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AMEX Platinum Business FreedomPass Credit Card – Financial Independence for Small Businesses
Compared to other credit cards, as well as other American Express Cards, the American Express Platinum Business FreedomPass credit card actually gives you “freedom”. Though its interest rates are marginally higher, yet the freedom to use as many of the points earned whenever you want, wherever you want and on whatever you want sets it apart form the rest.
The AMEX Platinum Business FreedomPass also gives you the benefit of carrying a balance from one billing period to the next which you might not get in other cards.
The advantages of the AMEX Platinum Business FreedomPass credit card are multitudinous. To name a few, if you are an AMEX Platinum Business FreedomPass program member you will enjoy the benefits of a point based reward program without any additional charge. In fact, you will be awarded 5000 bonus points after your first purchase with the AMEX Platinum Business Card.
The point based system allows you to redeem for savings on any flight, hotel, car rental or cruise and any other travel expense imaginable. If some points could not be used, for your convenience they can easily be converted to cash rebates. There are no blackout dates and no travel restrictions with the AMEX Platinum Business FreedomPass credit card as there is no such thing as the expiry of the reward points.
You don’t have to spend a hefty sum in order to gain points; you are awarded one point for every dollar spent by you. Points can only be redeemed towards a purchase in 7500 increments, which is equal to a credit of up to $100, and they must be redeemed in a single request.
You don’t have to pay any annual fee and there is 0% intro APR for 12 months. The AMEX Platinum Business FreedomPass also has one of the lowest annual percentage rates of 12.99% for purchases on the cards where the balance does not accrue.
Paying the bill with AMEX Platinum Business FreedomPass is a cakewalk. You are spoilt for choices here, you can pay the bill in full each month or you can carry over the balance to the subsequent months. Using the Platinum Business FreedomPass is free of hassles and completely safe even if used for online purchases. You can track card spending and also get account alerts among the other benefits.
For recurring expenses like your wireless phone bill and insurance payment, you can use the card to automatically pay these routine charges which will appear on your billing statement. What’s more, you can pay them with one check instead of several and your AMEX bill pay is fee-free. To make you feel special the customer care is always there for you.
To add to the privileges AMEX Platinum Business FreedomPass credit card allows you to cash personal checks at more than 2200 American Express Travel Service Station locations, up to $ 10000 per account every 30 days and you may get up to $ 500 in cash and the balance in American Express Travelers Checks and if the card is lost it is replaced sometimes in as little as 24 hours.
Are 401k Loans a Good Idea?
Are 401k loans a good idea? No, not really, but they may still be your best option in certain situations.
Until you reach retirement age, 59 1/2 years old, there is a large penalty for withdrawing from your retirement account. If you take an early withdrawal you have to pay federal taxes, state taxes, and a ten percent penalty.
One way to avoid this and still take advantage of this money you’ve saved is to take a loan from your 401k, this is not available for everyone but some companies have worked it into their plans. There are a lot of downsides to doing this, however.
First of all, and this is often overlooked, the money you’ve borrowed isn’t being invested anymore. If you leave the money where it is in your account then you can keep earning returns on it, but while you’ve been borrowing it the money isn’t earning you more for your retirement.
You have five years to repay the loan, period. If you haven’t finished repaying it at that time then the remaining balance is treated as though you had cashed out in the first place, and you’ll then be charged taxes and the ten percent penalty on those funds.
Also, if you lose your job the balance becomes due and you’re typically given somewhere between one to two months to finish repaying the loan. If you don’t, then the balance is treated as though you cashed it out originally, and you’ll be charged the penalty and taxes on whatever you can’t repay.
On the upside, however, the internet on a 401k loan is very low compared to any of your other borrowing options, and the interest you pay goes straight into your retirement plan, so you’re paying the interest to your future self instead of a company. This is a big plus, and a large part of why so many people decide to take the risk.
If you feel you have no other option except to cash out your retirement account than borrowing instead and trying to make payments is certainly a better option for you, but if you have another option for getting funds I’d definitely recommend considering that first.