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Should You Apply for a Credit Card to Get Out of Debt? July 24, 2011 - 8:32 am

Many consumers are facing debts they can barely keep up with and many of those debts are associated with credit cards. As more people are looking for ways to eliminate their debt problems, some will consider turning to credit cards as a solution for debt relief. There are many considerations to make before applying for a credit card, let alone applying for a card when you are in debt. You need to ask yourself why you want to add an additional burden to the debt you already have and actually sit and write out a plan for eliminating those debts. Exploring Your Options The first consideration you need to make about applying for a credit card to get out of debt is whether or not…

5 Reasons Business Credit Cards Make Sense July 20, 2011 - 8:31 am

If you are the owner of a small business and have not yet tried to apply for a credit card, there are some key benefits you need to consider. Credit cards for a business are a smart move because they are often the first foundation for a business’s own line of credit. Since most small businesses start on the financial reliance of the proprietor, a business credit card is a great way to finally separate the personal side of finances from the business side and create a solid business financial foundation. Here are 4 more reasons why the business credit card is beneficial to small business owners: Money Back Offers Many of today’s business credit cards offer rewards programs which give the business actual cash…

Credit Tips for College Students and Recent Graduates July 16, 2011 - 8:51 am

Turning 18 is the start of a lot of good things – graduating high school, becoming a legal adult, going to college, and the ability to get a credit card. Young adults, those in college and out, have to be careful about getting and using cards. How you use plastic in your younger years will have a big impact on your future cash flow and ability to borrow money. Don’t get a credit card right away. Though you are legally able to get a card once you turn 18, you shouldn’t be in a rush to get a new piece of plastic in your wallet. Even if you don’t get a card now, you can still get one in a few years. Being patient…

Tips for Making Big Credit Card Purchases July 12, 2011 - 10:46 am

Often, you may need to use your credit card for a large purchase, because you don’t have the cash to pay for the purchase. Or sometimes, you’d use your card because it is safer than using cash. Whenever you’re preparing for such a large purchase, follow these guidelines, even if you plan to repay the purchase when your statement arrives. Choose a credit card with a large limit. The card should have at least as much available as the amount of the purchase, plus a little bit more so there’s room for any finance charges. It’s better if your limit is much greater than your purchase since balances above 30% of the limit can negatively affect your score. Ask for a credit limit increase …

What Makes a Bad Credit Card Terrible? June 16, 2011 - 9:44 am

Every credit card is a product that’s designed to make money. Some cards are created to get more money from people who are deprived of credit and can’t get approved for better cards. Check out these features that make a bad credit card even worse. High annual fees without comparable benefits Some of the most prestigious cards have higher than average annual fees. So having a card with a $300 or $400 annual fee isn’t necessarily a bad thing. But, having plastic with a high annual fee and no benefit is. If your card charges you an annual fee, it should have comparable benefits, perks, and the opportunity to earn rewards that make up for the annual fee. Examples of benefits include concierge service, annual…

Your Credit Card and Your Credit Report June 14, 2011 - 9:37 am

When you apply for a credit card, it’s important to know that how you use that card will affect you in a big way. Most are reported to at least one of the three major credit bureaus. That means your credit history for that card will appear on at least one of your credit reports, and sooner than you think. What’s On Your Credit Report Your credit card application will trigger an inquiry, a look into your credit report. Reports contain a list of people who’ve checked your credit report in the past 2 years. Only those within the past year will affect your score, the number that “grades” your report. Once you’re approved for a credit card, the credit card issuer opens up an…

Is Your Business Ready for a Credit Card? June 12, 2011 - 9:33 am

Small business owners often use their own credit cards for business reasons as new business begins to get off the ground. If your business has been in the start-up phase for a while and profits are beginning to stabilize, it may be time to consider applying for a business card. With Small Businesses In Mind Small businesses have special needs than consumers and large corporations. In years past, credit card companies weren’t partial to the entrepreneur/small business set and therefore did not offer many incentives. Now, cards have come a long way. They have actually put a focus on what small business owners need. First, small business credit cards help a start-up company build its own credit foundation, allowing a separation between the owner and…

5 Reasons to Read Your Credit Card Billing Statement May 26, 2011 - 8:51 am

When you apply for a credit card, you can expect to receive a billing statement from your card provider every month. Card issuers are required to send your billing statement 21 days ahead of your due date to give you time to pay your bill. Since your due date will fall on the same day every month, you can expect to get your billing statement around the same time. Many people just glance at their billings statement to see how much to pay. Some people don’t look at their billing statements at all. The truth is that everyone with a card should thoroughly review every billing statement for several reasons. To make sure there’s no billing error. Billing statements are computerized now, so there’s…

How Much Can I Expect to Pay for a Credit Card? May 22, 2011 - 8:47 am

When you are looking to apply for a new credit card, it is important to consider the costs you will have to pay above and beyond the balances you charge on the account. Rules change often and if you are not careful, you may end up spending too much of your money for a card that you don’t often use. What Are the Costs? Many card providers have cut the ‘free ride’ they were offering through some of the programs. When the economy started to shake, credit card holders stopped making good on their payment commitments and many began to default on their accounts. As a result, companies began losing money – a lot of money. These days the terms and conditions of different card…

What Happens If I Never Established a Credit History? May 19, 2011 - 5:37 pm

As hard as it may seem to believe, there are some adults in the country that have never developed a credit history. Not having any history may initially seem like a positive thing but in reality, your lack of a solid credit foundation can do you much more harm than good. As there is more attention being placed on a consumer’s financial history and score, now is the perfect time to get established and at the same time save money in your everyday life. A good score can also help you find more affordable car insurance and can even be a factor in getting your next job. Why Credit Matters People usually begin establishing credit as young adults. Getting a card, opening store accounts, or…

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