Corporate Credit

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Consumers and small businesses are seeing no improvement in credit markets. Indeed ,credit availability is worsening and the cost of credit is actually rising. The Administration and Congress have willfully contributed to these worsening credit conditions  by continued socialization of capital markets, assaults on success , coddling of  large but incompetent , worthless  but politically favored enterprises and  shameless feeding of special interests. If stimulating failure, pessimism and anxiety are the objectives then The Stimulus is working very well indeed.

There are several signs that credit markets are continuing to deteriorate:

•1.       Insurance companies saw a decline of $32 billion in statutory capital in 2008. The decline continues in 2009. Credit downgrades for several insurers lie ahead which will raise their cost of capital , reduce the sales and underwriting of new policies and force a further shrinking of the balance sheets via asset sales to reduce their risk profile. Hartford, Prudential and MetLife have all sought regulatory approval to obtain treasury capital infusions.

•2.       American Express disclosed that  past due payments in February rose again, following increases in January and December 2008. Following this disclosure, the cost of protecting European corporate bonds from default went up.

•3.       A survey by the National Small Business Association revealed that almost 75% of businesses with less than 500 employees(these businesses rely on corporate credit cards and lines of credit for short term, inventory and seasonal financing) are experiencing a deterioration in credit availability and an increase in credit card and credit line  interest rates. Banks are sharply curtailing credit limits and lines of credit yet raising interest rates, sharply.  In the last decade such businesses created 60% to 80% of net new jobs in the US.

•4.       Consumers are defaulting on all credit card payments in unprecedented numbers. Charge -offs rose to 7.1% in January 2009 compared with a year ago and the worst is still ahead. Citigroup may cut credit lines by $600 billion, Bank of America by $500 billion, JP Morgan by $300billion and American Express by $100billion……a total of $1.5 trillion in 2009.

•5.       The FDIC’s Deposit Insurance Fund is approaching complete depletion. At the beginning of 2008, the fund had $52billion.At the beginning of 2009 the fund had $19 billion. The FDIC projects an additional $65 billion in losses thru end 2013.Insurance companies saw a decline of $32 billion in statutory capital in 2008. The decline continues in 2009.

•6.       A large wave of commercial real estate shopping/shopping mall bankruptcies is coming. This year about 75,000 stores have already closed(the evidence is clear in every town and city) The retail industry thinks that, at least, 4 times as many more stores will close in 2009. Entire malls will shut down.

•7.       By early March 2009, junk bonds were yielding 19% more than Treasuries of comparable maturity. A yield spread of more than 10% is termed distressed. This means that the interest rate on a 10 year junk bond is now around 22%( 19% plus  very close  to 3%  on 10 year Treasury bonds). In effect, credit markets are now effectively closed to thousands of fairly large companies whose debt is rated below investment grade .As the current debt of these companies matures they will not be able to refinance. The only recourse is to massively shed costs by reducing business activity and firing scores of thousands of people in the second half of 2009.

•8.       The cost of protecting investors against a default of US Government debt has risen  sharply. This cost is 60% higher in Mid March 2009 than at the end of 2008 and 7 times higher than a year ago. The credit worthiness of the US is now about the same as France.

This week the Federal Reserve decided to, literally, print $1.15Trillion dollars, a move that can only be justified if the US were in a prolonged and major world war that necessitated total national mobilization. Quite likely the move is one of desperation, following the news that in the past 90 days foreign interest in buying US Government bonds has evaporated. Foreign governments such as China and Russia have been quietly shifting into gold and into US Government notes( very short term obligations, unlike bonds). With foreigners losing faith in US Government debt and US citizens less and less able or motivated to buy US debt, the government is buying its own debt. Foreigners have also been net sellers of Agency(Fannie, Freddie) debt for the past several months.  Readers will recall that in the Fall of 2008  Fannie and Freddie as well as AIG turned to the Chinese government for a bailout. Only when  the Chinese recoiled,  were Fannie, Freddie and AIG nationalized.  

   The consequences of this move to print dollars and brazenly debase the currency , within months(not years), will be rising energy, food and clothing prices as the dollar is debased. Military spending will decline sharply and threats to national security will multiply. The flight away from the dollar and into hard assets(gold, later silver, weapons , oil, metals  and soon  agricultural  land) has begun in earnest now. Competitive currency devaluation and trade conflicts and contraction  will follow.

 The result will be a lethal combination of high unemployment, high inflation  especially in the price of daily necessities, and high interest rates. Poor and lower middle class individuals and families will be ravaged. This is a prescription for grave social disorder in the US  which in turn will have consequences we cannot foresee.

Millions of Americans are re-learning  and the majority culture will have to relearn(or perish) that when debt is used by equity to make more equity, debt is good. When debt is used by equity to finance gross self indulgence, debt is very bad indeed. In 2009, in America, equity liberates; debt enslaves. In time, we will go back to making and doing real things for real people. The alternative hardly bears thinking.

Unless these fearful credit conditions  created by the Fed, Congress and the Administration, aided and abetted by the majority culture, are reversed and consumers and real businesses doing real things can get affordable credit in required amounts, the US economy will continue to shrink. The prospects, at present, are that the political elites in the America have embarked on a course that will cost another 2 million jobs in 2009.

Credit cards are a handy method of obtaining credit and when used properly they can provide flexibility & a variety of useful benefits for the cardholder. Credit cards are, basically, unsecured loans. Credit cards are a terrific alternative for when you don’t want to carry a large amount of cash. Credit cards are also useful if you are abroad, and they will let you withdraw foreign currency, for which you are usually charged a reasonable fee for the convenient service.

Credit Limits

Credit limits are established on an individual basis, and may be raised or lowered based on the performance of the credit card holder. Credit cards only charge interest when your outstanding balance has not been paid off in full at the end of the month or credit term. If you are careful with your credit card and are skilled at managing your finances, you can in fact use the credit card provider’s money for the interest free period. The way credit card owner’s pay off their balances has a large effect on their credit history and the ability to either obtain other credit cards or raise the limit on the existing credit card.

The History Of Credit Cards

The first credit cards were made of celluloid, then metal and fibre, then paper and are now mostly made from plastic. They were initially issued by large-scale merchants, much like department store credit cards of today. This made it possible for stores to let more specialized employees of their customers to use the cards, as well as corporate officers and executives, who would often hold expense accounts and corporate credit cards. The design of the credit card itself has now become a major selling point in recent years. Different cards are available with different offers including special balance transfer rates and reward points and also different and new colour coordination’s and physical design.

The Credit Balance

Balance transfers are often made to save money. Balance transfer charges are charged by credit card companies when you relocate a balance from one credit card to another. Balance transfer rates tend to be smaller than standard interest rates and apply to the balance transferred either for a limited period of time or until it is repaid in full. By moving your outstanding credit card balance to a 0% or low rate credit card you can extend your line of credit whilst not incurring excessive fees for not repaying the loan in time.

Credit cards are the most familiar type of loan card permitting you to operate a revolving balance up to a particular credit limit. Credit cards are simpler to use than applying for loans every time a small amount of finance is needed. Credit cards are also perfect for making a payment online due to the protection supplied by many credit card suppliers and you cannot pay cash across the internet. As the payments are all made electronically, the physical location between the seller and the purchaser is no restriction. Credit card payments are slowly becoming more popular than cash payments as they provide extra security features whilst being convient and widely accepted.

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Among the so many varieties of credit cards, one of the most underestimated is the value of a business credit card. Many people do not choose to apply for a business credit card because aside from having a definite target market— the business owners or business executives—it seems to be complicated to use. Although a business credit card has more requirements and has higher interests compared to other types of credit cards there is, contrary to the common conception, t can be very helpful if used properly.

What is a business credit card?

Basically, business credit card is for the business people’s consumption. Compared to the regular credit card, a business credit card has a high limit plus low interest rates. Depending on the manner of choosing, a business credit card may also bring a lot of automatic benefits.

Since it is targeted towards businessmen or those people who are heading towards building a business, a business credit card can definitely benefit these small businesses. A business credit card helps the budding business by extending payments while improving the cash flow. Aside from bearing the image of a dependable credit card, business credit card boasts of having detailed reports and giving quality customer service as its major trademarks.

Aside from having limits and low interest rates, a business credit card provides many alternatives and numerous credit options for small businesses. A business credit card also caters to large corporations that are crafted to aid those people who are starting with their own business to grow while closely monitoring the baseline of credit.

Simplifying business credit cards

It really pays to go to the bank when one applies for a credit card to get the chance to answer all immediate inquiries. But since business credit card is for business people who are always on the go, many business credit card issuers offers online applications for business credit cards. When one applies for a business credit card, there is no need to visit the bank. There is also no need to wait in the queue just to talk to a bank representative. When you apply business credit card online, all you have to do is to select the business credit card option that would perfectly suit your small business or corporate credit requirements right from the comforts of your home or office. Aside from offering safe, secured, and simple processes that are designed help you take care of your starting business, most business credit cards online offer accessible features for the convenience of the business credit card holder like the online payment and reporting. Customized company logos and access to instant cash are also available on line. Other business credit card online offers detailed reporting features for easy monitoring and access.

Most business credit card applications offer free fee for the first year and no pre-set spending limit or finance charges. Other business credit card offers viable membership rewards program that enables the member to earn points towards travel, merchandise and other rewards for his or her business. Some of these business credit cards offer small businesses a line of credit up to $100,000 at a competitive APR as low as prime + 1.99% for both cash and check purchases; 100% of the line is available as cash and no collateral is required. The business credit card holder or customer might receive fee-free checks as well as a card to access the account. Everyday savings or exclusive savings, express approvals, no annual fee, up to 5 percent rebates on all qualified purchases, and 0% introductory annual percentage rate (APR) on purchases during first half of the year of card membership are some of the great offers of most business credit cards.

ABN AMRO BANK Credit Card Offers
Travel Offer
• The unique offer “World is Your” is specially designed by ABN AMRO Bank just for you. Enjoy 4 Days & 3 Nights stay at any of the 250 RCI properties in India & around the world at a very nominal fee without being a RCI member. The Exclusive offer is valid for a couple & 2 children. (Till 31st Dec 08)
Dinning Offer
• Get discounts at over 1400 restaurants across the country ranging from 15-30%. You also get discounts on hotels, chemist and many more. Dining Plus card is valid for 1 yr from the date of its issuance.
• 0% Surcharge on Fuel Transactions anywhere in India, The program gets you a waiver of transaction fee of 2.5% on petrol purchases across any fuel outlet in India

AXIS BANK Credit Card Offers
Travel Offer
• Choice Hotels India offers over 30 hotels across 23 destinations under the international brands of Comfort, Quality and Clarion. Choice Hotels India is a part of Choice Hotels International, one of the largest and most widespread lodging franchisors of the world with over 5,000 hotels across the globe. Enjoy up to 20% discount on rack rates at Choice Hotels India. (Till Dec 08).
• The Leela Kempinski Kovalam Beach Kerala and enjoy a 10% discount on the prevailing Holiday Offers (for a minimum of three nights’ stay) (Till Dec 08)
• Enjoy 20% discount on rack rates at Fortune Hotels. (Till Dec 08)
1)Domestic and International Ticketing – Axis Bank Cardholders (Debit / Credit) will get 5% cash back on all Domestic airfares 4% cash back on International airfares displayed on Akbartravelonline.com.
2) Hotel Bookings and Holiday Packages – Axis Bank Cardholders (Debit / Credit) will get 10% cash back Hotel Bookings and 15% cash back on Holiday Package prices displayed on Akbartravelonline.com.
3)10% cash back on Carnival Cruises and Star Cruises.
Shopping Offer
• 10% discount on the desktops & notebooks of Dell. (Till Dec 08)
• Shop at TBZ – The Original with your Axis Bank Credit Card and take home fine jeweler studded with some Spice rewards!
• Spend a cumulative amount of Rs. 1, 00,000 over a period of 3 months at Adora Outlet with your Axis Bank Credit Card and get a Gift Hamper or Voucher worth Rs. 20,000, courtesy Adora.
• Flat 15% discount to Axis Bank Credit Cardholders on tele shopping (for cities as detailed herein below) of any product listed on its website fnp.in. (Till Dec 08)
• Sifymall offers a wide range of brands, products and gift certificates, coupled with some really great shopping deals. Axis Bank Cards has got you a special pricing on a select set of products. What’s more, use your Card to buy any product from the list to get a pearl pendant absolutely FREE!!
Entertainment Offer
* Get 50% of cash back at all the Multiplexes across India through your Axis Bank Corporate Card
*Exclusive offer for Axis Bank corporate credit card holders,a discount up to 20% on hotels 7 computers
• You can now cruise around in the luxury of Hertz’s chauffeur driven cars with a 35% discount on car rental charges. (Till Dec 09)
• Get 15% more music at select Music World Stores across India. Axis Bank brings you 15% off Gift Vouchers at India’s largest music and home video retail store. This offer is applicable on Axis Bank Credit. (31st Oct 08).

Barclays Credit Card Credit Card Offers
Travel Offer
• Get 500 cash back offer on domestic flights with Yatra Barclaycard Platinum
* 10% cash back offer on flights booked through yatra.com
*Amazing discounts & special packages on Holiday resorts.

Shopping Offer
• See the offers for your Barclays Card at Futurebazaar.com
* Get heavy discounts on top apparels, footware,furniture & many more on Barclays Times card.
• You can also see the city wise offers for your Barclays credit Card

Entertainment Offer
*Get smashing discounts on latest blockbuster movies, concerts & high profile shows.

Citibank credit Card offers
Travel Offer
• Get 20% discount on priority pass and availed this over 500 airport VIP lounges over 275 cities across World through Citibank Platinum credit Card.
• On 10000 JPmiles you can have a complimentary upgrade voucher with the Jet Airways Citibank credit Card.
Shopping Offer
• Get 25% cash back with the Citibank Cash back Gold card.
Petrol Offer
• No transaction fee applicable on Indian oil Outlets, if you use the Citibank Indian Oil Credit Card.
• You can save 5%evertime you fill the fuel from IOC pumps

DEUTSCHE BANK Credit Card Offers
Travel Offer
• Travel offers for Platinum Card holders.
.Entertainment Offer
• Log on to Bookmyshow.com and book a ticket through you Deutsche Platinum Credit card today & get another movie ticket absolutely free.
Petrol Offer
• With Deutsche Bank you won’t have to pay 2.5% surcharge at petrol pumps across India (for all petrol transactions between Rs. 400/- to Rs. 4000/-). In addition you get 2.5% savings as part of your Savings Plan.

HDFC Credit Card Offers
Travel Offer
*Get special cash back discount on retail spends from 15 september to 15 November.
• 5% Cash back on domestic air transactions above Rs.10,000 through domestic airline websites (2.5% on transactions below Rs.10,000)
• 5% Cash back on all rail transactions through www.irctc.co.in
*Get up to 50% discount on car rentals from Hertz-Rent-a-car, through IBTC membership.
*Free Airmiles across leading airlines on redemption of reward points.
*Through your HDFC Bank Visa Credit Card, you can enjoy the Thailand Grand sale.
*Get 10% cash back on domestic & international airlines & hotel booking through www.yatra.com.
Shopping Offer
• Shop online using Direct Pay and avail discounts only for HDFC Bank’s customers.
• See more offers for HDFC Bank Visa cardholders.
Petrol Offer
• Enjoy 0% fuel surcharge on BPCL petrol pumps with your HDFC Bank Credit Cards

HSBC Credit Card Offers
Travel Offer
• Deals made on MakeMyTrip.com using HSBC credit card, get: 3% cash back on domestic airlines tickets; 5% cash back on international airline tickets; 10% cash back on hotels and holiday packages.
• 10% off on Globus and Cosmos vacations on Europe & North America. (Till Dec0s8)
• Get 10% off on Costa cruises & Norwegian Cruise Lines. (Till Dec08).
Shopping Offer
• Exclusive offer for HSBC Gold card Holders, Click here
• To know more shopping deals in your city.
• Buy movie tickets online through bookmyshow.com using your HSBC Credit Card and avail of fabulous discounts. (Till 1st Jan 09).
• 25% off on your first online purchase through bookmyshow.com
• 20% off on your second online purchase through bookmyshow.com
• 15% off on your third online purchase through bookmyshow.com
• Shop with your HSBC Credit Card at Westside to enjoy an additional 5% off on purchases. This is over and above the discount of up to 50% offered by Westside!
• More Discounts and offers on HSBC Gold Visa card.

SBI Credit card offers
Travel offer
• Privilege Circle Program get discounts for your dream vacation with your SBI card.
Shopping Offer
*Get Rs.500 off while shopping through www.homeshop18.com
Petrol Offer
• Save 2.5% on transaction fee with SBI Gold Card.
•Buy fuel from any of the petrol pumps of Rs.400 to Rs.3000& get 0% surcharge.

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In any business, you will have to pay your suppliers in time to keep getting the products and run your business in a smooth way. However, you won’t be having the cash in your hand all the time to make the purchases. Because in most of the businesses, the customers purchase the products from you on credit basis and you will be waiting for them to pay you. This is where the business credit comes in handy. The business credit fills the gap of the time delay of getting the cash from your customers. This keeps your suppliers and customers happy and satisfied.

BUSINESS CREDIT FOR A SUCESSFUL BUSINESS:

Most of the businessmen invest their own money and time to see their business blossom and their dreams coming true. However, they also require outside financial start up support in order to become successful in their chosen field of endeavor. Before anyone risks using up and even losing their own financial credibility it’s much wiser to seek out business loans or credit and build your business financial credibility.

As soon as you start the business or later, as your business grows and expands, you’ll need to apply for new loans and other business financing options. The chances of getting a business credit depends upon your business credit history. The more impressive your business credit history is, the better your chances are of getting the best of what lenders has to offer. In addition, having a corporate credit instead of a personal credit protects your personal credit history from risks. Ie. you fail to meet your deadline of payment on your business credit card, only your business credit will be affected and your personal credit history won’t have to suffer. This doesn’t mean that you can avoid the repayment of the credit though.

The most important aspect in getting a business credit is to determine what your real business credit needs may be. If you do not plan to get enough money, then you may find yourself having to return to the bank sooner than you planned. If you request too much then you will end up paying for business credit with monies that could be better spent invested in your enterprise. Make a budget with revenue and expense projections so that you can speak to the bank in confidence about your needs.

So if make a solid plan of getting a business credit, the firms offering the business credits will be more happy to meet your business credit needs. Business credit offering firms like New Way Group will help you get the desired credit easily. Business credits are wonderful financial tools for all types of businesses. And, if you do not have one for your business now, perhaps you should be considering getting one in the near future. After all, financial tools that come with great features and benefits are a business necessity.