June 11th, 2009 | Posted in Small Business Credit Card
Small Business Credit Card Options. Factoring is getting a loan against future credit card sales. Not all small businesses will qualify but it is a valid credit card money saving option.
Bail Out Your Small Business With Credit Card Factoring
By Gaston Castro
While perusing the internet for the latest in business news, I came across an article announcing the launch of Office Depot’s new “Small Business Self-Bailout Plan.” Through its “Survival of the Smartest” website, the company provides small business tips and strategies, news and information and even “weekly videos featuring products and services designed for small business,” writes Jennifer Wang for Entrepreneur.
After reading about this “self-bailout plan,” I couldn’t help but to think about how business owners could bail themselves out through credit card factoring. Okay, well it’s not exactly a bailout, but it can definitely be a great help and even a business lifesaver, for the many merchants who can’t seem to get business funds through banks.
Even those who under normal circumstances would be able to secure bank loans are now unqualified. In fact, “…many national banks have drastically cut back small-business lending. In addition, Advanta, a major issuer of small-business credit cards, declared on May 12 that it was closing customer accounts to new charges,” writes Scott Medintz in a New York Times article titled “To Get a Business Loan, Know How the Banks Think.” That said, factoring is very appealing to many small business owners right now, for the following reasons.
Own a business for six months, process at least $3,500 in monthly CC sales, have a year or more left on the business lease and don’t have unresolved bankruptcies – that’s all you have to do to qualify for a credit card advance. Business owners who meet these requirements can easily receive up to $500,000 in business funds, simply by selling their businesses’ future CC sales.
Credit card advance providers can usually fund merchants in 7 to 10 business days and the approval only takes 48 hours. The speed of the process is a definite plus for busy small business owners who don’t have time to waste.
Credit card factoring is the process of selling future credit card sales in order to get cash in advance. When one takes advantage of factoring, the repayment is also taken care of via credit card sales. When customers make purchases with their credit cards at a business that is utilizing credit card factoring, a small percentage of those sales goes toward repaying the credit card advance. This repayment method goes with the flow of each business owner’s individual business.
Automatic Renewal Eligibility
Three to four months into a credit card advance, the merchant becomes eligible for a renewal. The second time around and from then on out, the merchant does not have to complete any applications and he/she can have funds wired into his/her account in 48 hours.
May 31st, 2009 | Posted in Credit Card Tips, Tricks, and Trivia
Save Money with a Credit Card
The Credit Card has long had a Bad rap to conscientious money savers everywhere. However, there is a flip side to the evil credit card that can actually save you money. If you pay off your credit card every month then there are also some penny pinching advantages such as points or cash back.
Save Money Using A Credit Card
By Joseph Kenny
If you are a conscious and energetic saver, then you have most probably been told that credit cards are bad and evil things that you need to stay well away from! However, used the right way, a credit card can be a great way to save money! So, how can you save money by using a credit card?
Let the interest work for you
As we all know, credit card companies make a profit by charging their users interest. But, the interest that credit card companies charge is only charged if the credit card holder – you – doesn’t pay their credit card bill in full each time; deciding, instead, to pay in installments. Nonetheless, pay your credit card bill in full each time and not only are you not charged interest for using the credit card, but you can also get up to 2 months credit free interest.
This happens because the credit card company is normally required to give you 28 days after your statement date in order to pay your credit card bill. However, if you buy your product shortly after a credit card statement date, you can get nearly another month’s interest free credit while you are waiting for the credit card statement to arrive.
As a result, if you are a good and conscious saver, what you can do is open a savings account and every time you make a payment on your credit card, you transfer the money you would have spent on the purchase to the savings account. Then, on the credit card statement due date, you transfer the money from the savings account to pay the credit card bill. In the meantime, the interest that has accrued on that money while you were waiting for the credit card bill is all yours!
Using the loyalty bonus scheme
Aside from making sure you pay off your credit card bill in full each month, another way you can use a credit card to save you money is to apply for a credit card that has a loyalty bonus award scheme. Then, after you have reached the required number of loyalty bonus scheme points, you can use those points to purchase something you would otherwise have had to pay good money for.
So, now that you don’t have to pay good money for the product you just got from the loyalty bonus points, you can transfer the purchase price of the product to your savings account – and you’ve just saved yourself some more money!
Keep in mind, however, that to maximize your credit card savings potential, you really need to apply for a credit card that doesn’t charge you any annual membership fee or have any other additional hidden fees. Provided you have this in place, a credit card can be a really great way for you to save money
Joseph Kenny’s article above pertains to Uk based Credit card companies. Instead of loyality bonuses offered in the UK in the US bonuses are in the form of cashback, rebates, gas, and travel points. The main point is, if you pay your credit card off every month before interest acrues there are definately some ways for smart shoppers to make or save money with a credit card.
May 28th, 2009 | Posted in Zero Percent Credit Cards
Zero Interest credit cards offer some financial relief on high interest credit cards. If used wisely Zero percent offers can save the consumer allot of Credit Card money.
Zero interest credit cards are probably the most under-utilized way to get on one’s financial feet. There’s plenty of advice available on using lower interest debt consolidation loans to consolidate credit debt and reduce monthly payments. However, very rarely do we hear the suggestion that we can get away with paying no interest at all unless someone is trying to sell us furniture on a buy now and pay later basis. Yet, special zero rate credit card offers provide a fantastic way to significantly reduce monthly expenditure on credit cards as well as help with debt problems.
You don’t have to be a materialistic, greedy individual to find yourself overspending on credit cards. So many things can go wrong in this high cost society that can increase our credit card debt. Serious illness, emergency repairs and job loss are just a few common situations that can cause our credit card balances to soar. Most of us hope that things will get better and we will be able to catch up later, unfortunately the higher our credit card balances, the higher our monthly payments. This increasing monthly cost can keep us poor and make it difficult for us to ever get back on our feet. The largest part of our monthly credit card payments are interest charges. Therefore, it only makes sense to reduce our interest costs as much as possible and you can’t get lower than zero interest. By simply transferring your credit card balances to one of the many available zero interest credit cards you will be able to save your interest charges for a given, introductory period of time.
There so many introductory credit cards available that it can be difficult to sort through them and choose the best one for your needs. It is important to choose an offer with low balance transfer fees and a long introductory period during which you do not have to pay any interest at all. The easiest way to find zero interest credit cards is to use a professional online credit card service which has already done a lot of the hard work for you by finding the best deals. These sites not only give you a number of cards to choose from, they also offer online applications to make things convenient and easy.
However, to truly make the most of zero interest credit cards, you can keep transferring the balance to new zero rate offers before the end of each introductory period. If you do this, you will never pay interest. Unfortunately, with the best will in the world, life tends to take over and we can easily forget to transfer the balance before interest payments kick in. Some of the more excellent online credit card services also offer a reminder service to let you know when your interest free period is due to expire so that you can apply to transfer your balance to a new interest free credit card offer.
Used in this way, zero interest credit cards can substantially improve your financial position. By taking advantage of professional, online services that also offer an alert to remind you when to transfer your credit card balance again you can take long term advantage of interest free credit card offers. Do this, and you’ll never look back.
May 28th, 2009 | Posted in 0 Balance Transfer Credit Cards, Zero Percent Credit Cards
0 balance transfer credit cards are a good way of saving your credit card money. Zero percent credit cards are extremely popular so card companies are vying for your attention with these types of offers.
Credit card balance transfer is a good way of consolidating your credit card debt. It is also the best way to avoid the possible problem that your debt can give. With the high demand of these credit card transfers, companies are competing with one another to get your business.
Before you get a credit card balance transfer, you must learn some pointers to be able to appreciate its function. Here is a checklist of the things you should keep in mind to enjoy the best that it can offer.
1. Carrying out your credit card balance transfers should always be on time, it should not overlap on periods from one to the next as it can bring more money charges on your account.
2. You should always make sure the availability of the zero credit card money transfer is on time. There is no use for applying for an offer after the expiration date.
3. If your credit card issues free interest rate, make sure that it is true. Read the small printings on the promo sheet to know exactly the process of their promo.
4. It is crucial to transfer a credit balance. You should transfer all the balances to normal interest card as the store cards have the tendency to have a higher APR rate.
5. A zero interest or low interest card must be easily identified. You should trust a source where you can have a comparison of two credit cards. You should choose a source that does not advertise a particular credit card; aside from the comprehensive description of comparison, the source must also help you make a good decision. You can check a financial broker for this matter.
6. Always remember the expiration date of your zero balance rate credit cards so you can apply for a new credit card balance transfer before it expires.
7. Choose a flexible and quick interest free credit card balance transfer.
You are sure to get the best credit card money transfer by following the pointer sited in this article. You also have to follow the nine steps for you to get the right procedures in money transferring.
1. Find a lender that gives free interest rate or those that have zero introductory balance transfer rate.
2. You must shop for a credit card wisely. Always be aware of all the things about your chosen credit card.
3. Once the new credit card arrives, call the one who issues the card and tell about your plan of money transferring from your previous credit card. They are the one who will arrange it for you.
4. You will be offered with many privileges you do not need, such as insurance plans. Just tell them that you do not need it now.
5. If the balanced is successfully transferred, never use your previous credit card again. Destroy the card after closing the account to avoid the temptation to use it again.
6. Remember that your new account has a zero introductory balance transfer rate, so you will need a minimum rate to repay it every month during the period.
7. Manage your debt better this time, after getting a new credit card.
You need to learn all of these to transfer successfully a balance to a new account. Make sure to follow the directions carefully for more positive results.
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