Right now, there are a lot of high-limit credit cards available on the Internet. I just got a Bank of America card with a $5,000 limit after applying for it. Then I was able to put all of my other cards on that one, which raised my credit score by a few points. The balances I moved were on an introductory offer where I didn't have to pay any interest until next year. By doing that one transaction, I saved hundreds of dollars. Then, since my credit score had gone up, I applied online again for a one-click balance increase request and was given another $5,000 to pay business expenses. The bank accountants gave me the raise without any trouble, and they didn't bother me with any other offers. So now my credit score is the best it's ever been, and I have a lot more experience that will help me get a bigger loan when it's time.
All of this is meant to show that online banking with high-interest credit cards can be very useful if done right. People often turn down credit card offers because they don't know that if they consolidated, they could probably pay off all their cards in half the time. I think that high-interest cards with low limits make things worse for people because they don't have time to pay off their debts before the whole balance is gone.
But the Bank of America card isn't the only great deal you can find online. There are also many more. The Discover more card, which started me off with a $4000 limit, is another one of my favourites. I also think that the customer service for this card, both online and off, is very good.
The American Express Star wood is another one of my favourite cards. Some of the features are:
With your first purchase, you get 10,000 Star points, which is enough for up to three free nights.
If you spend $30,000 on your Card in a calendar year, you'll get an automatic upgrade to Gold Preferred Guest status. Access to private sales at certain Starwood shops. The new Business Card has all of the improved benefits of the Starwood Preferred Guest Credit Card as well as programmes and services designed for small business owners. One example is the OPEN Savings(SM) programme, which was made for small businesses and gives automatic discounts on purchases at OPEN Savings(3) partners like Delta, FedEx Kinko's, and JetBlue. Also, the Business Card comes with expense management reports, an online system for keeping track of spending, and spending limits on additional cards, all of which make it easier to keep track of how much employees spend.
So don't be afraid to ask for a card with a high limit; just be responsible. The annual fee is always something I look at. Most cards that will be useful to you will charge you a fee every year. There are always things that don't follow the rule. If the card has an annual fee but a very low interest rate, it could be a better deal than it seems, but I would still read the fine print. In the link below, you can look at some of the deals. I'm sure you'll save a lot of money over time.
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