Each year, millions of dollars are lost due to fraudulent use of
charge and credit cards. Reduce the risk of your business being
victimised by following some basic guidelines.

• Check the overall appearance of the Card.
  Does it look tampered with? Is the signature panel taped or painted
  over with correction fluid or erased? Are there valid dates shown on
  the front of the Card? Ensure that the account number on the front of
  the Card matches the one on the back of the Card, and that they both
  match the account number printed on the receipt.
• Don’t overlook the basics
  Always examine security features on credit cards when accepting them.
  Compare the account number printed on a customer’s card must match the
  account number printed on the sales draft. Also always compare
  signatures when accepting a card for payment.
• Use special care for phone and Internet orders
  When taking orders over the phone, or over the Internet, ask the
  customer for the card expiration date.
  On top of that ask the customer for the Card Verification Value 2
  (CVV2) as part of the authorization process.
  CVV2 is a three-digit security number imprinted on the signature panel
  of Visa cards to help validate the cardholder has the genuine card in
  their possession. If the customer is using an American Express card
  check the Card ID which is a four digit code printed on the face of
  the Card.
• Be aware of the suspicious characteristics of a transaction
  Be alert for transactions by first-time shopper, larger than normal
  orders, orders consisting of several of the same item, orders made up
  of ‘big-ticket’ items, orders shipped ‘rush’ or ‘overnight’, and
  orders shipped to an international address.
• Be aware of the suspicious characteristics of a customer
  Be alert for customers that make several small purchases to stay
  under the floor limit, or ask what the floor limit is or a customer
  that is looking at the Card before signing the Record of Charge. Also
  watch out for customers who purchase a lot of merchandise without
  regard to size, style, colour or price, or those who try to distract
  or rush you during the sale. This type of behaviour could signal card
  fraud.
• Watch out for skimming
  Skimming is an illegal act that helps criminals obtain credit card
  account information through a device to produce counterfeit cards. If
  you see anyone in your workplace using a device that is not part of
  your day-to-day activity, call your company security immediately.
• Use Internet wisdom
  Be on the lookout for purchases where multiple cards are used from a
  single IP (Internet Protocol) address, or those where orders are
  charged to multiple cards but are shipped to the same address - these
  could signal fraudulent activity. Also your business should only
  conduct transactions on the Internet using browser software that
  supports industry standard encryption protocols. Make sure to protect
  systems and data from viruses, and update security software
  frequently.For data maintained on databases or files accessible from the
  Internet, and any data sent across networks make sure that standard
  encryption is used.
• Protect your business and your customers
  Do not store unnecessary track data from credit cards.
  Know your employees. Check references or conduct background checks on
  all your employees. Credit card companies are continuously working to prevent credit card
  fraud, to find out more you can check
  http://www.visa.ca/en/merchant/fraudprevention
  or
  http://www24.americanexpress.com/thailand/en/merchant/manage/reducefraud.asp

Each year, millions of dollars are lost due to fraudulent use of charge and credit cards.
Reduce the risk of you being the victim by following these basic guidelines

• Don’t leave your credit cards unattended.
  If you usually leave your cards in the car be aware that a very high proportion of credit cards are stolen from motor vehicles. Also always keep your cards with you at work, there are more credit card thefts in the workplace than in any other single location. As a general advice never carry credit cards you don’t use.
• Always check your card when returned to you after a purchase.
  Remember to sign credit cards, in ink, as soon as they arrive and then every time you use it make sure that the card that is returned to you is your card.
• Do not provide account data to someone over the phone
  If you really have to do it make sure you are the one who initiated the call and the company you are talking to is reputable.
• Take good care of your credit card receipts
  They may include your credit card number so never toss them in a public trash bin. You’ll need that receipt later anyway to tally things up when your statement arrives. When you eventually decide you don’t need them anymore shred them.
• Shred all documents that might include your credit card number
  To prevent identity theft shred them before disposing of them - old slips, credit card statements, bills, anything.
• Never respond to an e-mail asking for your number
  No matter how official or legitimate the mail looks, this is one of the most popular fraudulent activities.
• Review your monthly statement
  Do that as soon as it comes and report any problems right away. To insure your rights, follow-up by filing a written complaint form.
• Always use the credit option on a bank card
  If you are given the choice between credit or debit always use credit as this may prevent the skimmer device from accessing your four digit pin number.
• Apply for a Photo Credit card
  The picture as is added security measure which could help your identity from being impersonated in merchant establishments.
• Keep a record of your card numbers
  Record their expiration dates, and the phone numbers and addresses of each creditor, in a secure place.

For more information on this subject you can refer to
http://en.wikipedia.org/wiki/Credit_card_fraud or
http://www.ckfraud.org/credit_card.html

Cash back credit cards provide cardholders with cash rebates or cash
rewards for making purchases with their cards. The reward is usually a
percentage of purchases charged on the card, and usually up to a
limit.

Here is a list of the some of the most popular cash back
credit cards

If you are thinking about getting one of these credit cards here
are the things you need to be aware of

• Retailers pay for your reward
  You might be wondering how all the credit card companies can afford to
  give you cash back. They can do it because retailers and merchants are
  charged a fee for every purchase that you make with the card. So in
  essence, they take back a portion of that fee as your cash back
  reward.

• Beware of the annual fee
  Since cash back programs still end up being pretty costly to the
  credit card companies, some cash back credit cards will have an annual
  fee, which can range from around $25 to as much as $100, which will be
  incurred after you apply and are approved for the card. However there
  are still plenty of “No annual fee” cash back credit cards to choose
  from, so we would advice to look at those first.

• Check the percentage
  Normally, a cash back credit card will have a cash rebate of around
  1%, which is the industry standard.

• Cash back percentages can vary with time and merchants
  Most card issuers established a tiered level of rebates that were tied
  to amounts charged to the card. Scenarios such as 1/10th of 1% for
  monthly purchase below some high dollar amount, such as $2,500.
  Other cards will offer you a higher cash back percentage at select
  merchants, such as gas stations, supermarkets and select retailers.
  It’s up to you to decide which one will serve you best.

• Check where the percentage applies
  Be mindful that most cash back cards typically only offer cash back on
  purchases, so if you are transferring a balance or getting cash
  advances you might not get any reward from those actions.

• Cash Back cards are for people that don’t carry a balance
  Cash back cards typically have higher APR’s (roughly 1% higher)
  compared to standard platinum credit cards. If you carry a monthly
  balance, the higher interest rate on cash back credit cards will more
  than offset the rebate that you’ll receive and you’ll end up paying
  back the cash rebate in the form of higher interest charges to the
  card issuer. A recent survey by BankRate.com revealed that four out of
  five cardholders preferred to receive lower interest rates rather than
  cash back.

If you are a small business with solid vendor relationships and you’re looking for a good way to stretch payables, consider using trade credit.

Simply put, trade credit means that you purchase goods or services from a vendor who finances the purchase by delaying the date at which the price is due or allowing installment payments (typically net 30-, 60- or 90-day terms), often with no down payment or interest. It can take the form of a delayed payment for purchases, sales on consignment, equipment loans or a variety of different options to assist you in financing inventory and other purchases.

It allows you to use cash on hand to market and grow the business while waiting for money from sales or customers you’ve extended terms to before they pay their bills.

In most cases, your personal credit won’t come into play. You should also ensure that your trade credit agreement complies with all state and federal agency regulations, such as licenses and permits, as well as complying with the lending market requirements

Lenders, including those granting trade credit, want to know you are a legitimate business and will verify that through several third-party sources, including simple steps like calling directory assistance to see if your business phone is listed. When creating a trade credit agreement, review it with your lawyer to make sure the terms both serve your business and keep you and the vendor in compliance with all regulations.

One note: When vendors are exploring the possibility of granting trade credit, they’re not going to be as concerned with your overall debt as they will with your ability to pay your debts from cash flow. So if you can show them realistic cash flow projections and a solid cash flow history, it helps a great deal.

Like any credit, trade credit needs to be managed properly: Don’t use it when you don’t need it. There’s also a trade-off in using trade credit: A higher up front purchase price and loss of access to any early-payer discount programs a vendor might offer. But if you need to hang onto your cash to grow and operate the business, it makes sense.

Source: Wells Fargo Small Business & David Gass, President & CEO, Business Credit Services, Inc.

Platinum credit card are usually offered to people who can be commended for keeping their accounts well in order. Beside that each company that issues platinum cards has different standards and features for their platinum cards and labelling the card as “platinum” is just a mean to differentiate it for the other offers.

If you are thinking about applying for a platinum credit card here are a few things you need to keep in mind:

• Platinum card is only one of the offers
  Financial institutions that issue credit cards have many different products. Each of them allows you to make purchases on credit, but they each have different features (low interest rate, no annual fee, discounts for purchases, reward points etc). Some credit card company may also offer more than one platinum card, the common characteristic is that the platinum card is loaded with features for their best customers.
• General Platinum characteristics
  In general, a platinum credit card has a high spending limit, low interest rates and special features that are designed to make it attractive to those who use it often. Those features may include cash back, special rewards, airline miles, car insurance, travel emergency services, extended warranties etc. Sometimes they have an annual membership fee you must pay in order to keep your card, but not always.
• Platinum is only good for you if you use the services
  In other words, even though these types of cards often require impeccable credit, don’t automatically assume that a platinum credit card is the best card for you. If you’re carrying balances on other cards for instance, you may do better with a balance transfer card that offers 0% interest rates for balance transfers. You may find that an option that offers a discount on petrol prices is the best choice for you if you travel a lot, or a card that give you air miles if you enjoy flying for pleasure.
  If you still think that a platinum card is good for you here is a list of the possible offers

  Advanta Life-of-Balance Platinum Card	APR 9.99%	No Annual Fee
  Chase Platinum MasterCard®	APR 14.24%	No Annual Fee
  Hilton HHonors® Platinum Credit Card	APR 18.24%	No Annual Fee
  Chase Flexible Rewards Platinum Visa® Card	APR 14.24%	No Annual Fee
  Discover® Platinum Card	APR 10.99%	No Annual Fee

As a general rule households should not carry lines on credit cards that exceed 20% of gross income. This is because lenders view all open credit lines as potential debt. Too much unused credit may affect a person’s ability to qualify for a home or car loan.

But if you believe you are well within that 20% here are some tips to increase the limit

• Ask periodically
  You can probably request that your credit limits be increased about once every six months as long as you put yourself in a position to deserve an increase.
• Improve your credit
  In general, the better your credit, the thicker your initial credit lines tend to be. Also the maximum credit line reachable is higher for cards issued to people with good credit.
• Abide by the terms
  First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank.
• Respect the limit
  Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.
• Use the card regularly.
  Don’t keep your cards for emergency use only. If you use your credit cards sparingly, banks and credit card companies will be unable to understand your spending and pay-back behavior.
• Pay off the balance
  Never make minimum payments. Instead, try to pay for the entire outstanding amount. This will be a prove of your credit worthiness which is the most important thing for getting a higher credit card limit.
• Avoid late payments
  Not only will your payment increase, but you may also have to pay an additional fine for not clearing bills on time. This will also dim your chances of getting a higher credit card limit.

The market niche of people with bad credit is fortunately seen as a business opportunity by many financial institutions that are willing to invest in it.

Here is a list of the top offers if you have poor credit ratings

However here are a few things you need to keep in mind:

• Poor credit rating will cost you money
  When looking for a credit card with bad credit you should expect to be offered a pretty high interest rate. You may also be offered cards with an annual fee – don’t turn them down straight away as the fee might bring your typical Annual Percentage Rate (APR) down.
• Use the card to improve your credit rating
  If you ensure you repay each month so there is no charge, after a year you will have built sufficient credit history to enable you to move to a card with a more competitive rate of interest.
• Avoid multiple application for credit
  Multiple applications for credit, successful or not, can be an issue. Each time someone applies for a card a credit search is undertaken. Each search leaves a “footprint”. Too many footprints can trigger warning bells for lenders.
• Make sure the card reports to the 3 credit report agencies.
  An important consideration for individuals with bad credit is that the bank that issues the card makes monthly reports to the 3 credit bureaus. This will allow you to improve your credit status little by little, which is the whole point of having the card in the first place.
• If you can’t get a regular credit card try a minor credit card
  A department store, gas company or some other smaller credit card will help you rebuild that credit. If you can handle a Macy’s or a Texaco card, major card companies will be impressed.
  Just make sure that the issuers of department store cards reports to the credit bureaus
• If you still can’t get a card try a co-signatory card
  You can ask a relative or friend to co-sign for a card. But don’t mess up because friendship and love are in the mix.
• Consider a secured card
  With a secured card you put up your own money (into a savings account) and that amount (or part of it) is the credit line for your card. Put in $1000 and you could have up to a $1000 credit line. This will be useful only if you pay off every statement. In this case you are letting creditors know that you can handle credit again

The first thing to do to get out of credit card debt is to take a hard look at your finances and determine how much you can realistically afford to pay each month. When people track their spending every day for a month they get a firm handle on where their money is actually going. This will usually bring a 20 percent saving because people will start to cut back.

Here is some advice to get out of debt

• Gain control of the urge to splurge
  Has hard as it sound this is the is first part of digging your way out of debt. Below are some tricks that can help you accomplish this goal.
• Leave your credit card at home.
  Surveys done by Consolidated Credit Counseling Services indicate consumers are likely to spend more using a credit card than when paying in cash.
• Start making a financial plan today.
  LendingTree’s 2004 Smart Borrower Survey found 63 percent of those moderately to extremely concerned about their overall level of debt, do not have a financial plan to get rid of it. Procrastination does not pay the bills.
• Define the amount to allocate to credit card payments.
  After tracking their spending, people can better decide how much they can afford to pay toward credit card debt.
• Attack the balance with the highest APR
  People are tempted to pay off low-balance bills first and eliminating a bill or two. Instead you should start by paying the minimum payments on the cards with the lowest interest rates. On highest interest rate card, pay all the rest of your allotted money. Keep doing that until you have paid off the card with the highest interest rate, Then, move the next highest interest rate card into that position and keep paying down the highest rate cards first.
• If you have a saving account use the money to pay off debt.
  Using money sitting in a savings account (that’s most likely earning less than 2 percent interest) to pay off credit cards (that may carry an 18 percent interest rate) could be a far wiser investment.
• Consider a debt consolidation loan.
  You can benefit from lower interest payments if you transfer the balances from high-interest credit cards to a lower-interest loan such as a home equity loan or home equity line of credit.
• Call Consumer Credit Counseling Services
  They offer free services to debtors, and they will negotiate with the credit card companies for you.
• Use a debt workout/debt reduction firm
  These firms will offer their help for a fee. For example if you owed $5,000 on a credit card the firm will work out an agreement with the credit card company to pay $2,000 instead of $5,000 as settlement in full on the debt. Be aware however that this type of workout will affect your credit. Someone who has done a credit card debt settlement would be considered a six on on a scale 1 to 10, 1 being the best score. For someone who started as a 1 or 2 this would be a dramatic devastation of their credit. On the other hand, if an individual already shows multiple accounts on their credit report that have been charged off by creditors they may already have a credit score of approximately 9. For these people the credit will improve from very very bad to only plain
  bad.

Credit card companies use a three-digit credit score to determine eligibility.  This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score as well. By improving your credit score as much as possible you might be able to obtain a credit card and get the best interest on it and by doing so save in credit card interest charges. Each lender sets its own guidelines for issuing credit. Credit scoring is usually based on the FICO model, which ranges from about 300 to 850. Other lenders might use their own in-house scoring systems or another scoring model.

The information below offers general guidelines

• Credit score 720 or higher [A rating]
  With this score you can easily obtain a credit card at the best rate getting approved online in a few seconds.  Some of the requirements to get such a rating are
  • You have not been late with a mortgage payment in the last 2 years
  • You have been late on your loan payment at the most 1 time within the last 1 to 2 years
  • Good/excellent credit during the last 2 to 5 years; no bankruptcy
• Credit score 620 or higher [B rating]
  With this score you can get approved, but not at the lowest rate. You will get such rating if
  • You have been late with a mortgage payment 2 or 3 times in the last year
  • You have been late with a loan payment 2 to 4 times during the last year
  • You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago
• Credit score 580 or higher [C rating]
  With this score you will have trouble getting approved.  Very high rates. The lender might ask you to get someone to co-sign for you. Examples of reasons for getting this rate are
  • You have been 30 days late with a mortgage payment 3 or 4 times in the last year
  • You have been 30 days late with a loan payment 4 to 6 times during the last year
  • If you filed bankruptcy, it was discharged 1 or 2 years ago
• Credit score 550 or or higher [D rating]  
  Serious trouble getting approved.  Co-signor required. Examples of reasons for getting this rate are
  • You have been 30 days late with a mortgage payment 2 to 6 times in the last year and 60 days late 1 to 2 times
  • You have a few 90 and 120 day late loan payments during the last year
  • If you filed bankruptcy, was discharged within last 12 months
• Credit score under 550 [E rating]  
  Unlikely to be approved. Examples of reasons for getting this rate are
  • You have a pattern of 20, 60, 90 and/or 120 day late mortgage payments
  • You have a pattern of 20, 60, 90 and/or 120 day late loan payments
  • You may have a current bankruptcy or foreclosure

Credit card issuers are very willing to give away cards to college students with no credit history and no income.That is because the credit card companies are willing to gamble that parents will bail out their kids if they get into trouble.

Here is a list of the top offers for students:

There is choice but both parents and students should be aware that many credit card issuers are looking to make some easy money off college students. Here are some things to consider:

• Look for hidden fees
  Certain issuers may hit the cardholder with a number of fees or gift that require the cardholder to keep a balance on their credit card consequently paying high interest.
• One card is usually enough
  Trouble often begins with an individual student carrying too many credit cards.
• Use the card wisely
  Excessively use of their plastic could leave young people in serious debt. Four years of reckless credit spending can put a serious dent on their future finances.
• Be aware that you are building credit history
  Bad credit history racked up during the college years can haunt young people when they try to enter the workforce.
• Be aware of identity theft
  Careless handling of on-campus credit card offers can leave students open to identity theft.
• Choose a card with low interest rate after the initial sign up period
  Although many cards offer introductory rates of 0% for the first six to 12 months, student should find a find a credit card with an annual percentage rate in the mid-teens, or about 16% to 17% or below, and to avoid altogether any credit card with an APR over 20%.
• Consider rewards credit cards
  If the student has control of his or her finances and pays off their card balance each month a rewards credit card is the best choice. This is a card which provides incentives as points when charging such student expenses as books, groceries, or gas.
• Choose a card with a grace period
  If you doubt you can make your payments on time you can choose a card with a grace period of least 20 days.
• See if the Citi mtvU Platinum Select Visa Card for College Students is for you
  Among the credit cards that experts recommend for college kids, the Citi mtvU Platinum Select Visa Card for College Students occupies the top spot on many lists. Experts highlight the fact that the card offers points for students who pay their bill on time, as well as for earning a good GPA
• If you can’t get the hang of responsible credit card use, don’t get a card.
  It is much worse for a student to enter the workforce with bad credit history than with no credit history at all. As the College Parents of America’s Boyle states, it is not necessary for young people to build a credit history while in college. He believes that employers are not expecting recent grads to have a credit history, with a college degree in itself helping to establish credit.