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Category: Credit Cards

  • Credit Cards Reviews: Key Points To Consider

    Credit cards reviews can help you evaluate which ones are best suited for your purchasing needs and payment capabilities. To help you with such, here are some of the important things to look at when reviewing or comparing credit cards.

    For a more detailed review of credit cards, please click here

    Annual Percentage Rates

    The Annual Percentage Rate is the rate applied to your balance carried beyond the grace period. Credit cards can have different Annual Percentage Rates depending on the type of balance you owe. When reading credit cards reviews, pay special attention to this aspect of the review.

    Make sure that you get a reasonable interest rate as this determines how much it will cost you to use your credit card. Usually, rates increase whenever you are late or miss payments on your bill.

    Other fees

    Aside from interest rates, credit cards have other costs associated with them. Typically, credit cards come with annual fees, late payment fees, over-the-limit fee and balance transfer fees. The annual fee is the cost you have to pay just for owning the credit card. Credit card issuers charge this fee to cardholders on a yearly basis. While some card providers charge an annual fee, there are many that won’t. In fact, $0 annual fee credit cards are becoming the norm these days.

    Make sure to read the fine print and check if there is any annual fee involved. Additionally, you must evaluate the cost of late payment fees, balance transfer fees, and over-the-limit fees (just in case).

    Grace period

    Grace period is the amount of time given to you by the card issuer to settle your balance. When you pay off your credit card debt in full within the time indicated by the grace period, no interest rate applies.

    Usually, card issuers provide a grace period of approximately fifteen to thirty days but some issuers do not grant any grace period at all so the interest automatically takes effect. So when you compare credit cards reviews, verify if you are allowed a certain number of days as this can greatly help you with minimizing credit card expenses.

    Credit cards have been around for quite some time as an alternative system of payment. They allow you to purchase goods and pay for services at all leading establishments worldwide. However, credit cards, like other forms of financial tools, require a certain degree of caution and basic financial knowledge. This is where our credit card reviews, guides, and articles come in hand. Start your education with us, right here at DontSpendMore.com.

  • Four Tips For Earning Cashback Rewards

    Cashback credit cards are basically options where the card holder receives a certain percentage from credit card purchases made through the credit card. This reward system is one of the major contributors to the sudden rise in card applications as people everywhere want to experience receiving cash incentives in lieu of credit card purchases. In this post, you will be able to learn and understand how to maximize your cashback earnings and avoid possible pitfalls as well.

    Shop for the best cashback rewards rate

    The first step toward earning money from cashback rewards cards is to pick the perfect credit card. Do some research and get as much information as you can to facilitate the credit card comparison process. Evaluate cashback rates to determine which one will give you the most money.

    Look for the one with minimal fees

    Credit card fees could eventually offset any cashback reward you may be trying to benefit from. Consider any fees associated with the credit card. Compare fees charged by each card to determine the one that best matches your needs.

    Check requirements for cashback rewards

    Cashback rewards are generally easy to obtain but take note that not all credit card transactions can qualify for incentives. All card issuers set minimum requirements and guidelines to determine if the kind of credit card transaction you made allows you to qualify for cashback incentives. Some examples of ineligible transactions may include making cash advances and reloading credits for online games. Other than this, card issuers may also establish a minimum spending amount, as in the case of cashback for purchases. Knowledge of these criteria is very important.

    It takes money to make money

    Cashback rewards are particularly beneficial if you maintain a clear balance on your credit card account throughout the duration of your credit card use. This is because the interest charges you incur on the outstanding balances may be greater than the cashback rewards you hope to obtain.

    Ultimately, it is worth stressing that financial markets change with time and it is therefore essential to re-assess the cashback credit cards periodically.

  • Five Exclusive Benefits Of Good Business Credit Cards

    The current financial market has emerged into an innovative era for business credit. Now, most business owners possess business credit cards exclusively for company use. With the budding popularity of business credit cards, it is vital to be fully aware of the advantages of having one so you can fully maximize your business credit cards. Here are some of the good business credit cards benefits you can take advantage of.

    Steer clear of mixing business with pleasure

    Intermingling your business and personal credit card transactions can create serious financial risks, detrimental not only to your business but also to your personal credit. With good business credit cards at your disposal, you can easily evade problems and prove to the IRS and other concerned entities or individuals that you are serious about your business.

    Easily track business expenditures

    Monitoring and evaluating your business expenditures can be very challenging for business owners. However, if you have good business credit cards, you can easily itemize and categorize all credit transactions made through the business credit card because you will receive a year-end statement summary in addition to monthly statement of accounts. With this, you will never have to worry about collecting receipts (in a shoe box as most people do) every time and going through them one at a time, thus, making bookkeeping seamless and hassle-free.

    Develop business credit

    Good business credit cards grant freshly-established businesses a great opportunity to build business credit from ground up. In our current financial environment, this will prove to be a necessity as financial opportunities for businesses take into consideration the company’s credit status. This is particularly true if you need working capital (in the form of credit cards or loans) to expand your business and make it more profitable.

    Employee expenditure management made simple

    When you have good business credit cards, your employees may also have their own credit cards under your business credit account (as sub-accounts). You can determine the credit limit for each employee or you can authorize the card issuer to evaluate the payment capabilities of each employee based on their income. You will also receive separate statements for each card bestowed to them so you can carefully monitor their spending habits and payment performance.

    Aside from the useful benefits stated above, good business credit cards also hold incredible benefits exclusively for business cardholders. These rewards can be in the form of discounts, travel rewards, and various business-related goods and services. Take advantage of using the credit card to lower your expenses.

    Good business credit cards, like other types of credit cards, are great financial instruments. The only difference is that not only does it help you financially but also strengthens your business. However, if you have credit cards, including those used for business, you should utilize them responsibly and cautiously, as its misuse can create problems of immense magnitude.

  • How To Find The Best Credit Card To Suit Your Budget

    Trying to budget your funds is a challenging thing to do when you have to consider several credit cards, mounting debts from loans, and unavoidable everyday expenses. Sometimes you resort to cutting expenses for important things such as food and utilities just to make ends meet but this is not the proper way to deal with a limited budget.

    On the bright side, low cost credit cards are available to help ease up the troubles of having a tight budget. They can be in the form of low interest credit cards or even as charge regulating cards. So if you wish to know how to find the best credit card appropriate for your budget, simply browse through the choices below.

    Introductory rates curtail finance charge                     

    Introductory interest rates are popular nowadays (and strategized to attract more customers). Many credit card companies offer amazing introductory rates that are so low that they almost sound fake. Nowadays, rates for such offers are around 6% – 8% while some even give an unbelievable 0% interest rate. These introductory offers usually last only for the first six to eighteen months of credit card use; nevertheless, it is still a great help in minimizing expenses even just for a short time. So, if want to learn how to find the best credit card, simply look for introductory low interest rate credit cards or if you are lucky enough, get one that does not carry any.

    Secured credit cards help save money

    Secured credit cards require you to deposit a certain amount as security before you can get the credit card. Initially, the amount deposited as security is equivalent to your credit limit. Consequently, you will be able to avoid overspending and acquiring debt as you always have cash tucked into your account in case you fail to pay your credit card bill. This unique feature is what makes secured credit cards great for saving money as it can help you regulate your credit card purchases.

    Be thrifty with credit union cards

    Credit union credit cards are cards issued by non-for-profit organizations. Their purpose is to offer members financial assistance. Because of this, credit union credit cards have lower interest rates in comparison to bank-issued credit cards.

    In addition, credit union cards have cheaper fees, So, the next time you wonder how to find the best credit card to save money, remember that getting credit union cards is one of the many ways to do it.

    Certainly, it is difficult to stabilize finances especially if you have a ton of debt to think about. Fortunately, there are credit card types designed to aid you with your cost-cutting efforts. However, acquiring low-cost credit cards alone does not solve your money problems. You still need to combine with appropriate spending habits. So, when in a dilemma about how to find the best credit card for your budget, keep in mind that the only way you can truly save money is by being a responsible spender.

  • Five Reasons You Should Get Credit Cards Now

    The idea of getting credit cards now has gained massive popularity. Having a credit card has many enticing advantages that can be useful in your daily life.  So, unless you live under a rock, you absolutely need one.

    Solid convenience

    Purchasing has never been more fun and convenient. With credit cards, now, you can use just one piece of plastic to cater to all your financial needs such as shopping, making hotel reservations, acquiring airline tickets, and paying for utility bills.

    Enhanced security and an added layer of insurance

    Credit cards can also offer you and additional layer of protection (Example: returning or replacing damaged goods). Both your credit card statement and the issuing company can vouch for the fact that you have made a purchase especially if you lose your receipt. Some credit cards now also provide insurance on large purchases.

    Establish credit

    The easiest and fastest way to establish credit is by obtaining a credit card. Good credit is very essential as it allows you to qualify for other forms of financial aids such as loans. Aside from this, your credit can also help you with employment background checks, especially if you are applying for a role that requires a certain degree of financial responsibility.

    Prepare for emergencies 

    Some unfortunate events cannot be avoided and that is why it is important to have credit cards now. With your credit card, not only can you make quick and easy purchases, but also get cash advances during emergencies.

    Amazing rewards

    In addition to those mentioned earlier, credit cards offer actual rewards, such as discounts, bonuses airline miles, hotel benefits, exclusive insurances, and cash incentives. While most of these benefits are intended to encourage you to use your credit card more often such rewards are genuine and extremely useful in the course of everyday living.

    This is particularly true in the case of cash incentives as it gives you “real” money back (in the form of cashback rewards) for purchases made with your credit card. So what are you waiting for? Get credit cards now and join the fun and excitement.

    Good bye cash. We are moving on to credit cards now.

  • Surefire Ways To Find The Best Credit Card For You

    Every person has unique likes and dislikes on just about anything under the sun and this includes credit cards. It is for this reason that there is no particular credit card can be deemed perfect by everyone. Your personal preferences, especially on rates and rewards, determine which ones you regard as the best. Moreover, a card of your liking may not be the most suitable for you depending on your financial profile. It is therefore important to evaluate your financial stature and your “wish-list criteria” in order to find the best credit card for you.

    Student credit cards for beginners

    Credit card companies, these days, are more than willing to offer students an opportunity with specially-designed student credit cards. In fact, issuers nowadays target students on card offers as a way to increase the number of customers. Some issuers require having someone to co-sign for your card because issuers are under the impression that students do not have a fixed income.

    However, you should not rush into getting your first card unless you are confident of your approval because numerous rejections could dent your credit score temporarily.

    Therefore, if you are a student and in a quest to find the best credit card, student credit cards are your best bet. Generally, a perfect card for students or beginners should have low interest rates and no annual fees. Always make sure that you study the fees and rates disclosed in the application.

    Store and gas credit cards are good for everyday needs

    Typically, store credit cards and gas credit cards are easy to acquire and very useful as well because they caters to your basic needs, such as food and clothing. This card type is very appropriate if you rarely carry any cash and prefer to use your credit card for everyday needs. So, for shopping sprees and gas, department store credit cards and gas cards are your best options.

    Secured credit cards cater to individuals with credit issues

    Inadequate credit history and low credit scores can be huge hindrances in your quest to find the best credit card. Luckily, secured credit cards are perfect for this as they allow you to have a credit card regardless of your credit deficiencies. However, credit card issuers require you to make a security deposit (as collateral) prior to acquiring the card. The deposit ensures that the balance gets paid in case you fail to fulfill your payment obligations. Furthermore, the amount deposited as security also counts toward your credit limit.

    Credit cards have several unique features. Before applying for one, always correlate your financial capabilities, credit rating, and personal preferences in order to find the best credit card.

  • Your Guide To Decoding Money Back Credit Cards

    Credit cards are a popular alternative to cash, which some people now consider as an archaic form of payment. It gives you a certain degree of financial freedom that no other payment mode has ever reached. In recent years, credit cards have gone beyond being mere charge cards and have metamorphosed into avenues for earning exciting rewards.

    Amongst the various options, money back rewards surpass other types of rewards cards and are often the personal favorite for many individuals.

    How money back credit cards work

    Credit cards carry fees payable to the issuer that apply to both the cardholder and the receiving party. The one, which applies to the receiver of the payment, is what issuers share with cardholders in the form of cash incentives. So when you make a purchase with your money back credit cards, the amount that the merchant pays to the issuer becomes your money back reward. Meaning, the issuer, usually a bank, shares with you its gains from your credit card use.

    More you charge more you earn

    Money back credit cards give you cash incentives commensurate to the amount charged on the card. In other words, the more you use your credit card the more rewards you earn. Typically, card issuers offer different money back rates depending on the kind of credit card transaction and the goods or services acquired. Purchases made through credit cards have the highest cash back rate.

    This is specifically true on grocery purchases as it holds high rates, which can go up to 6% for most issuers. Rates can also increase whenever the issuing company gives out promotional money back rates to increase revenues on finance charges within a specified duration. For instance, some issuers give out increased reward rates but that is only effective within the first few months of credit card use.

    Total win-win situation

    The rewards system assumed by money back credit cards benefits both issuer and cardholder. This is what makes it the most preferred form of reward by consumers and issuing companies as well. However, you have to make full payments on your credit card bill as leaving a balance will counteract your earning potential and nullify your rewards in essence.

    Money back credit cards are growing in popularity lately and are now a staple for discount shoppers. If you wish to get one, credit experts strongly recommend knowing how to get the best rates so you can effectively maximize your money back earnings. As always, read the fine print before you sign-up for money back credit cards or any financial product in general.

  • Small Business Credit Application: Useful Facts And Tips

    Having a business of your own is rewarding but there are times when you need an extra boost, especially with the funds. This is where business credit cards come into play. It is easy for large business owners to obtain and maintain such credit cards but the smaller ones often encounter difficulties especially during the application process. However, card issuers have now made small business credit applications easier to help start-ups secure routine working capital and a potent transactional tool. This truly is tempting but before you take any action regarding this, be aware of the following ways a business credit card differs from your personal card.

    Issuing companies reserve the right to increase rates

    Small business credit cards are very different from personal credit cards especially in terms of governing rules for cardholder protection. So before you venture into a small business credit application, you must understand that the laws applicable to your personal credit do not apply to your business credit card. For instance, the 2009 Credit Card Accountability, Responsibility, and Disclosure Act may not apply to your business credit card in certain instances. The issuing company may increase rates should it choose to do so, subject, however, to other regulations.

    On the bright side, most card issuers have adopted the protections provided by such law so if you want the same rules that apply to your credit card, choose your business credit card company wisely.

    Exclusive rewards and benefits

    Like your personal credit card, business credit cards have key benefits as well. Some are similar to those offered to individuals but others are exclusively for companies. Such business benefits include baggage insurance when travelling, expense tracking, and access to airline and hotel clubs and exclusive lounges. So if you find a reward type particularly useful for your business and your employees, then make sure to opt-in for it while completing your small business credit application.

    Distinct credit requirement

    Card issuers usually issue business cards directly to the owners. As such, the business owner should meet the established credit requirements so the company may qualify for a business credit card. As far as the small business credit card application is concerned, either the owner or a senior-level officer offers a personal guarantee. Aside from that, any negative credit behaviour incurred using the business credit card reflects on both the owner’s personal credit and the company’s credit. So when in the process of a small business credit application, ensure that business credit accounts will remain in good standing. Otherwise, you risk jeopardizing both your personal and business credit.

    Small business credit cards are great for establishing business credit, earning different kinds of rewards, and boosting business finances. However, you should always be cautious about your spending habits so you do not damage your personal financial status. Remember, that the purpose of your small business credit application is to help you grow financially, not to encourage improper spending habits.

  • Looking For Credit Cards? Here’s What You Need To Check

    When looking for credit cards, precise and in-depth comparisons are absolutely necessary. Not only can you easily decide which credit card to apply for, you can also minimize the risk of ending up with the wrong card. The perfect credit card should be the one that suits your spending needs, offers the benefits you need, and supports your overall budget. To facilitate your selection, here are the three main criteria that require your consideration.

    Interest rate

    Interest rate, also called Annual Percentage Rate (APR), describes the amount you have to pay whenever you have an outstanding balance on your credit card bill. There are two main types of interest rates: fixed and variable. While variable rates fluctuate with market indices, fixed rates do not. Usually, fixed rates are much higher than their variable counterparts.

    Looking for credit cards? Review the interest rates first

    For most individuals, interest rate comparison is the main basis for determining the long-term cost of using a credit card. Therefore, you have to make sure that you get the lowest possible interest rate possible, especially if you intend to make minimum payments only.

    Credit card rewards or incentives

    Rewards are one of the most important credit card features that people look at these days. Sometimes, individuals base their credit card selection solely on the merits of credit card rewards and incentives. Rewards and incentives range from travel points to cashback bonuses and purchase discounts.

    There are many forms of credit card benefits from which you can choose, each designed for specific customer needs. That is why when looking for credit cards, it is best if you inquire what incentives you can avail of and whether you really need those incentives. This will aid in deciding which credit card suits your preferences. The most popular benefits these days are airline miles, cash back bonuses, and cumulative reward points. You can pick one of these but you can also get all three if the credit card provider offers them.

    Other fees and charges

    Aside from interest charges, other fees may apply on credit card usage such as late payment fees, annual fees, and balance transfer fees. If your purpose is to save some money, then looking for credit cards with lower fees and charges will definitely help minimize your expenses.

    Credit cards are fun to have not only for shopaholics but also for people who enjoy earning rewards and taking advantage of travel points. However, there are other things to consider, such as interest rates.

  • Why You Should Have Separate Personal And Business Credit Cards

    A measurable percentage of small business owners continue using their personal credit cards for business related transactions. While there is nothing inherently wrong with the practice of using personal credit cards for business purposes, there are some distinct disadvantages that could cost a business dearly, in terms of both time and money. Separate personal and business credit cards could mitigate these unnecessary costs and save you a lot of headaches in terms of organization and categorization.

    Here are some reasons why you should have separate personal and business credit cards:

    Business credit cards offer streamlined reporting and expense categorization

    If you use your personal credit card for individual and business purposes, categorizing and separating expenses every month could cause headaches, not to mention wasted time. Errors could easily creep in, resulting in fewer deduction claims and increased taxes. If you add the opportunity cost for the time taken to handle the overall process, the costs could be very high even if handled by a minimum wage employee.

    A business credit card can not only make this process easy, you can actually take advantage of the convenience of automated categorization and reporting offered by many small business credit card companies. Some business credit cards will automatically mail you an annual statement with an aggregated summary of your expenses (and categories). Some would even allow you to download this summary to your favorite spreadsheet or accounting program.

    Dedicated customer support and lesser wait time for business credit cards

    Dedicated specialists are specially allocated to support business customers. This could mean potentially faster access to support and a higher level of extremely knowledgeable support. The number of business credit card users tends to be lower in comparison to personal credit users, so the wait time on your calls could be significantly less.

    Business credit cards offer pre-negotiated discounts and deals, perkier credit lines

    Given the mass of customers, business credit cards often negotiate special deals and savings for business customers. These could range from savings on office supplies to travel rewards and special business discounts and deals. Furthermore, the credit line tends to be higher as well.

    Access to networking opportunities and business resources

    In contrast to personal credit cards, business credit cards leverage a vast pool of resources, facilitate networking with other business owners, provide several business resources, and help business owners take advantage of a large number of community resources.

    Longer promotional periods

    If you have ever come across a 0% APR credit card offer, you know that the offer is restricted to a specific duration, after which the regular APR is triggered (often a much high number). While personal credit cards could have a promotional period of six months to eighteen months, business credit cards have relatively longer introductory periods — though not always.

    Despite these advantages, some business credit cards may have higher APRs after the promotional period and also specific business-related fees. Always read the fine print and make sure you understand the terms clearly.