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How to Spot a Good Prepaid Card Deal December 8, 2010 - 8:55 amWhen you can’t apply for a credit card, you might consider getting a prepaid card. These cards are similar to debit cards, but they’re not tied to a checking account. (Though some prepaid credit cards let you write a few checks a month.) The famous-for-being-famous Kardashian sisters launched a prepaid card recently and the reviews remind us all that some prepaid cards are duds. Here are some things to look for in a good prepaid card deal.
Low or No Monthly Fee
It’s common for prepaid cards to come with a monthly fee, but the best ones have low fees. Some even waive the fees if you deposit a certain amount each month or keep a certain minimum balance. Look for a prepaid card…
Prevent Credit Card Fraud With Virtual Credit Cards December 7, 2010 - 8:51 pm
Credit card fraud and incidents of identity theft are a concern for consumers throughout the year. Unfortunately during the holiday season the number of cases where people find themselves victims of these crimes tends to increase. This is in part due to the increased number of credit card transactions which occur during this time of year. To reduce the risk of falling victim to a thief or con artist, consider using a virtual credit card when making online purchases or transactions.
What is a virtual credit card?
If you are unfamiliar with a virtual credit card or virtual credit card numbers, the concept is relatively simple. Instead of using the information on your “real” credit card such as the account number, expiration date and security…
How Hard Is It to Get a Credit Card December 5, 2010 - 8:34 am
Applying for a credit card is the easy part. You just fill in a few blanks of personal information you should already know – your name, address, date of birth, social security number, and income. Actually getting the credit card is a little harder.
Credit card companies check a few basic things when you apply for a credit card: your age, your income, and your credit history.
Age Requirements
A recent Federal law passed that makes it harder for young people to get a credit card. In most states, you have to be at least 18 years old to get a credit card, but credit card companies also have to verify income before they can give you a credit card. They must make sure you…
Holidays Are Best Time to Employ Credit Cards December 2, 2010 - 8:47 am
If you have been considering applying for a new credit card, the busy holiday shopping season is one of the best times to do it. There are a variety of reasons credit cards over cash makes more sense during the gift-buying season of the holidays. Using your plastic, especially rewards credit cards, can help you in ways cash or checks can not.
Let’s look at the advantages for holiday shoppers:
Convenience
Let’s face it – society is finding it easier every day to use credit cards. It is much more convenient than carrying cash. You have much more buying power and do not have the added pressure of carrying and potentially losing the cash money you are carrying in your wallet. Plus, you can…
Do Low Credit Card Interest Rates Really Matter? November 29, 2010 - 8:58 am
When it comes to credit cards, people are after the one that has the lowest interest rate, also call the APR or annual percentage rate. Smart credit card shoppers know to apply for the credit card that has the lowest interest rate, but why exactly does that matter? In some cases, interest rate doesn’t matter.
Background on Interest Rates
The interest rate is one of the things that affect how much you pay for your credit card. In general, the higher your interest rate, the higher your credit card cost.
Nearly all credit cards have multiple interest rates that apply in different situations so it’s sometimes hard to know exactly what interest rate you’ll be paying for a specific transaction. For example, there’s usually one…
What's On Your Credit Card Billing Statement November 27, 2010 - 8:55 am
Each month, your credit card company sends you a little document that includes some important information about your credit card – your credit card billing statement. Ignore your billing statement and you face a ton of consequences. Here’s some of the critical information you should expect to see on your credit report each month.
Minimum Payment Amount
The minimum payment is the least amount you can pay on your credit card balance and avoid late payment penalties. If you send less than the minimum payment, your credit card issuer will charge you late payment penalties, even if your payment was received before the due date.
Due Date
This is the date that your payment must be processed to be considered on time. Payments received…
Be Careful With Costs of Balance Transfer Cards November 26, 2010 - 8:52 am
Applying for a balance transfer credit card can be an ideal way to reduce the amount of credit card finance charges you have to pay and can be a good strategy for paying down credit card debts in a faster period of time. Balance transfer cards are meant to allow you to transfer existing balances on higher interest credit cards to a lower interest card. You can consolidate your credit card debts effectively if you know what you are doing.
There are some serious considerations to make before applying for a balance transfer credit card. Here are the things you should think about:
Do You Have a Plan?
In order for a balance transfer credit card to make sense for you financially, you have…
Beware Credit Card Skimming November 22, 2010 - 8:39 am
There are several types of credit card fraud. Some involve theft of your credit card, some thieves apply for a credit card in your name, or the thief can reroute your mail to another address. These types of fraud are easier to detect. Credit card skimming is a type of credit card theft that happens without you ever know it. Because credit card skimming allows the thief to steal your credit card information without stealing your credit card, the crime can often go undetected for weeks, months, or even years.
How Credit Card Skimming Works
A credit card skimmer is a small handheld device that captures and stores your credit card information when your credit card is swiped through it. Credit card skimming most often…
Understand Your Credit Card Grace Period November 19, 2010 - 8:47 am
One of the most important features of a credit card is the grace period. It determines whether you have to pay interest on your credit card balance or not. If you don’t know what your credit card grace period is, take a look at your billing statement or call your credit card issuer to find out.
What is a Grace Period?
The grace period is the amount of time you have to pay your balance in full every month and avoid interest charges. Grace periods vary from 25 to 20 days. The longer your grace period, the better because it means you have a few more days to pay off your credit card balance.
Credit card issuers have to mail your billing statement 21 days…
Tips for Managing Multiple Credit Cards in Your Life November 17, 2010 - 8:56 am
There is no set number of credit cards to have on hand at any point in your life. It really comes down to your level of responsibility for using credit wisely and managing your cards in an effective, beneficial manner.
Why Have Multiple Cards?
There are so many options for credit cards nowadays and multiple cards can offer benefits consumers did not have access to in the past. With the various reward programs now being offered, people can take advantage of the different rewards program benefits. If you can effectively manage multiple cards, you can reap the benefits of cash back, incentive earnings, and other rewards all at the same time you can actually put a lot more back in your pocket each month and…
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