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Don’t Let Your Credit Card Get Dusty November 15, 2010 - 8:13 am

Though many of us have several credit cards in our wallets, only a few of them may be used on a regular basis. The others may be ignored for months or even years. There are a few good reasons to keep all your credit cards in regular rotation. Avoid Credit Card Closure If you’re not using your credit card, your credit card issuer may close your credit card. Recently, credit card issuers have been known to close inactive credit cards more frequently so they can issue credit cards to consumers who will use them. On the surface, it may seem that losing a credit card you never use doesn’t matter, but it does. More often than not, there a negative consequence to having a credit…

Are Charge Cards Better Than Credit Cards? November 11, 2010 - 8:04 am

The first credit cards were actually charge cards which required you to pay your balance in full at the end of each month. Credit cards that allowed you to carry or “revolve” your balance were introduced decades later. If you’re on the market for a new credit card, you may consider whether you should apply for a credit card or a charge card. Can you pay in full each month? The biggest difference between charge cards and credit cards – and often the deciding factor – is whether you can afford to pay for your charges in full each month. Charge cards generally don’t let you carry a balance beyond the due date. If you miss your payment, you face hefty interest fees or a…

Factors to Consider When You Apply For a Credit Card November 8, 2010 - 8:25 am

When you apply for a credit card, you’ll want to take several factors into consideration. Most credit cards promote their perks – things like transfer balance offers, introductory interest rates and rewards credit card programs; but you need to take a closer look at the whole picture to select the best credit card for your needs and not be swayed by the “perks”. Credit Card Fees The first thing you need to look at before you apply for a credit card is what kind of fees the card will charge you. Is there an annual fee for using the card? Is there an annual fee for participation in the rewards program? What are the over-the-limit fees? How much does the card charge for late fees?…

What to Do If You’re Denied a Credit Card November 5, 2010 - 8:37 am

Even consumers with the best of credit scores get turned down for low interest credit cards from time to time. When you apply for a credit card, the credit card issuer will look at more than your credit history to decide whether to approve your application. For example, your income and other debt obligations are also used to decide whether you should get the credit card you applied for. Adverse Action Letter If your credit card application is denied in person or online, you probably won’t find out immediately why you were turned down. Instead, you’ll receive a letter in the mail (even if you made the application by mail) that explains why you were denied. There are two different Federal laws that require…

Managing Your Credit Limit November 3, 2010 - 8:21 am

Your credit limit is the maximum amount you can charge on your credit card without receiving a penalty. After you apply for a credit card, the credit card issuer will let you know what your credit limit will be. It’s important that you keep your credit limit in mind as you use your credit card. Choose Whether to Pay the Over-the-Limit Fee Expect your credit card issuer to ask if you want to opt-in or opt-out of over-the-limit fees. This means you decide whether you want your card issuer to process over-the-limit transactions or not. If you decide to opt-out, your over-the-limit transactions will be declined. You’ll have to go without these purchases or choose another method of payment. On the other hand, if you…

Why You Need to Sign the Back of Your Card November 1, 2010 - 8:06 am

In a world where credit card fraud and scams are pretty common occurrences, people are adopting some of the own personal practices as added protection. One of the most popular methods of security credit cardholders are using these days is opting not to sign the back of the credit card. In theory it sounds like a good idea but you may actually be sabotaging your contract with the credit card company. An Ineffective Security Measure The purpose of people not signing their cards is used as a security measure. Essentially, cardholders don’t add their signature to the back of the card and instead write ‘SEE ID’. This is supposed to prompt cashiers to ask the cardholders for proper photo identification to confirm the right person…

What Your Credit Report Tells About Your Credit Cards October 29, 2010 - 8:47 am

If your credit card reports to the three major credit bureaus, as most credit cards do, then nearly everything you do with your credit card appears on your credit report. Your credit report is a compilation of your credit-based activity. It’s the basis of your credit score, the number that creditors, lenders, employers, insurance companies, and other businesses use to make decisions about you. Your Payment Status Each month, your credit card issuer updates your credit report to show whether that month’s payment was received on time. If you’re on time or less than 30 days late, your payment status is reported as “Ok.” However, if you’re more than 30 days late, your credit report is updated to show the late payment. Late payments progress…

What to Pay When You Can’t Afford to Pay in Full October 27, 2010 - 8:45 am

Yes, the advice you see in books and on the internet is that you should pay off your credit card balance in full every month. It’s great advice. Paying off your balance keeps you from paying interest on your purchases. It keeps you from getting over your head in debt. It leaves your credit limit open for emergencies. (Not that emergencies belong on a credit card, but that’s another story.) Knowing all the advantages of paying in full doesn’t mean you can actually afford to pay in full. So what do you do when that happens? Always pay the minimum. Though it’s not ideal, sometimes it’s ok to pay the minimum, especially when that’s all you can afford to repay. Minimum payments are also fine…

Is It Safe to Apply Online for a Credit Card? October 25, 2010 - 8:27 am

With so much controversy surrounding the Internet and privacy concerns, it is understandable that consumers are afraid to apply for a credit card online these days. They wonder how safe it actually is and whether or not mailing in the application is the better option. Fear of fraud and stolen identity prevents many consumers from taking advantage of the online services credit card companies provide for consumers. The ease and convenience of submitting an application online is overshadowed by the concern of being taken advantage of and risking a scam. Here is what you need to know about online security and your credit card application: Technology Works The technology for e-commerce businesses like credit card companies does work and continues to advance all the time.…

Credit Card Purchases: Think Before You Charge October 21, 2010 - 8:54 am

How much thought do you give to your credit card purchases before you hand your credit card to the cashier? If you give any thought to it at all, it’s probably not enough. Considering you could be paying for your credit card purchases for months, even years to come, you should think about a few things before you make a charge on your credit card. Do you have enough available credit? Charging up your credit card comes with consequences. First, if you go over your credit limit, you could be charged a fee for it. Fortunately, you would know this ahead of time because credit card companies can’t charge over-the-limit fees unless you’ve opted-in. Otherwise, the other limit transaction would be declined. Either way,…

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