| Q&A with Capital One: Business Credit Tips |
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Capital One began issuing small business credit cards in 1998, and quickly grew to be one of the largest small business lenders in the U.S. Today, the company offers a wide range of products to meet small business needs, including small business credit cards, small business money market accounts, payroll services and credit card processing services.
How do I find the credit card that’s best for my business?
Shop around; use online research tools like Bankrate.com to look for the best rates. Place new credit card offers side by side and review every feature — and all disclosures. Check all APR rates, grace periods, fees and finance charges. Look for a “Universal Default” feature in your offer terms, too; this feature gives lenders the right to raise your interest rate if you make late payments on other debts. Consider choosing an issuer who doesn’t use a Universal Default clause.
What are some ways I can protect my credit rating?
Of course, it goes without saying that it’s vitally important to pay your bills on time. Late payments mean you’ll pay more than you owe because of late fees and finance charges. And too many late payments can damage your credit rating. Other ways you can protect your credit are to keep your outstanding credit from rising too high — and to know your credit limit and stick to it.
Additionally, keep tabs on your credit report. Since any fraudulent activity conducted with your card can damage your rating, obtain copies of your credit reports from all three credit reporting agencies at least once a year. Consumers can obtain a free annual copy of their credit report by visiting www.annualcreditreport.com or by calling 1-877-322-8228. How can I protect my card
and my business from identity theft?
Thieves are always on the lookout for ways to collect credit card and other identity information. Many victims of identity theft don’t realize their information has been stolen until they see fraudulent transactions on their monthly statements. Keep your Social Security card in a safe place (not in your wallet!). Hold on to your receipts, and shred them once you’re certain they match the charges on your monthly credit card statements. Keep an eye on your credit card in stores and restaurants while your purchase is being processed, and quickly report any suspicious charges you see on your monthly statements.
Also, be sure to shred old bills and statements before tossing them in the trash. And here’s another precaution — sign all credit and charge cards as soon as they arrive in the mail. Vendors are required to check the signature on your receipt against the signature on your card.
If you believe you have become a victim of identity theft, you can place a fraud alert on your credit reports. Call one of the three credit reporting agencies (TransUnion, Experian or Equifax). Tell them you’ve been an identity theft victim and ask for a “fraud alert’ and/or victim statement to be placed on your credit file. The company you call is required to notify the other two companies. How can I protect my credit card information when I’m shopping online?
First of all, check out the seller. If you find yourself on an unfamiliar Web site, look for a phone number and call it. If you can’t find a working phone number on the site, shop elsewhere. Type sites’ names into a search engine to both verify them and to search for favorable/unfavorable reviews. And take a minute to read the site’s privacy policy to learn how it handles personal information. Once you do make a purchase, always print and save a record of your transaction.
Do not respond to e-mails that ask you for account information, and don’t click on links to Web sites in unfamiliar or suspicious e-mails. Use firewalls, anti-spyware and anti-virus software on your business and home computers. And keep this software up to date. |