Credit Cards

Credit Cards

Beware of Tricky Credit Card Payment Terms

Some consumers find it more convenient to pay off their credit card bills in several payments throughout the month. Why would they want to do that? Well, there are several reasons.

Updated by Joshua Heckathorn on Tue, 2016-08-23 14:26

Avoid On-the-spot Signups for Retail Credit Cards

Retail credit cards can become a huge problem for those who find it difficult to just say no to the "get 10-percent off your purchase today" sales tactic. Remember that credit card companies are in business to make money, and the whole point of a retail credit card program is to get you to spend more money at a particular store than you would have in the first place.

Updated by Joshua Heckathorn on Mon, 2016-06-20 14:57

What Are the Risks of Co-signing?

If you haven't been asked by a close friend or family member to co-sign on a loan or credit card application yet, consider yourself lucky. Chances are you will be asked at some point in your life, so why not prepare yourself to give the right answer now?

Updated by Joshua Heckathorn on Tue, 2016-06-07 15:31

How to Avoid Foreign Transaction Fees

Foreign transaction fees are often as high as 4 percent and are charged by virtually all credit card issuers for purchases made overseas. How can you avoid them?

If you're like most world travelers these days, credit cards will be your preferred method of payment as you set out on your next adventure. So, take the time now to choose the right credit card and significantly reduce the cost of your next vacation or business trip.

Updated by Joshua Heckathorn on Wed, 2016-05-11 17:26

Will too much plastic hurt my credit score?

In order to have a great credit score, it's important to have some credit cards in your wallet and a lot of available credit to use. So, will having too much plastic in your pocket hurt that solid score you have worked so hard to build?

The answer will always depend upon which "credit expert" you ask; however, what you should really be thinking about is your "credit utilization" ratio.

Updated by Joshua Heckathorn on Mon, 2016-01-18 11:00

Weekly Tip: Look out for key terms in credit card agreements

Can you say that you’ve honestly read your entire credit card agreement? With the number of pages and insanely tiny print, reading through the fine print seems awfully similar to reading the dictionary. But by just putting your John Hancock on paper, you could very well be agreeing to something you might not be aware of. In fact, a recent survey showed that a third of bank customers had a limited understanding of credit card offerings -- even after speaking with a representative. And that’s scary! 
 
Updated by Alice Bryant on Mon, 2015-12-21 09:11

Weekly Tip: Limit the number of credit cards you have.

Although there is no set number of credit cards you should have at any given time, it is important to keep a limit on the number of credit cards you have open. For one, having too many credit cards can get complicated fast. With all the extra papers and monthly statements, you can easily end up making late or missed payments. Plus, you’ll be racking up a lot of debt. 
 
Updated by Alice Bryant on Wed, 2014-04-09 13:45

Avoid Credit Card Cancellations Due to Inactivity

If you haven't used one of your credit cards for months or even years, don't be surprised when you receive a letter in the mail notifying you of an account cancellation. Some credit issuers may be kind enough to provide advance notice; however, in many cases you won't learn of the cancellation until after the fact. And yes, they can do that for now - it's legal.

Updated by Joshua Heckathorn on Thu, 2012-08-23 17:00

Hey Students! Don't Cosign Your Friend's Credit Card

New regulations that were part of the Credit CARD Act of 2009 have made it more difficult for students under 21 to get approved for student credit cards unless they have an adult cosigner or sufficient income. Unfortunately, this has led to a situation in which many older students are now cosigning for their younger friends in order to help them get approved for a credit card.

Updated by Joshua Heckathorn on Mon, 2011-10-24 17:00

CARD Act Loophole: Interest Rates Still Increased After 15 Days

The CARD Act of 2009 requires credit card companies to provide cardholders with 45 days' notice when interest rates are increased. While most credit card users assume this means they'll receive notice at least 45 days before their interest rates rise, this actually isn't the case in most circumstances.

What this new rule really means is that you must have 45 days' notice before you pay the higher interest rate. There's still nothing stopping your credit issuers from increasing the interest rate for new purchases on the 15th day after the notice is mailed.

Updated by Joshua Heckathorn on Mon, 2011-10-10 17:00

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