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Friday, February 13, 2009

Advantages of Credit Cards

By Amanda Somrekli

Are you paying too much interest a month on credit cards? Does it seem like the money you are making, is going out in payments to card companies just as quickly as it came in? Then maybe it's time to look into transferring your balance to new company with a lower interest rate.

In the UK there are comforting credit laws to protect consumers. For the most part credit card providers offer protection on goods bought in the 100 to 30,000 range.

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.

Before putting the tax bill on a business credit card it may be worth investigating this option first rather than incurring interest charges on the amount via the credit card.

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

Although there are still plenty of opportunities for small businesses with a good credit record to take advantage of business credit cards, lenders will invariably be stricter in their acceptance criteria than during the credit boom of the eighties and nineties.

Before applying for any form of credit it would be wise to take the time first to ensure that you meet all the requirements for acceptance, as repeated refusals will damage your credit rating further.

Credit needs to be used wisely, and careful management of a business credit card is still a good option for small and medium size businesses that want an additional line of funding available to them for everyday use.

Armed with a credit card and a mouse, online shopping is convenient and easy but it comes with some potential traps for the unwary - from rogue traders to inadequate cover from your credit card when things go wrong.

There are some credit cards offering only minimal protection, or sometimes none at all, if you are unfortunate enough to strike a problem - non-delivery, or damage in transit for example - with goods you've ordered.

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