Best Credit Card Guide

New Capital One Credit Card with 1.25% Cash Back

Mon, 26 Feb 2007 23:30:41 -0800

A good summary from WSJ on top flat-rate cashback card offerings. I still prefer my Fidelity Investment Rewards card which rewards me with 1.5% no-hassle cashback.

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When It Is OK To Use Credit Card To Pay Off Home Equity Loan

Wed, 31 Jan 2007 02:29:47 -0800

WSJ discussed the controversial practice of paying off home equity loans using your credit card. It did give a balanced view -- this practice is not for the general audience, but if used properly, it can save you some interest payments.

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How To Negotiate A Lower Credit Card Rate

Tue, 09 Jan 2007 17:15:13 -0800

Credit card companies are more willing to reduce your credit card rate by a few percentage points than you think. All it takes is to ask the right question -- according to this WSJ report, more than 75% of such requests are accepted.

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2007 Credit Card Trends

Tue, 02 Jan 2007 01:16:46 -0800

WSJ's Aleksandra Todorova identified five trends in the credit card business. It is no surprise that most of the new trends involve getting more money from consumers in one way or another.

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Featured Card: Citi Driver's Edge Platinum Select Card

Wed, 15 Nov 2006 13:49:44 -0800

full review of this featured card or apply today!]]>

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OptionXpress Offers Affiliated Credit Card

Fri, 27 Oct 2006 09:49:22 -0800

ShareBuilder card.)]]>

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American Express Launches Event Ticket Protection Plan

Fri, 27 Oct 2006 09:49:22 -0800

Interesting creation from American Express. It is unlikely one will use it, but it is always good to have the piece of mind.

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How To Close Credit Card Properly?

Sun, 22 Oct 2006 22:09:47 -0800

It is not always wise to close your credit card accounts, and when you decide to do so, you should do in a proper fashion. Here are some good tips:

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Kiplinger: Best Credit Card Choice In Every Category

Fri, 20 Oct 2006 07:40:35 -0800

some interesting card choices for every purpose you can think of (cashback, low-rate, travel rewards, gas reward, etc.). Of course, it is important you make up your mind and stick to one or two programs to maximize your credit card returns. More importantly, you should pay off balance every month. Otherwise, your benefits will come from your own interest payments. ]]>

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How Corporate Credit Card Can Hurt Your Credit Score

Fri, 20 Oct 2006 02:04:55 -0800

WSJ reminds us that if you are late paying a company credit card bill, or the company is late to reimburse you by paying to the card on your behalf, you are still on the hook for a creditworthiness downgrade.

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How Many Credit Cards Should You Have?

Sat, 14 Oct 2006 19:56:01 -0800

If you ask my opinion, I would recommend you keep as many credit cards as you can manage (without missing a single payment). I have 20 active credit cards, and this enables me to get the best deal possible (in terms of cash back, balance transfer and shopping discounts).

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Credit FAQ: Who Can Look at Your Credit Report?

Wed, 11 Oct 2006 23:43:45 -0800

Anyone with what is considered a permissible purpose can look at your report. These companies, groups, and individuals include: - Potential lenders - Landlords - Insurance companies - Employers and potential employers (usually only with your written consent) - Companies you allow to monitor your account for signs of identity theft - Some groups considering your application for a government license or benefit - A state or local child support enforcement agency - Any government agency (although they may be allowed to view only certain portions) - Someone who uses your credit report to provide a product or service you have requested - Someone that has your written authorization to obtain your credit report

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Credit FAQ: What Information Is Included In A Credit Report?

Wed, 11 Oct 2006 23:43:39 -0800

Personal information. Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security Number, date of birth, and current and previous employers. Credit history. The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity. Inquiries. Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years. Public records. Matters of public record obtained from government sources such as courts of law -- including liens, bankruptcies, and overdue child support -- may appear on your credit report. Most public record information stays on your credit report for 7 years.]]>

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Credit FAQ: What Is Promotional Inquiry?

Wed, 11 Oct 2006 23:43:33 -0800

A type of soft inquiry made to your credit report for the purpose of disclosing that a credit report was furnished in connection with a preapproved offer. If your credit history matches a creditor's criteria, that creditor gets only limited information -- not your full credit report.

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Credit FAQ: What Is Security Freeze?

Wed, 11 Oct 2006 23:43:33 -0800

If you reside in select states you have the right to place a security freeze on your Equifax Credit File. A security freeze will prevent us from reporting your Equifax credit file to third parties, such as credit grantors or other companies and agencies, except those exempted by law or those for whom you contacted us and requested that we temporarily lift the security freeze.

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Credit FAQ: What Is Soft Inquiry?

Wed, 11 Oct 2006 23:43:33 -0800

An instance in which your credit report is accessed without affecting your credit rating. Soft inquiries include your own requests for your credit report, promotional inquiries by credit card companies, and "checkup" inquiries by your existing creditors. A soft inquiry that does not affect your credit rating is used when Equifax Personal Solutions provides you with our products.

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Credit FAQ: What Is Loan-to-Value Ratio (LTV)?

Wed, 11 Oct 2006 23:42:28 -0800

The ratio of the amount of a home loan to the appraised value of the home. For example, if you borrow $75,000 to buy a $100,000 house, the LTV is 75%. As a general rule, the lower the LTV, the more favorable the terms of the loan will be.

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Credit FAQ: What Is A Hard Inquiry?

Wed, 11 Oct 2006 23:41:26 -0800

An indication on your credit file that a lender has obtained a copy of the report in order to evaluate your loan or credit application. An excess of hard inquiries within a six-month period may lower your credit rating.

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Credit FAQ: What Is Fraud Alert?

Wed, 11 Oct 2006 23:41:24 -0800

If you suspect that you're the victim of identity theft or credit fraud, you may contact the credit reporting companies and place a fraud alert on your credit file. Such an alert will prevent new credit accounts from being opened without your express permission.

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Credit FAQ: What Is Equal Credit Opportunity Act (ECOA)?

Wed, 11 Oct 2006 23:40:21 -0800

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

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Credit FAQ: What Is Fair Credit Reporting Act?

Wed, 11 Oct 2006 23:40:21 -0800

A federal law that among other things enables consumers to learn what information consumer reporting agencies have on file about them, and to dispute errors in the file. It also specifies certain permissible purposes for which credit reports may be furnished. It provides consumers with the right to obtain a copy of their report at no charge if their have been turned down for credit.

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Credit FAQ: What Is Credit Reporting Company?

Wed, 11 Oct 2006 23:39:13 -0800

Commonly known as credit bureaus, credit reporting companies are companies that receive, maintain, and provide information about consumers' credit history. Three national agencies -- Equifax, Experian, and TransUnion -- dominate credit reporting. There are many smaller agencies, but almost all of them get information from one or more of the three major agencies. See credit reporting companies for more information.

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Credit FAQ: What Is Co-Signer?

Wed, 11 Oct 2006 23:26:13 -0800

Someone who agrees to share responsibility with the primary applicant for a loan or credit card. A consumer with poor credit may need a co-signer to get a loan or to qualify for favorable terms. Because co-signers are liable for debts incurred, co-signed accounts appear on the cosigner's credit report.

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Key Benefits Of Frequent Flier Credit Cards

Tue, 10 Oct 2006 07:30:21 -0800

Traveling by airplane may be a benefit to you in the form of frequent flyer cards should you decide to go this route. If you are someone who flies often frequent flyer cards are an excellent thing to consider. These cards are credit cards that not only help you with purchases but also will give you even more incentive to use them by helping you with your flying needs. These cards can even save you big money if you really use it to your advantage. Okay, so how exactly do these cards work? Well the way they usually work is that you will earn miles for what you spend; the more you spend the more miles you can rack up. These miles can be used on your next flight. Get enough and you can end up with a free flight. These miles are usually instead of cash back or bonus points and are usually the way to go when it comes to those who fly often. These cards can save those who fly a lot tons of money on tickets and can be well worth it. As you can see those who benefit the most from frequent flyer cards are those who fly the most. This benefit can be well worth the money you spend on the credit card, because not only do you have a credit line to use, but every time you use it you can earn more miles and save money this way as well. You are basically getting money back in the form of a free ticket or discounted ticket for every purchase when you use these cards. So how do you get frequent flyer cards exactly? These types of cards are just as easy to apply for as any other credit card. Offers for these can be found just as readily as any other online or in the mail. Sometimes if you already have a credit card, you should check with customer service to see if they offer cards or if the benefits of them can be applied to the one you already have. Frequent flyer cards can be used anywhere any other credit card can. The only difference is that when you use it you are earning miles towards your next flight and this is an excellent incentive to get you to use the card as often as possible. Most major card companies offer these types of cards or plans that will allow miles to be earned. Annual fees and percentage rates will still apply to cards as they do to regular cards so you should still shop around before getting one to find the best deal. Once again making sure you pay off your balance as fast as possible will allow you to keep using your frequent flyer card uninterrupted. As with any credit card you need to be very careful about giving out the information on it. In the end those who fly a lot will definitely find it a huge benefit in getting flyer cards and earning miles towards free flights in return.

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Things To Look For In Student Credit Cards

Tue, 10 Oct 2006 07:11:07 -0800

Sending a son or a daughter to college can be strenuous. If you’re a parent like me you’ll probably understand what I mean. My son went to college in another state and the distance between us means that I can’t always look out for him. My responsibilities as a parent compels me to do my best to help him and one of the effective ways to do that would be to get him student credit cards. If you are planning to get one of your offspring student credit cards, one that has low limits would be ideal. Low limits would teach them how to be responsible in using credit cards. High limits can certainly be tempting to a young adult and will often just cause trouble. I always tell my son to prioritize things that are needed in earning his degree like school materials and textbooks. Looking for student credit cards that offer the best interest rates can also be of great help. This would save money and you can even get credit cards that offer no interest rates in the first few months. My son took advantage of these credit cards by using them to buy much needed text books and other school materials. Student credit cards can also have rewards promos. Some use points system that are earned with each credit card use and if you are able to amass enough points you may convert them for a variety of items. Find credit cards that have rewards that appeal to your college student to enrich his credit card experience. Another vital quality you should look for are security features. Look for student credit cards with “Lost Card” policies to protect your college student. Theft is rampant nowadays and absent minded college students often misplace valuables like credit cards. Prevent others from cashing in your student’s credit card by choosing only credit cards with solid protection. Cards with online management accounts conveniently allow your college student to keep track of his account online. This way he won’t need to travel to credit card companies or transactions saving him a significant amount of time. Time is really important for students and my son frequently complains that he never has enough time to accommodate his activities. Be a responsible parent by facilitating your college student’s academic experience through reliable and safe student credit cards.

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What's The Difference Between Unsecured And Secured Credit Card?

Tue, 10 Oct 2006 06:19:38 -0800

When most people think of credit cards, they are thinking of an unsecured credit card. An unsecured credit card is a card that is issued to you based solely on your consumer credit score and repayment ability. A secured credit card requires that you deposit funds into an account held by the credit card’s issuing bank as a guarantee of payment. Your credit limit is generally a percentage of your account balance. Most credit card offers are for unsecured credit cards, but there are many companies that deal almost exclusively with consumers that are looking for a bad credit credit card or a no credit credit card. For many of these consumers, because it may be difficult to obtain an unsecured credit card for bad credit, a secured credit card may be the only way they can rebuild a satisfactory credit score after a period of financial hardship. Be wary of secured credit card offers. Many of them seem appealing, especially when you see an ad online that offers and online credit card application and instant online credit card approval. This type of credit card application tends to appeal to our need for instant gratification but neglects to address the reality of owning the card. Many secured credit cards have fees that are significantly higher than unsecured credit cards. These fees may include an application fee, a yearly membership fee, and some sort of maintenance fee. Additionally, any penalties that are permissible may be quite a bit higher than those for an unsecured credit card. Whenever possible, opt for the unsecured credit card so that you are more likely to get lower rates and fees and so that you will not have to tie up funds in an account sponsored by the credit card issuer. If this is not an option, be sure to find the card with the lowest credit card interest rate, few or no fees, and interest bearing security account options.

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Use Secured Credit Card To Establish Good Credit History

Tue, 10 Oct 2006 06:13:19 -0800

If you travel, you generally need a credit card, even if you're going to pay cash. You need one to make your reservations to rent a car, for example, and you'll also need one when you get to your destination to sign in at your motel. Love them or hate them, credit cards are simply a fact of today's world. However, getting a credit card can sometimes be a challenge, especially if you've never had one before or if you've run into financial difficulty in the relatively recent past. But that doesn't mean you can't get a card, and one way to do that is to sign up for a secured credit card. Here are a few things you should know if you're thinking about getting a secured card, but first, let's define the term. A secured credit card is one that requires you to put a certain amount of cash into an account, which then becomes your collateral for a card (often that amount is $300-500). With that money in the account, you're free to charge up to that amount on your secured card. It can be a great way to get started, and if you continue to stay current, you'll sometimes be rewarded with either a credit limit increase that exceeds the amount you initially deposited or an offer to obtain an unsecured card. A good place to look for a secured credit card is your local credit union. Quite a few of them offer their members secured cards, and many of them waive the annual fee that nearly all secured cards charge. If you don't belong to a credit union, shop around before you sign up for a card. Some companies even charge a fee to apply for a card, and the annual fees can vary greatly. You'll also want to read the fine print carefully. You want to know the interest rate, the fees, and the required deposit, and anything else that might be required. You also want to know if the company will report your credit history to all three of the major credit bureaus. This will be important later on, because the main reason for getting a secured card in the first place is to establish a credit history that will serve as a stepping stone to more credit later on. If the company doesn't report your good payment habits, you're not gaining that advantage. How can you tell if they ARE reporting? You should begin getting offers from other secured credit card companies after you've made several payments on time. After about a year of excellent payment history, you'll often be able to qualify for an unsecured credit card. The best way to put your card to use in building (or rebuilding) your credit is to make a few small purchases each month and then pay them off. Since they generally carry high interest rate, you don't want to carry a balance on a secured card. Your goal is to establish a good payment history, and although they serve a purpose, unsecured credit cards should best be looked at as a means of gaining entry into the unsecured credit card world.

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How To Rebuild Poor Credit? Things To Do And Not To Do

Tue, 10 Oct 2006 06:13:19 -0800

What Not to Do Although many people think that the best way to begin rebuilding credit is to apply for many new credit cards, that practice may actually hurt your chances. The reason is that credit card companies may assume that since you've applied for many cards, you may have been issued a number of them, which could mean a potentially higher debt load in the future. On the other hand, they might look at the fact that many of the cards weren't issued, which could mean the other companies didn't trust you to make your payments. Either way, you lose, so be selective in applying for cards, and space out your requests rather than making a bunch of them in a short time. Of course, creditors also look at the types of black marks that show up in your credit history. From best to worst, the things that will hurt you most are: payments that were late by 90 days, IRS liens, court judgments, accounts that were turned over to collection agencies, accounts that were charged off as uncollectible, repossessed goods or merchandise, real estate foreclosures, and bankruptcies. What to Do Creditors such as banks also look favorably at things like having a savings and/or a checking account with their institution, having a telephone in your own name, whether or not you own your home, and how long you've been at your current address. They're looking for stability before extending credit. Lenders also calculate your present debt ratio to see if you can take on more debt. They'll generally add up all your monthly bills (not including rent/mortgage or utilities) and divide that number by your gross monthly income. If your ratio is more than 35%, they probably won't extend you credit. You can help lower that figure by consolidating your debts, which will lower your monthly payment and decrease your debt ratio, which will give you a better chance to qualify for credit, even though it won't reduce your actual overall indebtedness. If you're turned down for credit, you have the right to know why. The law says that creditors must provide specific reasons and the name and address of the credit bureau they used to make their decision. If the reasons your rejection doesn't sound right, obtain a copy of your credit report from the bureau that the creditor used and check it for errors. You have the right to request a free copy of the report that caused you to be rejected. If you find errors, there are ways you can have them changed. Then contact the creditor again and explain the error. You just might be extended credit the next time. Remember, lenders are in business to make a profit, so they must screen all potential borrowers carefully. However, once you know what they look for, you can make an effort to address those things in order to make yourself appear more creditworthy. Take one step at a time to rebuild poor credit.]]>

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Credit Card Delinquency At Its Lowest Since 1994

Fri, 06 Oct 2006 19:38:18 -0800

How long will it take for the cooling housing market to affect the delinquency rate in credit card business?

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GE Retail Consumer Finance Issues ShopNBC MasterCard

Fri, 06 Oct 2006 19:38:15 -0800

Yes, I can understand people may want a BestBuy or Target-branded credit card, because you will either buy big or buy often, but an NBC-branded card? Who will repeatedly buy from NBC?

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Types Of Credit Card Fees: More Than You Can Imagine

Thu, 05 Oct 2006 06:51:51 -0800

A long list from Federal Reserve on how many types of fees credit card issuers normally assess.

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One Card, Multiple APRs

Thu, 05 Oct 2006 06:39:40 -0800

You may be amazed by how many different APRs can exist in the same card.

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How Long Is The Credit Card Grace Period?

Thu, 05 Oct 2006 06:39:40 -0800

The grace period is the number of days you have to pay your bill in full without triggering a finance charge. For example, the credit card company may say that you have “25 days from the statement date, provided you paid your previous balance in full by the due date.” The statement date is given on the bill. The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers. Instead, interest charges start right away. If you carried over any part of your balance from the preceding month, you may not have a grace period for new purchases. Instead, you may be charged interest as soon as you make a purchase (in addition to being charged interest on the earlier balance you have not paid off). Look on the credit card application for information about the “method of computing the balance for purchases” to see if new purchases are included or excluded. Information on methods of computing the balance is in the section “How is the finance charge calculated?”

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How Can I Improve My Credit Score?

Thu, 05 Oct 2006 05:59:15 -0800

In short, it takes time and patience to fix credit card problems.

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Credit FAQ: What Is A Good Insurance Credit Score?

Thu, 05 Oct 2006 05:55:56 -0800

There is no single answer to this question. Generally, good insurance credit score will translate to lower premiums. However, insurance companies use different scoring calculations, so different insurers will likely give you a different score. That's why it pays to shop around on a regular basis to make sure your premiums are competitive. And shopping for insurance will not affect your credit score.

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What Is "Credit Scoring"?

Thu, 05 Oct 2006 05:55:49 -0800

A credit score is a number insurance companies assign consumers based on their credit history, such as bill paying history, the number and type of accounts they have, late payments, collection actions, outstanding debt and the age of their accounts.

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How Many Credit Cards Do You Really Need?

Thu, 05 Oct 2006 04:33:36 -0800

I personally carry over 20 credit cards, and this allows me to find great deals like 0% APR balance transfer all the time. My advice is: if you are organized enough to handle the paperwork, you should get as many credit cards as you need.

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