Business Credit Cards for Prime
Credit - Learning The Options
If people have
Credit, how do they
distinguish which Business Credit Cards
to choose when there are so many opportunities?
This article will break down a couple kinds
of cards to offer a better understanding
of the advantages of each:
Money Back - With a Money Back
card, customers get a repayment equivalent to
a fraction of their transactions. For example,
if a customer has been approved for a Money Back
option that provides five percent cashback
on food, gasoline, and pharmacy
purchases, as purchases increase and rewards accumulate, they earn cash value. If you
spend $150 in gas, supermarket items,
and drug store purchases every week, by
the end of a 12-month period, about four hundred dollars
in cash would be ready to cash out.
Rewards Points - Instead
of providing cash rebates, some companies
give redeemable rewards. Customers receive
rewards when purchases are made. As purchases are made, the rewards
increase. When you earn enough points they can be redeemed for items including
free hotel stays, gifts, magazines, and more.
It is wise to see if the Business Credit Cards
for Prime Credit you apply for offers
Gasoline Rewards - Lenders
can be considerate of the cost
of fuel and want to compensate
consumers for their purchases by giving them a prepaid
gas card. As the credit card is utilized, reward points add up. After a specified amount of points are accumulated you can get a
prepaid gasoline card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
when you are gassing up your vehicle.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. After an accumulation of a certain number of points, they can be cashed in for discounted or free airline tickets or travel accommodations. These programs are great for frequent travelers.
0% Introductory Rates - Finance charges are not applied on these cards for a specified amount of time.
The promotional period generally lasts anywhere from six months up to a year.
Typically, folks take advantage of promotions such as this
to move outstanding balances from their interest bearing Business Credit Cards
to one of these and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Paying the bill on or before the due date is extremely important.
When one payment is late, most
the introductory rates are changed to another
rate. People that are applying for
Business Credit Cards for Prime
Credit, and have the chance to get a 0% promotion
ought to think about this opportunity.
Secured Cards - Customers that have a secured credit card
simply puts 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 Once the account is set up, a card is
sent with a line of credit that is the same as
the amount that has been deposited in the account. Each time a transaction is approved the credit limit decreases, affordable
recurrent payments are calculated, and payment plan
is sent. If the card is being used you will receive a payment plan. Secured Cards
are great because they function like
ordinary credit cards allowing you
to complete all kinds of transactions including booking travel accommodations including hotels, rental cars, airline tickets, or cruises
that sometimes do not accept prepaid or debit
cards. However, just like prepaid cards approval is usually
guaranteed even if your credit is poor. However, keep in mind that most
credit-rebuilding card issuers report your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This is a remarkable
technique to prove you are creditworthy by paying scheduled
payments whether you have Prime
credit or not. Once you have paid
a certain number of consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring an additional deposit.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a checking account, a deposit is made into an account and this is
the amount that can be used for purchases. After the prepaid credit card
balance runs out, it can be reloaded with more money and used again. Reloadable prepaid cards
are great for staying on a budget, they allow people to make online purchases, and they are a great solution for those that cannot
get a normal bank account.
Fast approval is generally granted regardless of
your credit score and there is
no need for the bank that issues the prepaid cards to deal with the three bureaus.
With all of the many kinds
of Business Credit Cards
for Prime credit and
rewards that each of them offer, there is something for everyone. Consider
Business Credit Cards that give the benefits that fit your situation. No matter which card you choose, be sure to
spend wisely and pay the bill on or before the due date. Top notch credit is fantastic
To be certain that you keep building a prime credit score, take heed to these few tips:
1. Keep a balance lower than the
credit max. Simply put, it is not smart to
"over spend". Always keep
a bill that is no more than half
of the limit on any
Business Credit Cards for Prime Credit.
2. Do not default on payments. Even if the minimum is the most that your budget will allow, the most important thing is that the payment is made when it is due. If the bill is paid 30 days after the due date, it could be posted to the credit bureaus. This could bring down your credit score. Additionally, you may also be assessed a higher interest rate as a consequence of something as small as a late payment. Hence it is recommended that consumers pay the bill.
3. Repay all balances down to zero every quarter.
When purchases are made, try to
pay the balance back down to zero at least once a year. When you do this, it is wise to
start swiping your card for purchases again and pay it back down to zero again after a few months, and make this your repayment pattern.
This cycle shows the lenders
that you will be a great customer. You could also be rewarded with
low interest rates, an increased credit limit, and a higher credit score.
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Business Credit Cards
for Prime credit
are easy to find. Click here
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