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Obama Proposes Initiative for Making Credit Terms Easier to Understand December 12, 2011 - 10:13 amIn 2009, a number of improvements were made to credit card statements and agreements in an effort to help consumers better understand their credit card policies. The 2010 Dodd-Frank law created a federal agency, The Consumer Financial Protection Bureau, for protecting consumers against potentially abusive practices of mortgage lenders and credit card companies. On Wednesday, December 6th, the Obama administration announced another initiative for helping consumers understand their credit card terms, as the Consumer Financial Protection Bureau has discovered that consumers are still confused over credit card issues.…
American Express Premier Rewards Gold Card Review October 21, 2011 - 3:33 pm
The American Express® Premier Rewards Gold Card is a charge card with lots of perks. Since this is a charge card, you’re expected to pay your balance in full every month. That means you pay no interest on your purchases. There’s no pre-set spending limit. Instead, American Express decides how much you can charge based on your income and payment history.
Earn triple points on airfare, double points on gas and groceries, then earn single points on everything else.
Get 10,000 bonus points when you make your first purchase within one year of opening your card. You must open your card by December 31, 2011 to qualify for the 10,000 bonus points. If you spend $30,000 in one year, you’ll earn 15,000 bonus points.
You…
Post Office Closings Could Lead to Late Credit Card Payments September 28, 2011 - 6:00 pm
It looks like the bad economy has affected United States Post Offices. The Postal Service has announced closings at thousands of post offices and mail-handling facilities around the country. Right now, a first class letter takes between one to three days to arrive at its destination. After the closings, that time could increase by a couple of days. If you still mail your credit card payments, or any payment, the post offices closings could affect you.
You could be affected even if your local post office is still open since it’s possible that mail handling facilities between your home and the creditor’s billing location may be closed.
Due Date Rules
New Federal law says credit card issuers can only charge late fees if your payment…
Discover Student Card vs. Discover Student Open Road Card August 17, 2011 - 9:58 am
Two of the student credit cards issued by Discover are the Discover® Student Card and the Discover® Student Open Road Card. The two cards are very similar when it comes to pricing, but there’s a big difference in the rewards. If you’re a student trying to decide between these two cards, consider which rewards you’d rather earn.
Credit Card Pricing
Both cards have a 0% introductory APR on purchases for 9 months, if you qualify. The regular APR for purchases is between 12.99% and 19.99% depending on your credit history. Neither credit card has an annual fee. Credit card APRs are variable based on the Prime Rate.
Discover More Student Card Rewards
The Discover More Student card’s big reward is 5% cashback in categories…
Credit Card Mistakes You Have to Stop Making August 5, 2011 - 8:58 am
As consumer credit is becoming a much more complex subject, it is very important for consumers of today to realize that there is little margin for error when it comes to applying for a new credit card. The mistakes you may have made in the past should have taught you a lesson now that credit is much harder to get.
Unfortunately there are still those who continue to make the same costly mistakes when it comes to acquiring a new credit card. Here is a reminder list of what not to do when applying for or using a credit card:
Check Your Credit Score First
Before you even submit an application for a new credit card, you need to know where you stand credit score-wise.…
Help Your Teenager Apply for the Right Credit Card July 15, 2011 - 4:42 pm
Young adults often make credit card mistakes because they haven’t been taught anything about credit cards. They’ve learned much of what they know by watching you and others use a credit card. Because of that, they won’t completely understand what goes on behind the scenes – that credit card balances accumulate and a payment is required every month. Help your teenager or young adult establish good credit habits by helping them pick the right credit card from the start.
Initiate the conversation. Don’t wait for your child to tell you when he or she thinks about getting a credit card, it may never happen. Instead, be proactive. Most teens are interested in credit cards well before age 18, but thankfully, they can’t get one.…
6 Considerations to Make Before Applying for a Credit Card June 10, 2011 - 6:33 pm
Recklessly applying for a plastic is a sure-fire way to guarantee you will end up with a card you are not happy with and one that ends up costing you more than you can afford to pay. Applying should not be a contest to see which company will approve you first. It is serious business and once you sign the agreement the terms and conditions are now your legal and financial obligation.
There are specific things you should be considering when applying for credit cards, regardless of whether it is your very first card or if you have other accounts open. The credit industry has changed greatly in the last few years so what once worked in your decision process may no longer be effective…
Is It Wise to Apply for a Credit Card With Another Person? May 29, 2011 - 8:57 am
With the exception of your legal spouse, applying for a credit card with someone else may be too big of a financial risk to take. Unfortunately, joint accounts held between parties that are not legally married often end in dispute once the couple go their separate ways. It is for this reason that it makes sense to keep finances separate or face the credit consequences down the road.
Basics of a Joint Credit Card Account
When you apply for a credit card with another person as a co-signer, joint account holder, or as an authorized user both parties become equally responsible for the financial obligation. While both parties on the account may be legally responsible for paying the bill, it does not necessarily mean the…
Does My Bad Credit Score Limit My Credit Card Options? May 13, 2011 - 11:46 am
If you have a credit score below what is considered good by lenders (below 730), you indeed can be limited in your choices for credit cards but it doesn’t put you out of the game entirely.
Most card providers will require an excellent credit score before they will approve you for the best interest rates, the best perks, and the highest limits. Those consumers who have had some financial problems in the past but are back on track will be limited in their options but still find reasonable deals from some companies. Those consumers who have serious marks on the credit report and a low score will have to work harder to find a good deal.
The Industry Is Changing
There have been many rule…
Look Beyond Miles With Travel Credit Cards April 18, 2011 - 8:54 am
Frequent flier credit cards are popular among consumers who fly a lot. Even occasional travelers are often interested in travel rewards credit cards because the miles can help them offset the cost of a trip. When you’re choosing a travel rewards card, though, it pays to look at just more than the number of miles offered on your purchases.
Miles Rewarded vs. Miles Required
Credit card issuers often market the highest number of miles you can earn on the credit card. For example, they may brag about generous bonus miles for signing up or even a high number of miles earned per dollar you purchase, but that doesn’t always mean much in terms of getting a flight.
What’s almost more important than the number of…
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