So you read to see how much more money you will need to pay in order to get that secured card for your business.
Many of these secured credit cards charge more than a deposit amount. They will set up a fee that is for processing of the card and that amount isn’t always shown but in the fine print. And these fees can get pretty expensive depending on the company you are dealing with. So you will end up having a lot more money taken from your bank account than you thought. Instead of just the deposit, you have the processing fee.
If a lower interest rate is advertised, read the fine print to see if that changes. Many card companies will offer a rate for a few months, and then increase it up dramatically, and that’s the trick with no fee business charge cards.
Related posts: