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business secured credit card

If you are looking to establish or re-establish your business credit, secured small business credit cards may be for you.

Updated: 2012-03-20T04:34:33.719-07:00


Credit Card news 09/27/09


Feed Title: News: Credit cards for small business owners

How to build a better credit card portfolio
Tue, 22 Sep 2009 06:30:00 -0500
Standing pat with one card isn't a smart move today. Allocate credit as you do assets, strategically trimming or adding cards to get the most out of each.

Credit card rates steady as banks struggle with uncertain economy
Thu, 17 Sep 2009 16:00:00 -0500

Amid mixed economic signals, banks kept interest rates unchanged on credit cards offers this week at 12.28 percent, according to the Weekly Credit Card Rate Report. editorial corrections policy
Wed, 22 Aug 2007 19:23:05 -0500 strives to publish accurate information. If you believe we have published something in error or wish to comment on an article, please email us at

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Can You Obtain Credit Cards After Bankruptcy?


Bankruptcy is something no one wants to face, but finances change for a variety of reasons and bankruptcy might be inevitable. One of the most common questions asked is “can you obtain credit cards after bankruptcy?”

You’ll be glad to know that you can repair your credit after bankruptcy. There are even online companies that offer tips on how to repair your credit. One of the best ways to do that is to obtain a secured credit card. With your new spending habits in check, and a new lease on your financial future, you can reflect back on what got you into trouble the first time. It’s important to find ways to begin to restore and rebuild your credit.

The first thing you’ll want to do on the road to credit recovery after bankruptcy is to obtain a copy of your credit report from each of the three main credit bureaus. You are entitled to a free copy annually so take advantage of it. Check your report over for discrepancies. If you see any problems file an in-depth report detailing your proof.

The credit bureau is allowed 30 days to present an answer to you. If the creditor has not replied within the allotted time the credit bureau must remove the item. You can see why this can be so important when you are trying to rebuild your credit. Even if the item is not removed from your credit report you are allowed to provide a statement that must stay on your file.

Now it’s time to get busy looking for credit cards that cater to those who have been bankrupt, you’ll notice a significant difference in the interest rates they charge. It is these interest rates that actually land people in trouble to begin with. You will likely need to obtain a secured credit card as your first step back into the world of financing. Look for the best interest rate possible.

Initially you will likely have to be a higher interest rate and there may also be fees associated with your credit card, but don’t worry because as you begin to re-establish yourself there will be opportunities for you to find lower interest rates. You’ll just need a little patience.

While you may be able to find a non-secured credit card, it’s likely your first one at least will need to be a secured credit card. With this type of card you will be required to place a deposit on file with the bank that covers the credit limit on the card. If you are able to find one that is unsecured, be prepared for a very low credit limit, as well as high interest rates, and monthly account fees.

The methodology behind these providers is that they are working to reduce your temptation and leave you with a payment that is low enough for you to always be able to make.

Secured credit cards will report to the credit bureaus so that means you can begin to rebuild your credit. Since you are working on rebuilding yourself after bankruptcy you should consider also working with a consumer counselling agency. Now that you know you can obtain credit cards after bankruptcy, isn’t it time to start rebuilding your financial future?


About Secured Credit Cards For Students


Secured credit cards for students is as relatively new concept, and one you should certainly find out more about. It wasn’t that long ago college students were offered student credit but today you can find secured credit cards being offered in our high schools.

As a parent your first reaction might be “no way,” but you might want to rethink that. Why? Well first of all secured credit cards for students are an excellent way for students to build credit safely. Unlike the regular student credit card offers you see at college that can land a student in a heap of trouble, secured credit cards cannot.

The use of a secure card is a smart way to build a good credit score at a young age, whether it’s in high school or college. It’s also a solid method for learning about credit, how it works, how it makes it easier to spend, how there are ramifications for their actions. When they learn to manage credit at a young age, they are much more likely to handle credit successfully as adults.

Initially student cards offered where a traditional credit cards. Because the student was a minor the parents had to co-sign and any debt was the responsibility of the parent. While these helped to build a sense of responsibility, it was not the same as with the secured credit cards we see today.

The secured credit cards come in a couple of different methods. Some banks will have you put the money into the bank as security and this is used as a guarantee that you will pay your credit balance. The bank will offer you a credit limit that is either a percentage of the money on deposit or the entire amount.

There is also a card that is linked to the parents’ bank account and it lets the child keep refilling. This is not a good choice for all students. It depends a great deal on maturity.

And finally there is the prepaid secured credit card where you put more money on the card and keep refilling it as you use it. The traditional student card is quite the opposite, which is why so many students find themselves in a bit of a mess.

With the traditional student credit cards you are given a credit limit, and each month you make a payment. The object is to pay off the balance at the end of each month but that seldom happens. This is where the trouble can start to occur.

The student makes a payment (often minimum) and then keep spending. Soon they find themselves with a credit card that’s full and they aren’t making any ground on bringing the balance down.

This might not be a problem if all students were at the same maturity level, but they aren’t and no one wants to see their child in a credit mess. You can see why secured credit cards for students make an awful lot of sense. What a great way for students to become credit responsible.

Aubrey Clark is an Author and editor for Direct Banc, which features bank secured credit cards. Aubrey is a financial expert who has spent over twenty years working and training in financial markets. He current project is a tutorial to help readers to understand how to obtain secured credit cards for students.


5 Tips for Using a Credit Card to Repair Your Credit


Many people these days have seen their credit ratings drop as a result of today’s economy. Inevitably, these people will begin a credit rebuilding process at some time and using credit cards is an important part of the equation. The problem is, using the wrong credit card, the wrong way, can actually hurt your credit rather than repair it. Here are a few tips you should consider: 1. Never use a credit card that advertises “everyone is approved” or something similar. These credit cards are fee ridden and rarely offer you the chance to increase your credit limit. More times than not, the card will have a $300 balance and already have a $100 in fees just for opening the account. 2. Use secured credit cards. If your objective is to repair your credit you must exercise some fiscal restraint. Secured credit cards have much lower rates and fees; however, you do have to make an initial deposit. This deposit will be your new credit balance. Begin with a $500 deposit and make regular deposits to the account, as you would a savings account, to raise your balance. As your credit limit rises so will the influence and credibility the credit card makes on your overall credit report. 3. Do not use the card whatsoever! Seriously, when the card arrives simply activate it and shred it up, just remember to pay the annual fee each year. You do not need to use the credit card to establish credit. Remember, the goal is to repair your credit, not to go back into debt. The variables on the credit report that influence and help to establish credit are, length of time the account has been open, the credit limit, the balance vs. the credit limit ratio and of course the payment history. 4. If you use the credit card, which you shouldn’t, NEVER let your balance exceed 50% of your credit limit. Doing this will trigger the credit card company to start snooping and begin to derogate your credit score. “Maxed” out credit cards are viewed as a liability, not an asset. 5. Repeat the steps above. The more credit references you have that have ZERO balances the better. Be sure to use a different bank for each account so that you have more than one company reporting positive information on your credit bureau. The best feature about using a secured credit card is the ability to control your own credit limit. I can’t stress enough the importance of building a higher credit limit. Since a secure card acts like a savings account, meaning you get your entire deposit back if you close the account, it’s safe to send money in to the bank on a regular basis. This will increase your credit limit. The key to using revolving credit is restraint. If you have multiple references in the bureaus that show zero balances, this demonstrates to creditors that you aren’t at risk for bankruptcy and that you have ample room in your budget to take on additional credit. Once you establish your revolving credit you need to concentrate on your installment credit. Installment loans are loans that have a beginning and an end to the payments, like a car loan or personal loan. Doing this is a little more difficult than establishing revolving credit, but it can be done. You can establish installment credit the same way you established revolving credit. What you need to do is seek out the small private banks in your area, stay away from the big banks like Bank of America. Most local banks will allow you to make a deposit and take out an installment loan against the deposit. Simply make payments on this loan for more than 12 months and presto! You have established installment credit. Nobody said repairing credit would be easy, again it takes time and restraint. However, if you follow the steps I’ve outlined it’s almost guaranteed to raise your credit score.[...]

How to Avoid Bankruptcy, and Get Ripped Off


First and foremost, I am not an attorney and I cannot give legal advice. However, I have spent 20 years approving and administering retail and mortgage credit. Doing so, I have helped many a customer tweak or repair their credit in order to qualify for the particular loan they have applied for. This often requires me to explain the fundamentals of credit repair as well as undo many of the misconceptions borrowers have picked up over the years. One of the most egregious misconceptions people make in an attempt to avoid bankruptcy is the use of consumer credit counseling services (CCC). At best, these companies are a rip-off, and at worst they’re crooked. When you use (CCC) services it is almost always notated on your credit bureau by the credit repositories or by your individual creditors. When mortgage companies see “CCC” on your credit report it’s treated exactly like a bankruptcy. The pitch You can avoid bankruptcy – This is their primary pitch. They prey on people who are terrified of the stigma of bankruptcy. The truth is, CCC programs mimic chapter 13 bankruptcies without the protection that bankruptcy provides.We can settle your debt for less – So can you, so can a bankruptcy attorney, plus they can give you protection from legal action from your creditors.We take all of your payments and bundle them into one low payment – So can you, simply call the creditor and tell them “it’s bankruptcy or lower payments, which would you prefer”?We work with all of your creditors for you and stop the harassing phone calls – The FDCPA (Fair Debt Collection Practices Act) gives everyone the right to stop the phone calls, simply Google the acronym above and follow the directions.We will repair your credit – Yea, in seven years or longer. Bankruptcies stay on your bureau for 10 years, slow payments for seven. When you make partial payments to the creditors they report the slow payments each and every month. This means that the credit bureaus will report your slow payments for as long as you are working the repayment plan, which can be years. Your credit will begin to heal ONLY after you have made the last payment. Bankruptcies are like a Band-Aid, once you rip it off the wound begins to heal. We have secret tactics that only we can use – Bologna! (Expletive Omitted) Read the FDCPA and the FCRA for every “secret tactic” that is legal. The truth CCC services can’t do anything that you can’t do for yourself. They make money from their clients, (you), collection companies and your creditors. In fact, most creditors have become so annoyed with their “service” that they refuse to speak with CCC services, even when they have permission from you to do so. Using CCC services will ruin your credit the same bankruptcy, take longer for your credit score to heal and cost you extra money. Not to mention this is all done without the protection from your creditors that bankruptcy provides. Meaning, the credit card companies can place a lien on your home or get a judgment against you anytime they like. Not so with bankruptcy. In closing, I am not a proponent of bankruptcy; nor am I against it. I am simply looking at the situation from a pragmatic point view. Everyone’s credit situation is different and requires a unique approach when seeking to repair it. Just know this; you have all of the power to repair your credit at your fingertips without having to hire someone else to do it for you.[...]

what is a secured credit card ?


Q:I am trying to start my own business and i heard that this is something you need.

A:A secured credit card is when you put a certain amount of money in the bank and then are able to borrow against it. say you give them $2k then you have a $2k credit limit on that card. if you pay it off, it's just like a regular credit card. if you don't the bank can take it out of the money you deposited with them, but i think there are fees involved. it's a "secured" line of credit because they know that they can get the money from you or your business. instead of relying on your credit rating, they're basically lending you your own money(image)

Does anyone know of a bank or company that will issue a "secured" business credit card??


....I need a small business secured credit card...does anyone know of any company or bank that offers such a card?? I have been to all of the secured credit card and bad credit sites...I need someone who knows if there is a bank or card company that issues a small business a secured credit card.......thanks.
Try the bank where you have business checking account with. You could also just get a personal secured card and use it for business purpose if you can't find one for a business. Look in "Secured Credit Cards" section at the following site:



How Much is a Business Credit Card Worth?


Most people choose not to apply for a business credit card because they think it is only targeted to business owners and business executives. It is more difficult to meet the requirements of approval and for if this reason, the business credit card is not very popular(image)

Business Secured Credit Card - The Road to Recovery


By Mark Q. Johnson

When needed a business secured credit card is a great way for a company to reestablish themselves as a good credit risk. It is the path to do so by showing the financial industry that the business in question is willing to do what is necessary to build up its credit worthiness.

Like all lines of secured credit, a business secured credit card is not a line of credit but that draws off of a deposit made by the account holder. This is done to show that a company is serious about maintain a good credit rating and being a good credit risk.

There are many financial institutions willing to extend this type of account to a business in need. The motivating factor is profit. Even thou the business is considered a high risk account holder; the risk is lowered because of the deposit made. The business secured credit card has a spending limit that is equal to the amount on deposit.

There are three major reasons a company is willing to do this for a business. The deposit, income on purchases and managing the account is where the company makes its profits. The deposit is invested as the credit card company sees fit to do so with all the interest going into their pockets. For every purchase that is made with the credit card, the company makes 2%. Last the company charges fees for the business secured that usually include a monthly service fee, an annual fee and interest on only revolving balance that is not paid off each month.

But it is a great way for any business with a poor credit rating to reestablish themselves as a good credit risk in usually less than a year with all payments made on time.

The harsh reality of our modern society is that the security of your family depends on how you handle your money. Don't make the mistake of ignoring your personal finances - especially details about your credit cards. Visit http://www.mycreditcardmoney.com today and learn about how credit card trouble can ruin your life, and what you need to know to protect yourself when you use transfers to consolidate balances and use other money-smart strategies.

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