Business Credit Cards for Prime
Credit - Learning The Options
When people have
Credit, how can they
tell which Business Credit Cards
to choose when there are so many choices?
This article will expand on a couple kinds
of cards to give you a useful outline
of the advantages of each:
Cashback - With a Cashback
card, customers are offered a rebate that equals
a fraction of their transactions. For instance,
if a customer has been approved for a Cashback
option that awards five percent cash back
on groceries, fuel, and drugstore
items, as the rewards accumulate they can be cashed in. If you
pay a hundred fifty dollars in petro, food,
and pharmacy items each week, at
the end of a year, $390
in cash would be available.
Redeemable Points - In lieu
of giving cash rewards, some lenders
present customers with redeemable rewards. Customers earn
points when purchases are made. Every time the card is used, the points
add up. Once a specified number of points have accumulated they can be cashed in for items including
free travel, gifts, subscriptions, etc.
It is wise to see if the Business Credit Cards
for Prime Credit that you want will offer
Gasoline Rewards - Card Issuers
can be understanding about the price
of gas and will offer an incentive to
consumers for making card purchases by rewarding them with a free
gasoline card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points you are eligible for a
free prepaid gas station card. Sometimes, fuel points can be earned
when making fuel purchases.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. Once a certain number of points have been accumulated, they can be redeemed for free travel accommodations. Frequent travelers really like these rewards.
Zero Percent APR Promotions - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied typically spans half a year to a whole year.
Smart folks use this kind of card
to shift balances from their interest bearing Business Credit Cards
to one of these, then pay it off while there are no finance charges being accrued. Making monthly payments on time is incredibly important.
When just one payment is received late, most
0% APR rates go up to a higher
rate. Customers that are approved for
Business Credit Cards for Prime
Credit, and have the opportunity to sign up for an introductory period free of finance charges
ought to think about this type of card.
Secured Cards to Build Creditworthiness - Customers that have this type of card
would deposit a few hundred to a few thousand dollars, depending on what they could afford, into an interest-bearing savings account.
This becomes the card's collateral After the deposit is made a credit card is
issued with a credit limit equal to
the amount of the deposit. Each time a transaction is approved your available credit is recalculated, low rate
monthly payments are computed, and a monthly invoice
is given to you. If purchases are made you will receive a payment plan. Secured Cards to Build Creditworthiness
are excellent because they operate the same as
standard credit cards allowing you
to do things that debit cards may not, like making travel arrangements including rental cars
that generally do not take check
cards. However, just like prepaid cards approval is typically
guaranteed despite your credit profile. But do not forget that many
credit-rebuilding card issuers submit the way you pay your bill
to the credit bureaus. This is a great
approach to show creditworthiness by showing scheduled
payments no matter if you have Prime
credit or not. After making
several consecutive timely payments, some secured card companies will approve a higher limit without
requiring more cash to be put into the account that was used to set up the card.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get out of it exactly what you put in. Just like
a regular bank account, you put money in and this is
the amount that can be spent. After the prepaid card
balance has been completely used, you can recharge it with an additional deposit. Reloadable prepaid cards
are great for budgeting, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a conventional checking account.
Quick approval is generally granted despite
your FICO score and there is
no need for the issuer to send any inquiries to the three bureaus.
With all of the different varieties
of Business Credit Cards
for Prime credit and
incentives that each of them offer, there is a solution available for most credit card seekers. Seek
Business Credit Cards that make sense for your situation that will allow you to control your spending habits. No matter which card you choose, be sure to
stay within your credit limit and make your payments on time every month. Good credit is a wonderful
thing to have.
To ensure that you keep building the perfect FICO profile, follow these general tips:
1. Keep your outstanding balance less than the
credit limit. Simply put, it is not smart to
"go crazy". The banks encourage their cardholders to keep
an account that is somewhere around fifty percent
of the available balance on any
Business Credit Cards for Prime Credit.
2. Keep the credit card bill paid on time. Even if a small payment can be made, pay it. Once a payment is more than 30 days behind, that information will be sent to the credit bureaus. This negatively affects the consumer's credit score. And let's not forget the fact that you may also be assessed more points on the card's interest rate as a result of one tardy payment. Therefore it is recommended that consumers stay on top of the bill.
3. Pay the entire bill every time you can.
When you make purchases, do your best to
bring the balance to zero as much as possible. After completing this, it is wise to
make more purchases and pay it off once again after over the course of a few billing cycles, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This process illustrates to the issuers
that you will be a great customer. You could also be rewarded with
lower rates, a higher limit, and a better credit profile.
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Business Credit Cards
for Prime credit
are just a few clicks away. Click now
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