The Advantages of Using Business Credit Cards

We often hear the advantages of using business credit cards. But the benefits you earn also depend on how well you use them. This article contains useful card tips that are especially meant for business owners like you:

1. Apply from your personal bank. Gettig a card from your personal bank can give you a faster approval with your application. If you haven’t yet established your business credit, your personal credit history will be used instead. Applying with bank who has had you as a client for a long time will work in your favor.

2. Don’t get too many credit cards. One or two should be enough for you to use in your business. Not only is managing multiple cards difficult, it also puts you at a greater risk of bad credit.

3. Use your credit card for all your business expenses. Some entrepreneurs use their personal credit with their business purchases, but it is wise to stick with your business credit instead. Even if you’re running a home-based business, it’s best to separate your personal finances from your business account. In addition, your business statement of accounts will be a big help in doing your accounting tasks and in filing your taxes.

4. Use your yearly summary as reference to your book keeping. The yearly summary of account provided by your card issuer will come in handy in your bookkeeping tasks.

5. Use your card wisely. Just because you have a card on hand doesn’t mean you shouldn’t watch you spending. Make sure that everything you charge on your business credit card is really important for your business.

6. Make the most of rewards. Take advantage of the rewards you can get from your business credit card by choosing one with the right reward program. Make sure that the card you get matches with the needs of your business.

7. Distribute supplementary cards to your employees. Because all purchases charged to your business credit card willbe reflected in your statement of account, you’ll have more control of your employee’s expenses.

8. Pay off your bills before the grace period. Usually, the card will extend up to a 21-day grace period before you incur the interest rate. To save your finances, make it a point to submit your payment before the due date to avoid the interest rate completely.

9. Check your business account regularly. Always check your business account to make suer that all the charges are accurate. Generally, credit cards provide business owners online access to their accounts, so you can check them right from your desk.

10. Avoid cash advances from your card. Cash advances are not covered by the grace period, so you incur the interest rate the moment you take out the cash. You might as well charge it to your account and pay it back before your payment due date.

Article Source: http://Ezine Articles.com/?expert=Pamela_Williams

Protect Yourself From Identity Theft…

Step 1 – Shred everything. Even the mailing label on a store catalog can be used to steal your identity. There are three types of shredders; use the ones marked “Security Micro Cut Shredder.” They turn paper into actual confetti and are widely available.

Step 2 – Sign up for a credit monitoring service.  Before you decide which company to use, ask two simple questions: First, does the service monitor all three credit bureaus 24 hours a day, seven days a week? Second, will it notify you in real-time? If they say they’ll mail you a letter every 90 days to let you know if there’s been any suspicious activity, that’s not good enough. The service should cost less than $10 a month.

Step 3 – Put away your debit card. It’s safer to use a credit card whenever you can. By federal statute, you essentially have no liability if someone makes illegal charges on it.

Step 4 – Have two passwords. For online transactions, use on password for shopping and a different one for banking. And make sure to change both passwords once a year.

Tips to help you Conserve Gas…

With gas expected to reach $5 per gallon by summer, these tips that I received from a friend might come in handy.      

TIPS ON PUMPING GAS

I don’t know what you guys are paying for gasoline…. but here in California we are paying up to $3.75 to $4.10 per gallon. My line of work is in petroleum for about 31 years now, so here are some tricks to get more of your money’s worth for every gallon:

 

Here at the Kinder Morgan Pipeline where I work in San Jose, CA we deliver about 4 million gallons in a 24-hour period thru the pipeline.. One day is diesel the next day is jet fuel, and gasoline, regular and premium grades. We have 34-storage tanks here with a total capacity of 16,800,000 gallons.

 

Only buy or fill up your car or truck in the early morning when the ground temperature is still cold.

 Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening….your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role.

 

A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.

 

When you’re filling up do not squeeze the trigger of the nozzle to a fast mode:

 If you look you will see that the trigger has three (3) stages: low, middle, and high. You should be pumping on low mode, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some of the liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you’re getting less worth for your money.

 

One of the most important tips is to fill up when your gas tank is HALF FULL.

The reason for this is the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where I work, every truck that we load is temperature compensated so that every gallon is actually the exact amount.

 

Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up; most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some of the dirt that normally settles on the bottom.

To have an impact, we need to reach literally millions of gas buyers. It’s really simple to do.

Auto Title Loans…What you need to know about them!!!

Auto title loans can be obtained through specific loan services that help consumers meet their low cash flow needs. Typically auto title loans will allow the consumer to work with a price that is equivalent to or less than what your car is worth.  Before an auto title loan can be processed, most loan services require a checklist of things before they can proceed with your application.

1. The title of the vehicle you currently own or the lien release of your car is being leased.
2. Proof of insurance: If a consumer borrows more than $2,500 they must adjust their insurance policy where it includes full coverage on the vehicle and $1,00 deductibles for comprehension and collision claims.
3. Registration for the consumer’s current vehicle.
4. A state issued identification card of driver’s license is mandatory.
5. A current utility bill, home phone number, or any piece of mail that has been received within 30 days or less that has the address of your current residence.
6. A current bank statement or paystub.
7. A spare key to your current vehicle.
8. While most auto title loan services require references, not all will request the same amount of references. On average it is required to have 5 references that include three friends and two family members that are not currently living with you.
9. The consumer must bring their current vehicle in for an inspection.
10. For consumers who wish to have their loan processed the same day it is required by most companies that provide auto title loans require that you are at their office no later than an hour or two hours before closing time during the week as most loan companies are not open on the weekends.

Programs for auto title loans work unlike any other loan company. After sitting down with a representative from an auto title loan service company typically the consumer and representative will have come to a loan amount that is acceptable for both parties.  This loan amount depends on the wholesale value of your current vehicle. Once this agreement has been made the consumer will sign prepared loan documents that follow the rules and regulations of the state they live in.  A copy of these rules and regulations are available at these loan servicing companies. It is important to obtain a copy and read them thoroughly so you are not blindsided by certain terms and requirements of the loan itself as it pertains to state laws and regulations. Before signing the loan agreement it is imperative that you ask all of your questions so you are fully aware of the situation you are getting into.

For the duration of the contract term, the consumer is required to pay for maintenance on a regular basis as well as auto license fees.  It is also required in most states that the consumer carries the minimum amount of insurance coverage on the vehicle. Depending on the amount of the loan, auto title loan companies may require you to carry comprehensive insurance as well.  The company who handled your car title loan will be the policy loss payee.

When all documents for auto title loans are completed the consumer is given a copy of all paperwork that has been signed. One form a consumer will sign is the power of attorney document which requires that the company is placed on your vehicle title as a lien holder.  The company will then retail all lien documents until the loan is completely paid off. Once the loan is paid off, all documents will be notarized to show lien satisfaction.

For those experiencing cash flow problems this is a great way to get the extra cash you need.  Auto title loans are not common as most people do not even realize that this is an option. Knowing that this option is available can make a world  of difference to many people across the country and having that extra money in your pocket will make for a sigh of relief.

Will you ever sell your house???

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100, 000 home etc.

When did this happen? It’s in the health care bill. Just thought you should know.

SALES TAX TO GO INTO EFFECT 2013 (Part fo the HC Bill) Why 2013? Could come to light AFTER 2012 elections?

REAL ESTATE SALES TAX

So, this is “change you can  believe in”? Under the new health care bill – did you know that all real estate transactions will be subjected to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 If you sell your $400,000 home, there will be a $15, 200 tax.  This bill is set to screw the retiring generation who often downsize their homes, Does this stuff make your November and 2012 vote more important?

Oh you weren’t aware of this was in the Obama care bill? Guess what, you aren’t alone.  There are more than a few members of Congress that aren’t aware of it either.

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

The Title Loan Process……..

The maximum amount of the loan is determined by the collateral.  Typical lenders will offer up to 25% of the cars resale value, though some will go higher.  The borrower must hold a clear title to the car; which means that the car must be paid in full with no liens or current financing. Most lenders will also require the borrower to have full insurance on the vehicle.

Depending on the state where the lender is located, interest rates typically range from 36% to as high as 651.79% (APR). Payment schedules vary but at the very least the borrower has to pay the interest due at each due date.  At the end of the term of the loan, the full outstanding amount may be due in a single payment.  If the borrower is unable to repay the loan at this time, then they can roll the balance over, and take out a new title loan.  Government regulation often limits the total number of times that a borrower can roll the loan over, so that they do not remain perpetually in debt.

Get a Secured Credit Card….

You need two types of credit to quickly rebuild your credit score:

• Installment: auto loans, student loans or mortgages
• Revolving: credit cards or home equity lines of credit

Most recent bankrupts have trouble qualifying for a regular, unsecured credit card.  So the best solution usually is a secured card, which generally gives you a credit limit that’s equal to an amount you deposit at the issuing bank.  Typically, that’s $200 to $500, which may seem like a pittance compared with the credit limits you enjoyed before your bankruptcy.  But don’t make the mistake of using your available credit. Maxing out our credit cards hurts your credit score. You don’t want to charge more than 30% or so of your credit limit, and you want to pay the balance off in full each month.  Light, regular use of a credit card is what helps build your credit. And contrary to what you might have heard, you typically don’t need to carry a balance or pay credit card interest to build your score, since the leading credit scoring formula doesn’t distinguish between balances that are paid off and balances that are carried month to month. Get in the habit now of not charging more than you can pay off every month; your credit score and your finances will be the better for it.  You also shouldnt grab just any secured card.  Look for the following:

• No application fee and reasonable annual fee. Some secured cards tack huge upfront and annual  charges onto their accounts; you don’t need to pay these to build your credit.
• Reports to the major credit bureaus.  You’re not doing your credit score any good unless your payment history is being reported to the three major bureaus: Equifax, Experian, and TransUnion. Before you apply for a card, call and ask if the issuer regularly reports to all three.
• Converts to an unsecured card after 12-18 months of on-time payments. Good behavior should get you upgraded to a regular credit card within a year or two.

Clean up your credit report….

One common problem people emerging from bankruptcy often face that is credit reports frequently show accounts as open and overdue –when in fact they were closed and the obligations wiped out as a part of the bankruptcy.

If you encounter this, you need to contact the credit bureaus and insist that those accounts be properly reported as “included in bankruptcy.” Its the only way your credit can recover.

If you have other serious mistakes on your credit report, those need to be corrected as well.  Your credit score is based on information in your credit report, so errors on your report can seriously dampen your score.

What do you think?????

Proposed 28th Amendment to the United States Constitution: “Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States .”

Monday on Fox news they learned that the staffers of Congress family members are exempt from having to pay back student loans. This will get national attention if other news networks will broadcast it. Just where will all of it stop?

What do you Think?

If you recently filed for bankruptcy….

If you’re recently bankrupted, here are two things you need to keep in mind:

• Nothing in credit is “forever.” A bankruptcy legally can remain on your credit report for up to 10 years, but its effect on your credit score can start to diminish the day your case is closed — if you adopt responsible credit habits such as paying your bills on time, using only a small portion of your available credit and not applying for too much credit at once.
• You have to get and use credit to build your credit score.  Living on a cash-only basis may be a smart choice for those who really can’t handle credit.  But if you want to rebuild your credit score, you can’t sit on the sidelines.