On The Average, Americans Have At Least 4 Credit Cards

Category: Finance, Credit.

Many consumers in the United States fall into debt because of the many expenses that they have to take care of on a monthly basis. The United States Federal Reserve reported that 40% of families in America spend more than what they should.

Whether these expenditures are necessary or not, the average family tends to overshoot the monthly budget that is allotted. Credit cards are known as one of the biggest culprit in causing debts for many people. It is not surprising how some people can hold more than one active credit card, and it not very unlikely that these people can spend more than what they can afford. Did you know that according to Experian, about one in every ten Americans has 10 credit cards? On the average, Americans have at least 4 credit cards. First tip to not get into debt is to plan a monthly budget.

About 3% of the credit card owning population has more than$ 9, 000 worth of credit card debts. You can set aside a specific amount for your home loans or other existing loans that you may have. If possible, do your best to stick to this budget. Include in that budget your electricity bills, gasoline, food, and others. It is also advisable to open a bank account for savings only. You may need to have a separate account where your funds can be easily withdrawn when you need them.

When you deposit money into this account, be sure you will not be using the funds here unless necessary. You should also avoid opening up credit card accounts, even if these companies have tempting offers and rewards perks for their card holders. Credit card debts can be very hard to pay off in one blow, as the interest rates alone can kill you. Remember, cash is always a better alternative as compared to credit cards. On the average, card companies charge their clients 19% interest on unpaid dues. You can opt to get a credit card debt consolidation loan, so that you can erase your outstanding balances on one, three, two, or all of your active credit cards.

Imagine how this amount makes your credit card balance balloon to epic proportions. This loan lets you borrow a huge amount to wipe off your debt, so you will only be paying your lender every month on a fixed interest rate. Explore your other debt help options by consulting with your bank or card company today.

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Frequent Check Of Your Credit Report Is Necessary For A Good Credit Check - Finance and Credit Articles:

A credit report is basically the history of all your credit details and credit scores. This step ensures protection of your money and account from any theft and makes it secure.

You Can Also Search Online For The Right Company

Category: Finance, Credit.

The company that provides debt is an institution that help you restructure your pending debt payments in such a way that you find it easier to pay off your outstanding loan amounts.

So instead of repaying to multiple creditors, you end up repaying to a single entity. What these companies do is consolidate all your various debts under a single loan. How Do They Do It. These counselors interact with you and get to know the exact nature of your debt problem, the number of outstanding debts and the amount, your income and your repaying capabilities. Firstly, most of these companies have counselors who are experts in financial matters. Armed with this data, the debt consolidation company analyzes your problems and offers you the best debt consolidation program that is suited to your pocket.

Once you agree to the program offered, the professionals of the company will starts negotiations with your creditors to know how they can repay the amount with the least pressure on you. This program can be in the form of a bad credit debt loan with which you will be able to pay off all the outstanding dues. There counselors then arranges for a loan that will take care of repaying all your pending debts. However there could be a huge gap between the lip and the cup. Once your debtors are paid off you can breathe easy and focus on paying up the installments toward the bad credit debt consolidation loan. The role of a loan providing company is so crucial that it is important that you choose the right company.

Therefore one must take a debt consolidation quote from a number of such companies and then choose the right debt consolidation company. If you end up with a company that has put in place a program that does you more harm than good then it can make your financial stress even more severe. Usually, most reputed companies offer quotes for free when you approach them for debt consolidation counseling. Before taking a bad credit consolidation loan, it is best to compare the programs being offered by various companies. You can also search online for the right company. What one should look for is whether the debt consolidation company has a plan that suits your needs or not.

One should also be wary of fraudsters who pose as a debt consolidation company and ask for an upfront payment. You should also look at the interest rates and other charges taken by the company. Such fraudsters often end up short on their promises or they disappear after taking your money. All this may sound tough but a little effort from your side can get you the right company offering you low interest rate debt loans, which could be the key to the lock on your freedom. A good thing to do would be to check the customer testimonials to know the company track record.

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Here Are A Few Conditions You Have To Go By Before You Can Get A Credit Card Debt Settlement - Finance and Credit Articles:

Credit card debt settlement is what you can get when you do not have the means to pay your debt in full, nor pay your debt in the increments that you were given to pay monthly. Sound like a dream come true?

Each Cash Back Credit Card Has Its Own Rules On Earning Cash Back - Allison Shawgo about Finance and Credit:

Cash back credit cards allow you to secure a bit of freedom in terms of your spending.

In The World Of Credit Cards, American Express Is One Of The Best - Jannie Aguilera about Finance and Credit:

Also known as AMEX, American Express is easily one of the most recognized names in the world of credit cards. With Visa, and AMEX being, MasterCard the most popular and preferred types of credit cards, they are all great although there are also differences between them as well.

It Is Called Debt Elimination

Category: Finance, Credit.

The first thought that comes to your mind when you think about a brand new year is resolutions for the new year. We endeavor to make every aspect of our life better and satiable be it good health or better relationships or buying new property etc.

A new year is like a ray of light that brings in hope and motivation. These resolutions can be as trivial as abstaining from alcohol to something as significant as managing finances efficiently, etc. Consider the resolution to manage finances efficiently. It depends on your perseverance so that the resolutions are not left unfulfilled. This will be possible only if you enter a new year debt- free. The abuse of credit cards is very common nowadays as every restaurant, retail store and even grocery stores accept card payment.

With credit cards replacing the need to carry cash in your wallets, the harsh reality of debts hits us knavishly. Be it the flat screen LCD TV in our living room or a vacation on an exotic island or an exquisite jewellery set, it all seems very easy, economical and fast with the use of credit cards. We do not think while spending. It is only when the credit card statements arrive at our door steps after a few months, do we realize that probably we have over used the plastic in our wallets. It does not seem detrimental initially because we just have to make a small payment every month, and we can afford all luxuries at the flick of a credit a card. With such debt clouds hovering above our heads, a resolution such as efficient management of finances cannot be actualized. But when the credit card statements become due over a next few months, we are hit by the cold reality of our expenditures from the previous year.

But as said that every cloud has a silver lining, consumers can now rejoice that these debt- clouds can be abandoned. It is called Debt Elimination. Beyond these debt- clouds is a debt- free heaven, a chance to put the past behind us and look ahead to the future. Considering the fact that insolvency is not a factor any more, consumers are discovering that debt elimination is the finest alternative. Although many people are yet uncertain about the existence of this debt relief heaven, it does exist. The scheme is valid for all the major credit cards and unguaranteed signature loans.

The process that is used to eliminate debt is based on the U. Supreme Courts decisions, Title 15 United State Code( USC) , the Fair Debt Collections Practices Act, the Fair Credit Billing Act, the Uniform Commercial Code( UCC) , and numerous Banking and Lending laws. Without bankruptcy and without spending those annoying refinancing fees, debt elimination is certainly the best option to credit counseling, etc, debt consolidation.

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The IMPACT Visa� Card Is A Very Popular Prepaid Card - Melody Bertone's Finance and Credit blog:

Prepaid cards bring a host of benefits to a card holder.

Credit Is A Delicate Thing - Finance and Credit Blog:

Your Credit report is a permanent record of how you acquire and pay off debt.

You Do Not Need To Purchase Anything On Your American Express AIR MILES Credit Card From The Sponsor To Receive Your Bonus - Finance and Credit Articles:

In 1997, American Express Canada forged an agreement with AIR MILES rewards program to launch the American Express AIR MILES credit card exclusively for Canadian citizens.

Your Credit History Can Not Be Cleaned Up Overnight

Category: Finance, Credit.

Our credit history makes a great impact on our lives, beyond what may appear on the surface.

Beside that, a good credit history also help us to obtain more attractive interest rates for our credit card accounts. For example, a good credit history will help us to easily obtain loans for a car, a house or other large items with lower interest rates. Many of us may not know that many companies check their job applicants& #39. So, if you have a good credit history, you will have a better chance to land on the job of your dream. Credit history to determine their financial responsibility. Now you know how important your credit history is and it is important maintain it.

In some cases, the situation can get worse to the point where repair is almost impossible. Your credit history will suffered every time you delinquent your payment on your credit card or loan installments. Having a bad credit history definitely will not be a good experience when come to the loan application, but luckily if you are in bad credit situation, you actually can, with some effort turn it around. Your credit history can not be cleaned up overnight. How quickly it takes to fix a bad credit score will depend on you. It takes patience, discipline and some strategies to put in place to rebuild the good credit records. The first thing that you need to do is to budget your spending.

Here are some tips to quickly fix your bad credit: Create a realistic budget. With a budget in place, you know where your cash flow. This way, you make sure that your needs are covered, and you won& #39. Allow some funds for non- necessities, but keep this amount down for the time being. T feel like you are sacrificing your fun. You must cut your spending. This kind of budget is easier to stick to than the punitive kind that only allows expenditures on requirements and loan payments.

Many who try to fix their bad credit failed at this stage because this simple task is always the hardest to implement by most people due to the incurable spending habit. Try to reduce the unwanted impulse purchases first( sometimes it hard to cut it totally) and then eliminate it totally. The first thing to change is your spending habit. Plan what your want to buy and buy things which are in your budget plan. Open a bank account and keep funds in it at all times. Have fund in your bank account.

Most banks report to the credit bureaus. Get your debt under control. This will help build a good credit rating. Keep payments current and whenever possible make extra payments on your debt. Keep your credit account open. This will dramatically improve your credit rating over time.

Don& #39. Let them stay open but don& #39. T close accounts even you have paid them off. T use them. This tip is the most important factor to quickly fix bad credit. This improves your credit to debt ratio and is one of the fastest ways to rebuild your credit rating and FICO score.

The bottom line. T be easy. If you are already in the bad credit situation, fixing it won& #39. But this is the only way to go. Patience& discipline are the key factors to determine the success of turning your credit history and rebuild your credit record.

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Start A Credit History - Ericka Haverly about Finance and Credit:

Building and maintaining good credit is more important today than ever.

If A Credit Card Ad Seems Too Good To Be True, It Probably Is - Finance and Credit:

People receive offers for different types of cards everyday through emails, television, letter mail, radio, and even the, magazines newspaper. All of these card companies know that many people in today s society are very naive and accepting of credit card advertisements that seem too good to be true, which they really are.

There Are Major Advantages To Applying For Credit Cards Or Loans Online - Finance and Credit Articles:

One of the more recent innovations brought by the Internet technology is the possibility to apply for loans and credit cards online, benefitting from the 0% APR balance transfer and not only. The 0% APR balance transfer feature is one of the greatest things about credit cards.

A Business Credit Card Is That Which Caters Only To Business Owners And Is Used By Them To Spend Cash Related To Their Businesses

Category: Finance, Credit.

To start with, failing to pay the total amount of your bills as incurred through your credit card results in the charge of an interest rate on the sum of money being owed. Online credit card application is now possible, thanks to the advances made on the invention scene and essentially ensures that the form is completed, submitted and processed by the credit card company on the Internet.

Nonetheless, if you were to pay the total sum of money at the pre- determined time, you will not be charged with any interest rate. A majority of credit cards offer benefits in form of points which can be redeemed as gift certificates or cash benefits for the buying of a particular product at a particular cost and serve as great incentives to own one. A business credit card is that which caters only to business owners and is used by them to spend cash related to their businesses. Credit card processing machines refer to machines that are equipped with verification and also validification software that makes them to confirm the secret information on a credit card once it is passed through them. they are beginning to be a stable feature everywhere at the present, particularly in commercial centers. If you are a shop owner or a business proprietor, looking to experience an increase in the sales of your services, you need to look into getting a credit card processing machine because the practice of paying for services with cash is speedily beginning to be out- of- date. Delays in receiving your credit card may possibly stem from factors like, unreadable handwriting on the application paper, or failure on the part of an agent to deposit the form properly. You need to target the credit card company that charges the highest interest rate on your debt and get rid of it first before paying attention to the rest of your debts if you are set to say goodbye to them.

The seven most accepted credit card corporations that have tentacles spread out in lots of countries are: American Express, Diners Club, Citi, JCB, VISAand also Discover, MasterCard. This decision will really aid you pay off your debts faster. To end this up, if you are in credit card debt and are planning to consolidate your credit card debt, you need to make a decision to use cash prudently and meet payments on time.

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Loans For Bad Credit Are A Hot Issue - Finance and Credit:

Loans for bad credit are a hot issue. See if this sounds familiar.

The Credit Card Interest Rates Vary From Card To Card - Finance and Credit Blog:

Generally the credit card interest rates are higher than any other loan. The credit card interest rates vary from card to card.

This Holds Since The Lender Has No Collateral To Fall Back On When You Can T Pay Back The Loan - Hannah Belville about Finance and Credit:

There are two kinds of low interest debt consolidation that you can lay your hands on- secured and unsecured loans. However, you should know that the loan amount depends on the ability of the applicant to pledge a higher value collateral.

Loopholes In Getting Your Cash Back

Category: Finance, Credit.

Does a cash back credit card actually pay money in the long run, or is it just another term for advanced cash?

However, you need to carefully research and investigate all the cards available to ensure that you apply for only the best cash back credit cards. Yes, you can actually get cash back for using a cash back credit card. In addition, in order for your cash back profits to not be eaten up by interest charges, it is wisest to pay off your balances every month to maximize the amount of cash back rather than larger amounts of cash paid out in interest charges and account fees. The actual cash back is usually a percentage of your total purchases for one year or a specified time period. How Much Cash Will You Actually Get Back? Sometimes there will be an offer to double your cash back percentage over a certain time frame. The actual percentage of cash back varies from 5% to 0% , depending on the cash back credit card and their policy on percentage for the type of items purchased.

You will also find other offers for higher percentages for purchases at supermarkets, drugstores and gas stations. Interest Paid Versus Amount Of Cash Back. You should also be aware of any hidden fees that will eat up your cash back profits. With cash back percentages ranging from 5% to 6% and some interest rates averaging 19% and up, you can quickly see how important it is that you are careful of the actual ratio of your cash back percentage and your interest rate charged. Needless to say, keeping your account paid each month will also be very important in actually profiting from a cash back credit card. There may be loopholes in your Cash Back Credit Cards contract/ rules that you need to be aware of.

Loopholes In Getting Your Cash Back. Careful research prior to selecting a card will help to ensure you get the best cash back credit card available. Some cash back credit cards offer their higher percentage only up to a certain amount, for example, 2% cash back on the first$ 2, 000 and then switch to a lower cash back percentage of 5% . Also, being aware of these rules will help you from possibly losing cash back that you would have been entitled to otherwise. Returned purchases are usually ineligible for inclusion in the calculations for your cash back bonus. In these cases, the cash back credit card company may have the option of applying your cash back to any account balance in lieu of mailing you a check.

Your cash back might also be affected by poor account activity, such as overdue payments, requests for longer time for repayment, or returned mail, suspected fraud. Accounts that have been closed, overdue payments, bankruptcy started, possible fraud activity may also have an impact on whether or not you get a cash back payment, many cash back, Finally credit card companies also state in their contracts that they can change the relevant percentages, make changes in the cash back program itself, and even cancel/ withdraw the cash back award from your credit card program by just giving you written notice. Conclusion: Ultimately whether or not you actually receive cash back is up to you. It is very important that you research thoroughly and read the fine print to get the best cash back card available. You are the one who needs to research and investigate which are the best cash back credit cards available. Also, probably most important of all, you are the one who determines if you pay off your cash back credit card every month and avoid the high interest rates, additional late fees and penalties.

Remember that it is not only the percentage of cash they are offering you, but the interest rate they will be charging you on loans, if their interest rates can be changed, their cash back rulesdo they have loopholes to not pay you the cash back that you thought you were earning. Yes, cash back for credit cards is a real option, but ultimately it is your choices and actions that will determine if it is really cash in your pocket or a credit card companys pocket. Only you have the power to find and use correctly the best cash back credit cards for yourself.

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In The World Of Credit Cards, American Express Is One Of The Best - Finance and Credit Articles:

Also known as AMEX, American Express is easily one of the most recognized names in the world of credit cards. With Visa, and AMEX being, MasterCard the most popular and preferred types of credit cards, they are all great although there are also differences between them as well.

This Credit Card Has No Annual Fees. 0% Intro APR Credit Cards Should Be Used Wisely - Finance and Credit Blog:

Many things warrant our attention in student life.

It Is The Credit Card - Finance and Credit Articles:

The world is constantly changing. Convenience wins out over qualities such as loyalty, and discipline, steadiness.

There Is No Doubt That Your Credit Report Contains A Lot Of Information That Can Have A Direct Impact On Your Lifestyle

Category: Finance, Credit.

There is no doubt that your credit report contains a lot of information that can have a direct impact on your lifestyle.

What do they see? It is also true that other people are reviewing your credit file and making judgments about you and your ability to repay. Should you be at all concerned about the information is included in your credit report? The information on your credit report can break you or make you and it does not go away overnight. You should be very concerned with the information included in your credit report because it has a direct impact on your life. Regularly reviewing your credit report is not only a great way to keep tabs on how well you are doing financially.

Did you know that 25% of credit reports contain errors that are serious enough to cause a denial of credit? It is also a great way to protect yourself from identity theft and credit reporting errors. Keep in mind that these are just the serious errors. Credit reporting agencies know that their system is not fool proof, so they have set in place avenues that people can use to have incorrect information removed from their credit report. More than three quarters of credit reports contain errors due to typing mistakes, misinformation and human error. But you can not have information removed if you do not know it is there in the first place. You are entitled to one free credit report from each of the three major reporting bureaus, Equifax and TransUnion, Experian, each year.

Most financial advisers recommend that you should review your credit report every 90 days or four times per year. So, that is three out of four, right? You see not all lenders report to all agencies. Not exactly. This means that your report from Experian could look completely different from a report issued by Equifax. The only way to know for sure is to pull all three reports and compare them at the same time.

One report might contain errors while the other is spot on. This should be done every 90 days. Keep in mind, that you may, though not be seeing the whole picture. If you absolutely cannot afford to purchase reports from the agencies three times a year, you can stagger your free credit reports throughout the year. How much do credit reports cost? So you are looking at roughly$ 90 a year to keep tabs on your credit.

Depending on the bureau, you can be charged up to$ 150 for your credit report. Remember. You will also NOT be supplied a credit score along with your free reports. These fees do not include your credit score. If you want to know your credit score, you can request it but it will cost you about$ 5 to$ Ninety dollars a year may sound steep, but not knowing could be costing you much more. You could be overpaying thousands of dollars in interest payments each year because of something on your credit report that you do not know about.

Credit Cards Can Be Beneficial For Individuals Who Understand And Practice The Basics Of Responsible Use Of Credit

Category: Finance, Credit.

Credit cards can be beneficial for individuals who understand and practice the basics of responsible use of credit. Everyone who uses credit needs to understand how to use it in an intelligent manner.

However, people who don t use this kind credit wisely can find themselves deeply in debt very quickly. Do Not Accept Every Offer That You Get. The fact that a lender is offering you an opportunity to get another credit card does not mean that you actually need one. If you have good credit, you probably receive a number of offers in the mail every week encouraging you to incur more debt. If you have too many credit cards, you may find yourself running up balances on multiple cards, which can be very dangerous to your financial well being. Many people get one card for day- to- day purchases, and have a second card that they use strictly for emergencies.

Most people should not have more than two credit cards. Individuals who own companies or who make up- front payments for job- related travel sometimes need a third card so they can easily keep track of which purchases are business and which are personal. If you are spending more money than you earn each month with the help of your credit cards, you are on your way to financial problems. Do Not Purchase Things You Cannot Afford. It is okay to use credit for convenience, but you need to be certain that you can pay your balance in full each month, or within a reasonable period of time. Always pay more than the minimum payment on your credit accounts.

If you are buying luxury items that you cannot pay off within a few months, you are not using your credit wisely. If not, you will find that the quickly accruing interest on revolving credit accounts adds up very quickly, often putting you in serious financial jeopardy. Be Diligent In Checking Your Credit Report. Individuals who pay only the minimum payment each month quickly finds themselves much further in debt than they expected. Part of being a responsible credit card user is checking your credit report at least once each year. If someone is using your identity to open credit accounts, you will find out when you look at your credit report.

There is, a very real, unfortunately risk of identity theft. Many times people discover that incorrect information on their credit reports is pulling down their credit scores. Another reason that checking your credit report frequently is so important is that you are able to see how your current debt and payment habits are impacting your credit history. Such problems can be appealed and corrected when you become aware of them. This can be a real eye- opener regarding the importance of paying all bills in a timely manner. Another aspect of responsibility is the maturity to recognize when help is needed.

Recognize The Need For Help. If your spending is out of control, ignoring the problem will not make it go away. If you are having credit troubles, the sooner you seek help, the faster you can be on the road to rebuilding your credit. Seek assistance from a trustworthy credit counsellor who can help you come up with workable solutions to your credit problems.

More People Are Using Credit Cards For Purchases Online And Offline Then They Ever Have

Category: Finance, Credit.

I wanted to make it clear first that I am not here to suggest you should or should not except credit cards.

The decision to except or not except credit cards for your product is one of those decisions. But to show you the pluses and the minuses of both and let you make the choice, especially because a small business has to make choices that will affect your bottom line. Since businesses are different, it would be better for some and not for others. More people are using credit cards for purchases online and offline then they ever have. The Pros: The first advantage of taking credit is that it is continent. Even debit usage is becoming more predominate, although the old payment of checks and cash are becoming less popular. If you have an online business, sales over the internet are expected to grow and are estimated to reach$ 230 billion dollars in transactions by 201And online sales will account for close to 10% percent of the United States sales by 200 Another plus for accepting credit cards is the better credibility.

So for the convenience factor alone can increase your bottom line. To be able to get a merchants account is not the easiest thing to do. The Cons: One of the biggest cons of accepting credit cards is the fees that you will occur. So if you are able to obtain a merchant account then the customers may see you as more reliable. These fees can range greatly. You will have transaction fees from anywhere from$ .5 to$ .50 cents per transaction. If you are accepting credit cards face to face it will be anywhere from$ 30 to$ 2000 just for equipment.

If someone used a charge back on you, that can be from anywhere from$ 30 to$ 60 every time. Now I know someone is saying$ .5 to$ .50 per transaction does not sound like very much, but they can very quickly eat into your bottom line. You are even charged for your monthly statements. Let me quickly explain charge backs. The funds will be taken from your account, back to the card before you can even know about it. A charge back is when you either have a fraud purchase, an error that happened with the bank or just misunderstanding with the customer.

The credit card company will hold you fully responsible for the charge back even if you did everything you could to get proper information. You will still be held responsible for the fraud every time for using a credit card. Another negative factor for accepting credit cards is the amount of fraud that you will come across. The last con I will be speaking of is the time you have to learn how to use this technology properly. Now that you see the pro and cons it is up to you to decide if it is right for your business. It is important that you learn how to use credit card processes services because any mistakes at all and you will loose money.

The Advanta Platinum BusinessCard

Category: Finance, Credit.

Giving options to those with good credit that need business credit cards, Advanta has put forth a worthy lineup of business credit card choices. One caveat, these business cards are not readily available to everyone, nor would they be the best solution for every possible entity.

From the basic business needs card to a card with hefty rewards, the bases are covered indeed. Let's take a look at the Advanta Business Credit Cards one by one. For being the most basic offering in the Advanta business card lineup, the Advanta Platinum BusinessCard still gives a solid value to its cardholders. The Advanta Platinum BusinessCard. Pay no annual fee while still benefiting from 12 introductory months of 0% APR on both balance transfers and purchases. Also pluses for business are the opportunity to have the company name printed on the card as well as a high maximum credit line.

After that, the interest rate moves towards the mid to high range, but the first 12 months with zero interest make it worthwhile. Good credit is of course required. Building on the basic card, the Advanta Platinum Business Custom Card really takes things to the next level all together. The Advanta Platinum Business Custom Card. With 0% APR for the first 15 months and only a 99% fixed interest rate after that, the interest savings alone are hard to beat. The only caveat is that excellent credit is required to achieve all of these benefits. Throw in the 5% cash back or travel rewards and this card is among the very best in the business.

The Advanta Life- of- Balance Platinum Card. Although the standard off the shelf interest rate associated with the card is very reasonable itself, a 99% APR offering is fixed for the life of balance transfers completed within the first 3 months of holding the card. Different from just about every other credit card available, the Advanta Life- of- Balance Platinum Card is truly unique in the interest benefits it puts forth. Plus 6% travel or cash back rewards really do add up fast. Offering what might be the industry leading balance transfer interest free introductory period of 16 months, the Advanta Platinum BusinessCard is indeed ready for serious business. The Advanta Platinum BusinessCard with Rewards.

Even after the 16 months is passed, the standard fixed APR is remarkably low too. 5% rewards, either cash back or travel, are excellent for the territory. The Consensus on Advanta Business Credit Cards. Additionally, the card can be personalized with your business name, just like all Advanta credit cards can. Simply put, the Advanta line of Business Credit Cards offers some of the best perks, both with interest rates and rewards, in the credit card industry. If there's one con, it's probably that the cards are only promoted to businesses with superior credit. While some of the things they tout, such as$ 0 liability on fraud, are really only standard for any credit card, Advanta really does stand up to its promises.

What' S Next For Credit Cards

Credit cards have nowadays insinuated themselves into all corners of our lives, and it is rare for an adult these days to not carry at least one card.

People use them in all sorts of ways- as a means of borrowing, as a convenient payment method, and even for earning money through cashback or reward schemes. As well as being used in the traditional manner to buy goods or services in person, they are also now used online, for writing checks, over the telephone, and even for withdrawing money from cash machines. Despite their ubiquity in modern life, credit cards have a fairly short history, with the first general purpose credit card being introduced less than fifty years ago. The very first credit card was launched by Diners Club in 1951, and was limited to use in twenty seven New York restaurants. In this article we' ll look at the origins of credit cards, and then at how they' ve developed over the years with the emphasis on the United Kingdom market. It wasn' t a huge success initially, with only 200 cards being issued.

The first was the American Express charge card, which boasted over a million users within five years of it being launched. The real story of credit cards began in 1958 with the introduction of two major new products. The other innovation was the first example of what we now recognize as a credit card: the Bank Americard, a general purpose card developed by Joseph Williams while working at the Bank of America. Eight years after the introduction of this card, fourteen U. Over time, this card was to develop into the Visa company that we know today. S. banks formed an alliance to launch a rival to the Bank Americard, which was to, named Interlink evolve into the Mastercard payment processor by 197 The first UK general card was launched by Barclays Bank in 1967, and their Barclaycard is still one of the most popular and widespread cards forty years later.

It was during the 1980s that the credit card industry began consolidating behind the two big processors that had evolved into their current form by this time, Visa and Mastercard. In 1972, four other UK banks joined forces to launch the Access card in competition with Barclays, and for the next decade or so this remained the status quo. Banks dropped their own processing facilities, and began to issue cards that could be used at any outlet that supported these two main payment processors. The next major change to the industry was the revolutionizing technology of the internet, allowing purely online cards such as Egg in the UK to offer attractive benefits to the cardholder at low cost to the issuers. It was this move that led to the great expansion in card use, as they could now be easily used almost anywhere in the world. Competition between lenders quickly heated up, and features such as balance transfer offers began to appear.

Unfortunately, this ruse of' credit card surfing' couldn' t last as it was costing the credit industry billions every year, and so a balance transfer fee was imposed which made it much less attractive to cardholders. Balance transfer deals allowed cardholders to move their debt from card to card and avoid paying any interest on it almost indefinitely, or so it seemed. The last major change in the credit card industry has been the introduction of Chip and PIN technology which has cut card fraud substantially by requiring payments to be approved via entering a code number rather than relying on a signature. What's next for credit cards? The technology began to be rolled out in the UK in 2004, and is now fully in use across the country. Only the issuers know, but with record levels of debt many people are reluctant to apply for new cards, and so we' re likely to see more attractive features becoming available to new applicants as credit companies compete for the shrinking amount of business available.