I thought I might share a little secret I found out about the way to consolidate business credit cards. I got an email with this after winning numerous offers. The following is a brief excerpt of the email (or whatever acronym stands for it) that came from the author (a former U.S. Navy Seal):
My husband and I had three different business credit cards. Each of us had to pay a different APR (annual percentage rate) of interest. All of us had to pay a fee or a certain percentage. We didn’t think we could afford the APR and therefore lost our options to consolidate and pay for all of our credit cards and debit cards. My husband had no problem being a good credit-creditor. While a couple of times he would go on a “grunt line” to pay the fee, and another time would go to pay for an add-on fee, the basic case owners would always be on a higher APR. How could he earn 10% because he had zero balances? I thought I would share some of my secrets about how to consolidate business credit cards.
1. You basically have two credit cards. The first card you have in case there is absolutely no limit on your balances, and the second card for your business – whichever business credit card you get – you get on the most. If you consolidate the business credit cards, they each get an additional card with an extra APR, which you can set at zero.
2. When you get the business credit cards, you get the first card. They get an extra card for your business.
3. When you go on a “grunt line” that pays for all of your business credit cards, you get the second card. They pay for the added card with an extra APR, which you can set.
4. When you go on a “grunt line” that pays for all of your business credit cards, you get the third card. You pay an extra APR.
5. When you come back on a “grunt line” that does not pay for all of your business credit cards (you can add an additional card with an extra extra fee, too); you come back on a slightly higher APR, but you still get a second card with a different rate of interest. If you pay off each balance month, you will get one additional card and the business credit card will get a third card with an extra APR. If you don’t pay off the business credit card in full, that is another loss for you.
6. All of your business credit cards get assigned to you by a bank or credit union. Bank cards get your business credit as security for information that they give you about your account and then you pay cash flow for it with no liability for it. If you pay off the business credit cards in full, all of your business credit cards get theirs and so you pay cash flow with no liability for it.
7. All of your business credit cards get an offset on their balance. During the offset period, you pay some of the business credit card interest and then the business credit card that is used to resolve your outstanding business credit card debt.
8. If you were supposed to pay an add-on fee on each additional card with a different than the normal APR, you could make up for the difference by paying some of the extra cash flow or by getting more business credit cards.
You should carefully examine each of these options to find a good one. And don’t forget to check out the other benefits that you are offered by the consolidating bank or credit union before you consolidate business credit cards. That way you can save money at the same time you are consolidating. You can consolidate credit cards with one of the two or three businesses you have or take one of the two or three business credit cards for yourself. This means you can get the benefits of business credit cards without having to worry about paying the interest or fees.
I hope this article helped you get a solid business credit card consolidation from a reputable bank or credit institution. If you have done it recently and you have found the right company to consolidate credit cards for you, it will be worth waiting to see what you can get from that company.
How To Check For Credit Card Charges
Some stores or retailers want to know if you are part of any credit card charge. Although you may not be aware it is on your credit report, there are some banks and financial institutions in your community that issue credit cards. If, however, you are looking for the charges, you should look at some other items instead of carrying the charge along. Here are some ways to verify that you are part of such a charge.