Business credit card
Just the other day, I was trying to pay by cash for a flight ticket from New York to New Delhi, when the middle aged lady at the counter refused to accept cash. I was shocked to learn that they accepted only credit cards and nothing else. Well, I never really understood the magnanimity of the situation until I retrospect it much later. Im told that this will be the condition in coming years, even in developing nations. And half the world doesnt even know about credit cards yet! My goodness! Ok, I havent really made creating awareness my mission yet, but Im doing my bit. Lets deal with business credit cards.
A business credit card is a thin plastic card, usually 3-1/8 inches by 2-1/8 inches in size that contains identification information such as a signature or picture, and authorizes the person named on it to charge purchases or services to his account -- charges for which he will be billed periodically. These business credit cards are charged with a higher rate of interest and exceed the affordability of the common man.
Today, the information on the card is read by automated teller machines (ATMs), store readers, and bank and Internet computers. The use of credit cards originated in the United States during the 1920s, when individual companies, such as hotel chains and oil companies, began issuing them to customers for purchases made at those businesses. The first universal business credit card one that could be used at a variety of stores and businesses was introduced by Diners Club in the year 1950.
Later, the bank credit-card system was introduced. Under this plan, the bank credits the account of the merchant as sales slips are received (this means merchants are paid quickly something they love!) and assembles charges to be billed to the cardholder at the end of the billing period. The cardholder, in turn, pays the bank either the entire balance or in monthly installments with interest (sometimes called carrying charges).
The first national bank plan for business credit cards was started by the Bank of America card scheme, which was started on a statewide basis in 1959 by the Bank of America in California. This system was licensed in other states starting 1966, and was renamed Visa in 1976. Other major bank cards followed, including MasterCard, formerly Master Charge. In order to offer expanded services, such as meals and lodging, many smaller banks that earlier offered business credit cards on a local or regional basis formed relationships with large national or international banks.
These business credit cards are different from the rest as they come in various forms like VISA business, Master card business, and Premier Business credit cards. These cards have a higher spending limit and they allow for international deposits and withdrawal of funds. There are websites available where you can apply specially for business credit cards and get your business credit cards soon.
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