How To Rescind An Offer Gracefully
Rescinding offers has a psychological effect thats probably on par with losing a job and can mar a companys employment brand, especially if done in a robotic and inhuman way, Hanrahan said.
Rescinding an offer is a trust betrayal, Sucher said, and calls for the company to acknowledge the harm its created, explain why it did it, and make an offer of repair.
Apologies should acknowledge the rigor of the interview process did the candidate have to go through 20 interviews to get the job? as well as the fact that the candidate may have already given notice at their current job, leaving them in a potentially precarious employment situation. Taking these personal factors into account when apologizing at least will give the person the sense that theyre being treated like an actual human being, and not just like a number, Sucher said.
Secondly, an explanation for why the company rescinded the offer should be pretty persuasive and may address what outcomes the decision makers are trying to avoid by rescinding, Sucher said.
I think we need to imagine a world where job offers dont mean anything, Sucher said. Theres no universe that most people would want to live in where a commitment to have a job can be so easily walked away from on the part of the company that made the offer.
Secured Sable One Debit Card
Best For Unsecured Cards.
Secured Sable is one of the quickest companies to provide you with an unsecured card.
This can happen in a four-month period.
Compared to other cards, this is a short amount of time.
This card also helps people improve their credit scores with enhanced data reporting.
As a cardholder, you also get a 2X cash back match, so you can earn rewards while working to improve your credit score.
Theres also a 2% unlimited cash back for set brands, which is another excellent way to get rewards.
With no monthly or annual fee, the Secured Sable ONE Card is an excellent option for people looking for a card that doesnt have extra fees.
Key Features:
- They have a low APR of prime + 6.99%, which is how they avoid charging hidden fees.
- I like how they offer access to credit in 5 minutes, making it one of the quickest ways to get approved.
- In addition, they have a 98% approval rate.
- The unlimited cash back and premium perks are great for people who want to save money and get rewards.
The Small Business Administration Will Consider Lifting A Decades
The change could open the door for fintechs to write loans backed by the SBA 7 program.
The Biden administration’s efforts to help small-business owners get better access to capital could open up a big opportunity for fintech lenders.
The Small Business Administration will soon propose a rule change that could lift a 40-year moratorium on new licenses for nonbanks including fintechs to lend through its largest loan program. The plan was revealed last week in a list of policy initiatives from Vice President Kamala Harris aimed at advancing racial equity in small-business ownership.
The change could open the door for fintechs to write loans backed by the SBA 7 program, a roughly $35 billion annual program that offers loans up to $5 million to small businesses, backed up to 85% by the federal government.
The program is mostly limited to depository institutions or banks. Some non-depository lenders can write the loans through a special license overseen by the SBA. But the number of small business lending company licenses has been capped at 14 since 1982, meaning lenders that wish to participate must either bid for one of those licenses or partner with a bank on the loans.
For too long, the small business ecosystem in underserved communities has struggled to keep up with better funded businesses and entrepreneurs in more prosperous communities, Harris said.
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Do Secured Credit Cards Help Build Credit
The potential for building credit is one of the biggest benefits of opening a secured credit card. A secured card can help you improve your credit score if you choose one that reports to the three major credit bureaus and if you demonstrate responsible use of the account.
Two important factors that determine your credit score are your payment history and your utilization ratio. Your payment history is reported to the credit bureaus, and if you pay your secured card on time every month, this record of steady payments could improve your credit score.
is the amount of credit you’re actively using versus the total available credit you have. If you have a secured card with a $500 limit and you charged $100 to it, your utilization ratio is $100 divided by $500, or 20%. Keeping your credit utilization below 30% is ideal for working toward a good credit score.
Whats The Difference Between Secured And Unsecured Credit Cards
When you apply for an unsecured card, the issuer relies mainly on your credit score to approve or reject your application. A poor credit score limits you to cards designed for consumers whove made financial mistakes. These subprime cards are expensive and have few perks.
The audience for secured cards consists of consumers with bad, limited, or no credit. Secured cards usually have lower costs and more significant benefits than subprime unsecured cards.
Your deposit will usually determine the credit limit on your secured card. For example, a $200 security deposit will get you a $200 credit limit, although the Capital One Platinum Secured Credit Card may allow a lower deposit amount. Secured card Issuers determine the minimum and maximum deposit amounts.
In some cases, secured cards enforce an initial minimum credit limit but allow cardholders to add funds after a set period. Other secured cards let you make an initial deposit that exceeds the minimum.
Many secured credit cards charge a lower APR and smaller fees than what youd pay with similar unsecured credit cards because your deposit reduces the issuers risk of late and missed payments. Although the upfront deposit may seem an unattractive feature, it is refundable, facilitates access to the card, and reduces your costs.
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Are There Secured Business Cards
It can be hard to find a secured business credit card. We know of one from Bank of America, the Business Advantage Unlimited Cash Rewards Secured credit card. It requires cardowners to personally guarantee payments.
If you own a small business or are self-employed, you may prefer to get a secured personal credit card, such as the cards reviewed in this article, instead of a secured business credit card. You can use a secured personal credit card for business purchases and several offer rewards.
When Is A Secured Credit Card A Good Idea
Secured credit cards are a good idea when you’re looking to build or rebuild credit. They’re especially helpful if you can’t qualify for a regular credit card. After first understanding how credit cards work, the following will help you decide if a secured credit card is right for you.
Watch the video below to learn more about secured credit cards:
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Idbi Bank Imperium Platinum Credit Card
The IDBI Bank Imperium Platinum credit card is a VISA-branded secured credit card that is offered against fixed deposits.
Features of IDBI Bank Imperium Platinum Credit Card:
- This credit card is accepted in over 29 million outlets worldwide and 9 lakh Indian merchants.
- Withdraw cash up to 70% of your credit limit.
- Get up to 48 days of interest-free credit on your purchases and manage your payments at your convenience.
- Avail add-on cards for your parents, spouse, siblings or children above the age of 18 years.
Benefits of IDBI Bank Imperium Platinum Credit Card:
- Get 500 delight points as a welcome bonus.
- Get 2 delight points for every Rs.150 you spend on movies, travel, shopping, etc.
- Enjoy free delight points for making a minimum single transaction of Rs. 1500 within 30 days of card issuance.
- If your credit card is lost or stolen, you can block it by contacting IDBI Banks customer care.
- Enjoy exclusive offers on car rentals, hotels, airport shopping, and more.
Capital One Quicksilver Secured Cash Rewards Credit Card: Best For Flat
- What we love about the Capital One Quicksilver Secured: Few secured credit cards offer rewards and many of the ones that do impose caps on earnings, so this cards unlimited 1.5 percent cash back on every purchase is a standout offer.
- Who this card is good for: Credit builders seeking out hassle-free rewards as they work to build better credit. You wont have to change your spending habits to earn rewards, and you can even set your cash back to redeem automatically so you wont be distracted from your credit-building goal.
- Alternatives: Depending on your spending habits, the Discover it Secured cards bonus categories may be more lucrative. This cards first-year cash back match is especially impressive considering how few credit-building cards carry a welcome offer.
Read our full Capital One Quicksilver Secured Cash Rewards Credit Card review or jump back to offer details.
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Cons Of Secured Cards
- Money needed up front. It might be difficult to come up with the deposit needed to start your secured card account. If the hundreds-of-dollars down payment wont work for you, there are other cards for poor credit that will allow you to start an account without any money down an option for those in a tight situation.
- High fees and rates. As these are cards for those with bad credit, many secured options have high APRs and fees. If you apply for a secured card, be sure youre prepared to budget your spending and pay off your bills to avoid an expensive mistake.
- Lack of rewards. Though you can find them with some cash back options here, most cards for bad credit dont feature rewards. Unfortunately, secured cards are no different.
The Best Instant Approval Credit Cards In Canada 2022
By Keph Senett on October 11, 2022
If waiting stresses you out, consider one of these credit card options. In some cases, you can be approved on the spot and even start purchasing with your card right away.
If youre applying for a credit card, chances are you want it as soon as possible. Unfortunately, you often have to wait several days to see if you were approved, and then wait some more while the card makes its way to you in the mail. The good news is many credit cards now offer instant approval. You simply fill out an online application and the credit card provider runs automated checksyou know within minutes if your application has been approved or rejected.
As banking processes become increasingly digital, online credit card applications are becoming more common, and more issuers are offering instant approval credit cards. Here are the best ones available in Canada right now.
- See cards tailored for you from over 12 banks and card issuers
- No impact to your credit score
- Get an answer in under 60 seconds
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Secured Business Credit Cards
A business owner can qualify for a secured business credit card even the owner has low personal credit scores. With a secured card, you must place a security deposit with the issuer. That money is held in reserve in case you dont pay for purchases. The security deposit reduces the risk to the lender, so these cards are easier to get than traditional unsecured cards.
Your credit limit is usually equal to your deposit, so unless you place a large deposit with the issuer, your credit limit will be very low. However, if the card reports to business and/or consumer credit reporting agencies, an on-time payment history can help you build credit.
These cards dont have a very robust rewards program and have limited opportunities to earn bonuses. They also dont offer introductory APR promotions. But they can be a good starter card.
A popular option is the Wells Fargo Business secured credit card, which offers a credit limit between $500 and $25,000. Employee cards cost $25 each, but there is no foreign transaction fee. You can earn rewards points with this card at a rate of 1% cash back or 1 point per dollar spent. There is an annual fee after the first year for their rewards program. Earn points on everyday purchases for your business.
Capital One Secured Mastercard
Capital One will require a $49, $99, or $200 refundable security deposit based on your creditworthiness to activate your initial $200 credit limit. You can deposit more money into your account after activating your card to unlock a higher spending limit.
Capital One may also increase your credit limit after you make your first five payments on time with no added deposit required for the increase.
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How Do Secured Cards Work
To give you a line of credit, lenders want to know that youre likely to repay what you borrow. In many cases, a positive credit history provides the proof that credit card issuers need. Thats why it can be difficult to get approved for a credit card with a poor or limited credit history. Enter secured credit cards.
Opening a secured account is initiated with a cash deposit, which acts as collateral rather than a balance that you can pull from to pay off your purchases. Once youve made your deposit, most secured cards act just like unsecured cards. You can use them to make purchases in person or online, and then routinely pay off those purchases with the ability to build your credit. If you dont get your balances paid in a timely manner, youll face interest charges. In the worst case scenario where you start to default on payments, only then would your issuer start to pull from your deposit.
There is one notable feature often seen with secured cards. Because you provide the card issuer with a security deposit upfront rather than getting in on your creditworthiness, youll often see issuers set your credit limit equal to the security deposit you provided. Depending on your financial flexibility, you might be able to deposit more than the minimum to start with a higher credit limit and improve your utilization ratio. After getting started, a secured card works like any other card you have a revolving line of credit that replenishes as you make payments.
Can You Be Denied For A Credit Card
A bank can turn anyone down for a credit card even someone with excellent credit.
When you apply for a credit card, youre asking a bank for a loan. No bank is obligated to lend money to anyone.
Think of this as someone asking you to borrow money. Whether its a complete stranger or a family member, you dont have to say yes to anyone.
With that said, banks make money by approving loans and credit cards. Without the profits made from interest payments, most would go out of business. Theyre motivated to work with you as long as you qualify.
If you have a credit score that works with their standards, you will have a good shot at approval. But some banks have added rules that may disqualify you even if you have great credit.
Capital One, for example, only allows consumers to have two of its cards at any given time. If you apply for a third, youll receive an automatic rejection.
Chases 5/24 rule states that if you have five or more new bank card accounts opened within the last 24 months, youll most likely be rejected for a new Chase credit card even if you otherwise qualify.
Keep that in mind when youre applying for a card. After all, your credit score isnt the only thing banks look at when reviewing your application.
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Citi Secured Mastercard: Best For Citibank Members
- What we love about the Citi Secured Mastercard: Although you might not earn rewards or obtain the lowest rates and fees, Citibank members may enjoy more convenience from this secured card. A financial history with Citi could assist in the approval process, and any ThankYou Points earned by banking with Citi can come in handy if you upgrade to another Citi card in the future.
- Who this card is good for: Citibank clients and no-fuss credit-builders looking for a simple, affordable card as they launch their credit-building journey.
- Alternatives: With no annual fee, no rewards program and no welcome offer, the Citi Secured Mastercard places a strict focus on credit building and not much else. If youre after a bit more incentive for your efforts, the Discover it Secured is one of the best secured cards on the market that earns rewards. Youll also reap the benefits of Discovers Cashback Match first-year offer and you still wont have an added annual fee on top of your security deposit.
Read our full Citi Secured Mastercard review or jump back to offer details.