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Friday, February 27, 2009

How to Get a Credit Card

By Amanda Somrekli

You only have access to the cash that has been deposited with the banking company after you have canceled your card. Naturally, the sum will be reduced to pay back all outstanding balances.

The economy still needs to operate to fight off the worsening financial picture, and businesses (particularly small businesses) will still need lines of credit. With the Bank of England base interest rate at a record low, business leaders are now calling on the government to cap interest rate charges on business credit cards to give them a little bit of breathing space.

Once you credit score gets better you will qualify for lower interest rates in the future and you can then apply for a home loan or auto loan and this in turn will lead to savings in thousands of dollars of interest saved.

Credit cards - particularly for small businesses - are an additional form of financial income, allowing short-term flexibility and playing a vital role in keeping other lines of credit open to a business.

Credit cards also offer different incentives for signing up. You may find the same credit card is offering you 2 very similar offers within months of each other. Before you rush in and sign up for the first one that came along, make sure you read it carefully.

The best way to look at what each offer is giving you is to read the back of the offer and not just the front page that summarizes their incentives. The back summary will tell you the APR (Annual Percentage Rate), any annual fees required, fees for balance transfers, what kind of minimum monthly payment they require, and what their rewards or benefits are.

Since there are so many cards on the market, it's important to look at all the options out there. Right now, there are so many cards that can give you rewards, cash back and much more. As long as you do your research, you shouldn't have to worry about new cards but if you really want one, you can follow the advice above.

You will get 24-Hour Concierge Service with your card. In addition, you also receive priority pass with your credit account. The Priority Pass is the world's largest independent airport VIP lounge program, making it possible for you to access more than 500 airport lounges in over 90 countries worldwide.

If you are a business, you can keep track of all expenses. There many benefits for using the gas credit cards, but the most important is that you can pay one monthly payment and not have to carry money around for gas.

Try a prepaid credit card - Did you know that there are prepaid credit cards out there that will help build your credit history? The nice thing about these are that everyone is approved for them and they help control your spending. It's a win-win situation for everyone.

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