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What No Pre-Set Spending Limit Really Means January 3, 2011 - 8:13 am

Many credit cards and charge cards created for consumers with excellent credit come with no preset spending limit. On the surface, it seems like a person with one of these credit cards could charge to their heart’s content. But, that’s not usually the case. The term no present spending limit can be misleading. How Credit Limits Work Some credit cards come with an initial credit card already set. Sometimes the credit limit based on the credit card, i.e. a specific credit card might always come with a certain credit limit regardless of the applicant’s credit history. Other times, the credit limit is decided when you apply for a credit card based on your credit history. If you have good credit history, you’ll usually get a…

Beware Lower Interest Rate Phone Scams December 31, 2010 - 8:29 am

Who wouldn’t like to receive a low interest rate credit card? When you receive a phone call from someone saying they can help you lower your interest rate, you’d naturally jump at the chance. However, if you give out any information during this phone call, you’re most likely falling prey to a scam. Recently, a new type of scam has been used to trick consumers into giving out personal information that could be used in credit card fraud or identity theft. Or, the scammer could just want to get you to pay some money for their rate reduction services. Variations of the Rate Reduction Scam This credit card rate reduction scam involves a person calling you and promising to lower your credit card interest rate.…

Credit Card Habits to Avoid At All Times December 28, 2010 - 8:59 am

You have a plastic card in your wallet with a sizable credit limit. It can be a good feeling of security knowing you have a financial back up for emergencies or a method for gaining incentives for using your card as you normally do. There are many benefits for having a credit card but there are also many pitfalls for credit cards if you are not careful. Here are some tips for avoiding the bad credit card habits typical of consumers: Avoid the Overspend Temptation The biggest mistake that has left credit card holders in serious financial trouble is the temptation to overspend. Consumers who consider their credit cards limits as an extension of their income are likely to fall victim to temptation. That temptation…

How to Stop Credit Card Offers December 25, 2010 - 8:27 am

Credit card issuers want you to apply for a credit card, even when it’s the last thing that’s on your mind. Credit card offers can swamp your mailbox, adding extra mail for you to sort through. Fortunately, you don’t have to keep receiving these credit card offers, especially if you’re not interested in receiving them. There’s a process you can use to stop credit card offers from coming in the mail. Preapproved Isn’t Always Approved If you’ve ever responded to a “pre-approved” credit card offer, you may have been turned down. Why does this happen? When credit card issuers send these notices, they send them to everyone who meets a certain set of criteria. For example, they may mail pre-approved offers to everyone who has…

Just How Much Info Is Too Much for Credit Card Purchases? December 23, 2010 - 8:58 am

If you’ve been to any number of retailers recently, you may have noticed not only do they want your credit card, your signature, and your billing zip code, many clerks are delving further into your private information. What happens when they go too far and ask for stuff you just don’t want to divulge? Here are some tips for handling a credit card purchase that gets too personal: Do the Minimum If the clerk hands over your receipt and asks for more information that your signature such as your address, phone, or email address, simply sign the receipt as you are required and hand it back. In most cases, the clerk will not pay too much attention to what you have done and you can…

What Happens After You Apply for a Credit Card December 21, 2010 - 8:32 am

If you’ve never applied for a credit card before, you may not know what to expect from the credit card process. Read on to learn what will happen after you apply for a credit card. Approved or Denied? If you’re approved for the credit card, you’ll typically find out on the spot. Whether you’re making a live application with a person or you’re making one online, this approval notification often includes the amount of your credit limit. With store credit cards, you may be able to use your credit card account that day to make purchases. However, if you hear a message that you’ll receive something in the mail about your credit card application within 7 to 10 business days. Chances are that…

What Makes a Bad Credit Card? December 19, 2010 - 8:28 am

There are literally hundreds, and maybe even thousands, of credit cards you can choose from. Of course, not all these credit cars are good deals. Some of them are excellent, the credit card that everyone wants to have but not everyone qualifies for. Then, there are some that are despicable, that you should never consider when you apply for a credit card. As you look at different credit card terms, here is how you know if the one you are considering is a bad credit card. It has a high interest rate. Interest rate is one of the biggest factors to consider when you’re getting a credit card, especially if you know you’re going to be carrying a credit card balance. The interest rate…

How Smart Are Instant Approval Credit Card Choices? December 17, 2010 - 8:45 am

If you ever venture around online looking for credit card deals, you have likely been ransacked with advertisements touting instant approval on your online credit card application. It may should like a good deal if you are interested in a new credit card but for many with bad credit and low credit scores, there is no guarantee the approval will be forthcoming. How ‘Instant’ Are These Approvals? In most cases, instant approval credit cards are misleading. The instant approval generally results in a pre-approval based on the online application that has been completed by the consumer. Most times a credit card issuer will require more detailed information in order to officially offer a new credit card. The pre-approval application online is what generates the instant…

Credit Cards and Credit Utilization December 14, 2010 - 8:39 am

Part of your credit score – 30% to be precise – is based on how much of your credit you’re using. This ratio of available credit to credit limit is called your credit utilization. Credit utilization not only depends on how you use your credit cards, but also how you pay your credit card balances, too. Understanding how credit utilization works can ensure you use your credit cards in a way that will boost your credit score. Two Types of Credit Utilization Several different credit utilization ratios go into calculating your credit score. First, the credit score considers the credit utilization of each of your credit cards. If your credit card balance is $300 and your credit limit is $1,000, then your credit utilization for…

Understand Interest Rate Increases December 11, 2010 - 8:34 am

There was a time when credit card issuers could raise credit card interest rates whenever they wanted and keep your interest rate at that higher level for the duration of your credit card. Fortunately, the Federal government put laws in place that limit the times that banks can raise interest rates. In certain cases, credit card issuers must lower your interest rate back to previous level. When Can Banks Raise Your Interest Rate Federal rules gives guidelines for when credit card issuers can raise and when they must lower interest rates again. Your interest rate can increase at specific times: If you’re more than 60 days late on your credit card payment. If you’re under a debt management plan and the plan is completed or…

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