Credit Cards eZine Archive

Nobody ever said running a small business was easy.

In fact, at some point every small business flirts with financial disaster. Even mighty Coca-Cola isn't immune to that. In the company's first year of business, total sales volume was a whopping $55.00.

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It's ironic how often we get ourselves into trouble by failing to exercise common sense, despite the fact that from the time we are children through our advancing stages of life, there is always someone offering us common-sense advice in the form of a maxim or parable. Who hasn't been counseled "Don't count your chickens before their hatched," "It's better to be safe than sorry" or "Don't bite the hand that feeds you?" When it comes to finances, there is no shortage of common sense advice on prudent savings and investing, from "A penny saved is a penny earned" to "Don't keep all your eggs in one basket."

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There has always been an unflappable, entrepreneurial spirit in this country. Unfortunately, not all entrepreneurial endeavors have been of an altruistic nature. An early example of this was the unregulated pharmaceutical industry, known for purveying false hope on the public through the sale of "snake oil" remedies that were the cure-all for everything from hangnails to cancer. Not surprisingly, there is a modern-day version of this practice, in which snake oil salesmen prey on those seeking a cure to their credit "ills", the so-called credit repair industry.

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When most people think of insurance, they think of health and life insurance coverage. But a growing number of consumers are turning to credit protection insurance. Commonly called payment protection, credit protection insurance is growing in popularity because of its affordability and flexibility.

What exactly is credit protection insurance? Credit protection coverage generally makes the minimum payments - typically 2- to 3-percent of the balance - on your personal loans, lines of credit and credit cards, in the case of unemployment or disability. And in the case of death, your account may be paid off in full.

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If you've reached a point when your credit load has become too much to bear, you're probably finding yourself drawn to credit repair claims. From TV infomercials to online pop-up advertisements, it seems like everywhere you turn there are legions of credit repair gurus ready to slash your debt and boost your credit score.

As you might expect, not all of these companies are the heroes they claim to be. In fact, many credit counseling companies can leave you in an even more precarious situation - after they've collected their fees, of course.

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Many credit cards offer rewards, points and mileage programs, but not all cards are created equal. That's why it's important to closely evaluate credit card features to determine which card will meet your needs.

The type of rewards card you choose will depend on your spending habits, lifestyle and needs, says Daniel Drummond, a spokesperson for Your Credit Card Companies, a Washington, D.C.-based consumer education group. There are many programs available and consumers should closely compare them to find the best match for them. "The credit card is just another product, and people should shop around to find the best card for their needs," he says.

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When credit card companies are dealing with a consumer who has bad credit, they naturally hold the upper hand. A person strapped for cash is more likely to accept a higher fee or interest rate, as long as there's a pot of credit at the end of the rainbow.

However, more and more people are finding out that the opposite holds true for those with good credit: Consumers with high credit scores are having increasing success dictating the conditions they want from a credit card company.

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You've probably heard the old joke that a weekly budget is just something to help you explain why the money ran out about Tuesday. To small business owners, keeping a lid on costs is no joke. Consequently, small business owners are ever vigilant about cutting corners to make ends meet.

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You may be wondering why credit card companies are so eager to offer up a zero percent interest rate on balance transfers. Isn't that like giving away free money?

Well, everyone knows that nothing in this world is free. The truth is these credit card companies are making plenty of money off these deals, in large part because of the way finance charges are levied on new purchases (we'll get to that in a second.)

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You've played by the rules for a number of years, diligently saving for a rainy day and beyond, spending prudently and always meeting your financial obligations in a timely manner. What's more, you've established a credit profile that is the envy of all mortals due to the fact you've always demonstrated a disciplined habit of never carrying much debt beyond your mortgage. And for all your hard work and efforts, each month you are rewarded with a slew of envelopes baring the words "You're Pre-Approved."

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