Borrowing Solutions for Businesses

December 17, 2014 By

There are plenty of everyday cards such as CIBC Select Visa, Classic Visa, and Platinum Visa “http://cibc-credit-card.creditcardreview.ca/” that feature no or low annual fees, authorized spending limits, and other added benefits. Visa cards go with beneficial features such as signature shopping, roadside dispatch, rewards programs, and other privileges. Student credit cards boost purchasing power and help make secured purchases and earn cash back.

CIBC features handy tools for online bill payment and improved security. In addition to rewards cards, CIBC features secured cards that require no deposit if taken with another product offered by the bank. Customers who try to rebuild credit benefit from secured cards with travel privileges while clients with stellar credit enjoy exclusive benefits.  Customers who opt for travel cards enjoy benefits such as personal and travel concierge, affordable rates, and airline travel rewards.  Holders also earn extra rewards points at participating inns, hotels, spas, and restaurants and there are no hidden costs or fees. Customers also collect points toward Air Canada flights to Europe, Central America, and rest of the world. CIBC partners with Air Canada which offers short and long haul flights overseas destinations.

Customers are allowed to use their miles toward merchandise, including holiday and last minute deals, garden and home accessories and decor, and more. Customers who wish to minimize their carbon footprint can choose from a selection of green products such as bags, bamboo sets, organic towel sets, cutting boards, cookware sets, outdoor composters, and a lot more. Clients use their points toward phones, gadgets, home theatre systems, and more. Items such as bamboo kitchen sets and carbon offsets require less than 10,000 aeroplan miles while items such as electric bikes, laptops, and push mowers require 50,000 to 100,000+ points.

There are gift cards for long distance calls, entertainment, and coffee breaks. You can also support charities such as Veterinarians without Borders and Engineers without Borders. The Canadian Imperial Bank of Commerce features investment, borrowing, and banking products, including mortgage offers, student lines of credit, consumer loans, and credit cards. There is a selection of premium and popular cards, including rewards, business, and student cards.

In addition to travel and rewards cards, there is a choice of specialty business cards with no annual fees, high spending limits, aeroplan miles, and other benefits. The Aerogold Visa Card for Business, for instance, features travel privileges by Visa and Air Canada, aeroplan miles “http://www4.aeroplan.com/UseYourMiles.do“, priority boarding, guaranteed reservations, and gift cards. The Canadian Imperial Bank of Commerce also offers government supported programs, mortgages, franchise financing, and retail lending services.

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How to Increase Your Credit Limit

August 15, 2014 By

Financial institutions offer business and individual credit cards with different limits. The limit offered also depends on the bank of choice, with some institutions offering credit limits that can be as high as $10,000.

Banks take a number of factors into account, but the most important ones include personal income and credit rating. They also look at factors such as old and new accounts, delinquent accounts, and other details. Applicants with stellar credit and good income are often offered cards with a high limit. Financial institutions consider both negative and positive information. Applicants are asked whether they work part- or full-time or are self-employed. Borrowers with additional income sources, including rental income and money deposited in a savings account are offered better terms. The credit limit and other terms depend on many factors, including type and length of employment and others, but the limit can change. In fact, many issuers re-evaluate the credit limit on a regular basis and may offer to increase it within a period of 6 or 12 months. Financial institutions look at different factors, including recent hard inquiries and others. The number of recent delinquencies is taken into account. Many finance companies and banks look at the credit report to make sure that the limit offered is adequate and fits the borrower’s repayment capacity.

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One of the ways to secure a high limit is to improve your credit score by making regular payments.There are things to do to repair your credit score, and one is to obtain a credit card with a small limit and make timely payments. Obviously, you will get a higher limit if you are considered creditworthy. The details are outlined in the cardholder agreement. Ask about the transaction fees and extras that go with the card. If you have decent credit, there are plenty of options, including cashback, gas, and standard cards with reasonable limits. Some issuers accept applications automatically but the best way to find out if you qualify is to visit a local branch. In general, banks look at your financial habits, types of credit used, and other factors.

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Rewards cards are offered to customers with stellar, good, and fair credit

August 9, 2014 By

calculatorIn addition to complimentary bonus points and attractive redemption plans, rewards cards offer many benefits such as exclusive offers and store discounts. Customers benefit from discounts on merchandise and apparel as well as experience awards, for example, tickets for shows and concert events. Airmiles and rewards credit cards offer freebies and discounts as well as the option to redeem bonus points from a catalogue. Partner rewards offered by shopping centers, resorts, and other establishment are provided by many issuers. Every time holders charge purchases to their cards, they earn bonus points or airmiles. Some issuers also offer bonus points and discounts after 5 or 10 qualifying stays at select hotels. Customers can choose from different membership levels, annual fees, and packages. There is an option to choose between different products, including classic, airmiles, and business rewards cards.

Rewards Credit Cards Application

Obviously, the more you use your credit card, the more points you earn. Gift cards and certificates are also offered, along with bonus points toward merchandise such as stereo handsets, cookware, video cameras, home and garden tools, and others. Last-minute deals and other discounts are also offered. Other categories include games and toys, sports and outdoors, health and beauty, and so on. Customers benefit from flexible redemption and rewards programs, for example, points toward premium merchandise, air miles, cash back, and holiday packages. Providers offer different options – customers can deposit and convert bonus points. Issuers feature discounts by brand-name merchants such as Budget and Avis, offering discount and budget rentals. Free authorized user cards are also offered as part of the added perks and package benefits.

There are many credit card issuers, including major and small banks, non-bank issuers, credit unions, online banks, and others. Some issuers require that customers meet the minimum income criteria to qualify. Customers with spotless credit and a solid payment history have access to exclusive offers and discounts while applicants with poor credit have more limited choice because they are considered high-risk. Many websites offer credit card finder tools to help customers compare different products and make a choice. There are two types of rewards cards to choose from, secured and unsecured, but most issuers offer unsecured ones. Premium rewards products are also offered to customers with compromised credit. Additional benefits include no caps on bonus points and airmiles and upgrades offered by airline carriers.

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Risky Borrowers and Financial Institutions

March 15, 2014 By

The choice of lender depends on your score and sources of income. There are different types of lenders, including credit unions, caisses populaires, savings and loan associations, and others. Online banks, for example, offer affordable interest rates because they save on salaries and utilities. Finance companies and payday lenders are another option for borrowers who need quick cash. There are “buy here, pay here” type of dealers that offer higher interest rates. Check whether your local bank offers good deals. You may want to improve your credit score first and then apply with your local bank. Make regular card and loan payments to build or rebuild credit. And try to explain your situation to the loan officer. Another option is to borrow from a family member or friend.

Look at your credit score to check for errors and inconsistencies. Your score is based on different factors such as your payment history, length  of credit history, types of loans, and more. If your credit score is not high, you are a risky borrower for financial institutions. Brick-and-mortar banks base their lending decisions on factors such as your credit report, debt to income ratio, mix of credit, income, and other factors. Finance companies and alternative lenders are more lenient. Financial institutions require that borrowers are up to date on all bills and have a stable job. Income sources also include commissions, alimony, health savings accounts, and others. Employee gifts, workers’ compensation, and life insurance proceeds are also sources of income. The requirements and criteria vary for self-employed and salaried professionals. Many lenders require that borrowers present information such as their employer’s name and address, telephone number, etc. Borrowers apply for loans for different purposes – home improvements and extensions, urgent repairs, emergencies, vehicle purchases, and others. Borrowers with poor credit apply for loans with car dealerships, banks, and alternative lenders. Non-bank lenders offer very high interest rates and feature instant approval. They usually require information and documents such as your routing and bank account number, recent paycheck stubs, and proof of income.

One option to apply for a loan such as bad credit auto loan is with a guarantor. This person can be a relative or friend and is also responsible for the payment. It is important to make timely payments because the cosigner takes risk. Another option is to apply for a secured loan and offer some valuable asset as collateral. The interest rate is usually higher than that of standard loans when the borrower is considered high risk. Charges differ based on factors such as missed payments, delinquencies, and others. Check the terms and conditions, amortization schedule, and prepayment penalties before applying. While the rate is higher, this is a good way to rebuild credit.

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