So far today, all you people who own a credit card have been asking for 0% APR for a couple of months. Why? Because this 0% APR is pretty big- it’s a magic number. Everybody has different figures- but obviously you’re all wondering what that means. Well here’s the bad news- this information is incorrect in the headline news headline. When you’re shopping for a credit card, you’re thinking of all the APR that a company offers. The APR depends on how much you charge, so there’s really no point to scoring when you can’t make any money. So for the 0% APR to really be helpful, you need to know what exactly that means for you.
Let’s start with the actual word definition. If you can make ‘substantial’ purchases with a credit card at the time of applying for your card, then the actual interest rate of your credit card, and to a lesser extent the interest rate of your business credit card, is a big issue. For most people, making multiple purchases of items, or even just keeping a balance on a credit card, makes a lot of money; it’s just that a lot of the money goes back into interest. If you make purchases while working or on vacation, or on other occasions, you are clearly making more money – but the impact isn’t as severe as you might think. If you’ve been paying your balances off on time as you would be making purchases, then you can expect to pay the interest on that credit card account much more than if you paid them off as an individual.
What is special about 0% APR credit cards is that, they are not simply a gimmick. Look at what you’d get in return for the 0% APR offer, or you might actually save hundreds of dollars.
Why was the headline issue concerning to the majority of people? Well, they didn’t want to see too many people holding up a credit card to gain attention from the rest of the market. Interest is what we are paid to credit cards, not interest rates, and obviously other ‘rewards’ are paid to the credit card company as well. Here’s why- even people who pay off their total balance of purchases each month are gaining position. On average, most credit card companies hold 30% or more of your outstanding balance on their cards- and interest rates are only 10-15%.
Your credit card statement will show exactly how much you owe on it. Different cards will show a slightly higher percentage of the balance- you simply owe that finance charge through to the amount of interest. This may look like something you made a habit out of paying on your cards. The fact of the matter is that once you pay off the balance in full and the balance is paid off in full, you actually never seem less indebted.
So, there are ways to win a 0% APR credit card, and it’s always a bit more difficult to achieve.
The Power of Small Business Credit Cards – Get Them Without Penalties
The personal and business world are literally moving at mind when it comes to credit cards, and the business world moves at a fast speed when it comes to small business. Small business owners make use of credit cards for most of their business expenses. Many credit card services allow small business owners to manage their credit, and make a profit on time, without having to pay higher interest rates for finance charges.
Why Should You Use A Credit Card?
When you are a small business owner and run your business without having to pay higher interest rates, you will have the option it seems to you of using traditional methods of credit cards. If you are a small business owner who does your own research before selecting one that may not work for you, you may select Citibank instead of MasterCard and pay off the balance in full. The benefit of this is that you’ll avoid carrying any cash between jobs.
When It All Sounds Too Good
If you do the math, there are probably 100 small business credit card companies which would be a financial fortune of $500 – $1,000,000. By selecting these companies without penalty, you save just over $500 and about $2,500 of interest per year. These are the astronomical savings you could be having by using more traditional methods of credit cards in your business.
The truth of the matter is that the low end businesses use traditional methods of credit cards could actually turn out to be the golden ticket to success for you.