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Home > > Advanta Platinum Business Card

Advanta Platinum Business Card

0% Intro APR* on Purchases and Balance Transfers for 12 months
No Annual Fee
Detailed Expense Management Reports
Free Online Account Management
Customized Card with Your Business Name
Business Credit Line Up To $50,000
$0 Fraud Liability
Personalized Card -- your company name at the top of the card* See Terms & Conditions

Annual Percentage Rate (APR) for Purchases and Balance Transfers: Prime plus 5.99% ; however, introductory 0% for the first twelve billing cycles from the date your account is opened.
Other APRs: Cash Advances: Prime plus 5.99% or Prime plus 15.99% .
Default: The higher of the account APR plus 3%, or Prime plus a Default Margin of 17.99%.
Grace Period for New Purchases: 25 days from statement closing date, if new balance is paid in full in the manner and by the time of day on its due date as shown on statement.
Annual Fee: None.
Minimum Finance Charge: If any finance charge is applicable: $1.
Transaction Fees for Cash Advances and Balance Transfers Cash Advances other than Convenience Checks: 3% (minimum $5); Convenience Check Cash Advances: 3% (minimum $5; maximum $50). Balance Transfers processed during the introductory period: 3% (minimum $5; maximum $50).
Other Fees Late Payment Fee: $15 to $39 based on balance. Overlimit Fee: $15 to $39 based on balance. Returned Payment Fee: $20. Dishonored Convenience Check Fee: $20.
2

DID YOU KNOW?

Need to repair your credit score? Would you like to increase your credit score by 50 to 100 points? If you answered yes, keep reading because you are about to uncover the first 2 steps to repair your credit score:

Step #1 Get a copy of your credit report

The first thing you need to do to repair your credit score is get a copy of your credit report from all of the major credit reporting agencies. Before you can repair your credit score you must first have a starting point.

As of December 2004, in compliance with the Fact Act, consumers in all states are able to get a free copy of their credit report once a year.

Experian, TransUnion, and Equifax are the 3 major credit reporting agencies in the United States. Here’s their contact information:

Experian
PO Box 2002
Allen, TX. 75013
888-397-3742
www.experian.com

TransUnion
PO Box 1000
Chester, PA. 19022
800-888-4213
www.transunion.com

Equifax
PO Box 740241
Atlanta, GA. 30374
800-685-1111
www.equifax.com

Watch out for those no cost credit report offers on the internet. Typically, you have to sign up for some kind of credit monitoring service to get your complementary report.

How to read your report

At first glance, a credit report may look like it’s written in a foreign language. But if you take your time and look through it, you’ll easily be able to understand it. Your job is to locate all the negative items on your report.

You may find alphanumeric coding on your credit report. This coding is used to record the type of account and your payment history. Below is a key indicating what these letters and numbers mean:

O = Open (Open 30 days)

R = Revolving
[Has regular payments and a predetermined spending limit (credit cards)]

I = Installment
[Has regular payments and no access to continued spending (mortgage, car loans)]

M = Mortgage
C = Line of credit

0 = Too new to rate
1 = Current, Paid as agreed
2 = 30 days past due
3 = 60 days past due
4 = 90 days past due
5 = 120 days past due
6 = 150 days past due
7 = Account is under a wage earner payment plan or bankruptcy
8 = Repossession or foreclosure
9 = Collection account or charge off account
U = Unrated

If you have this type of coding on your report, you can quickly go down the relevant column and find any negative items. O1, R1 or I1 would indicate an excellent payment history. Obviously, anything ending in 2, 3, 4, 5, 7, 8 or 9 would indicate a negative payment history on the account.

Step#2 Delete expired accounts

After you have identified your negative credit accounts, determine the age of each account.

After a certain period of time, the negative items on your credit report will expire. Upon expiration, these items should be deleted. If you have a derogatory account that has expired but still shows up on your report, just contact the credit bureau that is reporting the delinquency and ask them to have it removed. This is an easy first step in repairing your credit score.

Here are the expiration guidelines:

Late Payments
30 to 180 day late payments should be deleted after 7 years.

Charge-off Accounts
Should be deleted after 7 years

Collection Accounts
Accounts sent to collections should be deleted 7 years from the date of the original missed payment.

The account will be marked as "paid collection" on your report when you pay the full balance.

If you settle with the collection agency for a reduced amount they will report the account as "paid for less than the total due" or “settled”.

It is best to have the collection agency report the account as “Paid in full” or have the account deleted all together. You don’t want any of your accounts to say “paid collection” or “settled”.

Closed Accounts
If the account had delinquencies, those marks should be deleted 7 years from the date they were reported.

Bankruptcy
Bankruptcies remain on your credit report for 10 years after the filing date.

When you file for bankruptcy, all the accounts included in the bankruptcy should be marked as "Included in BK". These individual accounts that were part of your bankruptcy should be deleted after 7 years.

Judgments
Most judgments, including small claims, civil and child support, should be deleted after 7 years from the filing date.

Tax Liens
City, county, state and federal tax liens are especially harmful because they can remain on your credit report indefinitely.

Again, if you have any negative accounts that meet these expiration guidelines write or email the credit bureau reporting the item and ask them to have it deleted. This is an easy first step that can improve your credit rating quickly.

Here’s a sample of such a request:

Date

RE: Account Number

To Whom It May Concern:

The following account is over 7 years old and I am requesting that it be deleted from my credit file:

(List creditor’s name and account number as it appears on your credit report)

Thank you for your prompt attention to this matter.

Respectfully,
Your Name

Well that’s it for steps 1 and 2 in repairing your credit score. To get a complementary step-by-step easy to follow credit repair video and instruction manual that will show you how to increase your credit score by 50 to 100 points in 30 days, visit: http://www.mortgage-leads-generator.com/credit.htm

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

In 1996, I divorced my wife and with that divorce came the normal dividing of property and assets. There also was the discussion regarding our credit card debt. We were married for 5 years and used the credit cards as a couple, but the credit cards were in my name only. Sadly, it became my responsibility to pay for the huge debt that we had created together.

If you find yourself in a situation like this, you are not alone. Experts say there has been a 20 percent rise in bankruptcy filings, and it is estimated that a large part of this is due to divorce. But don't worry, if you find yourself in this situation, you will have several options. One thing you could do is file for bankruptcy. Statistics show that many people are doing just that. But you should know that if you choose this option, a bad mark will stay on your credit report for ten years. Another option would be to simply make the payments. But for many people, after going though a divorce, they find that living on one income is a difficult adjustment, and are forced to only make the minimum payments. That can take what seems like a lifetime, to pay off your debts. For example, if you have a debt of $25,000 and are paying an average interest rate of 18%, it would be thirty-two years before you paid off that debt! You could be paying for those purchases well up into your 60’s or 70's!

Another option is to seek out professional help. There are several non-profit organizations that specialize in debt relief, and many people seek this type of help after a divorce. Here’s how it works. For a small fee of around $14.00 per month debt relief companies will analyze your credit card debt, living expenses and income in order to determine what type of repayment structure would best work for you. They will then contact your creditors and work with them regarding interest rates, late fees, and payment amounts. Because credit card companies understand that divorce is one of the leading causes for bankruptcy, they usually won't have a problem working with the credit repair company. After all, they do want their money!

Non-profit agencies do not report credit counseling to credit bureaus, but most credit card companies do. You may see this as a negative thing, but many people don’t. Credit counseling can be explained a lot more easily than bankruptcy. And bankruptcy is often a deal stopper for someone trying to buy a home, or even purchase a car.

While you are in credit counseling you will not be allowed to retain or apply for a credit card, but for most people who find themselves in this situation, that can be a relief. Think about that as you are cutting them up into little peices. I know I did. And with each chunk of plastic that fell in the trash, it was a chipping away of the old and a birth of the new. There’s a feeling of relief that comes over you when you know you don’t have to worry about those mounting credit card bills. And when you are going through a divorce, the more relief you can get, the better.

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