Credit Card Expert Blog

Small Business Credit Cards Help Keep Your Business Going

I used to own a small business and I remember the hassle of trying to keep accurate financial records.  Even with the help of an accountant it was difficult.  Then when I needed extra capital for a project or expansion I needed to grovel to a bank and they would usually hit me with a pretty high interest rate.  Today small businesses do not need to get buried under a mountain of financial paperwork and they do not need to worry about bank loans.  Today small businesses can get a credit card from the bank they want to work with and keep their financial transactions, and their loans and lines of credit, all on one credit card and it makes things so much easier.

A small business needs a credit card because you can use your small business credit card to make all of your company related purchases and then your monthly statement becomes a nice and convenient summary of all of your financial dealings.  That makes keeping the books so much easier.  If you get your credit card through a bank that you have established a financial relationship with then instead of having to give you a loan every time you need capital the bank can just adjust your credit limit.  If you negotiate the right deal then your credit card rate would be comparable to the loan rate you would have gotten anyways and, once again, everything is conveniently kept on one document. 

How Interest On Credit Cards Work

Interest rates on credit cards are the most arbitrary part of the credit card agreement.  I have called credit card companies in the past and told them that I felt that the interest rate I was paying was too high and they need to lower it or I was taking my business elsewhere.  The result?  Every single time they would lower my rate and most times they would cut the rate in half.  So you need to keep an eye on your credit card interest rates because the credit card companies love to get you signed up on a great introductory rate and then raise that rate over time.  It is not an uncommon practice and there really is nothing shady about it, you just need to keep an eye on your credit card statements.

Almost all of the credit card companies that advertise great introductory rates inevitably raise that rate after a set period of time.  By law the credit card companies have to disclose when they will be raising your rates and how much they will be raising them to.  A great introductory rate of 8% can legally become 24% after the introductory period so be careful when you sign up and read the entire agreement.  The best way to avoid all of that is to ask your regular bank about their credit card deals.  It is usually the deals that go unadvertised that are the best deals to get.  Many banks will start you at a 10% or 12% interest rate which is reasonable.  If you have good credit then there is no reason you should pay an interest rate any more than 10% or 12%.  Also keep an eye on your statement every month as some credit card companies love to raise rates and they can do so without any advance warning. credit card web icons

Small credit card web icons

I was working on a web design project, and I need credit card icons for my design. I was lazy and went googling  for free credit cards icons. What i was looking for is a credit card image with simple credit card logo on top of it. I found nothing.. (let me know if you know a site that has it).

So, for couple hours I found my self making the icons. The result is not quite bad, I like it! The visa/”>Visa, AMEX, and Paypal type are not the same color as the original logo, due to small space.

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Everyone Needs Credit Cards

 My son is just coming of age and he is getting ready to get his first job and enter the adult world.  He asked me about the things he should do and what he should get to make sure he survives in the world and one of the things I told him to get is a credit card with a low limit.  As a college student he can probably get a free credit card from a company that specializes in credit cards for college students and he should get one and make sure he always has it.

I know it seem like strange advice to give to someone just getting ready to find his way in the world but I honestly believe that everyone should have at least one credit card.  Most people live paycheck to paycheck and sometimes you need groceries, or gas for the car, a day or two before your paycheck is going to arrive.  It is natural and normal and as long as you don’t abuse the credit card then it is also a healthy part of being an adult.  Unfortunately the temptation to abuse a credit card is strong and too many people cannot resist the urge to get that plasma television they really don’t need or take that vacation they really cannot afford.  But my son is a smart kid and he seems to have a good head on his shoulders.  I just hope he avoids learning the rules of credit card usage the hard way like I did and stays smart.  It is all a part of being a responsible adult in my opinion.