Tips on finding the best credit card deals

If you are looking for a new credit card, it is certainly to your advantage to search for credit card deals. If you do your homework, you could step into some of best credit card deals offered. Getting a new credit card should not be a spur of the moment thing. Your credit score can strongly affect your life, so you should take anything involved with it very seriously. You should

always be well informed about any credit card you are applying for. This means you may need to ask questions and read all of the fine print. Use these tips to help you with your search for great credit card deals.

New Cardholder Incentives

Some of the best credit card deals include new cardholder incentives. The best credit card deals are those that allow new cardholders to make purchases for an extended period of time, without interest charges. Some will offer this for sixty days while others may offer this deal for up to six

months. These are great because if cardholders wait until they are making a major purchase, they can save a lot on interest while they quickly pay it off.

Rewards Programs

Other great credit card deals include rewards programs. Rewards programs may vary from card to card. Most of them work the same way however. The more the cardholder uses their card, the more rewards they will accumulate. Rewards may be in the form of flight points, cash back, or other

miscellaneous prizes. These are great deals for cardholders that use their cards quite a bit. Not much is better than being rewarded for spending money.

Interest Rates

Of course everyone looking for a new credit card should consider good credit card deals involving interest rates. If you can get a credit card with a low interest rate, then you are getting a great deal. Many credit cards will hold interest rates of up to 22%. So, if you can get a lower rate, you are doing great.

Annual Fees

Take notice of annual fees when looking for credit card deals. Cards with high annual fees are certainly not worth your time. The best credit card deals include no annual or monthly fees. This allows you to be charged nothing if you don’t use your card. With many people keeping credit

cards for emergency purposes only, this is the best way to go.

Credit card deals usually don’t jump out at you, so they do require a little research. Make a list of what is important to you personally when it comes to your credit card and number them in order of importance. Try to find a credit card that matches all of those items. When you do find that card, you know you have found the best credit card deal available for you.

What makes small business credit cards different from corporate cards

Everyone in business is aware that business credit cards have become increasingly popular. Business credit cards have been receiving special attention from credit card issuers: They recognize the business potential created by the rising demand for business credit cards among small and home-based businesses, and are intent on tapping into it.

The major credit card companies designed business credit cards purposely to address the needs of these small and medium sized companies. Wherever you look - on the Internet, radio and broadcast media, newspapers and other print media - you will find the card issuers advertising these business credit cards, and that the adverts specifically target small to medium enterprises. The point: to inform their target market about the features and benefits of their specific business credit card offerings.

So, how did the business credit card companies design their small business credit cards? Although there are variations from one business credit card package to the next, the basic features generally cover cash discounts for purchases of business-related supplies, a wide array of opportunities for rewards, travel privileges, frequent flier miles, and very low annual percentage rates for balance transfers in their introductory periods. The small business credit card holder also receives periodic reports as rule, which summarizes purchases made on the business credit card account. These reports can normally be viewed online and can be downloaded into a QuickBooks file.

Like small business credit cards, large corporations have equivalent corporate business credit cards. These are markedly different because corporate business credit cards (or simply corporate credit cards), are specifically designed for the corporation itself and not for the individuals inside the corporation. Once a corporation decides to apply for a corporate credit card, the officers enter into negotiations with the credit card issuers to hammer out the specific features of the card and how the business credit card will integrate with the company’s finances and financial systems.

The corporate business credit cards are usually distributed to employees to use for those expenses they would normally incur on behalf of the company. Like small business credit cards, corporate credit cards also track the expenses incurred by each cardholder and individual reports are submitted to management. Because of the different, and often more complex, expenses incurred by large corporations, the system of reporting generally requires a specialized software application to resolve these financial complexities.

The single most significant difference between small business credit cards and corporate credit cards is the mode of payment. Generally, for small business credit cards, the credit card is the responsibility of the primary individual applicant who is also responsible for paying the balances or installments due. In the case of the corporate credit card, the credit card is issued in the name of the corporation. Primary responsibility for payment thus resides with the officers of the corporation.

The process of issuing a corporate business credit card is much more complicated than that of a small business credit card. For the small business owner who wishes to apply for a business credit card, it is quite simple actually; there are even websites where you can compare the different business credit cards and submit online applications once a choice is made. This is a luxury that a large corporate in need of a business credit card account, simply does not have.

Easy steps to maintain a good credit score

A good credit score can be an asset when you need it most. But if you don't regularly monitor your credit status, your credit score can become a liability. Have you checked your credit report lately?

By law you are able to obtain a copy of your credit report free every 12 months from each of the three nationwide credit reporting agencies, Equifax, Experian, and TransUnion. The three companies have formed a central agency so that you can request a copy from all of them at once. It’s called Annual Credit Report and can be accessed online.

This free credit report can be a valuable tool in maintaining your lifestyle and can save you money. By monitoring your credit report on a regular basis, you can catch any errors that may have been recorded and see that they are corrected immediately. Also with the increased crime of identity theft, with a vigilant eye on your credit reports, you can catch any funny business early.

There are just a few things you need to do to maintain a good credit score.

-First and foremost, make your payments on time.

-Stick within your budget and manage your debt.

-Do just what you're doing and monitor your credit report regularly to correct any possible errors.

-Try to avoid any unnecessary inquiries of your credit report, as each request can be marked against your good credit score.

-Reduce your credit card balances if they're limited out.

-If you don't have enough credit history, you may consider applying for new credit.

By carefully reviewing your credit report on a regular basis, you can be sure that you maintain a good FICO score. "What is a FICO score?" you say.

The FICO score is the 'grade' with which financial institutions use to judge the risk they take when extending you credit. The higher the FICO score, the better. The scores generally range from 499 - 800 plus.

By keeping a close watch on your credit reports, you can help to protect your good credit. Whether it's a car loan, credit card, or mortgage, your credit score can dictate the interest rate of your new loan. A good credit score can save you money.

Are you ready for a new credit scoring system

Janet just ordered her free annual credit report and was excited about what she saw on her report. She decided to order her FICO score, and low and behold, her score increased over eighty points from the last credit report she ordered over a year ago. She had worked hard to pay off her credit cards throughout the year and was pleased at the positive results on her credit report. Janet was so excited that she finally figured out how to improve her credit report and FICO score. Unfortunately, as soon as she found out about her great credit report and FICO score, she ran across some information about a new credit scoring system that was going to be effective soon! She said to herself, I can’’t believe it! I worked so hard on improving my score and now they come up with this!

Just when you thought you knew how to understand and obtain your FICO score, the whole credit scoring system is about to change! The three credit bureaus have decided to flip the script on us and have worked together to create a new credit scoring system. It’’s called the VantageScore.

Why have the three credit reporting bureaus; Experian, Equifax and TransUnion decided to create a new credit scoring system? They claim the new scoring system will reduce discrepancies between your scores and the three bureaus. These bureaus indicate that the VantageScore, returns more accurate scores on consumers which may have a credit history which is limited.

Are the credit score ranges the same for VantageScore and my FICO score? No. The VantageScore will have a range from 501-990. For instance, a score of 901-990 is an A; 801-900 is a B; and 501-600 is considered an F.

The FICO credit scoring system has a range from 300-850. It appears that the VantageScore system may be tougher than the current FICO score. For example, if you have a FICO score of 720 you could get a 9% interest rate on a credit card you may have applied for. With the VantageScore, your interest rate for this same credit card may be as high as 20%!

The VantageScore became effective for commercial use on March 14, 2006. Time will tell, how effective this system will be for creditors and consumers. It appears that the new scoring system may be more advantageous to the creditors rather than the consumer, since the VantageScore ranges are much higher to qualify for a good interest rate. This would appear to allow creditors the ability to charge consumers more for products and services purchased.

As a consumer, make sure you become informed about the new VantageScore system and how it will affect you! Although the FICO scoring system can be still used by your creditor, they have an opportunity to choose which system they will review for your credit. Now there are two systems currently. How long the FICO scoring system will be around is anyone’’s best guess!

Choosing a credit card for the inexperienced

Before applying for a specific credit card there are several things you should take into consideration before making your final decision.

Credit History - Before you apply for a card you should get a free credit report so you will know what types of cards you are eligible for. (By law you can can get a free credit report once annually). If you have a limited or damaged credit history you will have to limit your potential choices to cards that cater to your particular situation. For example, cards such as the Aspire Gold Visa, Orchard Bank Gold Mastercard and the Orchard Bank Platinum MasterCard (to name a few) are cards geared toward consumers wishing to establish or rebuild their credit. These cards usually have higher aprs and come with annual fees. So you will have to shop around checking different offers -- maybe even make some phone calls in order to find the best credit card for your financial situation. By using one of these cards responsibly for a certain period of time, you will eventually be able to upgrade to a better card with better rates thus improving your credit rating.

Keep in mind that if you apply for a card that requires a better credit score than you currently have -- you WILL be rejected. Consequently this rejection will be placed on your credit report and will adversely affect your chances for getting approved for other credit cards as well. So unless you are pre-approved make sure you know where you stand with your credit rating before applying.

On the other end of the spectrum if you have good to excellent credit you will have a much wider array of choices with much better rates, terms and conditions. Experienced credit cardholders usually base their decisions on the following criteria:

Introductory APR - This is usually the most alluring component of any credit card offer. Many credit card companies will offer 0% apr for certain periods of time. For instance these intro rates can last anywhere from 6 to 15 months. In these cases you should always check to see what the regular apr is once the intro period is over. Also be advised that if you are late with just one payment (default) all aprs associated with your card will automatically increase to an exorbitant rate -- some are over 30.00%...pay your bills on time.

Annual Percentage Rate - Is the apr that represents (part) of the cost of credit on a yearly basis (after the intro period expires) and is usually applied to new purchases, balance transfers or both. You will need to check the cards terms and conditions for particulars -- The lower the better.

Annual Fees - Many Credit Card companies will charge annual fees which can range anywhere from $25 to several hundred dollars depending on the type of card. These fees are usually associated with rewards based credit cards. On the other hand there are many card offers which have no annual fee - Shop around

Transaction Fees - Unless otherwise stated, credit card companies usually charge a fee for exceeding your credit limit, making a late payment, getting a cash advance and on balance transfers. Make sure you know these fees before applying.

Grace Period - Accept for a limited or poor credit history, most credit cards offer some sort of grace period which can be 15 to 25 days. This is a free period in which you will not have to pay finance charges if you pay your balance in full by the due date. This doesn't mean you have 15 to 25 days after the due date to make the minimum payment.

When trying to decide on a credit card the bottom line is to understand what you want from the card, your spending habits, your credit score, what the card has to offer, the terms, conditions (fine print) and all the expenses the card has associated with it so you can make a more informed decision and avoid any unexpected expenses or marks against your credit score.