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 | What is the difference between my credit card number and my customer code?
The customer code is a 17 character alphanumeric field that is used with Purchase Card transactions. The code is typically defined by the customer (cardholder) and used for accounting or credit tracking purposes. This number differs from purchase to purchase so that each thing that you buy can be individually identified and traced in the event of a refund.
Your credit card number is the number that is emblazoned across the front of your credit card.
| | | What is a prepaid debit card?
Prepaid debit cards are a good solution for anyone who does not want to be tied down to a banking institution, anyone wanting a more secure way to carry their money, or anyone having troubles being approved for a credit card.
Unlike credit cards, you do not incur any debt with prepaid debit cards, you do not need to worry about credit card payments, and you pay no interest charges. Prepaid debit cards do not require credit checks, so almost anyone 18 years or older will be instantly approved.
Funds are loaded into the prepaid debit card by the cardholder and the card can be used virtually anywhere that accepts credit cards, as long as the debit card carries the Visa® or MasterCard® logo. These types of cards are a great alternative to carrying a checkbook and can help cardholders learn how to budget and manage their money.
Many prepaid debit cards today report card history to major credit bureaus, so cardholders can build their credit using a prepaid debit card without the risk of damaging it along the way.
| | | What is an Introductory APR Rate?
An introductory APR rate is a rate given by credit card issuers to new customers for a specified period. This rate is low or often 0% and applies to any combination of purchases, balance transfers, and cash advances, as detailed by the issuer.
Introductory rates often have stipulations, and you should always read the Fees, Terms & Conditions provided by the issuer before taking full advantage of the introductory rates. The issuer may review your application and credit history to determine the length of time the introductory rates will apply to you.
An introductory rate on balance transfers helps consumers save money by allowing them to transfer balances from high interest credit cards to the card with the introductory rate. Some issuers only offer this rate if you transfer your balance at the time of your application. Often, introductory rates last as long as you pay at least the minimum payment on time.
Introductory rates apply to any purchases you charge to that card. If the introductory rate is 0%, you do not need to make any minimum payments for as long as the rate is valid. If the introductory rate is more than 0%, then you may need to make at least minimum payments on the card to keep the rate for the specified period.
| | | What is the difference between a fixed and a variable APR?
A fixed APR is an APR that does not change often. Over time, a fixed APR can change due to long-term economic factors, but in this case, your credit card company must notify you of the change before it goes into effect. For example, if your credit card has a fixed APR of 18.24%, that means the APR will remain the same from month to month.
A variable APR, however, is an interest rate that is normally tied to another rate, such as the prime rate or Treasury bill rate. If the other rate changes, it is likely your interest rate will change accordingly, whether it be up or down. A variable APR can change from day to day. For instance, if you have a credit card with a variable interest rate, look in your cardholder agreement to see to which interest rate your APR is tied. Your agreement may state that your APR is tied to the prime rate and is equal to "prime + 5.99%". This means anytime the Federal Reserve raises or lowers the prime rate, your card's APR will rise or fall accordingly.
| | | What's a grace period?
A grace period refers to the amount of time past a given credit card bill due date during which non-payment will not incur interest fees on the balance due, provided the total balance is paid within the grace period. Grace periods vary, but usually range from 10-25 days depending on the credit card issuer.
| | | Can I get a credit card with bad credit?
If you have damaged credit, you may think the last thing for you to do is to get another credit card. And even if you wanted to, you may not even try because of fear of denial. The good news is there are credit cards geared specifically towards people who need to build up their credit. These issuers know people make mistakes and they are willing to take on the added risk by issuing you a credit card.
If you have damaged credit, you need to start building positive credit history immediately, and the most effective way to do so is with a credit card. To credit card issuers, bad credit means high risk. To compensate for that risk, credit card issuers will require that you put down a deposit or pay an annual fee. That way, if you happen to default, the issuers are not completely put out of business. However, from you standpoint, a deposit is a small amount to pay to build a positive credit history so you can save money in the future with good credit.
Credit cards for people with bad credit also tend to have high interest rates. Be responsible with these cards and only put on them what you know you can immediately pay off. Don't make the same mistakes that lead you to where you are now. Make a change with these credit cards and your credit score will begin to reflect it.
| | | What are the advantages of a business credit card?
Running a business is not easy. On top of ensuring you are offering the best product or service, you also have to worry about finances, which can be day and night compared to your specialty! That's why using a business credit card is so essential for any business. Some main advantages to using a business credit card are as follows:
First, a business credit card enables you to separate business expenses from personal expenses. Come tax time, you will be happy when you can simply hand over your business credit card statements over to your accountant rather than sift through receipt after receipt, trying to recall if it was a business or personal expense!
Second, a business credit card helps your business build business credit. Businesses with good business credit are eligible for larger loans and lines of credit at lower rates of interest. Should you decide to expand in the future or need extra funds for any other reason, you'll be happy you built business credit with your business credit card.
Third, you no longer have to worry about writing reimbursement checks to your employees when you use a business credit card. Each employee receives their own business credit card to use when making business purchases. You can monitor purchases online or using your paper statements.
Fourth, you can get rewarded for your business expenses! Many business credit cards now offer reward programs, which means you can earn free airline tickets, hotel stays, and other great rewards for all your purchases and for all your employees's business purchases on your business credit card!
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