Business Credit Cards and Travel Money Cards are just two of the areas on which we will focus. What are they, what are their uses? These and more questions
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Business Credit Cards
Business Credit Cards - the Premium Credit Card
Business Credit Cards are designed for the businessman or woman. Needing to make frequent trips at home and abroad, a full schedule and a constant need of cash to pay for client dinners or hotel bills - the business credit card steps in where it is needed most.
What are the Benefits?
The benefits of business credit cards are many. You can compare these according to card provider, and each one will have different perks. A classic one might be travel points earned on each transaction, redeemable against a range of large travel companies (American Airlines, Easyjet...). You might also get access to the Eurostar lounge, priority treatment, or Loyalty Points. Insurance on business credit cards is also beneficial - receive travel insurance for you and your family, car insurance and purchase protection.
What's the Catch?
For starters, the criteria you will need to meet to have your application for a business credit card accepted will be rigourous: your minimum monthly income will need to be fairly high (this varies according to card provider) and your circumstances will need to support your card use.
There will also be an annual fee - again, this varies according to provider, but some can be fairly high at £300. This is worth comparing as some will have much lower fees. The APR rate on some business credit cards are hefty - 51.8% variable is a common rate.
As with all financial products, the best thing to do is to weigh up and compare the options. As a "business class" customer, you may be able to be choosy, but you will also want a card you can rely on in every situation.
It is essential to know the repayment terms of any loans and credit cards that you are thinking of getting before you decide which one you are going to go with. Shop around and get the best deals. Not only is this a good habit to get in that will serve you well throughout your life, it will ensure you have the knowledge and understanding to help you protect and build your credit rating.
Travel Money Cards
Travel Money Cards are one of the best ways to spend money abroad. Practical and above all safe, these are the latest way to pay when you're on a business trip or holiday.
What is a Travel Money Card?
It sounds like something you might use to travel around on the Tube in London, but this is no train ticket. The Travel Money Card is a payment card designed for overseas use. It looks like a credit card, and will have the logo of a credit card issuer on the side. That means it can be used at any restaurant, shop or cash machine where that logo is found. Given MasterCard, for example, is a global name, it is easy to find acceptance pretty much anywhere in the world.
Is it a Credit Card?
No. The Travel Money Card puts all your travel currency in one, easy to manage place, but it is no credit card. You simply load the card with your chosen amount of travel money (such as you would top up a pay as you go phone) and away you go!
Why Should I Get a Travel Money Card?
Because of the amazing exchange rate! When you get cash at the airport, the exchange rate will be truly bad - as we all know - but with a travel money card you will be able to get the best rate. There will be 0% commission and competitive transaction fees and ATM withdrawal rates. Shop around though. Differing card companies offer differing rates and offers, so it's worth checking them all out before you choose.