The tips for getting the best student credit card aren’t that different from getting any credit card. You need to make sure your credit report is clean and do your homework on what the credit card companies are offering. One of the main issues to understand about credit cards is that they are all different. The fees and interest rates and terms for credit cards can be miles apart, so it is important that you know what you are signing up for. You have to look at the options to get the credit card that’s right for you.
Tip Number 1 – Your first Credit Report
As a student, you may not have much on your credit report. But you still need to make sure that what is on it actually belongs to you. This is a great time to look at your reports and start paying attention to your credit rating. In this day and age, the credit reports are sometimes looked at by prospective employers. Having erroneous information on your report can do lasting damage. So before you consider applying for any credit card, take a look at what has been reported on your credit history.
Interest rates and terms for credit cards will be dependent on your credit rating or the credit rating of your co-signer if you are under 21 years old and will need a co-signer to get a credit card. The first step should be making sure that your credit report is as clean as you can make it.
There are several services that offer you to see your credit report for free. One of these services is https://www.annualcreditreport.com/cra/index.jsp. Once a year this central site allows you to request your free credit report from all three of the consumer credit reporting companies. These three nationwide companies are Equifax, Experian and TransUnion. Once you’ve looked at your report you can usually submit online any changes or discrepancies that you find.
It isn’t unusual to have erroneous information on the credit report and often you can send in the discrepancies through an online process. It will take about ten minutes online to fill out the information and get the reports. Then as a student with little or no credit it should just take you a few minutes to review the reports and verify information. If there are mistakes or corrections to the report it can take up to thirty days for the incorrect information to be verified and removed.
Tip Number 2 – Comparing Companies and Cards
Some things are easy to compare. Like annual fees. The card either has them, or they don’t. Interest rates are more difficult. Is there an introductory rate that only lasts for six months or so, then goes up? Is it a set interest rate, or variable? If the rate is variable, what is it tied to?
If you are looking at and comparing introductory offers, make sure you know how long the introductory rate lasts and what the rates and terms will be once that time has expired.
Tip Number 3 – Other Options
There are other options besides a “regular” credit card. Depending on what you need, your credit history or how you plan to use the card one of these other options might be something to consider.
Secured Credit Cards
One option for students might be a secured credit card. This type of credit card requires a security deposit on the account in the amount of the credit limit. The deposit is held in a special savings account that will accrue interest, but can’t be accessed by the account owner.
The credit card can be utilized for any purchases, including for online purchases. After the card holder has made consistent on time monthly payments for a year, the card issuer will generally re-evaluate the account and release the security deposit. At this time the card holder will be assigned a credit limit.
Prepaid "Credit-Cards"
These cards are not actually credit cards but are a type of stored value card. There is no credit check for these types of cards and no interest is paid. The parent or student simply makes a deposit to stores money on a card.
The cards can be used for online payments and purchases and they are branded by Visa, Discover or American Express. These prepaid cards can be used just like any credit card. The money stored on the card is reduced each time the card is used. Make sure you understand any fees associated with the pre-paid card.
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One of the true facts of our times is that all credit cards are not created equal. The fees and interest rates and terms for credit cards vary so widely that comparing companies and cards can be a real feat. But you have to do it to get the best credit card for you.
Tip Number 1 – Start With Your Credit Report
Often the interest rates and terms for credit cards will be dependent on your credit rating. Getting the credit card is definitely dependent on your rating and the information on your credit report. So the first step in shopping for a credit card should be making sure that your credit report is as clean as you can make it.
Go to one of the services that allow you to pull your three credit reports for free and take a look. Try https://www.annualcreditreport.com/cra/index.jsp. This is a central site where you can request your free credit report, once every twelve months. You will get information from all three of the consumer credit reporting companies. These three nationwide companies are Equifax, Experian and TransUnion. This site will also allow you to submit almost all of the changes or discrepancies online.
It isn’t unusual to have erroneous information on the credit report and often you can send in the discrepancies through an online process. It will take about ten minutes online to get the reports, a few minutes to an hour or so to scan the reports and verify information, and up to thirty days for the incorrect information to come off.
Tip Number 2 – Compare and Contrast
Start with the basics. Is there an annual fee, and how much is it? What is the interest rate? If you are comparing introductory offers for credit cards, make sure and take that next step and compare how long the introductory offer is for, and what the terms and conditions are once the introductory term expires.
As you are comparing the basics, take a minute and consider how you will be using the card. For instance, if you travel a lot, does the card provide flight insurance or car insurance on rental cars? If you travel overseas, what are the fees to convert charged purchases from the currency of the country you are in, back into US currency? This fee can vary from 0% (Citibank Visa) to 3% and over.
Tip Number 3 – All Visas Are Not Alike
Nor are all MasterCards. These cards are offered by different banks, credit unions, etc and each offering is going to be different. For instance, my credit union Visa has a 9.9% interest rate that hasn’t varied in over five years. The bank down the street has a 13.9% interest rate, and an offer I received in the mail today for a new Visa Card…17%.
What does stay the same is American Express. They have different types of cards, but they all come from the one company and the interest rates and fees are set by product and your credit rating. The same with Discover Card. You get the Discover Brand Credit Cards from Discover, not a plethora of banks and other financial institutions.
So you can pretty much go to Discovercard.com and AmericanExpress.com and look at all their offerings and compare their cards features, rates and terms side by side. But to compare Visa’s and MasterCards you need to make a spread sheet and include where the Visa or MasterCard is coming from. There are online card comparisons that you can utilize for this. Do a search on the internet for credit card comparisons and see what you come up with.
Just a hint, these comparisons usually don’t include your local banks or credit unions. So don’t forget to go to their websites or call them for the information to compare services.
With all the new rules and regulations, it might pay you to compare any credit cards you already have to what is available now. And keep up. Do a comparison once a year to make sure you are still getting the best deal, best service and have the credit cards that work for you.
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Business Credit Cards are not just for large corporations, they can be used by any size business. A business credit card enables even small companies to purchase goods and services on credit, with the promise to pay at a later date. Business credit card issuers differ greatly in their products. The fees, interest rates and terms for business credit cards vary greatly and comparing companies and cards can be very important. Here are some tips on getting the best credit card for your business.
Tip Number 1 – Credit Report
Often the interest rates and terms for a business credit card will be dependent on your personal credit rating. If the business is new, or it is a small business, the issuer will look at your personal credit rating. So the first step in shopping for a business credit card should be making sure that your credit report is correct.
Pull your three credit reports for free and make sure the information on them is correct. Try https://www.annualcreditreport.com/cra/index.jsp. This is a central site where you can request your free credit report on an annual basis. This site will provide the information from all three of the consumer credit reporting companies. These three nationwide companies are Equifax, Experian and TransUnion. This site will also allow you to submit almost all of the changes or discrepancies online.
Tip Number 2 – Secured Business Credit Card
If you have bad personal credit it might be difficult to get a business credit card. There are things you can do to improve this standing so that eventually you will be able to get a business credit card or business loan. One of the options is to apply for a secured business credit card. You can apply for one online or through many financial institutions. A secured card will require you to make a security cash deposit that is equal to the credit limit you are asking for.
Once you get the secured business credit card, you can use it for your expenses. It will allow you to make online purchases, pay for travel and be utilized as you would any business credit card. Then as you make your monthly payments, you will rebuild your credit history. Make sure you choose a provider that reports your business credit success to the reporting services.
Once you’ve had the secured card for a year, you can request that your status be upgraded to a non-secured account. Some of the credit card issuers will do this automatically, but make sure you understand the guidelines for your upgrade.
Tip Number 3 – Compare the Business Credit Cards
All business credit cards are not created equal. Terms, interest rates, rewards and other options vary greatly. You need to make sure you compare all the information. Some cards have annual fees, and the annual fees can vary greatly from $75 or so a year to several hundred. The same thing is true with interest rates. They can vary by double digit percentage points so make sure you evaluate all the options. If you are comparing introductory offers for business credit cards, make sure you know how long the introductory offer is for, and what the terms and conditions are once the introductory term expires.
Besides comparing the basics, consider how you will use the card and make sure to look at the extra fees and benefits. For instance, if you travel a lot, does the card provide flight insurance or car insurance on rental cars? If you travel overseas, what are the fees to convert charged purchases from the currency of the country you are in, back into US currency? The conversion fee can vary from 0% to 3% and higher.
Don’t forget to look at the rewards programs. Do you get cash back? Or points for travel and other purchases? To utilize these rewards do you have to hit a specific threshold? For instance, there is one business credit card out there that requires you to make $100,000 worth of purchases in a year before you can really utilize their rewards.
Summary
With so many options out there it is well worth spending the time to research the different cards and card issuers. Things change fast, and there are new cards and options coming out all the time. Do a comparison of any business cards that you have at least once a year to make sure you are still getting the best deal, best service and have the right business credit card for your company.
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1.Check References and Study the Terms
With any kind of loan you should only work with those companies who have a stellar reputation as fair and legitimate lenders, and they should have verifiable references and a solid track record. If you’re considering a business cash advance offer that looks too good to be true then you probably need to study the loan agreement more carefully because no loan – not matter what kind it is – is a steal.
Having said that, the business cash advance does have some distinct attractive features, and one of those is that the entire loan application process is usually simple, user-friendly, and free some headaches and underwriting nightmares that you may have encountered with a loan from a major bank.
In fact you should not expect to pay any upfront fees or closing costs when you do a cash advance merchant loan, and you should not have to put up any inventory, property, or equipment as collateral on the loan. If your lender asks for those then you should probably shop around for a better business cash advance lender who offers more reasonable terms and no out of pocket upfront costs.
2.Use Business Cash Advance Loans Carefully and Sparingly
Instead of paying installments like other loans, you are agreeing to pay out a percentage of your future income or sales. There is also no collateral to put up to backstop the loan, because the lender does not ask for collateral but instead requests a cut of your future business profits or revenues in the form of credit card payments. That is one of the benefits of a cash advance loan, but it is also one of the reasons that you should be very careful to use these loans only when you absolutely need them. The payment is coming right out of your future business revenues, and if you are not prepared to sacrifice those to get the cash you need then you should reconsider your plan to borrow.
The interest rates charged on these loans are also much higher than the rates businesses normally pay at banks, so signing up for a business cash advance loan means you are going to pay dearly for the money. That might be fine if you cannot operate successfully without the cash and nobody else is willing to give you a loan. But just keep that in mind and do not use this kind of high interest loan casually or it could wind up costing you more than it is worth. Use this kind of loan mainly for urgent times or emergencies because if your profit margins are slim this kind of loan might be hard to manage, the same way that any debt can be a burden if you aren’t careful.
3.Shop around and Compare Deals on Cash Advance Loans
It always pays to compare lenders, and with so many business cash advance lenders advertising on the Internet that may not be too difficult. Just go online and check out a few lenders, compare their interest rates and terms, and see which ones are offering the most attractive loans these days. Pay special attention to the interest rate or amount of money you’ll pay for the cash advance, because that is how most lenders make their money and the higher the fee for the money, the less of a deal it is for you as the borrower. Be a wise shopper and don’t fall for advertising hype but instead pay close attention to the small print and the real nuts and bolts of the loan application and lender agreement.
4.Crunch the Numbers and Seek Advice if You Need Expert Help
As with any financial transaction, of course, borrowers should should have an attorney or other financial expert review any legal documents before signing. Trust your gut and also double check your math. You want to be able to borrow your cash advance loan at a cost that will enable you to make more money in the long run, not go deeper into debt.
So, for example, if you can buy a delivery truck for $15,000 and use it to increase your profits this year by $15,000 that means the truck will pay for itself in one year. If you have to pay $5,000 to get a cash advance loan to go out and buy that truck then you’ll probably break even on the loan and the truck purchase within a year and a half, and that is probably a great investment.
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The gift of a gift card can be a fun and even exciting gift to receive. To make sure the gift card you give is appreciated, here are a few tips to help you accomplish just that. Gift cards, like any gift, can be thoughtless and a careless giving, or it can be very thoughtful and a truly personalized gift.
Tip One – Customize Giving
First, as when giving any gift, you need to think about what the person receiving the gift card likes to do. What does the receiver like in the way of entertainment, where do they like to eat, or where do they like to shop? Gift cards can mean a trip to a museum or to the movies. They can provide a meal at a favorite restaurant or offer a new dining experience.
Gift cards can offer so many ways to express your good wishes for a friend or family member. A well thought out gift card can be easy when it is for a person that you know well. If you know what they like to do, where their favorite restaurant is, what they might like to try sometime, a gift card is an easy choice. On the other hand, a gift card that offers someone a new adventure, or gives them the chance to go to dinner or movie when they otherwise couldn’t squeeze that into their budget can be the perfect gift.
Tip Two – Specific Stores
However, sometimes you might just want to give someone a gift that may help with their grocery budget. In this case, make sure the card is to a store where they like to shop. If they hate the meat, or the produce at a certain store they might not even use the card. You also need to make sure that any gift card to a clothing store or specialty store is one they will use.
Tip Three – Online
Something to keep in mind is not all gift cards will allow you to shop online. Even specific shops who have online shopping, may not allow you to use the gift card for online purchases. So if the receiver does a lot of online shopping, make sure you know if the card can be used online or let the person know it is for the store only.
If you purchase a gift card online, be doubly sure of the rules that govern that card. Know the expiration dates and any charges – like if the card has “no-use” fees and isn’t used in a timely manner. Also, can the gift card you bought online be used in the local store?
Tip Four
There are those situations where you want to give something to someone you really don’t know. Like if you plan to purchase a gift card for an employee or colleague. In that case there are gift cards that can be used anywhere or at several different businesses. Banks and credit card companies offer gift cards that can be used anywhere. You do have to be careful because they will sometimes charge you a fee to purchase the gift card and there may also be fees taken off the balance of the card when it is used. These cards normally have an expiration date and may have money deducted monthly when not used.
The gift cards offered by a mall or a company owning several different restaurants or businesses can be a good choice for giving to those you don’t know well. These types of cards will sometimes have promotions where if you spend $25 you get $30 on the card.
Tip Five
With any gift card, you need to know and understand the rules and regulations governing this specific card. Until August 2010 there haven’t been any federal laws that regulate gift cards in the US. Each different card issuer has set their fees, charges, and expiration dates.
The new federal law will mandate that all gift cards have a life of five years. It also states that there can be no fees assessed on the card balance if the card is used within the first 12 months. This doesn’t mean they can’t charge a fee when you buy the card, just that no fees can be taken off the card for the first year. If you have gift cards that were issued before August 2010, use it. There are some that may become null and void when the new regulations go into effect.
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