Question 1

What is a business line of credit?

Accepted Answer

A business line of credit provides flexible access to funds up to a limit. You only pay interest on what you use, can draw and repay repeatedly, and it's useful for managing cash flow fluctuations.

Question 2

How do I read a credit card statement?

Accepted Answer

To read your credit card statement: check your statement balance (total owed), note the payment due date and minimum payment, review all transactions for accuracy, look at fees and interest charges, check your credit limit and available credit, and verify your rewards or points earned. Pay attention to the grace period to avoid interest.

Question 3

Can I have a bank account in a foreign country?

Accepted Answer

Yes, as a non-resident you can open foreign accounts, though requirements vary by country. You typically need passport, proof of address, and sometimes minimum deposits. Consider tax implications and reporting requirements.

Question 4

What is FATCA in banking?

Accepted Answer

FATCA (Foreign Account Tax Compliance Act) requires foreign banks to report accounts held by U.S. taxpayers to the IRS. U.S. citizens must report foreign accounts over $10,000 using FBAR (FinCEN Form 114).

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Frequently Asked Questions

What is a business line of credit?

How do I read a credit card statement?

Can I have a bank account in a foreign country?

What is FATCA in banking?

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