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Pros and Cons of Prepaid Credit Cards September 7, 2010 - 9:29 am

Their advertisements call prepaid credit cards an alternative to regular credit cards. Prepaid credit cards are thought of as something you get when your credit isn’t good enough to qualify for a regular credit card. While they behave similarly, prepaid credit cards are definitely different from regular credit cards. A prepaid credit card isn’t a credit card at all. From now on, we’ll just call them prepaid cards because that’s what they are. A credit card extends credit to you in the form of a credit limit. When you make purchases on your credit card, your balance goes up and your available credit goes down. You must make a payment to avoid certain penalties and get more available credit. A prepaid card does not extend…

Which is the Best Way to Make a Credit Card Payment? September 4, 2010 - 9:26 am

Most credit card companies offer three ways to make a credit card payment: via mail, over the phone, and over the internet. The most important aspect of choosing a credit card payment method is making sure the payment gets there on time. If your credit card payment arrives late one time, you face a late payment fee. If your payment is late two times in a row (60 days late), your credit card issuer can increase your interest rate. If your payment is late twice in a six-month period, your card issuer can charge you a higher late payment fee. If your payment is late by 30 days or more, the late payment will be reflected on your credit report. Paying credit cards by mail…

Four Times You Shouldn’t Apply for a Credit Card September 2, 2010 - 9:33 am

When you want a credit card, it’s easy to think of all kinds of reasons why you should get the credit card. But what about all the reasons you shouldn’t get a credit card. It’s your responsibility to only apply for a credit card when you can actually afford it and use it responsibly. To help you with your decision, here are four times you shouldn’t apply for a credit card. You haven’t read the credit card disclosure You should never apply for a credit card if you haven’t read the credit card disclosures. The credit card disclosure includes important information about what the credit card costs – the interest rate, any annual fee, late fees, and transaction fees. Reading the credit card disclosure helps…

Business Owner Find Big Benefits with Travel Cards August 30, 2010 - 9:00 am

For those who own a business that involves a lot of travel, you should know that applying for a credit card can be beneficial to your bottom line if you pick the right card. With so many credit cards to choose from these days, your goal should be to find the credit card that offers you incentives and rewards relating to travel so regular business trips become more than just another expense. Travel credit cards are specifically tailored to meet the needs of a business. One perk is the reward points you own towards airline miles and other travel rewards are offer higher in amounts than cards meant for consumers. You can earn travel rewards points faster too. How to Select the Right Travel Card…

5 Times It’s Ok to Make Minimum Payments August 27, 2010 - 12:29 pm

Most credit card advice is to always pay more than the minimum on your credit cards. When you make minimum only payments it increases the amount of time it takes to pay off your credit card balance. Not only that, you’ll end up paying more in interest making minimum only payments than you would if you increased your monthly payments. While that “pay more than the minimum” advice is good advice, it doesn’t fit every situation. There are times when it’s ok to make minimum only payments. When you’re focusing on paying off another credit card The most effective get-out-of-debt plans involve you making a lump-sum payment to one credit card while making the minimum payments on all your credit cards. This works because you’re…

Should You Get a Credit Card With an Annual Fee? August 23, 2010 - 9:00 am

Credit cards are more commonly including an annual fee with their credit cards, now that they’re limited on the amount of interest and late fees they can charge. Before you apply for a credit card with an annual fee, weigh the pros and cons of paying the fee. You might find that having that particular credit card isn’t worth the extra cost. The Downside of Annual Fees The bad thing about paying an annual fee is the opportunity cost of doing something else with that money. However, you may be able to justify accepting a credit card offer that has a $20 annual fee versus one that has a $100 annual fee. Another problem with annual fees is that you have to pay the fee…

5 Mistakes You Can’t Afford To Make With a Credit Card August 21, 2010 - 9:00 am

Applying for a new credit is a task not to be taken lightly. With so much competition on the market today, credit card companies are always trying to outdo each other to get a consumer’s business. This can result in a seemingly endless flood of credit card offers and rewards incentives that all looks so good, a consumer can’t help but resist applying for all of them. Credit histories and scores are the gauge that lets lenders know if you are creditworthy enough to take on financial obligations. If you apply for and use credit cards erroneously, you can be setting yourself up for a lifetime of big debts and bad credit. Here are 5 mistakes you need to avoid when applying for a new…

Why Promotional Rates Confuse Consumers August 18, 2010 - 9:00 am

Credit card offers come in all shapes and sizes and many will immediately promise you the best deals on the plant. Credit card companies are competitive and when you are ready to apply for a new credit card, you may get more than you bargained for in return. Understanding Promotions Credit card companies take new business seriously so many times they are willing to pull out all stops to make their offer the most appealing to you. Typically the ideal way to gain the right interest from consumers is by offering the best pricing on the market. Interest rates are one of the main consideration factors a consumer uses when considering a applying new credit card. The interest rate will be determined by the credit…

What to Consider Before You Get a Store Credit Card August 16, 2010 - 9:00 am

There’s no shortage of sales clerks practically begging you to sign up for their store’s credit card. They’ve gone from simply telling you that you’ll save 10% on your purchase, to giving you the actual dollar amount you’ll save. “Would you like to save $15.66 on your purchase today?” My answer is usually “Yes, but not if it means signing up for a credit card.” Store credit cards may be good for some people but they aren’t for everyone. The next time you’re tempted to apply for a store credit card, consider these things. Can you afford another credit card? Saving a few dollars is great, but it isn’t a good enough reason to go into debt. If your current credit cards are maxed out…

Reasons You Shouldn’t Co-Sign for a Credit Card August 14, 2010 - 9:00 am

With the recent change in credit card requirements for young adults, you can pretty much count on your 18-21 year-old child, relative, or friend asking you to co-sign a credit card for them. Federal law now requires credit card companies to verify a young adult’s income when they apply for a credit card. If the young person doesn’t have sufficient income to pay the credit card bill, they’ll need an adult co-signer who does have enough income. Before you agree to sign, make sure you know the consequences. Drawbacks of Co-Signing When you co-sign for a credit card, you’re just as much responsible for the credit card balance as the other person. When your young adult can’t afford to pay the credit card balance, the…

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