HINDS… credit cards in Jamaica attract rates above 40 per cent

The fact is that credit makes the business and investing world go round and if you are interested in leveraging your way to success, our panel of income ideas experts have a few tips you can use to propel your way to a prosperous 2018.

The easiest form of credit is the credit card and many people use that source of funding to leverage their business. However, director of Micro-Financing Solutions, Dino Hinds, offers a bit of caution.

“One of the easiest means of credit that a small business owner can access is a credit card. This, however, is also one of the most expensive means of credit that is available. Credit cards in Jamaica attract interest rates above 40 per cent per annum. This does not include annual fees and other charges that are levied by the banks for the use of this facility. My advice is to therefore use your credit cards wisely. Pay off most if not all your balance by the due date. Never take cash advances as these are extremely costly. Finally, choose cards that give you at least some benefits, such as cash back or travel miles.”

And for those who really want to grow their business, Hinds encourages them to look beyond credit for leverage. He says “by leveraging the skills and capabilities of others, the potential for growth is virtually limitless”.