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3 Details In The Fine Print Everyone Card Holder Should Be Aware Of February 19, 2010 - 1:51 amCredit cards have a fairly simple concept: small personal loans given to someone, which must be paid upon monthly. The problem is many of the lenders out there are not your friends. Many of the lenders rely on predatory tactics to make a considerable profit on their often naïve customers. So what are some of the ways that a consumer can protect himself when it comes time to apply for a credit card?
It is all in the fine print. Most of us don’t bother reading the entire credit card offer, but you should if you want to responsibly use a credit card. What are some of the details that you should look out for? First, you should find credit cards with a fair annual…
Why Interest Rate Should Play A Role In Applying For A Credit Card January 26, 2010 - 1:50 am
In today’s economy, the ability to budget money is more important than ever. Shopping for a credit card should be treated the same as shopping for a car or a home, especially since the cost of owning one can come with devastating, long-term costs if you are not careful. During the process of applying for a credit card, it is crucial to understand the interest rate, since it will affect how much you owe the card issuer for each purchase.
In May of 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act. The bill defines credit card holder’s rights in order to protect the consumer. The CARD Act dictates that lending institutions must clearly state the cost of credit before a…
Red Flags In A Credit Card Agreement January 25, 2010 - 1:49 am
When applying for a credit card, it is important to be aware that there are some credit card red flags to watch out for. Even people with excellent credit ratings may end up getting a credit card that is far from ideal, because they did not read the fine print and pay attention to the terms and conditions of the agreement. The following are some of the main red flags that you may find in credit cards:
Watch out for credit cards that charge unreasonable fees. Check to see if you will be charged an annual or a monthly fee, and be certain that it is an amount you are prepared to invest in. Although some credit card fees are reasonable, many cards today will…
Does Applying For More Than One Credit Card At A Time Hurt Your Record January 24, 2010 - 1:49 am
Since 1956, the Fair Isaac Company, now known as FICO, has used a scoring system that negatively impacts almost all adult Americans. You may be more familiar with the term “FICO score”. Your FICO score determines what interest rate you will pay on your credit cards, car loans and mortgage. The higher your FICO score- or credit score- the lower your interest rate. The lower your score, the higher your interest rate. In other words, it’s a really important number to know. Over 1/3 of Americans don’t know their score, and even fewer people realize that something which they give almost no thought to-such as applying for credit cards-can lower their credit score.
It’s Saturday morning, and you’re running errands. You pop into your local…
Determining Whether You Need Another Credit Card January 23, 2010 - 1:48 am
No doubt about it, we are a credit-driven society. Credit card use and debt in the United States is at an all-time high, with consumers spending more than ever on a plethora of items and services. Add to that the fact that almost any item can be purchased over the internet, and the result is an environment in which credit card companies flourish. This had led to a flood of “snail mail” offers of newer, sleeker credit cards with lower interest rates or points-accumulating options, and credit card companies that have made the process of applying for a credit card easier than ever. Unfortunately, this ease can lead to consumers ending up with more credit cards than they need and with far greater debt than…
Can A Credit Card Company Retract Their Offer To Give You A Card January 22, 2010 - 1:48 am
Credit card offers arrive in the mail all the time. Some of them look like great deals, even offering balance transfers at zero percent for six months. You decide to take one of the credit card companies up on the offer and send in your credit card application. A few days later, you get a letter saying your credit card application was denied, or that the company will offer you a card, but with a much lower limit than advertised. How could this be? It’s because a credit card company can retract their offer to give you a card.
While there are many reasons a credit card company may decline an application, certain reasons for doing so are unlawful. Creditors cannot discriminate against anyone on…
How the Credit Card Act of 2009 Affects Consumers October 6, 2009 - 1:47 am
HR627 is the new credit card bill that was passed as the Credit Card Accountability, Responsibility and Disclosure Act of 2009. President Obama signed the bill into law recently. The House enacted the Senate’s presentation of this Act. Its purpose? “To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.”
It is human nature to want things that we cannot readily afford. It is also human nature to protect. The bill is supposed to serve as a means to end the seemingly unfair rate hikes and hidden fees; to not promote them. Lately, people are being bombarded with credit card offers.
Some card issuers have…
Applying For A Credit Card Online vs. Over The Phone October 6, 2009 - 1:47 am
There are several methods of applying for a credit card. Two of the quickest methods are completing an application over the phone or completing one online. Each of these methods has benefits that an applicant should understand when applying for a credit card. This will enable them to choose the application method most suited to their specific needs.
There are many advantages to an online credit card application. However, when applying for a credit card online, the applicant will need to access the application over a secure Internet connection. If a secure connection is not available, it is advisable to choose another method of applying. Once security has been established, the process is simple. One benefit of completing the application online is the time frame.…
Avoiding Credit Card Debt In A Rough Economy October 5, 2009 - 1:46 am
It wasn’t until the 1960s that credit cards became available to the average consumer, but now almost everyone uses them. These days, many are wondering if it’s possible to avoid credit card debt in the current rough economy. And it is, if you are willing to put in the required work to avoid it. Some steps involve having a budget, living within your means, having an emergency fund to pay for an emergency “� rather than using a card, paying your card off in full monthly and using your credit card like cash. If you use credit wisely, you will have a high credit score.
Noted financial expert Dave Ramsey says one of the smartest ways for people to stay out of credit card debt…
Important Facts About In-Store Credit Applications October 4, 2009 - 1:45 am
Credit card offers are a standard part of retail store policy. A day of shopping typically will yield two to three requests to apply for an in-store credit card. Before you apply for a credit card because of the cashier’s offer, you need to make sure you understand the pros and cons of in-store credit cards.
These cards typically come with a percentage off deal. One of the most common credit card offers for in-store cards is to offer you 10 percent off the day’s purchase. Some cards also promise coupons and other special deals if you apply for a credit card while you are in the store. Some stores even have free giveaways, such as t-shirts, coffee mugs, and other items for your use.…
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