Friday, February 13, 2009

Disadvantages of Credit Cards

By Amanda Somrekli

Whether you're the owner of a new business or you currently have one, you probably want to know how you can find the newest business credit cards on the market. With so many out there, it's not hard to pass a great offer that gives fantastic rebates that can save your business a lot of money. If you want to find the newest business cards on the market, I'll give you some tips on how you can find them.

Sign up for a newsletter - Most of the major credit card companies have newsletters that you can subscribe to. Simply go to the main credit card company's website and look for a place you can sign up.

This covers you in the event of something going wrong with the transaction and enables you to claim against the credit card provider or the trader.

These type of sites will provide you with all the latest and greatest business cards on the market. Most of these sites will also have newsletters you can sign up for. Like the major credit companies, the nice thing about these regular sites is that they will inform you of cards across the board from many different carriers.

You should also beware "fixed rate" credit cards on which the APR rises automatically on your entire balance if you go over the limit.

There are scams out there that you want to look out for such as a card without a major logo. If the card doesn't have a Visa or MasterCard logo, you'll want to skip over it right away because you're most likely asking for trouble.

In terms of time spent resolving problems as a result of theft, 32% of those in the more than six month group spent less than ten hours fixing problems. The number rises to 69% in the less than six month group.

The second finding concerns how theft occurred. 84% of those surveyed responded that they did not know the thief. In fact, only 5% of victims of misuse of existing credit card accounts knew who committed the crime.

Clearly, the foregoing facts point to constant vigilance as the key to avoiding identity theft and minimizing any damage if it does occur. What does this mean specifically as it applies to your credit cards?

In addition to these low yearly rates, many of these cards will even offer such perks as cash back, reward point bonuses and much more. For those with an established credit history, this is often the top choice when it comes to credit card application.

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