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A Perfect Balance Between Interest Rates And Services May 23, 2010 - 2:01 amThe goal of any credit card holder is to maximize the utility of their card while also limiting their interest rates and interest paid. In addition, everyone who carries a credit card would like to have access to some specialized services that make holding the card worthwhile, especially if a yearly fee is associated with it. Finding a balance between low credit card interest and special card services can be difficult, as many cards will offer one but not the other, or a combination of the two that is not favorable for the consumer. Although cards that balance service and interest are difficult to come by, they do exist, and there are a few ways to help track down cards that offer the best value…
Your Credit Score And Three Things You May Not Know That Can Cause It To Decrease May 19, 2010 - 2:00 am
Would you like to save 20% off your purchase today and open an account with us? Simple questions and seemingly great opportunities are not all they appear to be. Did you know that every time you fill out credit card applications, points drop from your credit, lowering your score and compromising your overall credit worthiness? This score is the numerical value given to the consumer representing creditworthiness. It determines how much risk the consumer is to the lender. Higher numbers indicate good credit while lower numbers reflect poorly.
Payment history factors nearly 35% of the score’s equation. Determined by using payment dates, frequency of payment and delinquencies, amounts due, public records, collection agencies and how recent each reported item is. It’s common to think of…
Understanding The Difference Between Low Annual Interest Rates And Balance Transfer Rates May 18, 2010 - 2:00 am
Today’s society is one that relies more on plastic than on money to pay for products and services. Debit cards and credit cards are the norm for the majority of consumers. Debit cards withdraw funds directly from your bank account. If there is no money in your account, then you cannot make a purchase. Credit cards, on the other hand, are like small loans extended to consumers for small or large purchases. They can be used at retailers, for gasoline, groceries, and practically anything else. The number of credit card types available from every financial institution is staggering. There seems to be a credit card to suit every individual, business, and budget out there. Credit card companies make their money on interest rates, which are…
Two Reasons Credit Card Companies Send Balance Transfer Checks In The Mail May 17, 2010 - 1:59 am
Many of us have received at least one balance transfer check in the mail, together with your monthly statement, and chances are the number has been extremely higher than that. Some companies tend to send out these offers at least once a month or even once a week. Most people in today’s society rely more on plastic, such as debit or credit cards, to make purchases rather than carry cash. A balance transfer is basically a type of debt consolidation because you’re transferring the balances from one or more accounts onto a single account. The purpose of this is to help people reduce their debts because they can focus on one payment every month instead of several payments scattered throughout the month. The credit card…
Three Pieces Of Information You Will Need To Know To Apply Online For A Credit Card May 16, 2010 - 1:59 am
You know you want it! Now, the question is how to get it. The answer is with a credit card. Filling out an application for a credit card online has been made a lot simpler and there are hundreds of credit cards to apply for, providing you are willing to share your personal information. Credit card companies are willing to loan you money for your much-wanted purchases and expenses, but they do want some assurances from you. Simple things – like do you have an address, for instance. (It’s true, credit card companies don’t like to send statements to ‘the guy in the red jacket sitting in front of Jackie’s Diner with the shopping cart’. Delivery is just never assured.)
The personal information you must…
How Not Knowing The Full Extent Of Your Credit History Can Hurt Your Chances Of Getting A Credit Card May 15, 2010 - 1:58 am
Whenever you fill out a credit card application, the credit card companies use your credit report to determine how good you are at paying back debts. A credit report lists all loans, credit cards, and financial debts that you have ever applied for, paid, or haven’t paid, and if you have ever claimed bankruptcy. In short, it lays out your entire credit history. It assesses what the chances are that you will be diligent with clearing up your monthly payments and keeping your balance under the maximum limit that they have assigned to you. Credit reports are used by financial applications, insurance companies, cell phone companies, and government departments. Each credit report has a credit score assigned to it as well. This score is used…
Three Services Annual Fee Credit Cards Have That Are Often Missing In No Annual Fee Cards May 8, 2010 - 1:58 am
The recent enactment of legislation, that protects credit card holders from excessive fees and rates, has credit card companies seeking new ways to earn revenue. One solution will be to go after high net worth customers willing to spend money for cards that will give them the extra perks that most annual fee credit cards do not provide. Three areas of perks that such cards provide are travel, shopping/concierge and entertainment. With little exception, these perks will be difficult to find with no annual fee credit cards.
Travel perks for annual fee credit cards may include double and triple miles on a particular airline, waived fees to check baggage, access to the ever exclusive airline lounges at airports and even a certain number of companion…
Three Important Things To Know About Your Credit Card Agreement And Fees You Can Be Charged May 7, 2010 - 1:57 am
North America is credit-driven, of that there can be no doubt. With over 10 billion dollars being paid out every year by cardholders in penalties alone, not only are we spending money, but we’re also neglecting to pay it back. Often, this can be because of a change in employment or financial situation, or because new debtors are often unaware of just how the credit card system works and how they can easily become trapped in a cycle of minimum payments and late credit card fees. Credit card companies are eager to offer cards, and almost anyone can now obtain at least a high-interest low-limit credit card. But all cards, no matter their type or benefits, will come with a credit card agreement that almost…
Shopping Around For The Best Credit Card Options And Why It Is A Good Idea To Call Multiple Companies May 6, 2010 - 1:57 am
No fee. Low interest. Balance transfer. Prime rate. These are just a few of the terms used by credit card companies to draw in potential cardholders, and many prospective credit users are not sure what kind of credit card options there are, or how one card differs from another. New debtors will often jump at the first credit card offer that comes along, unaware that it may be profoundly unfair because of interest rates or credit card fees, but lack the experience to know that is the case. No matter the reason for obtaining a credit card or the number of cards already held, it is important to shop around before ever signing an agreement.
For someone filling out credit card applications for the first…
How Interest On Credit Cards Is Calculated And Two Ways To Minimize This May 5, 2010 - 1:56 am
These days, we are living in a cashless society. A majority of us barely even carry enough money around to purchase a cup of coffee at the local café. Most purchases are done using a debit card or credit card directly at the merchant location. Some banks charge a small fee per debit card transaction, which is usually overlooked by most consumers. But, when it comes to credit cards, you may be paying a lot more than you intend to.
The purpose of a credit card is to allow the user to ‘borrow’ money to purchase a wide variety of products and services. The credit card company then expects you to pay this back on a monthly basis at a set interest rate amount. This…
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