Category: Credit Cards

By Rick

Your credit card payment is one of the most important considerations in your credit score and even one missed payment can seriously damage your rating. Credit bureaus keep track of how you make your monthly card payment as reported by your lender and missing a payment is a serious credit mistake. Some of these reporting agencies will lower your score by 45 – 110 points for a single missed payment. This infraction can take two years to age off your report so be sure to never miss a payment.

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Your interest rate is at risk

Not only will a single missed card payment impact your credit score, it can also change the rate the lender is charging you on your card. Many lenders will trigger a review of your account when a card payment is missed and could decide that you are now a higher risk for them and raise your rate based on this infraction. This will not only apply to the new charges you make with the card but also on any existing balance you have on the card. This can be a huge burden to people carrying a balance from month to month and make it harder to make next month’s payment. The credit bureaus will report this late payment to any other creditors you have as well and it may cause a ripple effect throughout your accounts. Some card member agreements let the lender raise your rates on their card if you miss a payment on any other card.

Double up on your payments

If you’re having  a hard time being disciplined with your monthly budget and find yourself coming up short at the end of the month when bills are due, consider making a mid-month payment on your card. This gurantees you are part way to the full payment and will actually help to pay down your balance quicker. Most credit card companies allow you to make several payments each month on an account and may only limit how quickly. In most cases there is a three-day waiting period between payments, which still allows you to easily make several payments each month when you have the extra money.

Consider automated payments every month

All major credit card companies have websites that allow you to make your card payment a little easier. Most of these websites will also allow you to schedule a recurring payment each month to have your card paid automatically. This can be a great feature to use if you know you’re going to pay off your card each month in full or even when carrying a balance. At a bare minimum try and do an automatic payment for the minimum required on your account to ensure you are never late on a payment. You can always make a second payment to reduce your balance further but at least you’ll have the peace of mind in knowing your monthly minimums are covered. Most people try to schedule this automatic payment a few days after their paycheck arrives so you are always sure to have money available to make your payment.

Even if you decide not to use the automatic card payment feature of the website, many sites allow you to set a reminder text or email a few days before your due date. This can be a great way to remind yourself that a payment is due to make sure you get it in on time.

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By Rick

Credit cards have changed over the years from a simple way to buy larger, more expensive items into the preferred method payment for many merchants. They are used for everything from groceries to Money Orders and with the expansion of the web, internet shopping. It is more important than ever that you have a credit card you can use for things you do every day.

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Universal payment

Even though credit card money can be used for a variety of things, its most popular use by far is for shopping. People like the flexibility it provides as well as allowing them to avoid carrying cash with them. Using a credit card is a quick and easy way to pay for a day at the mall shopping. Unlike in years past, all the merchants in the mall now accept a wide variety of cards and actually prefer being paid this way.

Allowing you to pay with credit card money not only speeds up the checkout process, it helps eliminate the theft that results when their employees handle cash. Once the sale is made, the proceeds are sent directly to the merchants account for the transaction. Carrying cash to make these same purchases is a much bigger hassle and could also make you a target for theft in some areas.

Enhancing your warranty

One major benefit that buying an item with credit card money provides is an extended warranty on your purchases. Many lenders insure your satisfaction with a purchase and may even extend the warranty on some items you buy with the card. They do this as added protection when using the card to purchase an item and will work with the vendor on your behalf to sort out any issues. In some cases they can reverse a transaction you made and allow you to return the item to the merchant. This extra protection can really come in handy if you’re having trouble with a particular store or an item you’ve purchased.

Bonus for using the card

These days most credit cards have bonus programs that reward you for using the card. These may involve free nights at a hotel, extra days on a rental car or free checked bags on your next airplane flight. All of these are nice benefits for simply using the credit card money when paying for an item. Over time these types of benefits can add up to substantial savings for you, especially if you have the type of program that awards points that can be used to purchase things. It’s surprising how many points you can accumulate quickly just by using the credit card regularly. Many people will save up these points for the entire year and treat themselves to a special gift they have been wanting by simply trading in the points.

With some programs you can even redeem these points for a gift card that can be used like cash to shop at your local store. This type of bonus is much more flexible than some of the other programs that are tied to a specific redemption program since it allows you to use the bonus points wherever you normally shop. You may even be able to use your accumulated points to lower your balance on a card by applying them directly to your account.

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By Rick

Even though you can use a credit card for almost any purchase these days, there may still be times where you need to send a Money Order to someone. The question ”Can you get a Money Order with a credit card?” is a common one and actually has several parts to the answer. In many cases you can actually use a credit card in place of a Money Order for paying a bill or settling a debt but if you really need to purchase a Money Order using a credit card there are a few things you’ll need to know.

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Money Order = Cash Advance

Many credit card companies allow you to use a credit card to purchase a Money Order but treat the purchase as a cash advance. This is important because it usually involves a much higher interest rate than a normal purchase. Most cards actually carry two different interest rates, one for purchases and one for a cash advance when you use the card at a bank or an ATM. This cash advance rate is usually much higher than your normal rate and can really add a lot of cost when using the card this way. You’ll also need to understand how your monthly payments are applied to the different balances you carry. Some cards will pay the higher rate balances first and others divide the payment between these different charges. In either case, it’s always a good idea to limit your use of a credit card to purchase Money Orders whenever possible.

Some cards forbid It

Even though most lenders don’t object to you using their card for purchasing a Money Order, some specifically forbid it in their user agreement. A quick call to your credit card’s customer service line should help you avoid any confusion. They will typically be able to answer the question “can you get a money order with a credit card”. You’ll need to be aware of this to avoid embarrassment later on. In most cases these cards will simply decline the charge when you attempt to purchase the Money Order. Others will approve the charge and may later reduce your credit limit or close the card completely for violation of the agreement. This can have some serious consequences for your credit rating and should be avoided at all costs.

Rules can vary with money order vendors

Answering the question “can you get a Money Order with a credit card” has a second element. The other thing you need to find is a merchant that is willing to let you pay for the Money Order with a credit card. The fact that the credit card company is fine with you using the card is only the first part of the equation; you also need a willing merchant. Some stores that sell Money Orders only allow you to pay for them with cash or a check.

The reason they avoid the credit card payment is that they are only making a slight profit on issuing the Money Order that may easily be wiped out by the charges they pay to the credit card company for accepting the card as payment. In extreme cases where you need to make the Money Order purchase, you can always go the safer (and more expensive) route of doing a traditional cash advance at an ATM and using that cash to buy the Money Order. This will be the more expensive option but is sure to work every time.

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By Rick

As younger members of the family start to mature and venture out on their own, the question of their first credit card inevitably comes up. Having a card will give them the convenience of being able to shop without having mom and dad along. It’s also a rite of passage in a credit sense and another important step on the road to adulthood. For parents and teenagers alike the question of “at what age can you get a credit card?” always comes up. The answer is a little complicated and presents several options for parents hoping to help their kids establish a good credit history.

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Eighteen (18) is a critical age for many reasons

The simple answer is that anyone hoping to secure a credit card on their own needs to be at least 18 years old to apply. The reason for this is that any younger than this prevents them from entering into a contract legally, making it impossible for a lender to enforce the terms of the credit card. Because of this, even if a person younger than 18 wants to secure a card and has their parents consent, no bank or other lender will issue credit directly to the minor.

Recent changes to the credit card laws have made it tougher for people under twenty-one (21) to now be issued a card. These protections stemmed from the practice of targeting students in years past that would run into trouble over time with new cards. The new legislation requires anyone under the age of 21 to prove they have an independent income and are able to repay any charges on the card. If the applicant doesn’t have a job at the time of application this law requires them to have an adult co-signer for the card that has the income to repay the charges.

Other options for younger consumers

Even with these tougher regulations, there are other ways for a younger person to tackle the credit card question with the help of an adult. With a willing parent the question “at what age can you get a credit card” becomes a little more flexible. For example, many credit card companies allow a cardholder to add others to their account. A parent could request an additional card in either their name or their children’s name that allows them to use the card. They would have their own PIN for purchases that would show up each month on the primary cardholder’s statement. This is a great idea as an emergency card for younger people to have in case of emergency.

Consider a secure card

One final option is a secured card. This type of credit card requires the cardholder to deposit funds into an account that the card is used to spend. From the merchants perspective the card acts just like a normal credit card and the spending limit is governed by the available balance in your account. In most cases this type of card can be easily secured by anyone 18 and older that can make a minimum deposit against the card. This is not only a good way to get started with credit cards; it also helps you establish a credit history you can use to apply for a more standard card in time.

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By Rick

A credit card used to be a nice thing to have but in recent years has become essential. Without a credit card it’s nearly impossible to rent a car, spend a night at a nice hotel or shop online for everyday necessities. Even though you can navigate around these restrictions with a lot of clever financial aerobics, having a credit card just makes it easier.

Even if you simply use the card to make these purchases and pay off the balance immediately, the fact that these retailers know you have credit allows you to do all these things much easier. Choosing the perfect credit card for your needs takes a little work and many people wonder “which of my credit card offers is the best for me?”

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Watch the interest rate

When comparing cards there are few key things you’ll want to take into consideration. The thing that should be at the top of your list is the interest rate on the card. Even though you normally use the card responsibly and intend to pay off your balance each month when the bill arrives, there may be months you’ll want to only make the minimum payment required. In this case the balance you leave on the card will incur an interest charge, which can be substantial. Comparing the interest rates between cards is the first step in deciding “which of my credit card offers is best”.

Know your limits

The next thing that most people compare is the amount of credit available to you on the card. This credit limit may determine how useful the card is for doing the things you want to do. If you have a small limit on the card you may not be able to use it on a longer vacation to cover the accommodations you need for your family. Even though most credit card companies will normally increase this limit over time, when deciding on “which of my credit card offers is best”, you’ll want to compare the initial limit on the various cards. Most credit card offers will give you a minimum you can expect to receive if approved for the card.

Points, points and more points

Most cards these days have some type of rewards program tied to your use of the card. Some of these grant you reward miles on airlines or hotels and others offer you cash back every month based on your spending with the card. All other factors being equal, you’ll want to choose a card with the rewards program that best fits your lifestyle. If you do a lot of traveling, find a card that provides a discount on car rentals or hotel rooms. If you don’t leave home often, a card that offers discounts with certain merchants every month might suit you better. The key is to do the comparison between cards. Even though this shouldn’t be a major factor in your decision, it does affect how useful the card is for you and needs to be taken into consideration.

The key in answering the question of “which of my credit card offers is the best” is comparing all these factors between any cards you’re considering. When you list the thing most important to you, the choice will be clear and you’ll be on your way to enjoying your new credit card.

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By Rick

Credit is a big part of modern life and sooner or later everyone asks the question, “how do I get a credit card?”. Typically this happens when someone reaches the age of a young adult, heads off to college and needs to be able to make purchases. Even though this seems like a simple question to answer, it can be tricky depending on your credit history. Your FICO score is the way a bank or credit card company rates you financially and the higher your score, the easier it is for you to secure a credit card and typically the more favorable the rates. The lower your score, the more difficult it will be for you to be approved. If you have a very limited credit history, finding a company that is willing to issue you a credit card can take a little more work.

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Watch your mail for offers

As you slowly begin to establish your credit history many credit card companies will start to send you offers for various cards they are willing to provide. This is a simple and easy answer to the question “how do I get a credit card?”. These offers have typically been prequalified, which means you have a very good chance of being issued a credit card if you apply through one of these offers. This prequalification is a very simple check of your credit worthiness. Once you apply, the credit card company will do a more thorough credit check to decide if they actually want to issue the card. This second check will also determine the interest rate they’ll charge you on the card as well as the limit of credit extended on the card. While these limits may change over time, your initial application and the results of your credit check will determine your rates.

When these offers start appearing, it’s always a good idea to note the expiration date of the offer in case you have an interest the offer. Always try to wait for a bit before applying. This not only gives you a chance to compare it to other offers that may follow from other lenders, it also won’t make it appear that you’re desperate for credit by applying immediately. Some credit card companies actually track the time between the arrival of the offer and your application date and use this as part of their qualification criteria. Applying too soon might make you seem desperate and may affect your interest rate and credit limit.

Check with your bank

Another great answer to the question of “How Do I Get a Credit Card” may very well be the bank you use for your checking and savings account. The relationship you have with this bank can go a long way in helping you qualify for a card. Most banks are looking to expand their relationship with their customers and are more liberal in issuing cards to people that already bank with them. If you are in the market for a credit card, check with the local branch you use for your normal banking to see if they are willing to work with you. Many of these banks even have special programs available for existing customers and are willing to provide credit cards at reduced interest rates. These can be a great way for them to expand their banking relationship with you and for you to find the perfect credit card for your needs.

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