Ultimate Guide to the First Credit Card

Posted on Category:Credit Card
credit card

One of the things that you may need later in life is the credit card. This is one of the milestones that many young adults look forward to. It is, however, critical to note that your first credit card will play a crucial role in your credit card history. The Protection Regulation helps in safeguarding the credit card users.

This, therefore, calls for wisdom whenever you are applying for one. Since there are many options out there, it is easier to get lost in thousands of the options out there. Let us look at some of the things that you should consider when selecting the best card.

Purpose

walletBefore you apply for the first credit card, you need to have a reason as to why you are applying for one. People apply for credit cards for various reasons; there are those who apply for the same to build their credit score while there are those who apply so that they may purchase something at once.

We also have retailers who offer their customers with credit cards, and in return, they earn various rewards whenever they make purchases through the card. Knowing the purpose of the credit card will help you to make an informed decision as far as the credit card is concerned.

Categories

Credit cards can be categorized into broad categories the non-reward and reward cards. If you are sure of when you will clear your balance within the stipulated time frame, go for the rewards credit card.

This type of cards typically rewards the users with a percentage of money that they spend and can be cashed back or redeemed as points. However, if it will take time to pay off your loan, then apply for the non-reward credit cards since they have relaxed credit extension.

Rewards

Rewards that are issued by the credit cards come in different forms. Some of the rewards include cash back, travel, airline, and hotel just but to mention a few. As a first-time credit card user, chances are high that you will spend less than $24,000 in a year.

If that is the case, then select the cash back option. Every time you make purchases, you will earn based on the percentage that you agree with the company. If you a heavy user you can opt for the airlines and hotel rewards.

Minimum age

credit cardsThe minimum age of a credit card varies from country to country. The minimum age in some country is 18 while whereas it is 21 years in another country. To sign a credit card, you will need to have personal identification documents and someone to approve the application. The person is referred to as guarantor and will pay in the event you are unable to pay. For more information about the credit cards watch the video below:

Creative Financing Options For A Small Business

Posted on Category:Finance
coins

There are a wealth of business opportunities on the Web. Some of them are in the form of network marketing, while others are affiliate opportunities. Then there’s the options one has of building their own small business through selling products or services online. Either way, when one partakes in Internet business opportunities, they need a way to finance their enterprise. This is because even if a small business opportunity is free, there are still expenses associated with marketing.

Fortunately, there are several alternatives available for Small Business Funding.

Credit cards

Credit cardsCredit cards are a widely accessible funding option for small businesses. There are even credit cards available specifically for businesses, though you will usually need to have a business license to acquire them. This can be a problem for those utilizing business opportunities that do not require licensing. In these situations, one may want to use a personal credit card. Personal credit cards can have limits almost as high as business credit cards, plus they can be used for other expenses.

Cash advances

This is useful for small businesses that are licensed and accept credit card transactions. What happens is the company issuing the business cash advance purchases a portion of your projected credit card sales. Credit checks and business plans are not required. Payment made from a percentage of sales that are made. It’s a small sacrifice to get tens, hundreds or even millions of dollars upfront. The only downside is that a small business will need to acquire a small amount of success before they can qualify for the advance. Most companies are looking for a small business to earn at least $2,500 a month in credit card sales before they will consider taking the risk. Additionally, the small business must be a licensed enterprise, and not a business opportunity scheme.

Home equity loans

house loan illustrationUnlike business cash advances, home equity loans can be used for both small businesses and business opportunities. Best of all, home equity loans can offer huge amounts of money. It may not be as large as a business cash advance, but it is still more than enough to handle marketing expenses, especially if one is utilizing a free business opportunity. However, entrepreneurs will need to have good credit. If they don’t, they can consider looking into subprime refinancing mortgages, though these can be extremely hard to find.

In conclusion, through credit cards, business cash advances, and home equity loans, entrepreneurs can easily fund their small businesses or business opportunities without worrying about any extra hassles. In fact, these venues are so useful; entrepreneurs may never need to worry about acquiring business loans, grants or any other financing option that is harder to get.