As a small business owner, you wear many hats. One of your most important responsibilities revolves around the financial well being of your company.
Whether or not you carry a small business credit card is all
about personal preference. Some business owners use their card religiously,
while others are always in search of other ways to make payments.…
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There may come a point when you realize that one credit card isn’t enough. Maybe you come to this conclusion because you need more buying power. Or maybe you end up here because you’ve maxed out your other card (more on this below).
There are several benefits of a second credit card, including the following:
- Access to rewards: If your first credit card doesn’t have a rewards program, you may be enticed by one that does.
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Even if you strongly believe that you qualify for a credit card, it doesn’t necessarily mean you should move in this direction. Before doing so, it’s imperative to review both your situation and what you’ll get in return should you decide to proceed.
Here are a few things to think about as you ponder this question:
- Employment status: It’s never a good idea to apply for a credit card when you’re unemployed.
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There may come a time when you realize that your current credit card limit isn’t enough. If this happens, you should turn your attention to the steps you can take to increase your limit.
While there are many factors that impact whether or not you
receive a limit increase, there are several steps you can take to make this
happen.…
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It’s understandable why some consumers shy away from applying for a credit card. Above all else, they have concerns about running up debt that they can’t afford to pay.
According to CNBC, this remains a major problem throughout the United States:
…“The average American has a credit card balance of $6,375, up nearly 3 percent from last year, according to Experian’s annual study on the state of credit and debt in America.
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Some people obsess over their credit card limit, while others never think twice about it. If you’re interested in an increase, it’s imperative to take a high level overview of your situation to determine if now’s the time to take action.
There are many reasons to request a credit limit increase,
such as if the current level is not suitable for your spending patterns.…
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Despite the fact that closing a credit card can have a negative impact on your credit score, you may strongly believe it’s the best decision for your finances.
Of course, you don’t want to head down this path until you’re 100 percent sure of what you’re doing.
How are a few times when it makes sense to cancel a credit card:
- You worry about overspending in the future: Only you know if you’re responsible enough to carry a credit card.
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The decision to apply for your first credit card is a big one. On one side, you’re excited about the prospect of using this tool to improve your finances. Conversely, you may have some concerns about making a financial mistake that costs you now and in the future.
There is no right or wrong way to apply for your first credit card, but there are some tips you can follow to ease the stress and put yourself on the right path to success.…
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It happens to even the most financially responsible consumers. You have every intention of paying your credit card bill on time, but for one reason or another it slips your mind. Soon enough, you realize that you missed the due date and could be in trouble.
Here are some steps you can take to lessen the impact of a late credit card payment:
- Pay the Bill
It doesn’t matter if you make the minimum payment or clear the entire balance, do so as quickly as possible.…
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There is no worse feeling than staring at a credit card bill that you can’t afford to pay. You want nothing more than to eliminate (or reduce) this debt, but realize that it’s not possible to do so right now.
Despite your situation, there are steps you can take to dig your way out of trouble.…
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