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?

	The average price of a house in the UK is now well over £100,000, and not many people would be able to find such a huge sum hidden under the mattress. This means that the majority of us have to borrow to buy our home, and usually this means taking out a mortgage. Don’t Want To Be In Debt? Debt is now a fact of life for all but the most fortunate of us – whether that means a small overdraft or a large mortgage. Thankfully this no longer carries the stigma of yesteryear, and as long as you properly manage your debts there should be no reason to fret about owing money. In fact, having a mortgage will improve your credit and help to convince your bank manager that you are financially sorted! Save Money By Buying A House? Often mortgage repayments can work out cheaper than paying rent, and you’ll have the added security of owning your own property. Given normal economic conditions, the value of your property is likely to rise while you live in it, which means that taking out a mortgage is one of the commonest ways to invest money. Property continues to accrue value while other assets can decrease in worth – provided your house is kept in good repair and is structurally sound; you can usually expect to make a profit when you eventually move on. Being Committed! That said, taking on a mortgage is still a serious commitment, and not one you should enter into without careful consideration and planning. You need to ensure that you meet your monthly repayments – a mortgage is a legally binding agreement, and failure to keep up with your payments could mean you lose your home as well as your investment. As well as the implications of taking on such a large commitment, you will also find you need to do some hard work finding your mortgage. The complex world of mortgages is enough to bring many of us out in a cold sweat. With so many different options to choose from, and a constantly changing market, it’s not surprising so many of us find ourselves overwhelmed. Choosing the Right Mortgage What to do if the vast array of different types of mortgage makes your head spin and you don’t know your APR from your elbow? Start by getting familiar with the basic terms and structures of mortgages. This guide provides a starting point to help familiarise you with some of the more common issues surrounding mortgages. Take your time, do your research, and you’ll find you can navigate your way through the maze of mortgages. You may freely reprint this article provided that the author bio and live links are left intact.

What is a home equity line of credit? A home equity line of credit is a revolving loan, with a minimum and maximum amount of withdrawal.

And what makes the availment of a home equity line of credit a viable loan option in comparison to a home equity loan?

There’s the ease of use in accessing the loan. This can be as trouble-free as writing a special check to access the account, the use of your credit card or ATM machines to get funds. Also, you only pay interest on the amount you’ve used. And have the option of renewing the credit line when the draw period expires.

On the other hand, the home equity loan is paid to you in a one-time lump sum manner, immediately after the contract has been signed. Once you have received the entire amount, you can no longer borrow on that account.

This offers you the flexibility of accessing the amount you need to borrow when you want to for duration of the agreement. If you are planning to use the loaned amount in installments such as college tuition fees, or as a stopgap while you are unemployed, take out a home equity line of credit.

Financial experts generally recommend the use of a home equity loan for big-ticket items, like a car or yacht, medical emergencies or for renovating a home.

With the use of a home equity credit line, you can postpone paying the principal for an agreed upon number of years or pay a special discounted interest rate. On the opposite side of the spectrum, a home equity loan requires you to pay the principal and interest fees for the duration of the entire loan.

If you have a disciplined attitude towards managing your funds, then a home equity credit line will work for you. You’ll use it only when needed.

You’ll enjoy more choices of payment options based on interest rates. Some lenders offer a flexible interest rate or one where the borrower pays the principal plus interest; it’s all up to the borrower. Or you can also decide on a fixed monthly payment schedule.

In addition to this, a home equity credit line has shorter payment term schedules. With a home equity loan, you are paying for the convenience over a longer period of time.

However, there are two features a home equity line of credit has, that need to be weighed together with the advantages:

A home equity line of credit places a large amount of credit at your disposal. However if you default on the loan payments, you run a real risk of losing your home. Conversely, this is why it is attractive to lenders, because their experience has shown them very few borrowers default on payments.

The second feature is the possibility of being liable to pay a large repayment amount at the end of the home equity line of credit. Ask the lender if this is a feature of the loan, and if so, assess your ability to pay this amount. If you feel you don’t have the capacity, then have a renewal option built into the contract.

There are no cut and dried answers to the question of whether a home equity line of credit is the best loan option for you. As a borrower, you must assess your need for the loan, the purpose you’ll use it for, and your capacity to pay. Only then will you be able to make an informed decision about this loan.