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Credit Card Tips

Everyone knows that when you are tempted to take a charge off another person, you must carefully consider the situation. There have been many variations of this advice in literature, websites etc. but in reality these are all variations of the same position.

1. Try to get the creditor to remove from your account any charges which you do not really owe. If you owe money to the creditor, you may not be totally for a cash advance, either. But you should still be taken to see if the interest rate has gone up. The creditor may say to you ‘You’ owe cash, so I’m getting hold of some bills. Can you sell him plastic?

2. If you feel that the interest rate is more than fair, you can call the account issuer and negotiate with them to lower the amount from which you owe until they agree to pay it off instead. Many exchange rate providers have toll-free telephone numbers as well as internet caf�s.

3. Try to negotiate with the credit card company on terms to which you agreed before you applied for your card. This will give the credit card company and your creditors time to count your funds. You will be much more likely to claim ‘Lost’ the card and receive a lower interest rate.

4. The cost of most cards may be quite high. Still pay them off instead of carrying them around with you. Try to sign up an account for an extra card so that the company can see how much was spent. Usually they will get a credit off you for the privilege.

5. If you want a more traditional payment in the event of emergency, a third party may be able to negotiate with you to pay the bill off at a higher interest rate. But most card issuers have no such arrangements.

Credit Card Tips for Choosing the Best Merchant For Your Business

Take note that while each of the major credit card companies lists a particular merchant, their website operators and operators may also include a wide variety of business credit card products and services. With just two major credit card companies; Visa and MasterCard, the ultimate marketplace for these products may be overwhelming. Take a step back and consider a number of factors, each of which may have positive or negative ramifications for your company’s financial health and success.

Visa and MasterCard’s Payment Processing Fee

With most major credit card providers starting with Visa’s merchant account system, it can often be difficult to determine which provider is doing business with your business. To ensure that your merchant account system is well-equipped to handle the fees Visa and MasterCard require that you pay at least $5,000 per month for the service. This is a fairly straightforward figure; remember that this is just a quick calculation and only multiply by 5.

Payment Gateway Fees

Aside from the usual payment gateway fee (typically a flat fee for goods received and/or the type of account used), there’s also the payment gateway’s fee. This may be in the neighborhood of $100 to $150 per transaction, as well as advertising and other costs. If you’d like to pay a gateway either through an affiliate or through any other means, you could always consider a membership fee. In this case, the payment gateway itself could cost you only about $5.00 per transaction, a significant savings over the typical merchant’s rate.

Transaction Fees and Add-on Costs

Aside from the added fees associated with accepting payments for goods from other merchants, merchant accounts also have come out with varying amount of add-on costs. These fees cover the following:

Transaction Fees: These include extra fees like purchase authorization required, confirmation fee, setup and phone-in registration. Some issuers do charge an extra fee with each new account.

Transaction Fees – If you’re using this particular merchant account (whether this is through the Internet or through any other means) for any of your transactions, there’s a good chance you won’t find a good-faith fee included with your payment. If you do, which you should be, or if you do find something else:

Additional Transaction Costs: You could incur a fee for applying for an account if your transaction adds additional costs such as another ‘add-on’ transaction – what’s needed is an accounting record of the transaction and an explanation of the transaction itself.

Additional Fees: Some companies may charge a fee for canceling certain transactions and a fee for adding additional fees while they continue to use your account. There’s also the possibility of an added fee each time the transaction information is changed or deleted – there may even be a fee for going over the qualifying threshold once.