Credit 101

Credit 101

Weekly Tip: Know Your Consumer Rights

As a cardholder, you have certain rights under the federal law. The Consumer Credit Protection Act insures that consumers are legally protected when it comes to borrowing money, applying for credit, and dealing with debt. It is broken down into several specific regulations to guarantee consumer protection.
  • Truth in Lending Act: This act requires issuers to explain all the terms of the contract in detail, in language the average adult can understand, before the consumer enters into an agreement. 
on Wed, 2014-02-12 10:15

How to Deal with New Annual Fees

You're a responsible credit card user. You live within your means and pay your balances in full each month.

It's likely you even have several credit cards in your wallet, although the majority of your monthly expenses are charged to the one that helps you bank the most rewards. As for the other cards, you keep them active to help boost your credit score and serve as backup in case of emergency.

What's wrong with that? Well, in the past you had little to worry about. But times have changed.

on Mon, 2011-10-10 17:00

5 Credit Tips for Teens

Who do you think is more likely to get into trouble using credit cards? A college freshman who was never exposed to credit his entire life, or a teenager who was added as an authorized user on his parent's card at 15 and taught how to responsibly use credit. Let's put it this way. I've met a lot of people who have found themselves in serious debt, and every single one of them started using credit for the first time when they were older or in college. Not once have I ever met a young teenager in credit card debt. Have you?

on Mon, 2011-07-18 17:00

Common Credit Card Fees

All credit cards have fees. In fact, the key to becoming a savvy credit card user lies in understanding what they are and how to avoid them.

To help get you started on the right path, here are the most common credit card fees every cardholder should know and understand.

1.) Annual Fee

on Tue, 2011-06-14 17:00

How to Choose and Use a Balance Transfer Credit Card

Advertisements promoting zero-percent balance transfer offers can look quite appealing when high-interest credit card debt is keeping you up at night. What could be better than transferring your debt to a credit card that won't charge any interest for a year or more? Apart from stumbling upon a hoard of cash that could be used to pay your balance off in full, not much.

on Wed, 2010-12-01 16:00

How to Cancel Credit Cards the Right Way

If your goal is to improve your credit score, closing all your credit cards isn't going to help. However, there are various legitimate reasons for closing credit lines.

on Wed, 2010-11-03 17:00

Credit CARD Act of 2009: 5 Must-Know Nuggets

Signed into law by President Obama on May 22nd, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 marks a significant turning point for America's credit card industry. Consumer activists claim the new law will finally afford Americans the reliable protections they deserve, while major credit issuers argue the new rules will only further limit the availability of credit at a time when it's perhaps needed more than ever before.

on Tue, 2009-09-29 17:00

ABCs of Credit: What is Credit?

Nothing down, 24 monthly payments! Low, low 2.9% APR! We may not hear those words as much as we did in the past; however, we still live in world where we are constantly urged to buy things using credit.

But what is credit, and how does it really work? Simply stated, credit allows you to buy something now and pay for it later. Rather than paying at the time of purchase, you simply borrow the money from a creditor and pay for it over time.

on Sun, 2009-05-03 17:00

The Payment Allocation Provision - A Credit Card Company's Best Friend

It makes logical sense that consumers should have the power to choose how their payments apply to credit card debt. Of course, some must go towards paying interest charges if a balance is carried, but the rest of the payment should be applied to the debt with the highest interest rate, right? That would clearly be in the best interest of the consumer. Unfortunately, that's not how it works in the credit world. Hidden deep in the dark shadows of your credit card's terms and conditions, there is a section known as the "Payment Allocation Provision" - a credit card company's best friend.

on Mon, 2008-08-18 17:00

Beware of Credit Card Currency Conversion Fees!

As credit card issuers continue to look for additional ways to boost fee revenue in the midst of the credit crisis, consumers traveling overseas should pay special attention to foreign currency-conversion fees. Virtually every credit card charges a transaction fee for processing a purchase made outside the United States. First, Visa and MasterCard charge a 1 percent processing fee for converting your foreign-currency purchase into US dollars. And second, most credit card issuers then add fees on top of the 1 percent fee levied by Visa/MasterCard simply because they can.

on Sun, 2008-06-01 17:00