Your current account bad credit Information
Ever since Stacey Smith got her credit card, she has been trying to decode the alien credit card terms that the credit card companies use. Deciphering credit card terms is a task in itself! The credit card companies use fancy language, which we don’t use in our everyday use. So much so that even filling the application form is a pain. What is needed is a good credit card glossary to enable mortals like us to understand credit card terms.
We have complied a simple to understand credit card glossary. In simple words, it is card which can be used to obtain cash, goods or services up to a stipulated credit limit. The glossary covers some of the most commonly used credit card terms.
Lets begin with the most basic “account number”. It refers to a unique number that is assigned to every credit card. Next in the credit card terms come “annual fees”. Some of the credit card holders are charged annually for holding the card. This is known as annual fees. Another credit card term that would be used frequently is “APR”. It is the rate at which card companies charge you every year for your account.
No credit card terms dictionary is complete without the term “balance transfer”. It simply means moving your credit balance from one credit account to another. It helps in saving your interest payments. A credit card term that most people are afraid to come across in credit card terms is “bad credit”. It means poor or bad credit rating. It can be caused by late payments, exceeding card limits etc.
In credit card terms, the next word would be, “cash advance”. Cash advance means a loan taken through your credit card, using an ATM. Then in credit card glossary comes “credit report”. It is a record of your credit history that is usually consulted by lenders in order to decide whether they should lend you money or not, and how much.
In credit card terms, you will also find the term “debit card”. Debit card allows you to spend money on the balance available in your account - usually from a current or savings account.
Next in our list of credit card terms is “grace period”. It is the time period between the transaction date and billing date when the payment can be made without incurring any interest rate.
If you are going through a money crunch then this credit card term is essential for you to understand – the “minimum payment”. Minimum payment is the smallest payment that you can pay to keep your account in good standing.
Another very important credit card term to understand is “PIN number”. It is the security code that you need for authorization while making money transaction through your credit card.
Next credit card term is “pre approved”. This means a customer who has already passed the initial credit bureau evaluation.
Here’s to hoping that you would now feel more confident about using your credit cards with at least the credit card terms making some sense to you!
William King is the director of
UK Wholesale Suppliers,
Wholesale Suppliers . He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
Article author: William King
Do you have a business merchant account? If not, isn’t it time you got one? The companies you compete against for customer business may already have this special account that allows them to process customers’ credit payments. If you are not yet doing so, why not apply for a merchant account to help your business grow?
A business merchant account is the best way to expand your company’s operations and conduct e-commerce without risking too much of an investment. Simply apply for a merchant account the way an individual would apply for a personal credit card. As with individual applicants, a company needs to show a positive credit history and the ability to make payments on a merchant account at present. In addition, it cannot be involved in shady dealings with which the underwriters might not agree. Many lenders will let you apply online, although some charge a fee for this. Often you will get a decision on your application within a day or two. If approved, you can begin making arrangements to accept credit payments in a variety of ways. Pay attention to fees and payment terms. For example, you may be asked to pay 15 to 25 cents per transaction. Or you could have the choice of paying a low overall percentage rate. Some lenders impose minimums, though, meaning you will have to pay a “bottom line” fee no matter how many transactions you make.
Your business merchant account will let you purchase or lease a credit card processor that can be plugged into your store. Or you can take a wireless version with you when collecting payments from other locations. Many business owners prefer to use a telephone ordering and payment system. This can be automated, reducing the need for staffing except for questions or glitches. Customers can speak or touch-dial their credit card numbers into the phone to process orders at their convenience. You will need to make sure your system is fully operational at all times and that it is customer-friendly to keep from annoying or even driving away current or new clients.
When you utilize a business merchant account, you can receive a printed monthly statement, discounts for other services, and occasional other benefits as well. Being able to accept credit card payments suggests that customers will look at you a little differently, knowing that you have earned an underwriter’s trust for this important role. Posting signs for accepting credit card payments places your company in the ranks of the elite, since many smaller or newer companies do not yet enjoy this privilege. When you begin accepting credit card processing, you can move away from cash-only payments or checks that can bounce. The time saved from managing cash flow can be channeled into more meaningful tasks.
Getting a merchant account means that you’re ready to upgrade your business, and that you are taking extra steps to accommodate your customers. Be proud to receive a merchant account, knowing that not everyone is approved. Handle it responsibly, since you have much to be thankful for with your new business merchant account.
Article author: ILA BHATT
Maximizing the potentials of your business credit card begins with choosing the best one from among hundreds in the market. When doing so, particular aspects of business credit cards need to be understood as their features and services, not to mention the roles they will be playing, would vary from business to business.
Bottom line: there is not one business credit card for all. The sheer number of business credit cards in the market means more options to choose from. Conversely, this translates to more difficulty (for the entrepreneur or business owner) in finding the right business credit card for him or her. Again, the term right business credit card would be a subjective one.
The perfect business credit card for one entrepreneur could be viewed as a lousy one by another. That doesn’t mean however, that the latter has no program or membership advantages to boast of – just that it’s not suitable for the client’s needs and demands.
If you’re wondering how to get the most out of your business credit card, the cardinal rule would be to ASK.
Business credit card companies are more than willing to present their product’s unique selling proposition to you. So if a bank representative walks up to you or sends an email with a business credit card offer – all you have to do is ask them: “What’s in it for ME?”
From there you’ll be pleasantly surprised at what business credit cards nowadays have to offer. The truly competitive ones have managed to add a business spin to the best features and services of a personal credit card and extend that coverage to several card holders.
Let’s take credit limits as an example. If you were a personal credit card holder and you issued supplementary credit cards to your family members, you are merely dividing your personal credit limit among all the members of your family. Whereas if you opened a business credit card account, you could assign individual credit limits to your nominated card holders (maybe account executives or managers who need to have an open line of credit at hand) and still enjoy a separate credit line for major expenses.
If you’re a newbie business credit card holder, here are a couple of ways to check if you’re making the most out of your corporate credit card account.
For businesses with above average travel requirements, your business credit card should have a well-established incentive program such as: travel miles for airlines, free shuttle services from the airport to a hotel, car rental services, and accommodation packages or discounts.
Ask about Rebates and Rewards Yes, you’re a businessman, so getting the most value out of your money is important to you!
For all the spending you have done, you should get a percentage or rebate from your business credit card company. Whether you spent a dollar or a thousand dollars for your business, you should be getting a portion of that amount back – and this is a general rule that applies to all card holders - all the time.
More info: http://www.bizcreditcards.org
Article author: James Earvin
