Are you tired of receiving pre-approved credit card offers through mail only to wait several weeks after you fill in your application just to get a response? Those days are over. Now with the convenience of the internet applying for a credit card online has never been easier. You can get a response just in minutes after you fill in your application instead of waiting weeks and sometimes even a month for a response. In order to get approved for a credit card you need to have a decent credit score because the best cards are available to people that have good scores. Knowing your score is also easy you can apply online for a free credit report. This way you can resolve anything that might be affecting your score in a negative way.

If your report is good then you can apply for a credit card with more confidence. Some of the information that suppliers usually ask for include name, age, phone number, income, social security number and if applicable and a little information about your employer to ensure that you really have a job. As always, before filling in an application form you should read the terms and conditions carefully and have a look at the APR. If you live in the United States your social security number will give the credit card company the information about your credit that they need in order to make the final decision on whether or not your application is approved. Applying online is very easy. Your application may be processed in a matter of minutes and you may get a response instantly. If the company does not have an automatic method to approve or decline applications then you will get your response by email or maybe regular mail.

Once approved credit cards are usually received within a few days of approval. As you can see the overall process of credit card approval is a lot faster and easier online than by regular mail and with current encrypted security your information is safe from getting on the wrong hands.

Credit cards for Businesses and Their Importance

As time keeps passing by, credit card usage in shopping has become a staple as one of consumers preferred payment methods. In the United States, around 25% up to 30% of all purchases are paid with cards. It is very important for any merchant to be able to accept credit cards and debit cards as a form of payment to avoid losing sales and as a result of buyers not having cash around.

The importance of credit cards in any type of business is crucial. It doesn’t matter if your business is small, web based or even mail order, any business lacking the ability to accept card payments is inhibiting its growth to some extent. To what extent depends on the type of business. In order to be able to accept cards a merchant has to go though some application steps and ultimately achieve merchant status with banks.

To achieve merchant status your company has to partner with banks. The banks that partner with you take on the responsibility to collect money that is charged to credit cards by customers in any sales or services. Before they deal with customers, they transfer money that is paid as credit within a few days of the sale to your company for a small fee. This fee is usually determined by a percentage of the total paid by the customer. Additional fees may include support, equipment rentals or service fees.

The Process of Applying for Merchant Status

Applying for merchant status resembles applying for a loan. To prove your business is legitimate banks need information about what business you run and how old is it. For some types of business it is harder to achieve merchant status especially to home based business. For others that have stores the story is different. It mostly depends if the business in question is an already established one or if it is relatively new. Another thing that lenders look at is how much sales you make or income your business generates. Does your business actually make money? Additionally, your credit history and status will come in to play and very certainty your credit score. Lenders want to know how successful you and your company have been. This is done to determine how trustful you and your company are when it comes to credit. When applying for merchant status you need to be sure that you have documents about your personal credit, business finances and credit history with you. Even if it seems that merchant status is difficult to obtain, the ability to accept credit cards in a business can push more profit and sales.

Credit cards for College Students

There is always a credit card for any type of person. For people studying in college there is no exception. Student credit cards allow students to experience the benefits of credit cards relatively early in life while at the same time opening a chapter in credit history for that student. One of the most common problems that students face when they graduate is that they enter adult life without credit. This represents a problem where the now adult professional earns a good salary has a great job but has no credit history and no credibility with banks and financial institutions. Then what happens? No credit history makes necessary tasks like getting a loan to buy a house or an apartment tedious or troublesome to accomplish.

Credit cards that are intended for college students allow students to experience ownership of a credit card early in life and experience its benefits. Though these cards, students learn their use and how to manage emergency situations that require them to use credit. There are some differences between these cards and a regular one. Since these are created assuming that the end user has no previous experience the available credit line is often very short compared to regular cards. Either way the credit line that they have most of the time is enough to satisfy the students need. As a way for the supplier to have some sort of guarantee one of the parents may need to co-sign because most of the students have no previous history. Most of the drawbacks of college cards can be looked in a positive way assuming that a student is slowly moving to the world of personal finances and adulthood.