Credit cards can be an excellent tool to use for business and personal reasons. It doesn’t matter whether you are just starting out or have been operating your business for a while. A well-established credit card will provide a level of flexibility that no other form of plastic can offer.
Every situation is different and it is important to understand the available options. Each type of credit card offers a variety of features that can benefit you, your business, and your wallet. Here are some examples of some popular types of cards.
Merchant account – This is one of the most popular types of cards. It gives you access to a debit card that can be used at any point of sale in the United States. Merchants can use this card to accept credit cards, so you don’t have to send out a stack of business checks to cover a purchase.
Zero Liability Card – This card eliminates the risk of an actual cash transaction. You pay a fee that covers the cost of processing your card on your behalf. The card is not approved or rejected based on the way the transaction was made.
Prepaid credit card – This card is prepaid through a customer who wants to make purchases using his or her card. This works well for those who travel often or would like to store a balance of money without actually buying something. It can also be a great option for businesses that do a lot of small purchases and don’t want to invest in a credit card.
Interest-Free – These cards come with a built-in interest rate that can vary depending on the credit limits and the APR (Annual Percentage Rate). Many customers find these cards to be very effective for their money management needs. No interest means they won’t have to pay any more interest.
Debit card – The benefits of a debit card are many. It allows you to take advantage of all the perks that a credit card has, without the headaches associated with credit cards. By not charging an annual fee or cash advance fees, these cards can be a good choice for those that need to keep track of a limited number of dollars each month.
Check Card – These cards come with a low minimum balance as well as the ability to transfer funds from another source, such as a bank account or a check. This card can save you money over time by allowing you to earn rewards and discounts when shopping. Many credit card companies offer money-back guarantees if the product doesn’t live up to your expectations.
Basic Credit Cards – Credit cards that allow you to make purchases without having to have a credit check, but will make the check payable to you. They are useful if you’re in a situation where you don’t make enough purchases on a regular basis. Plus, this type of card is very easy to apply for.
Charge card – A charge card makes it easy to make a large purchase in one bill payment. There are charges for every purchase and these charges are due when the bill is paid in full. In order to get a charge card, you may need to fill out a request for a charge card, which is known as a request for a quote.
Cards offer a variety of options to choose from. The decision of which option will work best for you is up to you.