Advanta Corporate Credit Card
April 3rd, 2006 by Grant in: Business, Credit Cards
I recently applied for the Advanta Corporate Credit Card for my little oil company. I got the offer in the mail, but unlike most offers, this one didn’t look half bad.
No annual fee. 0% APR for 15 months, and then a fixed 7.99% after that. 5% cash back OR free travel miles. Free business cards, along with some other perks…
Not bad. The 0% APR is nice, but I’ll never use it since I always pay off the my credit cards every month. However a 7.99% fixed rate isn’t bad if I ever get stuck in a jam and can’t pay it off in a single month. I like the cash back idea, and no annual fee is a must for a little company watching every penny.
I figured I’d apply and if approved, get a little line of credit… boy was I wrong. A month later I got my “Welcome” packet in the mail, with a line of credit for $22,500. Not too shabby for a new little company!
The card requires a personal guarantee (as most do), and I’m not sure if they did a hard pull of my credit report (I should have waited to use all of my free credit report checks). Consequently I have to attribute the large line of credit to my sky high FICO score.
Just another reason why cash may be King, but your credit score is Queen.
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April 16th, 2006 at 6:22 am
FICO scores and its variants are designed to measure the risk of default, by taking into account various factors
April 16th, 2006 at 7:54 am
You’re absolutely right, johny.
I don’t thing people fully realize how powerful a high credit score is, much less how you can put it to work for you.
Thanks for reading!