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An estimated two thirds of consumers who own credit cards in this country have an outstanding balance. That means that a lot of consumers with credit cards will be affected by the new restricted lending standards of banks. Call your bank if you have received a notice of modifications to your credit card account. If you make your payments on time and historically carry little balance, it is likely the bank will restore your old terms. You do not stand a good chance if your account is not in good standing or you carry a large balance regularly. In recent times, credit card portfolios have been very profitable for banks, largely due to the booming economy of the late 1990s. However, in the case of credit cards, such high returns go hand in hand with risk, since the business is essentially one of making unsecured (uncollateralized) loans, and thus dependent on borrowers not to default in large numbers. Many credit cards can also be used in an ATM to withdraw money against the credit limit extended to the card, but many card issuers charge interest on cash advances before they do so on purchases. The interest on cash advances is commonly charged from the date the withdrawal is made, rather than the monthly billing date. Many card issuers levy a commission for cash withdrawals, even if the ATM belongs to the same bank as the card issuer. Merchants do not offer cashback on credit card transactions because they would pay a percentage commission of the additional cash amount to their bank or merchant services provider, thereby making it uneconomical. Discover is a notable exception to the above. A customer with a Discover card may get up to $50 cash back if the merchant allows it. This amount is simply added to the card holder's cost of the transaction and no extra fees are charged as the transaction is not considered a cash advance. CreditCards.com is a credit card comparison and information website founded in 2004 and based in Austin, Texas. The site lets consumers compare credit cards by category or by issuer, and refers consumers to their selected card's issuers, where they apply for a card. If you shied away form the idea of comparing business credit cards in a professional setting, it could be because it's been ingrained into you that it's not polite to talk about money. Remember here that you're not discussing your business debt or the number of credit cards that you own personally. In fact, you should stay away from these topics altogether. But it's not inappropriate to compare business credit cards with others in a general way. This allows people to get information from one another and to give each other business tips that can be useful in the future. And it's something that almost all business people have in common so as long as the conversation is about the business credit card and not about personal credit, it's a conversation that everyone can comfortable participate in.
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