Jun
17
Credit Card Foreign Transaction Fees
Filed Under Finance | Leave a Comment
Kerry Hedden
Whether you’re planning on leaving the country for pleasure or business, it is important to think about how to pay for your stay. While traveling, extensive use of a credit card is becoming more and more common. With a credit card, there is less concern of your money being lost or stolen and you don’t have to deal with the hassle of changing your money into foreign currency. However, one thing that any international traveler should be aware of is the fact that many credit cards feature a foreign transaction fee.
Foreign transaction fees usually come in at around 3 percent or so and, depending on the credit card company, are tacked onto every charge you make while outside of your home nation. Because this is a recent charge, having just come into existence in the last few years, it is important that everyone who travels be aware of what they signify.
The first thing to understand about foreign transaction fees on your credit card is that they are figured using a percentage of your purchase. Also, you should note that the foreign transaction fees are also derived from the amount of money spent in your own country. For instance, if you purchase something for 200 Euros, you’ll be paying about 270 US dollars, and the transaction feel will be a percentage of the 270 dollars. Because these charges can mount up, it is important to understand exactly how much you are spending whenever you use your credit card. Before departing, call your credit card company and find exactly how much you will be spending in fees per purchase.
While this should not stop you from using your credit card while abroad, it is still an important fact to keep in mind. While using your credit card, you can also supplement your spending with the use of travelers checks, which are almost universally accepted. Similarly, you can also use a prepaid debit card, though their use may be limited in some areas. You should also call your credit card company to see if there are any deals available on foreign transaction fees; sometimes, you can get the fee lowered or dropped for a brief period of time.
This is a relatively new fee; representatives of the major credit card companies state that these fees are used to offset errors made while processing charges made in another country. This fee is meant to account for issues with foreign merchant charge backs, issues with the conversion of the currency involved and even outright fraud.
Whether you’re planning on leaving the country for pleasure or business, it is important to think about how to pay for your stay. While traveling, extensive use of a credit card is becoming more and more common. With a credit card, there is less concern of your money being lost or stolen and you don’t have to deal with the hassle of changing your money into foreign currency. However, one thing that any international traveler should be aware of is the fact that many credit cards feature a foreign transaction fee.
Foreign transaction fees usually come in at around 3 percent or so and, depending on the credit card company, are tacked onto every charge you make while outside of your home nation. Because this is a recent charge, having just come into existence in the last few years, it is important that everyone who travels be aware of what they signify.
The first thing to understand about foreign transaction fees on your credit card is that they are figured using a percentage of your purchase. Also, you should note that the foreign transaction fees are also derived from the amount of money spent in your own country. For instance, if you purchase something for 200 Euros, you’ll be paying about 270 US dollars, and the transaction feel will be a percentage of the 270 dollars. Because these charges can mount up, it is important to understand exactly how much you are spending whenever you use your credit card. Before departing, call your credit card company and find exactly how much you will be spending in fees per purchase.
While this should not stop you from using your credit card while abroad, it is still an important fact to keep in mind. While using your credit card, you can also supplement your spending with the use of travelers checks, which are almost universally accepted. Similarly, you can also use a prepaid debit card, though their use may be limited in some areas. You should also call your credit card company to see if there are any deals available on foreign transaction fees; sometimes, you can get the fee lowered or dropped for a brief period of time.
This is a relatively new fee; representatives of the major credit card companies state that these fees are used to offset errors made while processing charges made in another country. This fee is meant to account for issues with foreign merchant charge backs, issues with the conversion of the currency involved and even outright fraud.
Jun
16
Credit Card Customer Service Roundup
Filed Under Finance | Leave a Comment
Debbie Dragon
When determining which credit card company is right for you, it’s important to consider everything the credit card company has to offer. Equally as important as a low APR or advanced security features is the credit card company’s customer service.
Because most consumers overlook customer service until it’s too late, we made calls to the top five credit card companies (American Express, Bank of America, Chase, Citibank, and Discover), then ranked them on how well they met the following customer service benchmarks:
Helpful Web sites. First we visited their sites to see how user-friendly they were, and whether toll-free phone numbers were easy to find.
Knowledge of agents. We asked three advanced credit card questions (security features, 0% APR availability, and debt consolidation features), then rated their responses.
Helpfulness of agents. Finally, we assessed our general sense of treatment as valued customers, which went into an overall rating of each company’s customer service.
American Express
TIME TO 800 NUMBER: Less than two minutes.
HELPFULNESS OF AGENTS: When we got through, we talked to a helpful and professional representative. Even their automated voice system woman who greets you when you first pick up is very concise and polite, as far as robot ladies go.
KNOWLEDGE OF AGENTS: The customer service representative spoke confidently about their 0% APR cards for select customers, as well as low APR cards and offers. The only question the agent was not able to answer was about credit card debt consolidation features. However, Amex did provide direct and concise information for all other questions we asked.
OVERALL IMPRESSION: The service rep was clear and not pushy (albeit mechanical), and let us know that someone is available to help further at their toll-free number, 24/7.
Bank of America
TIME TO 800 NUMBER: Less than two minutes.
HELPFULNESS OF AGENTS: We called the main number and went through ten button-presses before being connected to a live human (though admittedly some of those keypresses were out of confusion). Some of the steps were obsolete and frustrating — for example, selecting to respond by voice or by hitting a key. On one occasion, a poorly-timed sneeze caused us to have to go back in the menu. When finally connected to a “Bank On Call Specialist,” it was clear that, though thorough, the gentleman on the other end was in as little mood to be friendly as we were by this point.
KNOWLEDGE OF AGENTS: When asking about the basic security features the card offered, the rep responded by mentioning the “Safe-card” feature that generates random numbers each time the card is used, instead of a traceable account number that “could potentially be stolen.” We playfully replied, “That’s got to be a good feature if you’re up to no good.” He did not find this funny. Even after saying “That was a joke,” the Bank On Call Specialist didn’t even give up a pity-snicker.
OVERALL IMPRESSION: Operating out of Los Angeles, the Bank of America 800-number is not 24/7 like some of the others, but does operate late and on weekends. (Please note, however, that this information was given by the service rep in person; meanwhile, the Bank of America Web site proudly boasts 24/7 customer service representatives on call. We didn’t bother calling back 23 times to figure out which it really is.)
Citibank
TIME TO 800 NUMBER: Less than a minute; quick and easy.
HELPFULNESS OF AGENTS: With but one button-press after calling, you are speaking to a live operator. We spoke to a good-humored gentleman who, though having to transfer us to the “application department” to answer general questions, laughed genuinely at the response “Okay, super-duper” when he asked us to briefly hold. (Customer service reps who don’t **** their jobs always reflect well on the company.) He transferred me to a female agent who was equally well-tempered, and the whole ordeal was genuine and friendly.
KNOWLEDGE OF AGENTS: They promptly filled me in on topics like rewards card bonuses and low APR credit cards. Citibank seems to handle issues like stolen credit cards with sensitivity and care, and they assured me that “Identity Theft Specialists” handle any potential issues one-on-one.
OVERALL IMPRESSION: Citibank agents seem particularly user-friendly in times of crises. Also, Citibank’s customer service hotline is available 24 hours.
Chase
TIME TO 800 NUMBER: Less than two minutes; one click from homepage. A little overwhelming were the various numbers to call based on topic, but the list was explained and labeled.
HELPFULNESS OF AGENTS: After a few selection menus and a reasonable amount of holding time, we got through to a professional (if somewhat dry) customer service representative. Also, right on the Web site was the information that cardholders can receive 24 hour automated services by phone, or live representatives from 7:00 a.m.-9:00 p.m. daily.
KNOWLEDGE OF AGENTS: The agent answered questions about 0% APR and low APR cards generically, promising only that “select customers” are eligible.
OVERALL IMPRESSION: We left feeling that Chase dictates who is deemed “eligible” for certain offers the way the cool kids at high school decide who sits together at lunch. (Just a feeling.) The exchange is professional and void of hullabaloo, if not otherwise robotic and monotone.
Discover
TIME TO 800 NUMBER: It took but a moment to locate the phone number (listed in the style of Chase’s Web site, only minus the visual chaos).
HELPFULNESS OF AGENTS: Once calling this 24/7 live-operator (and automatic-optional) service number, it was only seconds before being connected. The customer service representative was the sweetest and not-in-a-fake-way of all the credit card companies we tested.
KNOWLEDGE OF AGENTS: The agent answered all questions with specifics, and plenty of pertinent information (security issues, costs, eligibility for special offers, etc.). Additionally, many of the offers seemed to far surpass the competition: for example, 0% fraud liability on the spot, and more-than-fair graces towards simple customer errors or lapses.
OVERALL IMPRESSION: Both for the information and the manner in which it was delivered, the taste left in our mouth was all sweet and no-parts bitter.
Summary
We ranked the top five credit card companies on customer service (American Express, Bank of America, Chase, Citibank, and Discover), and here are our final results.
#5: Bank of America. Though offering the standard services, and having a widespread name and corporate recognition, the actual customer service perhaps suffers at the hand of being such a titanic operation. It’s difficult to find information on the Web site (at least, information that agrees with their live operators), and the personal care touch is gone. Perhaps Bank of America outsourced their customer service operation. Outsourced it to Mars.
#4: Chase. Although adequate, Chase has every one of those small-annoyance features that are frustrating to customers: limited information about APR and the like until agreeing to apply; hold time with crummy music; a slightly confusing Web site; dull and/or mechanical service representative interaction; and limited hours of live person availability. are all attributes that prevent Chase from boasting wonderful customer services. Not really a pain-in-the-neck customer service system, Chase is just average. Not bad bad, but not great.
#3: American Express. American Express does the job. No bells and whistles, but a well-rounded customer service department, with enough features to leave us generally satisfied. The rep made a card recommendation for me after only a few questions, and after further talking it turned out to be a good analysis. American Express’s customer service skills are much like the aesthetics of the card itself: not the most brilliant gold color, but definitely still gold.
#2: Citibank. Great customer service. It’s nice to report that there was almost a tie for first place rather than a tie for last place, and in this case Citibank should be proud of that close call. Nice clear Web site directory, one-touch access to a live person, and interactions with human beings who made it clear they didn’t **** working for Citibank at all. Agents told us about great featured bonuses for customers, but not in a way that made us feel pressured. Wonderful customer service upkeep, Citibank!
#1: Discover. Who knew it really pays to Discover(TM)? Aside from offering the easiest, most practical perks (regular 5% cash back on purchases made at restaurants, gas stations, etc., as well as comprehensive security and credit rating services), the interactions with the Discover folks make you feel valued and respected. Be it hospitality or above-and-beyond professionalism, the general response we had after interacting with Discover is that we want to move to where Discover is headquartered, then raise our families and send our kids to school there. Talking to a credit card company’s customer service line rarely leaves you feeling so warm and fuzzy.
We hope our credit card customer service roundup is helpful, but as always your mileage may vary. The best way to find out is to call yourself. Good luck finding those 800-numbers, though!
When determining which credit card company is right for you, it’s important to consider everything the credit card company has to offer. Equally as important as a low APR or advanced security features is the credit card company’s customer service.
Because most consumers overlook customer service until it’s too late, we made calls to the top five credit card companies (American Express, Bank of America, Chase, Citibank, and Discover), then ranked them on how well they met the following customer service benchmarks:
Helpful Web sites. First we visited their sites to see how user-friendly they were, and whether toll-free phone numbers were easy to find.
Knowledge of agents. We asked three advanced credit card questions (security features, 0% APR availability, and debt consolidation features), then rated their responses.
Helpfulness of agents. Finally, we assessed our general sense of treatment as valued customers, which went into an overall rating of each company’s customer service.
American Express
TIME TO 800 NUMBER: Less than two minutes.
HELPFULNESS OF AGENTS: When we got through, we talked to a helpful and professional representative. Even their automated voice system woman who greets you when you first pick up is very concise and polite, as far as robot ladies go.
KNOWLEDGE OF AGENTS: The customer service representative spoke confidently about their 0% APR cards for select customers, as well as low APR cards and offers. The only question the agent was not able to answer was about credit card debt consolidation features. However, Amex did provide direct and concise information for all other questions we asked.
OVERALL IMPRESSION: The service rep was clear and not pushy (albeit mechanical), and let us know that someone is available to help further at their toll-free number, 24/7.
Bank of America
TIME TO 800 NUMBER: Less than two minutes.
HELPFULNESS OF AGENTS: We called the main number and went through ten button-presses before being connected to a live human (though admittedly some of those keypresses were out of confusion). Some of the steps were obsolete and frustrating — for example, selecting to respond by voice or by hitting a key. On one occasion, a poorly-timed sneeze caused us to have to go back in the menu. When finally connected to a “Bank On Call Specialist,” it was clear that, though thorough, the gentleman on the other end was in as little mood to be friendly as we were by this point.
KNOWLEDGE OF AGENTS: When asking about the basic security features the card offered, the rep responded by mentioning the “Safe-card” feature that generates random numbers each time the card is used, instead of a traceable account number that “could potentially be stolen.” We playfully replied, “That’s got to be a good feature if you’re up to no good.” He did not find this funny. Even after saying “That was a joke,” the Bank On Call Specialist didn’t even give up a pity-snicker.
OVERALL IMPRESSION: Operating out of Los Angeles, the Bank of America 800-number is not 24/7 like some of the others, but does operate late and on weekends. (Please note, however, that this information was given by the service rep in person; meanwhile, the Bank of America Web site proudly boasts 24/7 customer service representatives on call. We didn’t bother calling back 23 times to figure out which it really is.)
Citibank
TIME TO 800 NUMBER: Less than a minute; quick and easy.
HELPFULNESS OF AGENTS: With but one button-press after calling, you are speaking to a live operator. We spoke to a good-humored gentleman who, though having to transfer us to the “application department” to answer general questions, laughed genuinely at the response “Okay, super-duper” when he asked us to briefly hold. (Customer service reps who don’t **** their jobs always reflect well on the company.) He transferred me to a female agent who was equally well-tempered, and the whole ordeal was genuine and friendly.
KNOWLEDGE OF AGENTS: They promptly filled me in on topics like rewards card bonuses and low APR credit cards. Citibank seems to handle issues like stolen credit cards with sensitivity and care, and they assured me that “Identity Theft Specialists” handle any potential issues one-on-one.
OVERALL IMPRESSION: Citibank agents seem particularly user-friendly in times of crises. Also, Citibank’s customer service hotline is available 24 hours.
Chase
TIME TO 800 NUMBER: Less than two minutes; one click from homepage. A little overwhelming were the various numbers to call based on topic, but the list was explained and labeled.
HELPFULNESS OF AGENTS: After a few selection menus and a reasonable amount of holding time, we got through to a professional (if somewhat dry) customer service representative. Also, right on the Web site was the information that cardholders can receive 24 hour automated services by phone, or live representatives from 7:00 a.m.-9:00 p.m. daily.
KNOWLEDGE OF AGENTS: The agent answered questions about 0% APR and low APR cards generically, promising only that “select customers” are eligible.
OVERALL IMPRESSION: We left feeling that Chase dictates who is deemed “eligible” for certain offers the way the cool kids at high school decide who sits together at lunch. (Just a feeling.) The exchange is professional and void of hullabaloo, if not otherwise robotic and monotone.
Discover
TIME TO 800 NUMBER: It took but a moment to locate the phone number (listed in the style of Chase’s Web site, only minus the visual chaos).
HELPFULNESS OF AGENTS: Once calling this 24/7 live-operator (and automatic-optional) service number, it was only seconds before being connected. The customer service representative was the sweetest and not-in-a-fake-way of all the credit card companies we tested.
KNOWLEDGE OF AGENTS: The agent answered all questions with specifics, and plenty of pertinent information (security issues, costs, eligibility for special offers, etc.). Additionally, many of the offers seemed to far surpass the competition: for example, 0% fraud liability on the spot, and more-than-fair graces towards simple customer errors or lapses.
OVERALL IMPRESSION: Both for the information and the manner in which it was delivered, the taste left in our mouth was all sweet and no-parts bitter.
Summary
We ranked the top five credit card companies on customer service (American Express, Bank of America, Chase, Citibank, and Discover), and here are our final results.
#5: Bank of America. Though offering the standard services, and having a widespread name and corporate recognition, the actual customer service perhaps suffers at the hand of being such a titanic operation. It’s difficult to find information on the Web site (at least, information that agrees with their live operators), and the personal care touch is gone. Perhaps Bank of America outsourced their customer service operation. Outsourced it to Mars.
#4: Chase. Although adequate, Chase has every one of those small-annoyance features that are frustrating to customers: limited information about APR and the like until agreeing to apply; hold time with crummy music; a slightly confusing Web site; dull and/or mechanical service representative interaction; and limited hours of live person availability. are all attributes that prevent Chase from boasting wonderful customer services. Not really a pain-in-the-neck customer service system, Chase is just average. Not bad bad, but not great.
#3: American Express. American Express does the job. No bells and whistles, but a well-rounded customer service department, with enough features to leave us generally satisfied. The rep made a card recommendation for me after only a few questions, and after further talking it turned out to be a good analysis. American Express’s customer service skills are much like the aesthetics of the card itself: not the most brilliant gold color, but definitely still gold.
#2: Citibank. Great customer service. It’s nice to report that there was almost a tie for first place rather than a tie for last place, and in this case Citibank should be proud of that close call. Nice clear Web site directory, one-touch access to a live person, and interactions with human beings who made it clear they didn’t **** working for Citibank at all. Agents told us about great featured bonuses for customers, but not in a way that made us feel pressured. Wonderful customer service upkeep, Citibank!
#1: Discover. Who knew it really pays to Discover(TM)? Aside from offering the easiest, most practical perks (regular 5% cash back on purchases made at restaurants, gas stations, etc., as well as comprehensive security and credit rating services), the interactions with the Discover folks make you feel valued and respected. Be it hospitality or above-and-beyond professionalism, the general response we had after interacting with Discover is that we want to move to where Discover is headquartered, then raise our families and send our kids to school there. Talking to a credit card company’s customer service line rarely leaves you feeling so warm and fuzzy.
We hope our credit card customer service roundup is helpful, but as always your mileage may vary. The best way to find out is to call yourself. Good luck finding those 800-numbers, though!
Jun
15
How do you get a credit card with bad credit?
Filed Under Credit | 5 Comments
Heedie
I am trying to pick my credit score back up off the floor and have heard that you can do this by applying for credit cards and making the payments on them. Nice! Except, I went through a divorce and my credit is now lowsy. I pay all my bills on time and have a decent job, yet credit card companies don’t give me the time of day. Does anyone know of a company that will work with a credit slacker like me?
I am trying to pick my credit score back up off the floor and have heard that you can do this by applying for credit cards and making the payments on them. Nice! Except, I went through a divorce and my credit is now lowsy. I pay all my bills on time and have a decent job, yet credit card companies don’t give me the time of day. Does anyone know of a company that will work with a credit slacker like me?
Jun
9
What to do when your credit card company causes overdrafts at your bank?
Filed Under Credit | 2 Comments
daveysgirl126
I recently paid my credit card bill of $2.27, however the credit card company entered the payment as $227.00, causing $50 in overdraft fees at my bank. The credit card company had me fax over a statement with the bank fees on it so they can take care of it, however after 3 weeks they still haven’t done it, they tell me that they don’t even know if the statement is in the building and that they get hundreds of faxes a day and as soon as they get to it, they will handle it, what if this takes months? Is there a way I can make them take care of this matter more quickly? I just went ahead and paid my banks fees just so I could use my bank account again. Did I do the right thing? What if the credit card company never received the fax and they end up asking for another one, how can I make sure that they receive it? They corrected the mistake between the $2.27 and $227.00, maybe that’s all I can hope for.
I recently paid my credit card bill of $2.27, however the credit card company entered the payment as $227.00, causing $50 in overdraft fees at my bank. The credit card company had me fax over a statement with the bank fees on it so they can take care of it, however after 3 weeks they still haven’t done it, they tell me that they don’t even know if the statement is in the building and that they get hundreds of faxes a day and as soon as they get to it, they will handle it, what if this takes months? Is there a way I can make them take care of this matter more quickly? I just went ahead and paid my banks fees just so I could use my bank account again. Did I do the right thing? What if the credit card company never received the fax and they end up asking for another one, how can I make sure that they receive it? They corrected the mistake between the $2.27 and $227.00, maybe that’s all I can hope for.
Jun
3
what is the best student credit card out there?
Filed Under Credit | 9 Comments
SK
I’m a college student with no credit but I want to get a credit card. What are some of the best credit cards for students? I’m planning to make small purchases and paying them off the next month to build credit. What other ways can I build my credit?
I’m a college student with no credit but I want to get a credit card. What are some of the best credit cards for students? I’m planning to make small purchases and paying them off the next month to build credit. What other ways can I build my credit?
Jun
3
Tips For Credit Card Approval
Filed Under Finance | Leave a Comment
Jeff Lakie
With the vast expanse of the internet, it has become easier than ever to gain approval for a credit card instantly. This makes it extremely easy for those who have the need to pay off debts, take a vacation, or if they have an emergency to gain the credit card they want fast and easily. Of course, you can still go through the traditional methods of applying for credit card by filling out the forms, sending it with “Snail Mail”, and then waiting another four to six weeks before you even hear a reply. However, with today’s busy society many people opt to apply for their credit cards right online and receive instant approval.
It is extremely easy, fast, and possible to gain instant approval on a credit card thanks to the internet world. These approvals typically occur within one minute of submitting your application, since millions of people shop, do their research, and spend a great deal of time online in this day in age it just makes sense. There is no other method of applying for a credit card that is faster, easier, or more convenient than applying online. Think about it, if you were to fill out the application by hand, you have to take the time to fill it out, and it has to be done in ink, if you make an error you have to take the time to correct it in a manner that is legible. Another fallback of applying “offline”, is that fact that you have to take the time to drop it in the mail box, then you will have to wait to hear back which could take anywhere from four to six weeks.
By applying online, if you make any errors, the backspace on your keyboard works wonders, additionally once you hit the submit button, the wonderful world of the internet provides you with approval in minutes. Now it is just as important to investigate and thoroughly research all online credit card offers as it is for those you apply for by hand. You need know what kinds of fees and rates are charged to you, the percentage rates, any times of introductory offers or incentives the card offers you. The best and easiest way to do this is to go to a site that has the comparisons already outlined for you. This will allow you to view specific cards side by side and compare them to find which credit card works well for you.
With the vast expanse of the internet, it has become easier than ever to gain approval for a credit card instantly. This makes it extremely easy for those who have the need to pay off debts, take a vacation, or if they have an emergency to gain the credit card they want fast and easily. Of course, you can still go through the traditional methods of applying for credit card by filling out the forms, sending it with “Snail Mail”, and then waiting another four to six weeks before you even hear a reply. However, with today’s busy society many people opt to apply for their credit cards right online and receive instant approval.
It is extremely easy, fast, and possible to gain instant approval on a credit card thanks to the internet world. These approvals typically occur within one minute of submitting your application, since millions of people shop, do their research, and spend a great deal of time online in this day in age it just makes sense. There is no other method of applying for a credit card that is faster, easier, or more convenient than applying online. Think about it, if you were to fill out the application by hand, you have to take the time to fill it out, and it has to be done in ink, if you make an error you have to take the time to correct it in a manner that is legible. Another fallback of applying “offline”, is that fact that you have to take the time to drop it in the mail box, then you will have to wait to hear back which could take anywhere from four to six weeks.
By applying online, if you make any errors, the backspace on your keyboard works wonders, additionally once you hit the submit button, the wonderful world of the internet provides you with approval in minutes. Now it is just as important to investigate and thoroughly research all online credit card offers as it is for those you apply for by hand. You need know what kinds of fees and rates are charged to you, the percentage rates, any times of introductory offers or incentives the card offers you. The best and easiest way to do this is to go to a site that has the comparisons already outlined for you. This will allow you to view specific cards side by side and compare them to find which credit card works well for you.
Jun
2
Marcia Lopez
With so many consumers turning to credit cards for all types of purchases – both big and small – today, it’s a wonder every business is not accepting credit cards for their goods or services.
In fact, opening a merchant account can yield big profits for even small businesses. Today’s merchant accounts are less expensive and simpler to establish than ever before; yet many business owners have misconceptions about merchant accounts that may be keeping them from opening an account and enjoying all the benefits credit card processing can offer. Consider the following myths – and the corresponding facts – if you’re hesitant about opening a merchant account:
MYTH: Merchant account applications are complicated and difficult to fill out.
FACT: While the accounts of a decade ago may have required substantial documentation and a protracted application process, today’s accounts involve a simple online application process that takes only moments to complete.
MYTH: Merchant accounts have exorbitant fees and costs.
FACT: Thanks to the increasing number of account providers offering services today, many merchant account providers have decreased or eliminated fees and costs once associated with opening and operating an account.
MYTH: Merchant accounts have costly hidden fees.
FACT: By law, all merchant account providers must provide their customers with a complete list of all fees and costs associated with them. Some account providers can make it more difficult to locate fees; like any business agreement, take your time and read the contract thoroughly, and ask questions about any fees or terms that are unfamiliar.
Also steer clear of providers with artificially low rates, or companies that make it difficult to determine all the fees and costs associated with their accounts. Reputable providers will make sure you understand all the costs associated with your account.
MYTH: Merchant accounts are only for specific types of businesses.
FACT: Today’s merchant account providers have a broader range of services and products than ever before, and can create a program of services and features that are right for your business. They can also accommodate new and growing businesses, ensuring your company can continue to thrive and evolve for years to come.
MYTH: Merchant accounts are too expensive for small businesses and businesses that are just starting out.
FACT: Many account costs are based on the amount of business you do, meaning your costs will remain lower while your business is just starting out.
MYTH: Fewer consumers are using credit cards today, so the advantages of a a/c are limited.
FACT: Consumer spending studies show more and more consumers are turning to credit cards for even small purchases, thanks in part to incentive programs that can actually “pay” card holders for using their credit cards. As a result, card usage is up, meaning your business stands to profit more than ever by accepting credit cards. Studies also show that consumers who use cards tend to spend more money, and to shop more often, than those who pay cash.
MYTH: Merchant accounts are only for retail and online businesses.
FACT: Today’s providers offer options for any type of business, doing business in any type of venue. In addition to retail and Internet accounts, there are accounts that are designed specifically to meet the unique needs of mail order and telephone order companies, as well as companies that want to do all or part of their business on the road. These new mobile accounts use the keypad of your mobile phone or other mobile device, a handheld terminal, or your laptop keyboard to enter credit card data for processing, allowing your business to be conducted virtually anywhere, including trade shows and conventions.
MYTH: The account approval process can take months to complete.
FACT: Depending upon the merchant account services provider, the type of business you operate, your business financials, and the type of account you’re opening, account approval usually takes anywhere from 48 hours to two weeks in most cases, meaning your business can be accepting credit cards and competing with the “big boys” in no time at all.
MYTH: Merchant accounts only care about “big” clients.
FACT: Most accounts today are being opened by small businesses just like yours. As a result, today’s a/c providers have become more interested in the needs of small businesses and have established a wide range of products and services to suit their unique needs. When selecting an account provider, be sure to ask about their experience in helping small businesses or new businesses grow and expand.
Accepting credit cards is a great way to keep your business competitive, and to grow both your customer base and your bottom line. By understanding a few of the misconceptions about today’s accounts, you can take the next step in making your business more profitable and attractive to consumers.
With so many consumers turning to credit cards for all types of purchases – both big and small – today, it’s a wonder every business is not accepting credit cards for their goods or services.
In fact, opening a merchant account can yield big profits for even small businesses. Today’s merchant accounts are less expensive and simpler to establish than ever before; yet many business owners have misconceptions about merchant accounts that may be keeping them from opening an account and enjoying all the benefits credit card processing can offer. Consider the following myths – and the corresponding facts – if you’re hesitant about opening a merchant account:
MYTH: Merchant account applications are complicated and difficult to fill out.
FACT: While the accounts of a decade ago may have required substantial documentation and a protracted application process, today’s accounts involve a simple online application process that takes only moments to complete.
MYTH: Merchant accounts have exorbitant fees and costs.
FACT: Thanks to the increasing number of account providers offering services today, many merchant account providers have decreased or eliminated fees and costs once associated with opening and operating an account.
MYTH: Merchant accounts have costly hidden fees.
FACT: By law, all merchant account providers must provide their customers with a complete list of all fees and costs associated with them. Some account providers can make it more difficult to locate fees; like any business agreement, take your time and read the contract thoroughly, and ask questions about any fees or terms that are unfamiliar.
Also steer clear of providers with artificially low rates, or companies that make it difficult to determine all the fees and costs associated with their accounts. Reputable providers will make sure you understand all the costs associated with your account.
MYTH: Merchant accounts are only for specific types of businesses.
FACT: Today’s merchant account providers have a broader range of services and products than ever before, and can create a program of services and features that are right for your business. They can also accommodate new and growing businesses, ensuring your company can continue to thrive and evolve for years to come.
MYTH: Merchant accounts are too expensive for small businesses and businesses that are just starting out.
FACT: Many account costs are based on the amount of business you do, meaning your costs will remain lower while your business is just starting out.
MYTH: Fewer consumers are using credit cards today, so the advantages of a a/c are limited.
FACT: Consumer spending studies show more and more consumers are turning to credit cards for even small purchases, thanks in part to incentive programs that can actually “pay” card holders for using their credit cards. As a result, card usage is up, meaning your business stands to profit more than ever by accepting credit cards. Studies also show that consumers who use cards tend to spend more money, and to shop more often, than those who pay cash.
MYTH: Merchant accounts are only for retail and online businesses.
FACT: Today’s providers offer options for any type of business, doing business in any type of venue. In addition to retail and Internet accounts, there are accounts that are designed specifically to meet the unique needs of mail order and telephone order companies, as well as companies that want to do all or part of their business on the road. These new mobile accounts use the keypad of your mobile phone or other mobile device, a handheld terminal, or your laptop keyboard to enter credit card data for processing, allowing your business to be conducted virtually anywhere, including trade shows and conventions.
MYTH: The account approval process can take months to complete.
FACT: Depending upon the merchant account services provider, the type of business you operate, your business financials, and the type of account you’re opening, account approval usually takes anywhere from 48 hours to two weeks in most cases, meaning your business can be accepting credit cards and competing with the “big boys” in no time at all.
MYTH: Merchant accounts only care about “big” clients.
FACT: Most accounts today are being opened by small businesses just like yours. As a result, today’s a/c providers have become more interested in the needs of small businesses and have established a wide range of products and services to suit their unique needs. When selecting an account provider, be sure to ask about their experience in helping small businesses or new businesses grow and expand.
Accepting credit cards is a great way to keep your business competitive, and to grow both your customer base and your bottom line. By understanding a few of the misconceptions about today’s accounts, you can take the next step in making your business more profitable and attractive to consumers.
Jun
1
Bad Credit Credit Card Offers
Filed Under Finance | Leave a Comment
Ed Vegliante
Having less than perfect credit does not cancel out your credit card options. In fact, just the opposite is true. These days, credit card lenders issue plastic for every need under the sun. This includes cards designed specifically for those with poor credit. By taking advantage of bad credit credit card offers, you can get back on your financial feet in no time. Read on to learn more about bad credit credit card offers.
Prepaid Debit Cards
If you have trouble getting approved for a traditional credit card, a prepaid debit card is a smart alternative. With this option, you first deposit money into your account. You can then use your card to make purchases. To help you stay on track, your line of credit is limited to the amount you have deposited. By putting money into your account and making purchases, you will rebuild your credit. For two great prepaid options, check out the All-Access Visa Prepaid Card and the Wired Plastic Prepaid Visa Card.
Secured Credit Cards
Another option for those with bad credit is a secured credit card. This type of card requires you to open a savings account. The account serves as security for the line of credit. The credit available to you is a percentage of your deposit. This usually ranges from 50 to 100 percent. If you pay off your balance consistently, over time your line of credit will increase. A secured credit card usually includes an annual fee and high interest rate.
First Premier and Orchard
Perhaps you plan to occasionally carry a balance on your card. If this is the case, there are various bad credit credit card offers available. First Premier Bank issues cards designed for those with poor credit. First Premier Bank credit cards offer low interest rates and the chance to improve your credit rating. You can be approved instantly for one of their cards. Check out the First Premier Bank Gold MasterCard/Visa to get you started.
Orchard Bank also caters to those with a poor credit history. The Orchard Bank Platinum MasterCard offers a low interest rate on purchases. It also regularly reports to credit bureaus. This gives you a chance to use your card, pay off balances, and have creditors take notice.
Both First Premier and Orchard Bank cards include a number of fees. First Premier Bank charges initial fees of $29 and $95, as well as a monthly participation fee and annual fee. Orchard Bank requires a high annual fee.
These expenses may seem high. However, it is important to remember that these companies are offering cards to those with poor credit. Most bad credit credit card offers include extra fees due to the risks involved. Yet these cards are designed to help you improve your credit rating. Once you show that you can handle these cards wisely, you can apply for other offers.
Don’t let poor credit get you down. There are many bad credit credit card offers available. Choose the option that’s best for you and then apply online. With careful planning, you can improve your credit score. Soon you’ll be in good standings once again with lenders. This can open many more financial doors in your future.
Having less than perfect credit does not cancel out your credit card options. In fact, just the opposite is true. These days, credit card lenders issue plastic for every need under the sun. This includes cards designed specifically for those with poor credit. By taking advantage of bad credit credit card offers, you can get back on your financial feet in no time. Read on to learn more about bad credit credit card offers.
Prepaid Debit Cards
If you have trouble getting approved for a traditional credit card, a prepaid debit card is a smart alternative. With this option, you first deposit money into your account. You can then use your card to make purchases. To help you stay on track, your line of credit is limited to the amount you have deposited. By putting money into your account and making purchases, you will rebuild your credit. For two great prepaid options, check out the All-Access Visa Prepaid Card and the Wired Plastic Prepaid Visa Card.
Secured Credit Cards
Another option for those with bad credit is a secured credit card. This type of card requires you to open a savings account. The account serves as security for the line of credit. The credit available to you is a percentage of your deposit. This usually ranges from 50 to 100 percent. If you pay off your balance consistently, over time your line of credit will increase. A secured credit card usually includes an annual fee and high interest rate.
First Premier and Orchard
Perhaps you plan to occasionally carry a balance on your card. If this is the case, there are various bad credit credit card offers available. First Premier Bank issues cards designed for those with poor credit. First Premier Bank credit cards offer low interest rates and the chance to improve your credit rating. You can be approved instantly for one of their cards. Check out the First Premier Bank Gold MasterCard/Visa to get you started.
Orchard Bank also caters to those with a poor credit history. The Orchard Bank Platinum MasterCard offers a low interest rate on purchases. It also regularly reports to credit bureaus. This gives you a chance to use your card, pay off balances, and have creditors take notice.
Both First Premier and Orchard Bank cards include a number of fees. First Premier Bank charges initial fees of $29 and $95, as well as a monthly participation fee and annual fee. Orchard Bank requires a high annual fee.
These expenses may seem high. However, it is important to remember that these companies are offering cards to those with poor credit. Most bad credit credit card offers include extra fees due to the risks involved. Yet these cards are designed to help you improve your credit rating. Once you show that you can handle these cards wisely, you can apply for other offers.
Don’t let poor credit get you down. There are many bad credit credit card offers available. Choose the option that’s best for you and then apply online. With careful planning, you can improve your credit score. Soon you’ll be in good standings once again with lenders. This can open many more financial doors in your future.
May
31
Is it better for your credit to have several credit cards with moderate limit, or one card with a high limit?
Filed Under Credit | 3 Comments
shooter 1
I have zero debt. I also have several credit cards. I am wondering how it will affect my credit to request the highest limit for each card, or if I should cancel all but 2 and have those with high spending limits. Along the same lines, how does “available” credit affect one’s credit score negatively or positively? If I get a $50,000 limit on a card (with 0 balance) but say, go to buy a car, will I be denied because I have too much credit out there?
I have zero debt. I also have several credit cards. I am wondering how it will affect my credit to request the highest limit for each card, or if I should cancel all but 2 and have those with high spending limits. Along the same lines, how does “available” credit affect one’s credit score negatively or positively? If I get a $50,000 limit on a card (with 0 balance) but say, go to buy a car, will I be denied because I have too much credit out there?
May
23
Kuris
How much credit card company charge for each transaction? Since credit card company gives reward credit for using their cards, in situations I can use either case or check, should I opt for credit cards because they offer reward points? Or it does no matter? Thank you for suggestions?
I pay off the statement balance each month.
How much credit card company charge for each transaction? Since credit card company gives reward credit for using their cards, in situations I can use either case or check, should I opt for credit cards because they offer reward points? Or it does no matter? Thank you for suggestions?
I pay off the statement balance each month.