Category: Credit Cards

By David

Everyone knows about credit cards. We have a basic understanding of how to use them and how they work. However what many people are not aware of is that you can use your credit cards to make you extra money.

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The easiest way to do this is through the use of a cash rewards card. These cards typically have an interest rate around 15% and will offer you 2% to 3% back on certain items you buy, such as gasoline or groceries, and around 1% back on everything else. Now that doesn’t sound like a great deal, especially compared to a 15% APR, but there’s an easy way around that allowing you to collect 1%-3% cash back simply for spending money you would have spent anyway and allowing you to make money with credit cards!

As you’re probably aware credit cards have a “grace period.” This is a period of typically 30 days when a purchase you have made remains on your credit card interest free! This allows you to make purchases and pay them off within the grace period in order to build credit without incurring debt.

Now when you combine the cash back from a rewards card with the grace period mechanic you find that you’re able to make money with credit cards. Just put everything you’d normally pay with cash or a check on the credit card instead and pay it off in full within the grace period. This allows you to reap that 1% to 3% cash back without having to pay any interest on your purchases and builds your credit at the same time.

This strategy however is only viable if you have the discipline to follow a few simple rules:

1. Never spend more than you have – while it is tempting to put huge purchases on these cards for the additional cash back, the inability to repay those purchases within the grace period invalidates this strategy. As a general rule of thumb, never spend more money than you actually have. This helps ensure that you can pay off the entire balance within the grace period.
2. Make sure you pay the full balance within the grace period – It’s very important to make sure to get payments in before the end of the grace period, otherwise you’ll end up paying interest on your purchases. Since most credit cards have some means of paying online, I recommend sending payments weekly rather than monthly. This will ensure a speedy delivery and allows plenty of leeway to make sure you don’t miss that crucial grace period.
3. Take advantage of extra perks – Some cards, especially those associated with a bank will offer a little bonus just for redeeming your rewards to a bank account you have with them. If you can take advantage of these kinds of bonuses without it costing anything extra, make sure you do.

Using these tricks and tips you can make money with your credit cards by simply spending the money that you’d normally spend anyway throughout the month.

Click here to compare cash back and rewards credit cards that will offer money back, bonuses, travel points, and more. Free comparison tools.

By David

With so many options available it can be a challenge to figure out what kind of credit card is best for you. Still, if we take a closer look at the different types of cards and how they work we should be able to help you find a credit card that is right for you.

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Types of cards

There are several different types of cards to choose from with different features and drawbacks. To help you find a credit card you will want to start by choosing one of these.

1)      Prepaid Cards – a prepaid credit card is similar to a gift card except that you can use it anywhere that type of credit card is accepted. These types of cards are great for children just learning to use a credit card, or for making online purchases without risking all the money in your bank account.

2)      Low-Interest Cards – Low interest credit cards typically have an APR of about 10.4% making them a great option for balance transfers from higher interest cards, or for using as an emergency card for things that will take a while to get paid off.

3)      Rewards Cards – These type of cards typically have and APR around 15% but offer you rewards that make their use more enticing. These are best for short term borrowing for things you generally buy on a regular basis so that you can take advantage of the rewards while avoiding the higher APR by paying purchases off within the “grace period.”

4)      Bad Credit Cards – These are typically high APR cards with low credit limits, intended as a means for those with bad credit to carefully rebuild it.

Other Considerations

Once you’ve decided on the type of credit card, you’ll want to look at some of the specifics of the cards in order to help you find a credit card.

1)      Annual Fee – Though these are dropping out of common use some cards still have a yearly fee just for possessing the card. Unless the card comes with rewards or an APR worth the fee, try to find one without.

2)      Interest Rate – This is probably the most important factor to consider. The lower the interest rate the less interest you’ll pay on long term purchases. Many cards will offer a lower introductory APR for the first few months. These are nice, but make sure you know what your APR will be after that so you’re not tricked into getting a card with an unreasonably high rate.

3)      Rewards Programs – if you’re going with a rewards card make sure the card is offering the type of reward that you want. While frequent flyer miles may be a great reward for some, it’s not so enticing for those who never fly.

Get your card

Once you’ve decided on a type of card and found one with the perks you like and rates and fees you’re comfortable with, just apply and wait for their response.

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By David

Irresponsibly using a credit card can be costly, but picking the right one and respecting the grace period will turn it into as safe a loan like any other. Provided you get a low interest credit card, this method of payment is quite efficient, which is why the number of credit card holders continues to increase.

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Credit cards or consumption loans?   

Both options are relatively rapid and easy ways to obtain money, compared to other types of loans. However, credits cards are more flexible, but interest rates tend to be higher. If used responsibly, however, credit cards have many benefits.

Advantages of credit cards

• Grace periods with 0% interest, in which reimbursement can be made in multiple small rates, or integrally.
• Fixed rate payments.
• Bonus rewards.
• Various types of insurance (life, death, trips, car rentals etc.).
• Loyalty programs.
• Possibility of getting a credit card even if you have a low income, unlike bank loans.
• Interest rates and payment periods can be changed.

What is the interest rate?  

The interest rate is what the lender charges you for using your credit line to make purchases. It is established by each financial institution, based on several factors: the market supply and demand, the discount official tax, the state’s economic power, the inflation rate and the bank’s adopted policy. In order to save money, it is recommended you get a low interest credit card. Generally, a low interest rate revolves around 10%, and there are even credit cards with interest rates as low as 7% or even 0%.

How to get a low interest credit card?

It is essential to compare credit card options, and pick the cheapest one. Total costs of a credit card are included in the annual interest, which is the safest indicator for selecting offers when it comes to price.

Also, you should keep in mind that some banks issue special types of credit cards, which come with great benefits, such as 0% interest rates and various reward programs. By using the credit card for direct payments in stores or for paying bills, you can benefit from these extra perks.

Using the credit card intelligently

The first step is to get a low interest credit card. Then, it’s up to you to use it wisely:

• Do not use the credit card for cash withdrawals unless it is necessary, because most banks collect additional fees for these transactions;
• Inform the bank when if you won’t be able to make your monthly payment, as some lenders will waive non-payment penalties as a courtesy if you contact them.
• Remember that late payments can increase your interest rates.
• Renegotiate your credit card interest with the issuing bank, whenever you feel like you are paying more than you should.

Low interest rates due to today’s uncertain economic times have prompted most financial institutions to come up with a wide variety of credit card options. In such a competitive field, it is easy to get a low interest credit card and profit from other rewards as well.

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By David

For many of us, learning to write checks and balance a check book were necessary lessons as we grew and began paying our own way, but in our modern society built on computers and mobile apps, the lessons we teach our children must change with our society. One of the greatest concerns is teaching our children how to appropriately use and manage a credit card. But how can we help them learn without immediately exposing them to the perils of un-savvy credit card use? Easy, we can teach them credit cards with money.

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Prepaid Credit Cards

One of the best tools we have at our disposal for this very task is the prepaid credit card. A prepaid credit card works much like a gift card, but is associated with a major credit card company and thus can be used almost anywhere to make in store or on-line purchases. A quick search on your favorite search engine provides a list of options to choose from. Just pick your favorite, load it with money, and go. Not only does using a prepaid card help your child grow accustomed to how the typical transaction goes in a store, but also opens up other related teaching opportunities.

Teaching your children credit cards with money allows you to show them the online process of transferring money between accounts. This opens up the door to teach them all about the online interface and each of its useful options.

Having our children’s prepaid credit cards loaded with money rather than giving them cash will allow them to make online purchases more easily and opens the doors to a world of shopping opportunities and to potential lessons on how to make purchases online safely, how to tell if a web site is secure or not, and how to minimize the risks of having your money stolen from you, including using prepaid cards loaded with just enough to make your purchases instead of a typical debit card.

Knowing that no one is perfect you can use prepaid credit cards loaded with money instead of a traditional credit card to set realistic spending limits for your children and introduce them to the consequences of spending without tracking. They will only be able to spend as much as you load on the card and if they exceed that the card is declined without incurring overdraft fees, over limit fees, or 15% or more interest that they’ll spend the next several months struggling to pay off.

Additionally, should your child ever need money for an emergency relatively quickly and happen to be too far away to simply give cash, you have the option to add money to their account from the comfort of home. No need to hop in the car and rush cash over to goodness knows where.

As you can tell credit cards loaded with money can be an excellent option to help your children wade into and begin to acclimate to our ever more complex financial system.

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By David

It used to be that in order to pay your credit card you had to wait for your statement, write a check, address the envelope, stamp it, and send it out, making sure to get it out a couple days before the due date so that it would be postmarked on time. Now there are newer and easier credit card payment methods to make your life a little simpler.

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Over the Phone – One option available these days, and a great credit card payment method for anyone who doesn’t wish to mess with computers is to make payments over the phone. There are a couple ways of doing this; either by check, or by debit card. Simply call up your credit card company and use the on phone guide to direct you to the appropriate department. Once you have a representative on the line you’ll want to tell them your account number and let them know you’d like to make a payment. They should guide you through the rest of the process.

Estimated time to payment: 10-30 min.

Manual Online Payments – If you are comfortable using computers, disciplined enough to remember your bills each month, and like the ability to adjust your payments on a case by case basis, then this is the credit card payment method for you. Like the over the phone option, this method has a couple of different avenues to choose from. You can either, go directly to the credit card’s web site and pay through it utilizing a check or debit card or you can use your banks web site, set up a “pay to” account and send payments through it. Either way after the initial setup you can choose to have the website save your payment information for future payments which makes this a quick and easy option.

Estimated time to payment: 5-15 min.

Automatic Online Payments – Assuming you are comfortable using a computer and making consistent sized payments, this is a great credit card payment method. This particular method is especially helpful if you accidently forget to pay your card one month, as it, once set up will automatically send a payment for you, helping you avoid late fees. As with the other options there’re a couple of ways to do this. You can either, go through the credit cards web site and set it up so that it will automatically debit your checking account or you can set up a “pay to” account on your banks website and set up an automatic recurring payment. Either way you’ll be protecting yourself from late fees. Just be sure not to spend more on your credit cards than you’ll have in your account or you may end up with some overdraft fees.

Estimated time to payment: 0 min.

So whether you’re tired of the old write a check and wait method, or if you’re just looking for a new way to pay to spice things up, you have some great credit card payment methods to choose from.

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By David

Credit card money, or a cash advance, as it is often referred to is an interesting option available to card holders, though not always a great one. Let us take a look at a few of the pitfalls associated with this “credit card money” and see if we can understand some of the common problems people encounter and when — if ever — is an appropriate time to utilize this option.

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Fees and interest rates

The average credit card interest rate runs at about 15%. Credit card money or a cash advance has its own associated fees and interest rates that exceed the cards already high interest rate making this option a convenient, but expensive one.

The first thing to note here are the associated fees that go along with obtaining a cash advance. These fees can be between 2% to 4% of the amount borrowed which means if you need to borrow $1,000, conservatively you’re looking at $20 added to your principle immediately. Need to borrow more? Then your fee will be even higher.

Next we should note the higher interest rates associated with getting ahold of credit card money. Even with great credit and an outstanding 10.4% APR on your credit card, if you decide you need a cash advance the APR on it will be between 24% and 40%! At best you will be paying about 2.5x what you would be normally. Worse still is the fact that many card companies rearrange what you’re paying on so that the low interest rate purchases get paid on first leaving the high interest rate cash advance to sit in the back untouched compounding enormous amounts of interest.

Combine these factors with the knowledge that in most cases your 30 day grace period is forfeited for a cash advance. This means that you’re being charged interest before you even have the cash in your hand!

It’s pretty much a foregone conclusion that getting this credit card money is not always a smart financial decision with the exception of a couple specific cases:

1. Purchasing an item from an individual – Perhaps you need to buy an item from an individual who obviously will not be able to take a credit card and you don’t currently have the cash for the item, but will within a month or less. In this case using credit card money is a viable option assuming the item being purchased is something you need and you’re disciplined enough to get it paid back quickly.
2. In an emergency – Your car broke down in the middle of nowhere, the mechanic only takes cash, and, wouldn’t you know it, all you have in your wallet are your credit cards. In this or similar circumstances utilizing credit card money can be a viable option, but still should be considered only as a last resort.

Armed with this information you can be sure you’re prepared to resist the temptation to use credit card money (cash advance) for anything but the most dire, or most appropriate of circumstances.

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By David

Many people become confused when they try to get a credit card and debit card comparison. In many cases the two can be used interchangeably to accomplish the same thing, so what is the difference?

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Similarities

While a credit card and debit card comparison will yield results that differentiate the two, they do have common elements. Size, shape, and location of information on the card are the most notable similarities. Additionally they can be used in the same places and situations assuming of course that you debit card is associated with a major credit card.

 

Credit Cards

One quickly discovers while doing a credit card and debit card comparison that credit cards are distinctive in many different ways.

1. How they work – a credit card isn’t attached to an account that you have money in, but rather is a means of borrowing money against future income.
2. Fees & Interest – because you’re borrowing money when you use a credit card it has associated with it an interest rate known as an APR (annual percentage rate) as well as other fees associated with its use.
3. Risks – since using a credit card is a form of borrowing money and especially as there is interest to be paid if the money is not returned in a timely fashion its use can become very pricy very fast if you are not careful to make sure to pay back what you borrow. Additionally extra fees are assessed if you forget to make a payment on time or accidently exceed your credit limit.
4. Rewards – credit cards allow you to borrow often significant amounts of money in the case of emergencies that your savings just cannot cover.

Debit Cards

In a credit card and debit card comparison we see a number of distinct features associated with debit cards.

1. How they work – a debit card is attached to an account you have money in, typically a checking or savings account and allows you to use money from that account without having to stop at a bank to pick up cash from a teller. They can also be used in conjunction with an ATM to withdraw cash from the associated accounts.
2. Fees & Interest – Depending on where you are and what kind of debit card you’re using, there could be anywhere from a $1 to $5 fee for making a withdraw using an ATM not owned by your bank.
3. Risks – risks of using a debit card include overdraft fees for spending more money than you have in your account, cards not associated with a major credit card company not being accepted at stores, and fewer identity theft security measures than regular credit cards.
4. Rewards – As you are the holder of the money, there’s no interest associated with its use

Now that you have a clear comparison of debit cards and credit cards you can make an informed decision about which type of card is right for you.

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By David

Paying bills is something we are all very familiar with and it typically involves our checkbook, some envelopes, some stamps, and a big pile of bill statements. However bill pay by credit card is a popular new option that is now available for paying bills without out all the mess of a traditional paper and pen system.

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How to do it

There are actually a couple of different methods of bill pay by credit card available to modern consumers.

The first and easiest option for those of you who prefer to do things without involving a computer or for those who prefer personal assistance from a real person is over the phone. Simply call up the company to whom the bill is owed, navigate their touch tone menu, and let the person on the other end know you would like to make a payment with your credit card. They’ll ask for your account number, card number, name on the card, expiration date, and CCV (a 3 to 4, digit security code on the back next to the signature line). Once they have the necessary information, they’ll process the payment and you’re all done. Just rinse and repeat for your other bills.

Alternatively you could go online and do the same thing without having to navigate a touch tone menu or speak with an actual person. To do this you will want to go to the website of the company you owe the bill to and login. There should be an option somewhere on the site to make a payment. Just select this option and choose “credit card” as your payment method and enter the relevant information (card number, name on card, expiration date, and CCV) into the appropriate spaces and submit your payment. You can even have the website save your card information for future payments making it as easy as selecting payment and clicking submit.

Why do it?

Despite the fact that bill pay by credit card can seem complicated there are actually a few great reasons to look into it.

1)      Automatic Payments – Once you have your information submitted you can opt to have payments made from your credit card each month automatically saving your time for more important things.

2)      Consolidation – By using your credit card to pay all your bills, especially when using the automatic payments feature, you consolidate them into one place making your monthly bill paying process a quick 5 to 15 minute transfer once a month.

3)      Rewards – Assuming you’re using a rewards card for your bills, this is a great way to generate more of those coveted rewards, without costing you anything extra. Just pay off the card before the end of the “grace period” and enjoy the extra rewards you’ve managed to reap.

So you see bill pay by credit card is not only possible, but it is also a great idea for making life easier and more rewarding without any need to put in additional effort.

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Annual Percentage Rate (APR) is probably the most common variable that you will come across while navigating financial products, such as credit cards, car loans, home mortgages, refinancing options, and other forms of financing. Take a quick look at your billing statement and you will see Annual Percentage Rate (APR) plastered all over the document. Contrary to common belief, however, APR is not as hard to calculate and certainly doesn’t take a rocket scientist to figure it out.

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So, what is Annual Percentage Rate and how does it work?

A simplified Annual Percentage Rate definition would be something along the following lines:

“Annual Percentage Rate or APR is the annual rate you will be paying on the borrowed loan.”

In other words, it is the annualized cost of borrowing.

Here’s a simple example to demonstrate Annual Percentage Rate calculation:

Is Annual Percentage Rate the same as interest rate?

Yes and no. Technically, there is a difference between interest rate and APR. While interest rate may be charged for a specified duration of time, Annual Percentage Rate is the rate you are expected to pay on an annual basis.

Generally, interest rate is computed either as simple interest or compound interest. If you borrow $100 at a 1% simple interest rate, your total repayment would amount to $101. If the interest rate is compounded, however, you will be required to pay interest on interest and your repayment amount would snowball to a much higher number than the original figure.

Annual Percentage Rate started making its way into financial products mostly in response to regulatory mandates (Truth In Lending Act) that required lenders and financial institutions to disclose the APR and empower consumers with a uniform basis to compare different financial products. Its purpose was to eliminate the confusion stemming from complex jargons and high pressure sales and marketing tactics.

Fixed and Variable APR

This extremely simple ignores the fact that there are different types of Annual Percentage Rates. The two most common types of APRs include Fixed APR and Variable APR.

Fixed APR, as the name suggests, does not fluctuate in response to market forces. There are certain conditions, however, where the Fixed APR may change, especially if you are late on your payments or if a contractually-agreed “trigger point” kicks in. Ideally, the company should send you an advance notice if your Annual Percentage Rate changes and although you have the option to disagree with the increase, you may lose your relationship with the provider and be forced to pay the remaining balance in full.

Variable APR, on the other hand, is tied to a market index — generally the Prime Rate (the interest rate charged to banks and other financial institutions). Your lender may charge a fixed percentage above and beyond the prime rate. Example: Prime Rate + 9%.

The Prime Rate is published on several financial websites, including The Wall Street Journal.

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How does credit card APR work

Credit cards follow a slightly different protocol while calculating your APR. In that, they consider your Average Daily Balance into the formula for calculating APR. While the formula compounds your interest rate calculation, there is one advantage that you can enjoy. If you pay off your balance in full, you will not have to pay the interest rate. Most individuals do carry a balance, however, and end up paying extremely high interest rates during the course of their credit card ownership.

Note: If you are in the market for an auto loan or a home mortgage, the computation may be slightly different and will be mostly determined by the contract terms. Other fees and charges may be included.

What do low APR offers mean?

You may have come across aggressive commercials touting low APR for X number of months or 0% APR for 18, 24, or even 36 months. As promising as these offers sound — and they are great for the duration — you must understand that once the introductory period lapses, your interest rates will be pushed to a higher number that is spelled out in the contract. Furthermore, not everyone qualifies for these lucrative deals, so unless your credit history is spectacular, you may not be able to take advantage of the low or 0% APR offer.

What does 0% introductory APR (or intro APR) on balance transfer mean?

As the name suggests, the 0% introductory (or intro) Annual Percentage Rate is applicable on balance transfers only. Let’s say you owe Credit Card X $1,000 and your current APR is 19% fixed. If you transfer your balance to Credit Card Y, you will be able to take advantage of a 0% introductory rate for a certain number of months. The advantage of such programs is that whatever amount you pay every month will be counted toward the principal balance and not the interest rate.

As the terms indicate, the promotional rate is valid on balance transfers only so if you go and make a purchase with the promotional credit card, you may not be able to take advantage of the low interest rates and could, in fact, be surprised with a much higher rate on your billing statement.

Caveat: You should be careful. As soon as the introductory period lapses, your interest rate will bounce back to a greater rate, which, in some cases, could be much higher than your original APR.

What does 0% intro APR on purchases mean?

Some credit cards offer an introductory APR that is valid for both balance transfers and purchases during the promotional period. In this case, your purchases would enjoy a 0% APR as well.

Sound familiar? You may have seen car commercials offering the 0% intro APR benefit for the first few months of your vehicle purchase. If you are unsure as to how APR calculations work, there are several free online APR calculators that will allow you to plug in numbers and generate an easy-to-understand number.

What APR does not include

Some loan applications will disclose other costs, such as origination fees, closing costs, finance charges, and other costs associated with financing. Generally, these terms are applicable with home mortgage loans, refinance applications, and car loans.

Look beyond Annual Percentage Rate

The variable is just one of the many factors that must be considered while evaluating the merits of a loan or credit card offer. There could be several other factors that could tilt the favor of your decision toward another provider. For example, a certain company may offer 0% APR but other costs (such as an annual fee) may be imposed or the grace period may be reduced.

While comparing different financial products, pay close attention to the terms and conditions. The contract should spell out all the details of the offer and help you make an informed decision.

We hope you enjoyed our article What Is Annual Percentage Rate And How Does It Work. If so, please do let us know in the comments.

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By Rick

The way you make your monthly credit card payment has changed dramatically in recent years as the internet has allowed these lenders to become more flexible. The variety of credit card payment methods has never been more wide-ranging and allows you to stay on top of your obligations and keep your credit scores higher than ever before. Whether you sit down at the kitchen table every month to pay your bills or do it on your smartphone, there are many different ways you can make sure your credit card bills are paid on time.

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Automation makes everything easier

With computers becoming widespread and access to high-speed internet in almost every home, many people pay their bills online every month. While this can certainly be done bill by bill, most people have started using simple budgeting programs like Quicken to track and pay their monthly obligations. This is fast becoming one of the most popular credit card payment methods used today because it makes things easy.

These programs allow you to automate these payments and track your income and expenses. You can see how your budget is fairing each month and ensure you always pay your cards and other bills on time. Some of the better programs can actually logon to each account for you and download the details of your bill. This is then available for you within the program so you can schedule the payment. These programs are also a great way to keep track of your interest and other fees you’ll need for taxes at the end of the year.

Using the credit card’s website

Another one of the credit card payment methods that is becoming very popular is the lenders website itself. In years past these sites were very crude and did little more than allow you access to your account and listed your billing information. Improvements over the years have allowed many of these sites to transform into full featured applications that not only allow you to schedule your payments through them but will also provide historical data on your cards. Many of the sites also allow you to categorize your purchases made on the credit card so you can better track your spending. Through the site you can schedule an automated payment monthly to be made from a bank account you authorize. This way you can be sure your payments are never late and save time by not having to login and make the payment manually.

Letting your bank take charge

Many banks have also upgraded their websites to allow their customers to pay their bills. These bank sites can synchronize with the various credit cards and other loans you have to provide an overview of your monthly obligations. Most of the bank sites also allow you to pay these bills automatically from a chosen account at the bank.

They operate very similar to many of the accounting programs people use to keep track of their bills but without the monthly charges. The advantage the bank site has over other credit card payment methods is that it lists all of your accounts in one place, making it easier to keep track of your finances.

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