Business Credit card Blog

<b>Your Credit Report (the Boring Part)</b><br>
Your online credit report is a collection of files and records pertaining to your credit history. It is often referenced for hiring, renting, mortgages, loans, background checks and many other situations which may require an involvement of a larger sum of your income or a need for your personal services. Your online credit report contains the good the bad and yes, the ugly, within its pages. There are 3 major credit report bureaus from which the information comes from: TransUnion, Equifax and Experian. For the most they are similar, but between the three bureaus there may be some different items listed.<p>

<b>What If!?</b><br>
What if your online credit report was only full of positive, correct and up to date items? This would be like a fantasy credit report. You could use it like a tool for certain things like getting a low interest loan or the mortgage you actually wanted. You could use it as a weapon against those creditors who automatically assume that your credit sucks and turn the whole finance game around on them. This <i>fantasy credit report</i> would be like a report card with all A’s (something most of us have never experienced right?). Imagine not having to worry about what the results are going to be when the phone rings from the bank because you have total peace of mind that your credit report is not only clean but also free of errors and mishaps. The anxiety of waiting for the results of your credit standing concerning a major purchase can cause equal or more mental tension than a doctor walking in the room with his results for a major medical test.<p>

<b>Making the Fantasy a Reality</b><br>
Okay, so this whole fantasy credit report thing is exactly just that right? A <i>fantasy</i>. Well… not necessarily. See, you are the only one that can ultimately control what happens to your credit report. Yes, of course there are those ‘unknown factors’ – BUT, the good news is there is a big first step you can take to help start achieving your own personal fantasy credit report. You can obtain a free copy of your credit report and see what negative items are sitting on your file. More than 70% of all U.S. citizens with credit reports have false or out of date items on their credit file. By spotting these items early and taking the appropriate steps to remove them you can improve your credit rating. What else can you do? Develop a personalized budget. It will take a couple months of re-adjusting but will help you to see where your money is going and begin to mature your spending habits. Also, think about your major purchases before you make them. Too often in our society, consumers buy things without a s

To read more about how you can get your online credit report free with no obligations, see what is on your file and find out how to fix your credit report go to <a href=”http://www.cleancreditonline.com”>http://www.cleancreditonline.com</a>

<b>What are credit cards?</b>

Credit cards let you pay later for any purchase you make. In case of any sort of emergency or urgent situation, when you may not have cash to make payments, credit cards can be helpful. Credit cards are commonly used to get fuel for cars or buying products in a grocery store. You receive a statement at the end of each month. The statement tells you of the expenditures you have done using your credit card. It also mentions minimum balance, due date, fees, etc.

<b>What is an additional cardholder? </b>

An additional cardholder may be anyone from your family, aged above 18. He will also be issued a credit card. You can contact your credit card company if you wish to have an additional cardholder.

<b>What is a balance transfer? </b>

Balance transfer means the transferring of outstanding balances of credit cards from your current credit card company to another.

<b>What should be done on losing a credit card?</b>

If you happen to lose your credit card, you should inform the your bank as soon as possible, as there can be chances that some one may use your credit card and you end up paying for that too. Once you notify the bank, they at once cancel your credit card and issue you another credit card.

<b>What is an APR?</b>

APR, or Annual Percentage Rate, is just a way of calculating cost of credit, measured as a yearly rate. You must know the APR that would be levied on your credit card before you decide to have one. All credit card companies have varying APRs. You have to see the one that suits you the best.

<b>What is the way to choose a credit card? </b>

This purely depends on your needs and situation. If you would be paying full bills then you need to take a credit card with a low annual fee and other charges. On the other hand, if you want to have a cash advance feature, you need to choose a credit card company with low APR. If you have any doubts and questions, always feel free to call up the credit card company.

<b>What is the credit card grace period? </b>

Credit card grace period is the period in which you can pay your credit card bills before the due date and avoid finance charges. You should be aware of the grace period in order to avoid any sort of finance charges.

With the ever rising reports of credit card fraud, fraudulent use, internet phishing and identity theft, people are rightly concerned about credit card security. Fraudulent credit card use can be an annoyance at best, and seriously damage your credit at worst. It’s only reasonable that people have questions about credit card security and authentication methods. Here are some of the most frequently asked questions about credit card security.

1. How does the ATM or store terminal know my PIN number?

PIN (personal identification numbers) are the most often used way to authenticate your identity when you use your credit or ATM card. When you first choose your PIN number, it is ‘encrypted’ – stored in a secret code of letters and symbols – and either stored in a database or on the magnetic stripe on the back of your card.

2. If my PIN number is stored in a database, doesn’t that mean that bank or credit card employees have access to it?

The encryption method that’s used by ATM and credit cards is called ‘one-way encryption’. It makes it easy for the bank’s computer to verify the PIN given the bank’s key and the PIN, but nearly impossible to extract the PIN in text form from the encrypted database.

3. How does the machine ‘read’ my card?

The stripe on the back of your credit or ATM card is called a magnetic stripe. It’s actually made up of thousands of tiny magnetic iron-based particles. The card can be ‘written to’ much the same way that the hard drive on your computer can be written – by means of magnetic interaction changing the charge. Written into the stripe are your account number and identifying data. When you swipe the card, that information is read and sent via modem to an ‘acquirer’ – a company that ‘acquires’ a payment guarantee from the credit card company based on the information stored on your card’s magnetic stripe.

4. Isn’t buying on the internet dangerous and insecure?

Honestly? Your credit card information is in less danger being transmitted over the internet than it is when you hand your card to a store clerk at the counter. The real danger to your credit card information isn’t from hackers hitting online merchants, or stealing your credit card information via modem or phone lines. The real internet security dangers come from two different directions:

a. Hackers using back doors to get into the records of banks, credit card companies and data repositories.

This is the biggest danger. It’s also a danger for stores and companies that have records ‘online’ for billing purposes. There’s a great deal being done to improve security of data repositories, which are far more vulnerable than any data transmission stream.

b. The second big credit card security danger is the practice that’s sometimes called ‘phishing’. In this case, the credit card thieves trick you into giving them your identification and credit card data. They may do this with an email purporting to be from an official of your internet service provider or email, your credit card issuer or anyone else. They also may build sites that are identical to sites like Paypal, American Express and others for the express purpose of capturing your information so that they can use it.

5. How do I protect myself from phishers?

First, never provide your social security number or other identifying data to anyone without first verifying that they are exactly who they say they are. Experts recommend that you never use the link provided in an email to go to the site of someone you do business with. Instead, open a new browser window and type in the known address by hand

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FEES TO BE PAID

Under any circumstances, the following are charged by most credit card companies:
Annual fee   Paid for being a user of the card
Cash advance fee. Paid when the card is utilized for making a cash advance; usually a flat fee or a percentage of the amount advanced
Balance-transfer fee. Paid when a balance from another credit card is transferred to the other card. Checks are usually sent to pay-off the card.  Balance transfer happens when the check is used to settle the amount due on the other card.
Late-payment fee. Paid if payment was done after the date due
Over-the-credit-limit fee. Paid for payments exceeding the credit limit
Credit-limit-increase fee. Paid for a credit limit increase request
Set-up fee. Paid for opening a new credit card account
Return-item fee. Paid for returned checks  when bill payments by check was done  for insufficiency of funds (meaning, the check bounced)
Other fees. Payments made for over the phone settlements, cost coverage for credit bureau reporting, account review, provision of other customer services.  Other fees and charges are information which may be found on the credit card agreement.

CREDIT LIMIT

The credit limit is the maximum cost – for making purchases, cash advances, transferring balance, finance charges- which may be charged on the credit card.  An over-the-credit-limit fee will be paid for exceeding the credit limit.

FEATURES AND INCENTIVES
Incentives and special features are offered by many credit card companies for using the card :
Rebates money discounted on purchases
Regular flier miles or minutes for telephone-conversations
Additional warranty coverage for purchased items
Insurance for car rental
Insurance for accidents incurred while in  travel
Credit card registration, in case wallet is lost or stolen and a report of missing credit cards had been made
For a certain amount, credit cards may also offer,
Insurance coverage on credit card balance payments for card holders who become jobless or disabled or suddenly dies.  Premiums are usually paid monthly, allowing payment cancellation if payments are more than what the desired payment amount is or if the insurance is no longer needed.
Insurance coverage for the first $50 of charges in case card is lost or stolen. Charges over $50 are protected under federal law.

Prior to availing of these special features, carefully decide whether these features are useful.  Never pay for a feature which is not needed or is not useful.

Business today is as competitive as it’s ever been and, especially since the emergence of the Internet, customers are looking for merchants they can trust and that can offer them the best in service and convenience. It’s simply indispensable to accept credit cards to gain the confidence of your customers, and studies show that sales often increase 10-50% for businesses that begin using credit card equipment to process secure transactions.

Exactly what kind of credit card equipment do you need? There is a large gamut of credit card equipment products on the market today. These include: terminals, terminal & printer combinations, pin pads, card processing printers, wireless credit card processing terminals, credit and debit card processing software.

Credit card equipment is not as expensive as you may think. Terminals have prices that range from $99 to $760. Terminals with printers can cost twice as much. Pin pads are also about $100 to $300, and will allow you to accept debit card purchases as well. Don’t penny pinch when it comes to this relatively inexpensive business expense, since a one-time savings of $30 could negatively affect your business in the long run. You want credit card equipment that is quick, light, and above all reliable. Some dependable credit card equipment manufacturers include Verifone, Nurit, and Hypercom.

It’s usually a good idea to purchase your credit card equipment directly instead of leasing. The most important consideration, however, will be choosing a merchant account provider. A reliable provider can pre-program your credit card equipment for you, and since they expect to work with you for several years, they are less likely to try and get a “quick sale” from you. Service and honesty goes a long way when choosing a merchant account provider and credit card equipment.

As you might guess, wireless terminals are especially useful for mobile merchants, taxi drivers for instance, as well as merchants who sell at trade shows or other traveling venues where credit card equipment is needed on the go. When purchasing wireless credit card equipment, make sure that it offers secure, reliable processing and includes payment software that you can use with your portable computer, PDA, or other mobile device.

Credit card equipment is used in conjunction with credit card processing software. Do a little bit of research before choosing which software you are comfortable with, and identify which software is supported by your transaction provider. Some of the most known brand names in credit card equipment software include industry standards like PC Charge Express and Pro, IC Verify, and Authorize.net.

You’ve got your business off the ground. Now all you need to do is obtain quality credit card equipment in order to accept and process your customers’ credit card transactions.

Have you wondered how credit card eligibility is determined?

Curious whether you’re eligible for a credit card?

It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.

Credit Reports and Credit Scores

When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.

Among the things that go into your credit history are:

1. How many credit cards you have
2. How much you owe on each one
3. How many loans you’ve taken out
4. How much you still owe on them
5. Any payments that you’ve made late
6. Any payments that you’ve missed
7. If you’ve ever defaulted on a loan
8. If you’ve ever filed for bankruptcy
9. If you own a house
10. If there has ever been a judgment against you for unpaid debts

Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.

Some of the things that you lose points on your credit score for are:

1. Having too many credit cards
2. Carrying too much debt on your credit cards
3. Carrying too many loans
4. Making late payments or missing payments
5. Defaulting on a loan
6. Applying for a lot of credit cards in a short time

The credit card and credit score give a ‘snapshot’ of your credit history.

Getting a Credit Card

When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score. Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with. The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.

The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate. If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.

If you’re turned down for a credit card..

The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from. There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.

You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free. The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it. Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.
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What are billing errors?

Billing errors include:

A purchase you did not make or did not authorize.

Charges for goods or services that you did not receive or that you refused to accept.

Payments you made that were not credited to your account.

Bills that contain mathematical errors.

You can also dispute charges you don’t remember making and request proof that the charge was made.

How do I correct errors?

You have 60 days from the date of the statement with the billing error, to write to your credit card company.

Send your letter to the address listed on your credit card statement for billing errors and inquiries. Include your name, account number, and the date and amount of the error. Explain in your letter why the billing is wrong. Request proof of purchase if that is the issue.

Send your letter certified mail return receipt requested for proof of delivery.

Do I have to pay the disputed amount?

No. You can withhold payment of the amount in dispute and the finance charge on that amount until the card company investigates the dispute.  You can also withhold the interest payment on the disputed amount.

You must pay the amounts that are not in dispute.

What does the credit-card company have to do?

They must acknowledge receipt of your letter within 30 days.   Within 90 days, or two billing cycles, they must investigate your dispute. They must correct their mistake or explain to you in writing why the bill is correct.  If you request proof of a purchase, they must provide it to you.

If the credit card company doesn’t follow these procedures, they cannot collect the amount you disputed or charge interest on that amount. The credit card company cannot close your account just because you file a dispute.

What if they don’t correct the error?

If your claim is denied, or it is a dispute over merchandise or services that are defective or not delivered, you may be able to file a claim under Claims and Defenses.

Can the credit card company take action against me if I refuse to pay?

They can begin normal collection activities, such as referring the disputed amount to a collection agency, or suing you in court.

If you are contacted by a collection agency, send them a letter explaining why you feel you do not owe the money.  A collection agency must stop contacting you if you send them a letter telling them not to contact you again. Send all letters by certified mail, return receipt requested, and keep a copy of the letter for your records.

If they file suit against you, you should seek legal assistance. If you file an answer to the lawsuit, you can appear in court and explain why you feel the billing is wrong.

The credit-card company can only report you to a credit-reporting agency if:

You actually owe the amount you disputed, or

They sue you in court and win.

In the United States, the debt levels of Americans have continued to increase since the 1980s. It was during this time that the use of credit cards greatly increased. Credit cards companies begin looking for different ways to market their products to consumers, and used such things as direct mail, commercials, and other marketing tactics.

It was during the 1980s that consumers begin moving away from cash and checks into credit cards. The cause of this is often attributed to the start of the information age. As the use of computers became more widespread, credit cards quickly followed. It is estimated that the number of people using credit cards during this time surpassed those who were using checks and cash in a single year. The use of debit cards has grown tremendously since this time as well.

The rise of debit cards are a direct result of the problems seen with using credit cards. Statistics show that the average American consumer owes about $9,000 in credit card debt. Many people have made the mistake of thinking that they are using their own money when they use credit cards to make purchases. It is easy to forget that this money is owned by the credit card companies, and they are simply allowing you to borrow it, with the promise you will pay it back. The average interest rate owed on credit cards in the US is about 14%.

It is easy to view credit cards as being “easy money.” After all, you don’t have to work for it, and it doesn’t have the same effect on you that cash has. Statistics show that people have a tendency to spend the money of others much faster than their own. Recent data also shows that Americans are paying even less of their debts than ever before. It was recently on the news that the savings rate for Americans is negative, at about -0.05%.

Though we live in an electronic age, being irresponsible with your credit cards is a great way to end up with a life time of headaches. Many high quality jobs now require you to have good credit, and it is difficult to get a mortgage or a car if you have poor credit. This is why it pays to be responsible with how you manage your  finances. It is best to stop borrowing money and use your own funds to make purchases.

Relief from credit card debt is a concern that crosses the minds of most all consumers at one point in time of their lives. You should not feel bad if you should find yourself in a bad credit situation where you need to repay even a modest amount of credit card debt. Most all households across the United States have some type of credit card related debt and many of them need to at some point eventually seek out the services of a credit card debt relief service.

Consumers will find that debt relief from your credit cards can take on many different forms. The first step that you as the consumer should take is to owe up to whatever it is that you owe and what about your spending habits needs to be changed.

Are you someone who has the tendency to spend money that you don’t really have? Has a horrible medical issue arisen in your family that has resulted in turning to credit cards in order to take care of monthly expenses? Whether you find yourself in one of these situations or another one all together it is very important that you at least try to make the minimum payments until you can seek out a much better solution to your issues.

If you have a large debt to income ratio it is likely that seeking out a credit card debt relief is going to be your best option. Being committed to changing your spending habits is needed for debt relief services to be most effective.

Credit card debt relief services can help you work with your credit cards companies often reducing the total amount that you owe and help you get back on track to getting all your debt paid off. In time you will find yourself in a much better financial position and using your credit cards much more responsibly.

Credit card debt can be reduced through lower rates or negotiating for reduced balances. With reduced interest, you can pay off the principal quicker with the same monthly payment. The other approach is debt settlement, which eliminates part of your debt at the cost of your credit score.

1. Transfer Balances

Credit card companies are always offering introductory deals, such as 0% on transfers. Usually such offers last for several months, giving you the chance to make sizeable payments on your principal.

If you have several credit cards, choose to transfer the account with the smallest amount. Pay off that account, then take that card’s monthly payment and apply it to your next lowest balance. Soon you will be creating a snowball affect, swiftly lowering your debt. Make sure to close paid off accounts to raise your credit score and keep from adding to your debt.

2. Negotiate Lower Rates

Credit card companies are also willing to lower rates. You can try to do this on your own, but you will have more success with a debt management company. For a monthly fee, they will lower rates with credit card companies and handle your monthly payments.

Debt management plans can affect your credit temporarily if your creditors report delayed or reduced payments. This might prevent you from opening new accounts for a year or more. However, with such plans you can be out of short term debt in less than five years with a much better credit score.

3. Settle For Reduction In Debt

Debt negotiation is the most drastic step to lower your credit card debt since it has long term affects on your credit. A debt negotiation company can settle some of your debt with creditors. Lenders will then report the reduced amount to the credit reporting agencies, which will keep it on your record for seven years. Debt negotiation is similar to bankruptcy and can prevent you from qualifying for conventional credit for a couple of years.

Reducing your credit card debt will have long term benefits for you. Less credit means better rates when you do want to apply for financing, especially with a home or car purchase. No matter which option you choose, research companies carefully and compare their services and fees.