Article: A Business Credit Card Offers Expense Tracking Plus Rewards and Rebates

In addition to convenience, rewards and rebates, the expense tracking offered by a business credit card is equally beneficial.

Each year at tax time, business owners scramble to collect all their deductible expense receipts. Businesses that use cash for purchases run the risk of employees failing to return and properly file receipts.

By using a business credit card, business owners actually have two receipts to track deductible expenses (the receipt obtained from the retailer upon purchase, and the monthly credit card statement). Even if both sets are accidentally discarded, misfiled or destroyed by fire, the business owner can request duplicate statements for a small fee.

Major credit card issuers will also itemize statements and provide a break-down of how funds were spent, such as furniture purchases, office supplies, travel, etc. Business owners not only have a receipt for these purchases, but can track where most funds are spent. For highly disposable items such as office supplies, business owners can scan their statements and perform inventory to detect employee theft.

If a business owner is reluctant to issue credit cards to his employees because of the liability factor, he can obtain a pre-paid business card and deposit only the amount of funds needed prior to each purchase.

Many major business credit card issuers also offer extended warranties on purchases, which can be more cost effective than purchasing an extended warranty from a retailer.

For frequently purchased items, business credit card issuers such as Discover will award a 5% cash back rebate. Obviously this helps business owners lower their overall expenses. The key to remember at tax time is that the cash back may be taxable, but any interest charged by the issuer may be tax deductible.

Businesses that require travel can benefit with reduced airfares by cashing in frequently flyer miles. By placing the travel expenses on the card, the business; not the employee doing the actual traveling, can redeem the points.

Apply for a business credit card

Example small business credit card offers presented by major issuers:

Advanta Platinum Business Card: Detailed expense management reports, and a customized card with your business name.

Business Cash Rebate from American Express: Up to 10% cash back, up to 5% cash rebate on purchases.

Business Gold Card from American Express: Quarterly Management Report summarizes expenses by category and employee.

Gold Delta SkyMiles? Business Credit Card: 15,000 Bonus Miles to start and Double Miles on qualified purchases.

CitiBusiness? PremierPassSM Card: 1 point for every $1 spent on purchases and 1 point for every mile flown on any airline, and 3 points for every $1 spent on certain business purchases.

Apply for a business credit card

The benefits of not having to make purchases with cash, not having to worry about retaining receipts, plus the travel rewards, extended warranties, rebates and expense tracking, make a business credit card a valuable asset.

Article: Collection Agency Harassment and Rules. Is a collection agency harassing you?

6 ways to fight collection agency harassment:

Apply for Debt Settlement

Apply for Credit Counseling

#1: Don't take the calls. You can hang up, screen calls or stop them from calling entirely with what's known as a "cease and desist letter." If you send a "cease and desist," include your name, address and account number, and tell the company "do not contact me further about this debt." Send the letter certified so that you have proof the company received it. But this move doesn't cancel your debt. The original creditor or the collection agency may decide to sue, or the creditor can simply hire another third-party collector.

#2: Keep a diary. If you do take the calls, write everything down: dates, times, names (even if it's the ubiquitous Ms. Smith or Mr. Jones) and what is said. If it's legal in your state, tape the exchange. And if you tell them you're taping the call; whether you are or not, they'll be more likely to behave.

#3: Negotiate to pay the debt. Once a debt goes to collections, you may be able to work out a deal to pay less than the full amount. A collections agency is always authorized to take something less than 100 percent, usually 50 to 60 percent.

Whether you pay in full, negotiate for a percentage of the debt or accept a payment plan, and get everything in writing before you give them any money.

Make them stipulate that they will not report anything negative to the credit bureaus regarding the debt. And have your original creditor sign off on the deal. A collection agency could offer to settle that $1,000 credit card bill for just $500. But once they're paid, the original creditor can still come after you for the other $500.

One warning: If you negotiate a settlement for less than you owe, you could end up paying taxes on the unpaid portion. But if the unpaid amount is less than $600, a collection agency does not have to report it to the IRS. Make this part of your written agreement.

Always pay with paper checks, not electronic bank drafts by phone or debit cards. It's to your advantage to have a physical record that you've paid, plus you control exactly what you're paying and when.

Be sure to get something in writing when the debt is paid. That way, if it does come up on your credit report, you have something to prove it was paid.

#4: Understand the laws in your state. Garnishment, lawsuits and property seizure are illegal in some places, which gives you a little more leverage to work out a deal. To learn what is and isn't allowed, call your state Attorney General's office or the state consumer protection office.

But third party collectors have a choice: they can operate under the laws of your state or those of the state where the debt originated, usually interpreted as where you were living when you opened the account.

Also, time may have run out on the debt. While there is no federal statute of limitations on debts, most states limit the amount of time a creditor has to collect a debt. However, that deadline varies from state to state.

There is also a question of which state's rules govern the transaction, yours or the creditor's. That's a very gray area. Check with your local state authority or an attorney in your state who specializes in this kind of law.

#5: File a complaint. If you suspect that a collection agent has crossed the line, call the FTC and your state's governing office and file complaints. (Yet another reason it's good to keep a written or tape-recorded diary.)

#6: Sue. If a third-party collection agency violates your rights, you can sue for actual damages and punitive damages, as well as attorneys' fees and court costs.

Collection Agency rules:

The Fair Debt Collection Practices Act was passed in 1977 to protect consumers from abusive debt collectors. Here are rules a third-party debt collector must follow when collecting a debt.

Contacting a debtor. A collector may contact you in person, by mail, telephone, telegram or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves of such contacts.

Contacting a third party about your debt. If you have an attorney, the debt collector must contact the attorney rather than you. If you don't have an attorney, a collector may contact other people but only to find out where you live, what your phone number is and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases the collector may not tell anyone other than you and your attorney that you owe money.

Giving written notice. Within five days after you are first contacted, the collector must send you a written notice telling you the amount of money you owe, the name of the creditor to whom you owe the money and what action to take if you believe you do not owe the money.

When a consumer doesn't owe the money. A collector may not contact you if within 30 days after you receive the written notice you send the collection agency a letter stating you do not owe money. However, a collector can renew collection activities if you are sent proof of the debt, such as a copy of a bill for the amount owed.

No harassment. Debt collectors may not harass, oppress or abuse you or any third party they contact.

Debt collectors may not:
Threaten violence or harm.
Use obscene or profane language.
Repeatedly use the telephone to annoy someone.
No lying.
Use any false or misleading statements when collecting a debt.
Falsely imply that they are attorneys or government representatives.
Falsely imply that you have committed a crime.
Falsely represent they operate or work for a credit bureau.
Misrepresent the amount of your debt.
Give false credit information about you to anyone, including a credit bureau.
Send you anything that looks like an official document from a court or government agency when it is not.
Use a false name.

Debt collectors may not state that:
You will be arrested if you do not pay your debt.
They will seize, garnish, attach or sell your property or wages unless the collection agency or creditor intends to do so and it is legal to do so.
Actions, such as a lawsuit, will be taken against you when such action legally may not be taken or when they do not intend to take such action.

No unfair practices. A debt collector may not engage in unfair practices when they try to collect a debt from you.

Debt collectors may not:
Collect any amount greater than your debt, unless your state law permits such a charge.
Deposit a postdated check prematurely.
Use deception to make you accept collect calls or pay for telegrams.
Take or threaten to take your property unless this can be done legally.

Source: Fair Debt Collection, the Federal Trade Commission.

Apply for Debt Settlement

Apply for Credit Counseling

Steps to fix credit report errors:

Just about 1 out of every 4 people have errors on their credit report. The big three credit bureaus -- Equifax, Experian and TransUnion -- process huge amounts of information. A 2004 study found that 25 percent of the credit reports surveyed had errors that were serious enough to cause consumers to be denied credit.

Usually, consumers find out about errors in their credit reports after they're denied credit. To fix credit report errors, here's what to do:

Psyche yourself into the proper frame of mind -- a litigious one. Don't file a lawsuit right off the bat, but everything you do should be done with the aim of impressing a judge and jury if your mess gets that far.

It probably won't get that far. But you never know what it will take to clear up your credit record. In most cases, a phone call or two will do. Or you could end up in a multiyear ordeal ending up in federal court. In modern America, your credit report is your reputation, and there's nothing wrong with going to court to clear your name.

Because you don't know how far this dispute will take you, act as if your first effort to correct an inaccuracy is the first salvo in a legal war. That means you should document everything as it happens, and always act businesslike.

Keep detailed records as events unfold. That will impress a courtroom. If you can show that you wrote your records as events occurred, they will be considered more trustworthy.


Act businesslike. Resist the temptation to scream and yell and do things that would not look good in court.

Who to contact:

Federal Trade Commission consumer response center (877) 382-4357

Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111

Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-0949
(888) 397-3742

Trans Union Corp.
760 W. Sproul Rd.
Springfield, PA 19064-0390
(800) 888-4213


Sending a certified letter is better than merely calling by phone. Consumer protection laws require you to notify credit bureaus in writing of any inaccuracies they report. It doesn't hurt to call on the phone, but you should back up each conversation with a certified letter summarizing the call. Send it to the person you talked to and send a copy to the credit bureau.

Just remember that the certified letter isn't a substitute for the phone records you should keep. Keep those phone logs and your notes and your certified letters together in a file.

When you're on the phone, pry. Ask for the first and last name of the person you're talking to, the name of the supervisor, and find out the exact name of the department. Get the mailing address. At credit bureaus such as Equifax, the people you talk with work in teams, so ask for the team number of the person you're talking to.

You need to be meticulous for a couple of reasons. First, call centers tend to have high turnover, so knowing the team number and supervisor's name will help you get on the right track if the person who you've been dealing with suddenly leaves or if the problem isn't corrected quickly. And if you file a lawsuit, your copious information will help you establish your case.

Confirm responses. If you get a creditor on the other line saying, 'Yes, I'll correct it,' say, 'Will you send me something confirming that?'"

You want a copy of the UDF, or universal data form. It's a document that your creditor transmits to the credit bureaus to update your report. It tells the credit bureau what sort of change is being made: a balance update, a payment history change, an update of current status, or deletion because of error or some other reason.

If the creditor won't send a UDF, ask for a letter confirming that the creditor notified the credit bureau of the inaccuracy and requested a correction.

Phone numbers and addresses needed to correspond with the credit bureaus, creditors, Federal Trade commission, and collectors.

EQUIFAX to order by phone 1-800-997-2493 OR 1-800-685-1111 or order on-line at: www.equifax.com

TRANS UNION order by phone 1-800-888-4213 or on-line
www.transunion.com/Personal/OrderCreditReport.asp

Experian to order by phone 1-888-397-3742 OR 1-800-682-7654 or order on-line at: www.experian.com/consumer/index.html

IMPORTANT: many states have made recent changes to the credit laws which enable the consumer to receive a free credit report from each credit bureau, each year. Check with each credit bureau, or your local legislative office to determine if your state is one that has enacted this law. It will mean the difference between you paying for a credit report or receiving it free!

INTERNAL REVENUE SERVICE PHONE NO.
LOCAL (303) 825-7041 OR 1-800-829-1040 
YOU MAY CONSULT THE WHITE PAGES UNDER FEDERAL GOVERNMENT OFFICES FOR FURTHER INFORMATION.

FEDERAL TRADE COMMISSION PHONE NO.
LOCAL (303) 844-2271 or 209-2271 
YOU MAY CONSULT THE WHITE PAGES UNDER FEDERAL GOVERNMENT OFFICES FOR FURTHER INFORMATION.

About Payday Advance Loans

Check cashers, finance companies and others offer small, short-term loans that go by a variety of names: payday loans, cash advance loans, check advances, post-dated check loans or deferred deposit check loans.

A borrower gives a personal check payable to the lender for the amount borrowed plus a fee. The company gives an instant cash loan for the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed. Example: every $50 or $100 loaned. If the borrower "rolls-over" the loan for another two weeks - more fees are incurred.

Under the Truth in Lending Act, the cost of payday loans or any type of credit must be disclosed. Among other information, the finance charge (dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis), must be provided in writing.

A cash advance loan secured by a personal check - such as a payday loan - has higher interest in comparison to other types of credit. If you write a personal check for $115 to borrow $100 for up to 14 days, the check casher or payday lender agrees to hold the check until your next payday. Then, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks. In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR.

Apply for Payday Loan

Secured credit cards

Secured credit cards are perfect for people with bad credit or bankruptcy on their credit report. A secured credit card reported to major credit bureaus can prove your credit worthiness to creditors, which can lead to better credit terms and being offered more credit. It's a great way to rebuild credit.

The best feature of a secured credit card is that it can help prevent debt interest, because you pre-pay the amount(s) you want to charge.

Have a teen or college student in your home? A secured credit card is an ideal way to make sure your teen or student has a way of getting cash for an emergency situation. And, you don't have to worry about over charging.

You can also use a secured credit card as a financial learning tool for your children. You can give them the card, you deposit the amount you want available, and each time your child charges you establish your own monthly re-payment system, with interest. Of course, the interest goes in your pocket, and your child learns how to treat a credit card with respect.

Search for a Secured Credit Card

Unsecured credit cards

An unsecured credit card is similar to an unsecured personal loan, because all it requires is your signature, without any form of collateral, and there's no money down (no deposit). However, the interest charged by the credit card company is calculated differently and generally at a higher rate, which makes it less attractive than a personal loan from a bank.

Another type of "unsecured card", which really isn't a credit card, is called a merchant card or a catalog card. This card allows you to purchase products from a specific catalog, store, or vender only. If you need an unsecured line of credit only to buy gifts, this type of card can be useful.

The danger with unsecured credit cards is that it can be easy to accrue too much interest debt if you don't pay off balances quickly. However, responsible use of an unsecured credit card is one of the best ways to improve credit scores. If your future plans involve buying a home or car, an unsecured credit card can help you achieve loan approval.

Unsecured credit cards range from no perks to cash back bonuses. Which issuer will approve you will be determined after a review of your credit report. If you have bad credit or bankruptcy, it's not likely you'll get approved for an unsecured credit card. If you don't have perfect or near perfect credit, it's unlikely you'll get approved for a platinum unsecured card. There are other unsecured credit cards between these two ranges.

Search for an Unsecured Credit Card

Article: Getting approved and using a bad credit credit card.

When searching for a bad credit credit card, consumers should consider if the card can help improve credit, and examine their past credit card use.

Many consumers search for a "bad credit credit card" merely for the sake of easy approval and getting their hands onto unsecured credit, without first trying to resolve their bad credit issues and preventing further damage to their credit score.

While there are plenty of bad credit credit card choices available, they can do more harm than good if not used wisely, or if the card issuer does not report timely payments to a credit bureau. Here are important factors consumers should consider:

1) Do you really need a credit card? Credit cards do make life more convenient by not having to carry cash, and they can make tracking expenses simpler. If the applicant's primary concern; however, is just to get unsecured credit (to make purchases when short of cash) versus the convenience factor, this should be a danger sign of the potential for accruing more debt than can be re-paid, or be re-paid timely.

2) How you used a credit card in the past? Consumers who were consistently late making payments or who did not frequently pay the balance in full every month, likely suffer bad credit for that very reason alone. Living above one's means often ends in financial disaster, and it's possible to dig a hole to large to get out of as late fees and interest charges accrue.

3) Can the credit card rebuild bad credit? If used wisely, consumers who are diligently attempting to rebuild credit can benefit from a credit card. How you re-pay credit card charges are one of the largest credit report scoring factors. But not every credit card issuer reports to a major credit bureau. Applicants should acquire a credit card that reports to at least one major credit bureau, i.e. Trans Union, Equifax or Experian. Here's how to maximize the credit reporting benefit:

- Use your credit card. A strange peculiarity amongst creditors, is that they view open lines of credit as potential debt. If; for example, you have a credit card with a $5,000 limit and it has no charges on it, it is viewed as a potential debt in that amount. Hence, if you have any other credit cards which have no balance and the issuers do not report timely payments to credit bureaus, it may be best to close those accounts. Simply not using the card does not close the account. You must contact the issuer and close the card account.

- Don't use your credit card simply for the sake of being able to make purchases during cash shortages. Use your card instead of the cash you budget for expenses such as your weekly grocery shopping, and use those funds to re-pay the charges.

4) Finally, when seeking a bad credit credit card, apply for one that may limit your potential for accruing debt. Instead of a $5,000 credit line, consider a credit card with only a $2,000 credit line. Because of your bad credit, you may discover that a higher credit limit bad credit credit card may also charge a higher interest rate because of the increased risk to the issuer. If you just need temporary credit; such as during Christmas, consider a retail or shopping card that reports timely payments to a credit bureau. Since retail and shopping cards limit purchases to a particular store or catalog, this can help curb desires to go on vacation spending sprees.

Article: Credit Card Offers - General Motors or General Mills?

Credit card issuers are forming allies with retailers, the travel and entertainment industries, to battle other card issuers and merchants in the pursuit of your business. And not only do credit card issuers stand to gain; or lose, but also participating merchants.

Co-brand Credit card offers are almost becoming comical. Just as it's common to find multiple selections; from several companies, for different types of breakfast cereal with assorted flavors, varying nutritional values, plus prizes, recipes, even discounts for other products, now credit card issuers; who have long included rewards with their cards, are now re-packaging their credit card offers to the extent of cereal manufacturers.

You can obtain credit cards of varying brands (like cereal flavors), with interest rates (nutritional value) for people of all credit ratings, and with rewards (prizes) included. Browsing card offers today is much like perusing cereal boxes.

Just as you allow your children to pick out their desired brand of cereal, you may want to consider them when you choose a credit card. A credit card that offers family entertainment rewards, such as Chase's Disney Credit Card, may provide your family with mutual benefits. If you are in the market for purchasing a new auto, a GM Card may be a better choice.

It's obvious that card issuers now have a plethora of brands with a broad range of rewards, with the objective to obtain new customers. But why; exactly, are retailers and the travel and entertainment industries co-branding these card offers?

Retailers have had a long alliance with card issuers, most notably retailers such as J.C. Penny and Sears. And airlines have been included for some time. But now the travel and entertainment industries are becoming an even larger ingredient of the rewards, for the sake of their own customer acquisition.

Generally, the first things to be erased from a family budget during a financial hardship are vacation and entertainment savings. To deter this; purveyors of travel and entertainment co-brand with credit card issuers to retain and lure new customers. Although on the outside the alliances may seem sinister, consumers can actually benefit by receiving points, discounts, even cash back from purchases. Plus these alliances can also be beneficial for the economy by aiding the recovery of a recession.

It's all about customer acquisition and retention. When baby boomers were children, there were only a fraction of the ads that consumers are exposed to today. Merchants were much more competitive and reluctant to forge alliances, and about the only co-branding that occurred was when one company purchased another.

The strategies have changed, and if you had applied recently for a credit card; whether or not you were accepted, no doubt you received pre-approved credit card offers from other issuers as well. In your daily mail you may have been bombarded with solicitations from retailers, airline and entertainment merchants who obtained your name and address from the credit card company. Often credit card issuers will sell applicant names and addresses to other entities, which may solicit you based upon your application information. If you had applied for a joint credit card and claimed to be a home-owner; for example, your information may be sold to a home products retailer such as Home Depot, who may offer you their store charge card. Hence, the alliances credit card issuers are developing with merchants goes deeper than the co-branding you see on the face of the credit card. Again, though this may seem like a conspiracy to delve into consumer pockets, these alliances can benefit consumers with discounts and points.

In addition to the typical things consumers look for when choosing a credit card, like the interest rates, fees and credit limits, consumers should also decide which rewards will benefit them most. Just as in shopping for cereal, the prize (rewards) may not be worth the cost (interest/fee) for the card.

And the next time you grocery shop, don't be surprised if you see a GM credit card offer advertised on a cereal box... but will the GM card stand for General Motors, or General Mills?

Article: Choosing a Credit Card Offers - which is best and best for you?

Not only are there different issuers, there are many different types of credit cards, so how do you choose a card that's right for you?