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Home > > 0% interest on purchases and low fixed apr

0% interest on purchases and low fixed apr

A credit card is a piece of plastic, which 0% fixed purchases and on low interest apr Platinum credit cards carries information electronically.

A person can use the credit card by just swiping it on the machine to send the card information to be verified. The size of the credit card is 3-1/8Ē x 2-1/8Ē. You can use the credit card 0% interest on purchases and low fixed apr to buy products and can pay them later. That is why it is also called as electronic money.The shiny stripe on the back of the credit card is called as magstripe, which is the main thing in the credit card. When a person swipes the credit card in the magstripe and low fixed interest 0% purchases on apr reader the information is sent to the central tracking system,Platinum credit cards which has all the information about the card owner, balance details, country, zip code etc. There are trillions of credit cards issued in the U.S. People have a minimum of 2 credit cards in their name. With e-commerce picking up, the amount of money spent through credit card is set to rise. If credit cards are used wisely, it could be a great tool. Most of the consumers donít use it in a correct manner and donít pay the monthly credit card bills on time. If you donít pay your credit card bills on time, then the interest rates will add on to the principal and the amount payable would increase. The rates of interest charged by credit card companies are very high. So, use your credit cards wisely.2

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A chart of accounts is simply a list of different areas within the general ledger section of an accounting software package against which financial transactions are stored. As an example if you looked at a Profit and Loss Statement each of the items listed is a separate account.

ie - Sales, Cost of Sales, Advertising, Postage, Telephone Expenses etc. The whole lot together is called the Chart of Accounts

Before we start on the specific elements of accounting software Chart of Accounts you need to understand the basics of financial statements and what information needs to be recorded from other sections of the package you are using.

There are two main parts to your business's financial statement - The Profit and Loss, which shows your day to day income reflected against your expenses and therefore shows what your trading profit, or loss, is. Both are obtained from the general ledger module.

The Balance Sheet, which shows your business assets against liabilities and the accumulated earnings of your business over the years.

Lets first look at how these reports are arrived at -

In Australia it is typical to have the Profit and Loss section first and the Balance Sheet second, in some other countries it is the other way around with the Balance Sheet first.

A Profit and Loss report has five main elements

Cost of Sales
Gross Profit (Income less cost of sales)
Net Profit (or loss) - sometimes called the Bottom Line
(Gross profit less expenses)

The Balance Sheet also has five main elements

Current Assets
Non Current Assets
Current Liabilities
Non Current Liabilities
Retained Earnings

The Chart of Accounts - Setting Up

The chart of accounts list in the general ledger of accounting software is typically grouped in their like categories i.e. sales, expenses, assets and liabilities.

Almost all accounting software will require you to use a code for your general ledger accounts and many will also have the option of having departments and, or, sub codes attached to each code or account. You almost certainly should ignore the departments and sub accounts at this stage if not forever. They are useful in large multi-departmental organisations but tend just to confuse the issue when you are starting out.

Some accounting software comes with a chart of accounts already set up. That's OK, it may save you some work. If so print it out and relate it to the exercise that we are going to go through in a moment and to your business.

Many accounting software systems will accept a numeric code only, some will accept alpha/numeric and some alphabetic only. I think numeric only is a good way to go, mainly because it is a good way to group codes into categories. For a simplistic example account numbers 1 to 20 may relate to income, 21 to 100 expense accounts and so on.

Many accounting software packages will allow up to twelve or more characters in the code and I have seen some small businesses use all twelve. This is a nonsense and, if you use numeric only, 4 numeric characters should be more than enough

Most people these days are in a position to comfortably pay for the necessities of life. Bills like rent and electricity as well as food and clothing expenses, while not cheap, are at least affordable for most people who are in employment. What cause most people the financial hardships that they experience are the discretionary expenditures that they make.

This is the money spend on things that they do not really need, and sometimes do not even want, but are enticed into buying while shopping. There is a field of science that retailers spend millions of pounds on every year that studies what is most likely to make people spend money in stores.

Therefore, everything about a modern store, from the lighting, the music, the layout, the colours, everything, is carefully calculated to give you a sense well being. This well-being will then make you far more likely to spend money on items that you had no intention of buying when you entered the store.

It may be surprising, but for many people who overspend, the problem is not that they want to many things, but that they succumb too easily to the devices in stores that are designed to persuade you to make a purchase. Therefore, the most important thing to help you reduce spending on unnecessary items is to discipline yourself when you are shopping and not be tempted into making the purchases.

One of the best ways to avoid succumbing to unnecessary purchases is preparation. What this comes down to in practice is making a shopping list. Then when you are in the store, stick to the list. Even before going into town or doing your Christmas shopping, or shopping for clothes, make a list of what it is you want to buy, how much you are expecting to pay and then stick to the list. Obviously you will not be able to know exactly how much everything will cost but at the very least you can limit yourself to only buying the items on your list.

Another thing you can do is set a maximum amount to spend. You can set the limit at an amount you know you can afford and are comfortable with before hand and then you can keep yourself within this limit. You can even consider taking out the cash you are prepared to spend before hand and then leaving your credit and store cards at home. Whatever your limit, keeping to it, and deciding before hand what you want to buy and what you want to spend is the secret to keeping your spending under control.

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