Mark Carolin

Posts Tagged ‘Banks’

The economy is seeming to pick up just a little bit, but what many people are finding out when they are trying to open up a business is that there aren’t that many credit cards out there, that they can get approved for. I wanted to sit you down today, and show you what I think are the best business cards out there for the year 2010. I’m not going to name names in particular, but rather show you the banks you should look into.

Citi: Citi bank has a great selection of business cards. What you’re going to find out is that they have a huge selection of just about any bank that you can think of. From getting rewards on your phone bill, to office supplies, you can use your card, and save today.

Capital One: Capital One has a great selection of cards as well. What you’re going to find out is that you can get approved if you have great, or even good credit. Most of their cards have a great reward structure, and it’s a great way to save money, while using your credit.

Discover: Discover has cut back on a few of their cards, but they still have them out there, trust me on this one. You’re going to find that Discover, just like the rest have a great line of cards for business too.

There are so many banks, and card companies out there. Check out the three banks above, and see if you like any of their cards. They release, and offer new cards every month it seems like. As long as you have good credit, you should be fine.

A prepaid debit card is different from a typical debit card, in that you’ve already paid for the purchases you will make before you make them. This can be very beneficial for many people, especially those with bad credit. Below, we’ll explore how to get a prepaid debit card and which kind is best for your unique needs.

For Building Credit

There are special accounts available for individuals with bad credit who wish to build their credit. These accounts provide you with a debit card that you can use just like a traditional card – to shop online, make purchases at your favorite stores, and more. You place money into the account that is to be used for debit purchases, and you’re able to utilize the card in the same way as a typical card. In addition, some of these accounts allow you to take out mini loans, kind of like a payday loan. The payment history is then reported to the three major credit bureaus so that you can build credit.

Prepaid Credit Cards

Another option is to purchase a prepaid credit card. These are available through companies like MasterCard and Visa. You purchase a card for an initial fee, and then you ‘load’ the card with as much money as you’d like. You can then use your card to make online purchases or in any other way that you’d use a typical credit card. The downside of a prepaid credit card is the initial fee you have to spend to purchase one, and these credit cards are not good for building credit.

2nd Chance Bank Accounts

Individuals can also gain debit cards through 2nd chance bank accounts. These are usually designed for individuals who have bad credit, or a bad history with other banks. The debit card you’re given is to be used to withdraw money from the account. However, some of these accounts allow you to use the card as a credit card. Checking with your preferred financial institution is important if you decide to go this route, so you can determine their rules and limitations.

A prepaid debit card is a very beneficial thing to have, for everyday use and for emergencies, especially those that help build credit. Think about why you need the card and this should help you determine which method would be best for your unique situation and needs.

There are many cash back rebate credit cards out there that pay you 5% back (at least for a while) on your gas purchases. There is a way you can turn that 5% card into a 30 percent card by using a simple strategy.

First step is to get a cash back rebate gas card. There are many that you can find. Some are issued by the gas station companies themselves and others are by the big bands. You can find them easily by searching for gas rebate credit card or cash back gas credit card in Google.

As I mentioned you will find two types, those issued by gas companies like Shell or Exxon and those issued by banks or financial companies like Chase or Discover. Usually you will find that the gas company cards will have higher rebate amounts for longer periods than the cards issued by banks.

When you have your cash back or rebate card then it is time to implement the other part of the strategy. The strategy consists of combining two different rebate offers to create a larger one. To do this we will use a customer loyalty rebate.

A customer loyalty rebate, is a rebate program that pays you for staying a regular customer of the gas company that you designate. For example, if you pick Exxon, then you will be rewarded for doing all your gas shopping at Exxon.

You will have to pick one brand or one gas company so you want to use the same gas company you have a rebate card from if you have a gas company issued card. If you have an Exxon credit card, then you want to use Exxon for the customer loyalty rebate.

The customer loyalty rebate works like this. You register with the rebate company and tell them the gas company you will be using. Then you save your gas purchase receipts each month. When you accumulate $100 in receipts you will send them into the rebate company. Soon you will get back a $25 prepaid Visa Card.

You spend $100 on gas and get back $25 from the rebate company. That is a 25 percent rebate. Now, if you paid for the gas purchases with your rebate gas credit card, you will be getting your 5 percent rebate for that.

You are getting a 25 percent rebate from the customer loyalty rebate program and you are getting a 5 percent rebate from the credit card. That means that you are effectively giving yourself a 30 percent cash back rebate by combining the two programs. That is how you turn a 5 percent rebate program into a 30 percent rebate program.

Are you looking to compare cash rewards credit cards? There are certainly no shortage of offers available on the market today. All of the major banks and financial institutions now offer cash back rewards in one form or another. It’s simply a matter of defining what your needs are and then finding the offer that meets them.

The first thing you should do is take the time to truly identify and understand what your specific needs are. There are many forms of cash rewards programs available on the market so you must not assume that any particular one is the best option for you.

By identifying your specific needs as a consumer you will be able to effectively and efficiently compare the features, benefits and terms of the various offers. By doing your homework in advance you will greatly increase your chances of finding the ideal cash rewards credit cards that will give you the greatest bang for your buck.

If for example you spend a lot of money on groceries then you’re going to want to find the cards that specifically offer cash rewards for spending money at the grocery stores that you frequent. If you drive your car a lot then obviously cash rebates on gas for every time you fill up at the gas station can add up to significant savings.

Cash back rewards can range anywhere from 1% to 5% or even higher for some select programs. It is absolutely vital that you carefully read the terms of the rewards program so that you fully understand how they work.

Many times issuers will offer cash back bonus incentives for an introductory period so it is important to identify and understand that they may not last forever.

It is also imperative that you understand the conditions of an offer before you apply. By this I mean interest rates, fees, grace periods, credit limits, etc., etc. Sometimes while the features of cash rewards credit cards are attractive, they can also be rather expensive to carry.

Closely reading the information that the bank provides with the offer is important because it is there that the disclosure statements can be found. Yes, it is fine print, and yes it is boring. But it is also important information that simply cannot be ignored.

It can mean the difference between getting a great deal on a cash reward credit card, or picking up an expensive piece of plastic that can end up being a financial burden to you.

A prepaid credit card and a bad debt card are the options open to you if you have an adverse credit record and need a credit or debit card. There are many reasons for you needing a credit card, and even those with a very poor credit record eventually find that not having a card can very inconvenient.

Let’s take some examples a where bad debt card or prepaid credit cards would be better than no card at all:

1. Hotel bookings.

Most people book their hotels in advance – in fact if you don’t you are highly unlikely to get a room! When you book online you obviously have to secure the booking using a credit card. If you book by telephone, you will be asked for your card number. So if you have had your cards cancelled, and no regular card provider will give you one because of your past record, then what do you do? No more hotels for the rest of your life? You are better off with a bad debt card or a prepaid credit card than no card at all!

2. Vacation Bookings

The same applies here, and there is not really any need for me to go further than that. You know how it works: you make the booking and then give your card number. No card, no booking. The days are long gone when you book and then pay cash when you arrive.

3. Any Online Purchase

Any online purchase must be made using a credit or debit card. If you don’t have card you can’t buy anything online. Nothing at all!

4. Autotellers

There will come a time, not too far into the future, when banks will not handle cash except from registered retailers, and even that will die out. Cash for the few items that you need it for will be dispensed by autotellers and practically everything else will be paid using a card of one type or another. Even bars are converting to cards: hand it over when you order your drink, and then every other drink goes onto your tab assigned to that card.

Basically, what I am saying here is that you will find life sheer hell without a credit or debit card, and if your credit is shot, as it is for many people, and as it was for me for a long time, you will find ‘normal’ life very difficult. You will need a card for most purchases, online or not, and unless you have good credit you will need either a prepaid credit card or a bad debt card. Without one of these you will be screwed when it comes to purchasing anything you cannot buy in your local store – that includes hotels, flights, vacations, restaurant bookings, online purchases – in fact anything online that costs money – and even getting cash from your bank.

So why are there both bad debt cards and prepaid credit cards? Why not just one or the other? The reason is that some people cannot take a second chance, and when issued a bad debt credit card without a credit check being carried out, they still screw up on the repayments.

These cards don’t offer you a large amount of credit initially, sometimes only $500 or