Credit card with no deposit fee

How to record a deposit with Credit Card fees in QB Online

Do you use QuickBooks Online? Do you wonder what in the world to do? Where to start, what steps to take and what process to do? You're not alone; it's not intuitive or self explanatory at all. I feel your pain.

How to record a deposit with Credit Card fees in QB Online

I’ve created this handy dandy little infographic and included a few tips to make your life easier. Just pin this image or bookmark this post, and you never have to wonder what to do again (until they rearrange something, but most likely the process will stay the same;)

One of the reasons I favor Xero over QuickBooks Online is that Xero completes this transaction and bank reconciliation process in two simple steps.

In QuickBooks online, when you make a sale to a customer or buy something from a vendor, use this procedure to record the transaction and the money in your bank.

Since the Sales Process is more involved, here is a step by step tutorial that also includes what to do with those merchant processing fees that are taken out before the money is deposited into your bank. If you use PayPal, Etsy or a Credit Card Processor, you have to know how to account for the fees they take out and this shows you how.

Sales Process for QuickBooks Online + Merchant Processing Fees + Bank Transaction Matching

Use the "+" drop down menu in the top center of the Web Page:

  1. Under Customers, select Invoice (if delayed payment) or Sales Receipt (if instant payment) and create a new sale entering all the valid data (Customer Name, date, item, taxes, etc) & save. If you created a Sales Receipt, skip to step 3, because the Sales Receipt acts like a Receive Payment transaction.
  2. Then, back on the main page, go back to the "+"..and under Customers, select Receive Payment to enter the amount the customer actually paid you, which should be the invoice total.
  3. Make sure you select that the payment is Deposited to "Undeposited Funds"
  4. Back to the "+" menu, under Other, select Bank Deposits.
    1. Here you will find and select the sales that make up the deposit total.
    2. If you have credit card fees, bank fees, merchant processing fees or other deductions or additions that change the total deposit, scroll down to the bottom where it says "Add New Deposit"
      1. If it’s fees that lessen the total amount deposited, then you enter a (-) negative number. Select the Merchant Fees Cost of Goods Sold account or your Bank Fees Expense account.
      2. Make sure the actual deposited amount now matches the Sales transaction in QuickBooks less the fees.
  5. After the funds have been deposited to the bank and the transaction has time to process to show up online, go to the Transactions Tab on the Left hand menu bar of QuickBooks Online.
    1. Select the Bank Account you deposited the funds to.
    2. Match the Deposit in QBO to the deposit that came through your bank account.

Then, at month’s end, go to your Bank Register and Reconcile the Account to your Bank Statement. This is an easy step because if you've maintained matching the incoming bank transactions to what you have recorded in QuickBooks, then all of the "cleared" transactions will already be selected for the date range of the bank statement and the beginning and ending balance. Therefore there shouldn't be a difference between what you've cleared in Quickbooks and what cleared your bank that month. Simply press Reconcile if this is the case.

Fun, right? This is why I don’t use QuickBooks, but in case you have to use it because you’re in Canada, or if you feel you should use it because they are the ones connected to your AmEx and almost all banks have export files specifically for QB, then I’ve created this post for you.

Definitely befriend the QBO help community, and thankfully, they do have a great help center both by chat and by phone. Click Here for QuickBooks Support

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Best Credit Cards with No Annual Fees

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Best Credit Cards with No Annual Fees

There are many conditions that we want fulfilled in the credit card of our choice starting from the rewards, discounts, air miles, etc. that complement our lifestyle the best and maximize our savings. More often than not, most reward credit cards today also come with a high price tag in the form of an annual fee that is slapped on your bill year after year. This is the fee you are paying to use a particular credit card and nothing else. This fee varies depending on the card and the card issuer.

Credit card with no deposit fee

There are however some credit cards in Singapore today that are high on rewards as well as provide an annual fee waiver for life, i.e. perpetual fee waiver where you never have to pay the card issuer a fee for using this card for as long as you choose to have it. These credit cards that charge no annual fees give you cash rebates as well as rewards on travel, dining, entertainment, shopping and much more.

How to choose No Annual Fee Credit Cards

There are various parameters that you should consider when choosing a credit card with no annual fees:

  • Credit card issuer – There are over 10 reputed banks in Singapore that offer a plethora of credit card options to customers. It is advisable to choose one that offers good customer service and assistance.
  • Interest rates – Interest rates on credit cards in Singapore average between 24% p.a. and 28% p.a. You don’t want to choose a credit card that does not charge an annual fee but charges a very high interest rate. This will cost you more in the long run.
  • Promotional rates – Many banks offer promotional rates when using a credit card for a balance transfer or offer promotional rates on other credit lines such as loans, deposits, etc. for maintaining a relationship with the bank.
  • Credit card rewards – Choose a credit card that offers high rewards on categories that you spend on the most such as travel, shopping, dining, etc. This way, you’ll get the maximum rewards on your credit card spends.
  • Sign-up bonuses – Many credit card issuers offer sign-up bonus when applying for a credit card. This can be in the form of gifts such as luggage, a wrist watch, shopping vouchers, etc. or even in the form of air miles, cashback or credits.

Credit Cards with No Annual Fee

CIMB Credit Cards With No Annual fee

  • CIMB Epicure Dining in the City Promotion:
  • TungLok XiHé Peking Duck – Get 10% discount on the total food bill.
  • 8 Noodles - Get 10% discount on the total food bill.
  • Grandma’s – Spend at least S$50++ and enjoy 10% discount.
  • Naughty Nuri’s – Enjoy 10% discount on the St. Louis signature ribs.
  • Edge - Get 10% discount on lunch/dinner total bills.
  • Many more offers across different cuisines served by restaurants in Singapore.
  • This promotion is valid until December 31, 2017.

CIMB Visa Signature Credit Card

Features and Benefits at a glance:

  • Enjoy 10% cash rebate on Wine and Dine.
  • Enjoy 10% cash rebate on online transactions in foreign currency.
  • Enjoy 0.2% cash rebate on everything else with no cap.
  • No administrative fee charged on transactions in foreign currency.
  • Complimentary travel insurance for you and your family up to US$500,000.

Features and Benefits at a glance:

  • Spend at least S$2,000 per statement month and get 2% cash rebate on travel purchases, online purchases in foreign currency and overseas purchases.
  • Get a Priority Pass Membership with access to more than 700 VIP airport lounges in the world.
  • Enjoy a Personal Concierge service with this credit card.
  • Get complimentary travel insurance for you and your family.
  • Dining Privileges with up to 50% off at partner merchants.

Features and Benefits at a glance:

  • Enjoy 10% cash rebate on purchase of travel tickets and hotel bookings.
  • Enjoy 10% cash rebate on purchases related to Health, Beauty and Wellness.
  • Enjoy 0.2% cash rebate on everything else with no cap.
  • No administrative fee charged on transactions in foreign currency.

HSBC Credit Cards With no Annual fee

  • Enjoy 1+1 on your main course at Grounded by CMCR between Mondays and Fridays. Valid until June 30, 2017.
  • Spend at least S$100 at Zalora and get 15% discount across the store. Valid until December 31, 2017.
  • Enjoy 9% discount on HSBC’s Vacations through Valid until December 31, 2017.

HSBC Advance Visa Platinum Credit Card

Features and Benefits at a glance:

  • Enjoy 10X Rewards on your online transactions including flight/concert/movie tickets, travel/hotel/taxi bookings, paying insurance premiums, ordering food online, online shopping, etc.
  • Enjoy 10X Rewards on your dining transactions in Singapore at cafes, restaurants and fast food establishments.
  • Enjoy 10X Rewards on your entertainment transactions in Singapore at bars, pubs, clubs and family KTVs.
  • Earn 1X Rewards per S$1 spent on everything else.

Confused about which credit card to get? Why you so blur? Just see what we got!Apply Now

Credit Cards with Annual Fee Waivers

OCBC Credit Cards with Annual fee Waivers

  • Avis – Enjoy up to 35% discount on fares on your Visa credit card. Valid until December 31, 2017.
  • Bintan Lagoon Resort – Enjoy discounts of 10% on holiday packages and F&B. Valid until January 31, 2018.
  • Expedia – Enjoy 10% discount on your hotel bookings. Valid until January 31, 2019.

Features and Benefits at a glance:

  • Annual fee waiver – 2 years.
  • Get 3% cashback on local weekday and overseas dining. 6% cashback on local weekend dining.
  • Get 3% cashback on online shopping including purchase of movie tickets, fashion and travel purchases using OCBC 365 Card.
  • Get 6% cashback on fuel purchases at Caltex. 5% cashback across every other fuel station.
  • Get 3% cashback on purchases at supermarkets in Singapore.
  • Get 3% cashback on recurring telecommunication bills including M1, StarHub and SingTel.
  • Get 0.3% cashback on everything else.
  • Minimum monthly spend of S$600 is required to earn cashback, otherwise you will get 0.3% cashback on all purchases.

Features and Benefits at a glance:

  • Annual fee waiver – 2 years.
  • Earn 6% rebate on online transactions including purchase of gadgets, clothes, flight and hotel bookings, etc. Enjoy an additional 2% rebate on the Apple Online Store when making eligible purchases.
  • Earn 5% rebate on entertainment related purchases with OCBC Frank Card between Fridays and Sundays at KTVs, clubs, bars, cinema and select cafes. 3% rebate on entertainment related purchases during the rest of the week.
  • Minimum monthly spend of S$400 is required and the monthly rebate is capped at S$60.
  • Design your own credit card by choosing from 120 different card designs.

HSBC Credit Cards With Annual fee Waiver

HSBC Revolution Credit Card

Features and Benefits at a glance:

  • Annual fee waiver – 2 years.
  • Enjoy 5X Rewards points or 2 air miles on your online transactions including flight/concert/movie tickets, travel/hotel/taxi bookings, paying insurance premiums, ordering food online, online shopping, etc.
  • Enjoy 5X Rewards or 2 air miles on your dining transactions in Singapore at cafes, restaurants and fast food establishments.
  • Enjoy 5X Rewards or 2 air miles on your entertainment transactions with hsbc revolution in Singapore at bars, pubs, clubs and family KTVs.
  • Earn 1X Rewards per S$1 spent on everything else.

DBS/POSB Credit Cards with Annual fee Waiver

  • Kaligo – Get up to 13 air miles for every S$1 spent at Kaligo on your DBS Altitude Cards. Valid until December 31, 2017.
  • Alila Hotels and Resorts: 2 Faces of Bali - DBS Altitude Credit Cardholders will enjoy customized package trips to Bali at discounted prices. Valid until March 31, 2018. The packages are:
    • Alila Manggis and Alila Seminyak at US$700 per couple.
    • Alila Seminyak and Alila Ubud at S$750 per couple.
    • Alila Seminyak and Alila Villas Uluwatu at US$1,685 per couple.
    • Alila Ubud and Alila Villas Uluwatu at US$1600 per couple.

DBS Altitude Visa Signature Card

Features and Benefits at a glance:

  • Annual fee waiver – 1 year.
  • Until July 31, 2017, spend at least S$2,500 every calendar month and earn double reward points on your transactions where S$1 spent will be equivalent to up to 6 miles.
  • Earn 3 miles per S$1 spent on online flight ticket purchases and hotel bookings up to S$5,000 a month.
  • Earn 2 miles per S$1 spent overseas in foreign currency.
  • Earn 1.2 miles per S$1 spent in Singapore.
  • Get a complimentary Priority Pass Membership where you will enjoy 2 complimentary access to global airport lounges per 12 month period.
  • Enjoy complimentary travel accident insurance cover up to S$1 million.
  • Enjoy personalized assistance from DBS Altitude Butler Service.

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/ The Best Bad Credit Cards with No Deposit – You Can Avoid Secured Cards!

If your credit rating is in the low 600’s or worse, then you’ll be stuck looking for a bad credit card and most of them are secured. This means you’ll likely have to put up collateral towards your credit limit. While this deposit is usually refunded at some point, it’s obviously preferred to avoid this cost altogether.

So if you do have a low FICO score, there are some cards you can apply for that might qualify you without a deposit. There’s a possibility they will ask for a deposit still, but each of these cards have been approved for borrowers with weak credit ratings before.

The Best No-Deposit Cards for Bad Credit

While the options are limited, the team at Elite Personal Finance has brought together a short list of quality business credit cards that don’t require deposits. We recommend you consider Prepaid Business Cards as an alternative though; if you have bad credit, a prepaid card has no interest typically so you don’t have to worry about facing a potential APR rate of 20% or higher.

The best cards that don’t require a deposit or collateral funds at the moment include:

The Credit One Bank Unsecured VISA

This card will pre-qualify you, which means you can get guaranteed a certain credit limit without making a hard inquiry to your credit report.

Gas and grocery shopping gets you 1% cashback with this unsecured. No deposit is required since it’s 100% unsecured. After you pay on time for a little bit you might be given the chance to take on a larger credit limit.

ItВ gives you the ability to track your FICO score whenever you want to see it. You can also check out your credit report whenever you wish.

There’s an APR rate of between 15.65% and 24.15%. Your annual fee will be $75 for the first year and it will come out of the available balance when it first opens. The annual fee could be as much as $99 after the first year.

There’s a $95 processing fee you have to pay once you get approved. There’s also a 36% APR rate. This is super high, but even those with destroyed credit stand a chance to qualify.

Your annual fee can run from $75 to $125 in the introductory year and $45 to $49 in the following years.

Unfortunately, both the First PREMIER Bank and the FIRST PREMIER Bank Gold do not currently allow applicants from New York or Wisconsin.

On the plus side, after a bit of time you can get a credit limit increase on your First PREMIER Bank credit card(s). This will help you grow your total available credit and lower your utilization rate.

This card also offers pre-qualification, so you can avoid the hard inquiry defect on your credit report.

It has a fixed rate APR of 23.9% and there’s only a $35 annual fee. You could potentially get approved for this card with as low as a 630 FICO score.

Aside from the high APR, there’s also a 1% foreign transaction fee which makes it a non-ideal to use while traveling abroad.

There are no major perks with this card. You don’t get rewards back, but at least the annual fee is low. The best thing about the Milestone Gold MasterCard is the fact that even those with poor credit can get accepted for it.

Another cool feature is the ability to custom select the physical card’s design.

The Indigo Platinum MasterCard

Pre-qualifications are also available for the Indigo Platinum MasterCard. Almost everyone, regardless of creditworthiness, can get accepted.

It covers your warranty for longer and offers a price protection policy. It even gives you identity restoration services for free if they’re ever needed.

You’re fixed to a $300 credit limit and the card features a 23.9% APR rate. When you apply, you can get pre-qualified; there’s no need to do a hard inquiry and drag your credit score down.

The interesting thing is how annual fees are charged. It goes based on your creditworthiness, with $0, $59 and $75 being the possible annual fees. If you get a $75 fee it will become $99 after your introductory year. This annual rate is excessive, so you will want to close itВ after it helps you get your FICO score strong enough to qualify for a much better unsecured card.

Another great feature with the Indigo Platinum MasterCard is the ability to choose the design of your card.

“Bad Credit” Credit Cards FAQs

Why apply for a high interest rate card?

You can get a better APR rate on a secured, but they won’t hold as much strength on your credit report. They are marked as ‘secured’ cards specifically, while an unsecured card that doesn’t require a deposit will be marked as ‘unsecured’ instead.

So taking on a higher interest rate might be worth it for you.

How do theyВ affect your credit score?

Your FICO score will vary depending on the amount of debt you have compared to the amount you are able to borrow. The average age of your credit accounts can also influence your credit rating in either direction. They will report your on-time payments so after a while you will notice a considerable credit rating boost.

Will a secured credit card work instead?

The last answer gives you some insight on why you don’t want to bother signing up for a secured credit card. However, if you aren’t happy with any of the no-deposit unsecured cards you should consider the Discover it Secured Card. This can be upgraded into an unsecured card and it gives up to 2% in cashback rewards, making it the best cashback secured card around.

Are prepaid business credit cards a good alternative?

We mentioned earlier that you might want to consider prepaid business cards instead of no-deposit unsecured. The biggest benefit of prepaid cards is the fact that you avoid paying interest altogether. If you carry a balance every month instead of paying off your purchases quickly, both secured and unsecured will easily cost a lot. While prepaid cards have no reward incentives, they are set up better than most credit cards for business purposes.

Look at the Bento MasterCard and the PEX VISA prepaid cards. They both let you specifically control how much money is loaded, how often a card funds itself, where each cardholder can spend funds (ex. gas stations ‘YES’, restaurants ‘NO’), and much more. The administrator of the employee cards can even suspend it(ex. if an employee quits) whenever necessary. All this can be done remotely, and you can even use an app to control all your employee cards from your cell phone if you go with the PEX VISA card specifically.

Many like the idea of a prepaid card because they work the same as a credit card, yet they have no APR rate to stress over. Another big selling point is the fact that the business owner’s personal credit doesn’t have to be drug through the mud in order to have a business credit line. It’s only an unappealing alternative if you need extra financing and you don’t have collateral funds to put up. But for those who are just against the idea of a secured card, it’s worth weighing out the benefits and downfalls of a prepaid business credit card.