does not require any cash deposit make purchases from a simple line of credit. This kind of card for student offer limited or normal credit, but is definitely the most preferred option for the students. In fact, it has been designed in a way to help student to improve their credit profile. One more good aspect about this type of card is that it offers 1% cash back as a bonus amount on each and every purchase you make through it. In addition, the card does not come along with any kind of annual membership fee. On the top of that, it even offers an extra 25% reward when the monthly bill is cleared on time. You can redeem the reward through a check or directly into your account. Moreover, this type of card does not put any limit to the amount of money one can earn.SecuredThis is a type of card that fetches money from an account shared by your cardholder. Reliable and good secured cards always submit a detail of your payment record to credit bureaus in order to allow you to build credit. The details of your payment record are submitted to three chief credit bureaus and email or text messages are used to send monthly payment reminders. This type of card usually charges around 20% of annual percentage rate (APR) on purchases, but does not charge any annual membership fees.PrepaidPrepaid cards are quite similar to a secured one and it also includes a checking account. As its name suggests, in this type of card you spend the funds that you deposit into the card. For this reason, the monthly fee associated with this card is quite nominal.Important Guidelines To Help College Students To Get A Credit CardIn earlier days, it was very simple for college students to get credit cards as there were many sources available. There were too many companies who would offer free cards to students by just filling applications. Unfortunately, in February 2009, Credit Card Act of 2009 came into existence and made very strict new rules regarding students to qualify for a card. Now, the rules have totally changed and are so difficult that students find it hard to qualify. Before going to get a card, students are supposed to know many things about the qualification and related stuff, following are few guidelines, you can have a look.· Firstly, study about credit cards, how it works and such other things. Further, you even need to understand the due dates, what are the billing procedures, late penalties, limit fees, how to raise your interest, ways to avoid any additional charges and many other card related queries.· The students ought to be above the age of 21 and should be having a job. The conditions of the new law states that if the student is underage i.e. below the age of 21, he/she has to pay the additional charges from their own income or they need to have someone as a co-signer who is above 21. Further, the law gives permission to pay only 20% of the earnings and not more than that.· When the student wants to raise the credit limit, he/she has to get a written permission from his/her parents or co-signer.· If you desire to get high interest rates or a big line of credit, then you need to require a good credit history.· Comparison of different kinds of card schemes and offers for college students is also an important task. You would find dozens of card companies offering cards to college going students. As no two companies are similar, you would find each company with different set of rules. Interest rates, benefits and charges of each company differ with another. You should take up the responsibility of selecting one company that suits your requirements. Try to find benefits for yourself and try to avoid additional costs using some benefits.· If you do not have sufficient credit, then you can get a different type of credit card known as Subprime credit card. However, they are many additional charges on these kinds of costs. In earlier days of such card, there was around 75% of limit on credit cards, now it is 25%. You can see there’s a lot of difference.· While selecting a card, make it a point to check whether your company is reporting to the big credit bureaus or not. Equifax, TransUnion and Experian are the three very big bureaus which would help you in enhancing the credit score at a later stage.· Usage of credit should also be learnt in order to maintain it well. Proper management and control are very important while handling a card.Some Significant Advantages Of Credit Cards For StudentsWhenever a student enters his/her college premises, he or she is flooded with offers from credit cards companies. These cards for students build a feeling of responsibility, make them comfortable and help them to enhance their credit as well. There are many advantages of owning such cards; nevertheless a student has to be very careful in handling a credit card as he/she has to understand about the debt factors of a credit card. We have laid down some benefits of having a credit card with students; refer the following points to know about it.· Responsibility: Students actually learn what responsibility is when they are given a credit card. Money management, paying bills and control in spending are few things that can be taught to students by giving them credit card.· Emergency: Many emergencies happen after getting such card; hence, handling them can be learnt.· Rewards: After purchasing commodities, many students get good rewards like cash or points.· Increase credits: After a student learns to increase his/her credit in a better way, he/she can purchase a car or even a house.· Warning: A feeling of warning and danger helps students to avoid excessive purchases.Some Disadvantages Of Credit Cards For StudentsAfter the introduction of new laws regarding student credit cards, there have been many limitations for students to qualify for a credit card. However, according to some sources it is known that students of today are carrying lot of debts because of the credit card facility. These debts even carry forward after the student leaves college. Besides having many advantages, credit card for student carries a lot of disadvantages too; let us have a look at them as follows.· Too many cards as well as debtors: According to a survey in 2009 done by Sallie Mae, it was found that students are wholly dependent on a credit card nowadays which is not at all a good thing. It is a known fact that about 84% of college students are having the advantage of getting a minimum of one credit card; while the average is about 4.6 cards. Clearly, it means that if a student is having one card, he can spend up to $5000, and similarly he can spend up to $15000 with 3 credit cards. As we know that interest rates are blooming these days, it is quite obvious the debt amount will increase drastically.· Too high balances: This was actually the most problematic situation that came across Sallie Mae; it was that $3173 was the mean balance of credit cards being carried by college students. It was shocking to know that this figure was the highest among all other figures. This shows that students are not using the cards for convenience purpose; instead they are misusing the given advantage and are going beyond their limits.· These cards for students as well as loans: This is also another burdening disadvantage as the debt of the students is carried forward to the coming years which turn into a loan debt. It is very sad that the students have to take the responsibility of paying it just after their commencement of careers. According to Sallie Mae’s study in 2009, 23% of the students remained unanswered when asked about their loan payments, while the answers of the other 77% had no connection with the debt loan.· Conditions: After the new legislation was passed in 2010, students below the age of 21 are facing a lot of trouble to qualify for a credit card. The new rules are so strict that it has become a tragic disadvantage for the students.

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Every Company, Whether Big or Small, Needs to Obtain a Business Credit Card

As a business person working in a competitive environment, owning a business credit card is crucial, especially in today’s world where every credit card company is fighting for your business.If you are like many business owners that think that there is no difference between a regular credit card and a business credit card – think again. All you need is a small business credit card to get you where you need to go. In fact, there are so many reasons why you should consider securing a business credit card for your company. The best credit deals are now available but won’t last forever.There are many different types of cards that cater specifically to the way your business operates. For example, if you’re starting a business you may want to consider applying for a business credit card such as the Business Gold card. Your first year is free with no annual fee when you join which is an absolutely incredible offer your business just cannot refuse! Your card also includes any additional cards you may order for your employees.Even more, there is no spending limit so you can purchase all your office furniture on your small business credit card with ease! And if you think it can’t get better than this, think again because it does! Due to the best credit deals now available for small businesses, receive superior discounts on your everyday office purchases from companies like FedEx, Staples, and Kinko’s!Frequent business travellers will also absolutely love using their small business credit card for rewards to be redeemed for discounted prices on flights, car rentals and accommodations. You can even receive cash back on every purchase you make! In time, you will see how much money a business credit card can save you! Avoid using cards that give you nothing back in return! Every small business has access to the best credit deals to be had so don’t hesitate! Sign up for a business credit card today and find out what it feels like to spend wisely. Your business will thank you for it later!Having a small business means investing a lot of time and energy to make your business work and grow. For those important purchases that need to be made by small businesses, why not look at getting a small business credit card? It’s the perfect option for businesses on a tight budget but need to get things done in a timely manner. It’ll give your business an edge and a one up other businesses. Even more, it’ll give your small business exactly what you need, because these types of credit cards cater to you.Small businesses, especially within their first few years, can incur a lot of debt as part of its initial start up cost. Unfortunately, the costs don’t stop there. To get started, you’ll also need office furniture and equipment to allow your business to run smoothly and efficiently. If you’re carrying a balance on your existing credit card, there’s no need to worry.Many credit card companies that offer small business cards will give you a low balance transfer, which will end up saving you money. Consider using the Citi Platinum Select Advantage Business Card. It helps small businesses take off by giving 10,000 bonus miles when you make your first purchase. In addition, you’ll also receive 1 advantage mile for every dollar you spend when you use your small business card. Redeem your miles whenever you want. There are no restrictions. It’s simply wonderful what these types of cards can do for your small business and it’s easier than ever to sign up right now. In fact, this easy to use online credit card is all you need to get your business where it needs to go! Get yours today.

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Where Are The Best Student Credit Cards Hiding

Finding the best student credit cards can be an overwhelming task — especially if you’re a student with no credit card experience whatsoever. When looking at the best student credit cards, there are a few things the finest usually have in common. Here are the top 10 key things to look for:1. Reasonable Interest RatesThe companies that offer the best student credit cards firmly understand that a student isn’t going to have a long-established credit history, and they are not going to penalize you because of it. A good student credit card will offer a reasonable interest rate (15-percent or less), regardless of this fact.2. Sensible Credit LimitsWhether you realize it or not, you do not need a $5,000 credit limit while you’re in college. Remember, student credit cards should not be used to finance your college education — that’s what student loans are for. Student credit cards should really be kept for emergency purposes or budgetary reasons only.The best student credit cards offer sensible credit limits (less than $1,000) and will have a limit of one credit card per student. If a credit card company is willing to give you a credit limit of thousands of dollars, it’s just setting you up for trouble.3. Rational Grace PeriodsA grace period is the period of time from when your credit card billing statement closes to when the payment is due. Unfortunately, during recent years, some credit card companies have employed the less-than-ethical practice of all but eliminating the grace period. Some consumers have even reported receiving their credit card statement days after the payment was due!The best student credit cards will offer a grace period of at least 20 days, meaning 20 days will elapse from the time the billing statement closes and the bill is sent to the time that the payment needs to be received.4. Forego the TemptationLong-time credit card users know all too well that their monthly credit card statements also arrive with offers for special deals and purchases (such as magazine subscriptions or interesting collectibles). The best student credit cards will not bombard you with frivilous impulse purchase offers.Credit card companies need to take some responsibility for teaching you about responsible spending and the best student credit cards adhere to this philosophy.5. Pay For What?Some student credit cards require an application and/or processing fee. However, the credit cards that require these are never the best student credit cards available.The best student credit cards keep fees to a minimum (foregoing the application fees, processing fees and annual fees) and usually only charge fees for late payments and/or over-the-limit transactions.6. Online Account ManagementAnother thing that the best student credit cards have in common is online account management. With online account management, you can review your credit limit, make payments and keep track of your spending right from your dorm room.While online account management used to be a “novelty,” it is quickly becoming a “must have” and all of the best student credit cards offer it.7. Rewards Aren’t Just For AdultsRewards credit cards aren’t just for mom and dad. Students are eligible too. Some of the best student credit cards offer rewards, such as points that can be redeemed for gift certificates or even cash back.Just remember, student credit cards that do offer rewards usually also have a higher interest rates (16 to 19 percent). Because of this, it’s important that you pay your balance in full each and every month to avoid finance charges if you opt for a rewards credit card rather than a low-interest credit card.8. Don’t Overlook the Credit UnionSome of the best student credit cards can be found at the credit unions on college campuses. Many college credit unions offer student credit cards with very competitive interest rates and other student benefits. If you haven’t done so yet, check your campus credit union to see what they have to offer.9. Nurturing Your Credit HistoryThe best student credit cards will report all payments made on the card to the three credit reporting agencies. Pre-paid student credit cards do not do this, which is why they aren’t really good for building your credit rating, nor are they beneficial for teaching you about how revolving credit works.When applying for student credit cards, make sure that they are legitimate credit cards (not pre-paid deals) and that all account of your activity is reported to the credit bureaus. When you graduate from college and need to buy a car or a house, you’ll be glad you did.10. They Really Are Student Credit CardsThe best student credit cards really are just what they say they are — student credit cards. Some credit cards advertise themselves as being student credit cards when, in fact, they issue students the same credit cards they issue everyone else.Because students have unique financial circumstances and needs, you need to apply for a student credit card that is what it says it is. Unless the card you are applying for is specifically tailored to students, it’s not really a student credit card.Remember, even though the world of student credit cards can be confusing and finding the best student credit cards can feel like a daunting task, these ten priceless bits of advice will get you well on your way to a sound and stable credit card future.

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Credit Cards, Merchant Accounts, and Your Bottomline

Q: I’m opening a gift shop and want to be able to accept credit cards. I talked to the branch manager at my bank, but he didn’t seem to know much about how it all worked. He did say that I would need something called “a merchant account” and something else called “a credit card processor.” Beyond that he seemed as clueless as I am. I’m thinking about going to another bank. Can you explain how that all works?
— Mary Ann G.A: Maryann, I’m going to give your banker the benefit of the doubt and say that a lack of knowledge regarding the specifics of credit card processing is not necessarily a reflection of the banker’s competence. I have found over the years that most bankers, no matter how experienced or knowledgeable about the banking business they my be, don’t really know much about how credit card processing and acceptance really works. That’s because the task of accepting and verifying credit card purchases is handled by third party service companies who process and deposit (or settle) the funds into a bank merchant account.The decision to accept credit cards is a wise one for any retailer. I agree with financial guru Dave Ramsey’s teachings regarding the use and abuse of credit cards. Many people dig deep holes with credit cards that are hard to climb out of. But, from a practical business point of view, any retail business that does not accept credit cards is leaving money on the table. Research has shown that accepting credit cards increases revenue and helps with cash flow since you receive the money within a couple of days instead of waiting up to a week for a check to clear.Credit cards don’t bounce, as some checks have a tendency to do. Credit card users are also more likely to buy on impulse and spend more when they do. Bad news for them, but good news for you. If you have a social conscience concerning the use of consumer credit cards, a retail operation probably isn’t the business for you.To accept credit cards at a brick and mortar location you typically need four things. The requirements may vary a little, but the following applies in most cases. You will need: (1) A way to enter the customer’s credit card information into a verification and processing system. This can be done with a swipe terminal, point of sale system, or by calling the credit card in by phone; (2) A credit card gateway company to verify the credit card’s validity and process the payments; (3) A credit card merchant account in which the gateway company will deposit payments made to you; and (4) A business bank account into which the settled funds will ultimately be deposited for your use.Here’s how the process works. (1) You make a sale and the customer pays by credit card. (2) Using a card swipe machine or telephone, you contact what is known as a “gateway company” who takes the card information you submit and verifies that the card is valid and the charge can be made against the card account. The gateway company returns an approval code for the purchase.With a swipe machine or point of sale terminal the verification process happens in a matter of seconds. If you’re doing telephone verification it can take a couple of minutes. You call the gateway company, give them the credit card number and expiration date and they give you an approval code that you write on the credit card charge slip. Either way, the money is typically deposited in your merchant account within 24 to 48 hours (less fees, of course).You’ll also need to apply for merchant status with each credit card company whose card you want to accept. To do business with American Express and Discover all you have to do is fill out an application, but to accept Visa and MasterCard you must have a merchant account. A merchant account is a special bank account set up for the expressed purpose of accepting credit card payments processed by the gateway company. Merchant accounts are usually associated with banks, though you can also use credit card merchant account service companies to perform the same function if you can not get approved for a bank merchant account.Applying for a merchant account at a bank is much the same as applying for a loan. The only difference is sometimes a loan is easier to get. There is the prerequisite paperwork to complete and pledging of the first born, followed by an approval process that can take up to several weeks. And you are not guaranteed that the bank will approve your merchant account, even if you have been a favored customer for many years. Banks have strict regulations regarding the granting of merchant accounts and if issuing you a merchant account in anyway puts the bank at risk of losing money, you will be turned down. Banks always make decisions based on economics, not relationships (no matter what your banker tells you).Requirements for qualifying for a merchant account varies among banks, but in general the bank will look at the following criteria:How long have you been in business? Business longevity suggests a history of stability, efficient management, and good financial health.What is your product or service? Does your product lend itself to a high rate of returns and chargebacks? A chargeback is a disputed credit card charge that is refunded to the buyer and charged against your account. You are accessed a chargeback fee that can be as much as $20 per event. If your business lends itself to high chargebacks, you will not get the merchant account.How’s your credit report? Banks always look at how much you owe and how you pay your bills, so it’s important to have good financial and trade references. If you have a history of late payments or defaults to vendors, it will count against you.What is your anticipated volume of sales and average transaction amount? The more money you make, the more money the bank makes. If you anticipate just a few credit card charges per week it may not be enough to justify the merchant account in the bank’s eyes.Is your business categorized as a “high risk merchant?” High risk merchants are those with the highest instances of credit card fraud and chargebacks. High risk merchants include many types of internet-based businesses, telemarketers, travel and cruise businesses, and membership clubs. Being a high risk merchant dramatically decreases your chances of getting a merchant account with a bank.Being a high risk merchant doesn’t mean that you can’t get a merchant account from somewhere else. Thanks to the growth of ecommerce in recent years there are a number of alternative companies that will provide you with a merchant account, sometimes with more perks than a traditional account, but almost always with higher fees.Also, not all banks support internet merchant accounts. If yours does not, shop around for one that does.

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How to Find the Best Credit Cards Online

Finding Credit Cards online is as simple as a keyword search. They’re everywhere. Not only can you find the sites of financial institutions that offer credit cards online, but you can also find reviews from the users of credit cards online, as well as sites of agencies and other organizations that offer a comparison of several credit cards.The Web is now a one-stop shop for credit cards online – for finding the various credit cards online, for comparing the APR (annual percentage rate), the annual fee and the various rewards and points incentives of each. You can also apply for credit cards online as well. We did a quick Google search for the words “apply credit card online” and found 55,900,000 entries. Yes, that’s 55 million. Narrowing it down to poor credit risk credit cards online options gave us a mere 11 million plus resources.Just about everyone – especially college students – gets tons of solicitation through the postal service for credit cards. It’s not as though credit cards online is your only credit card resource. Although, if you’re young and aven’t had a card before and haven’t applied to college, or you
have poor credit you may not be on anyone’s solicitation list for these postal enticements.Credit cards online may be your online resource. Even for those solicited through the mail, credit cards online may still be their best resource. Print media – whether newspaper ads, billboards, direct mail, or magazines – is hampered by space restrictions. The more those credit card advertisers say, the more they pay.Not so with advertising credit cards online. Credit card companies or non-profit agencies are not hampered by the need to be concise. They can, and do, offer all sorts of information about the pricing and perks of their cards, as well as general information on the credit card application, payment and customer service options. Most financial institutions that offer credit cards online are
paying their search engines on a pay per click basis, which means that they pay because you looked at their ad. It doesn’t matter how much or how little their ad says. What this does for you is it makes credit cards online the very best, most detailed and informative credit card decision process you can find anywhere.Nor will you find a more secure transaction, then your application for credit cards online. Credit card companies do a top-notch job of protecting your information from prying eyes.There are many terrific things about apply for credit cards online. The first is the ease of finding all the information out there on the various credit cards available. You can easily look for low APR credit cards, free credit cards, poor credit credit cards, college credit cards, or good credit credit cards. You can let the Web sort the credit card wheat from the chaff – online and quickly. You can apply quickly and instantaneously know if you are approved. Credit cards online are fast, efficient and secure.

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