Applying for a credit card involves more than looking for the best interest rate. In fact, it is often the other terms and conditions on the credit card that make the most difference when it comes to managing your credit.
Your credit card can be incredibly valuable, or it can be incredibly detrimental; in other words, your credit card is only as useful as the behavior that accompanies it. And that means starting with a good understanding of your credit card and the important terms to study when applying for a credit card.
February 22nd is the magic date when all of the credit card legislation that was passed through the Credit Card Accountability Responsibility and Disclosure Act (CARD) must go into effect. That means that all of the credit card companies must comply with the new terms set forth in the CARD Act.
Although these changes are designed to help consumers better manage their debt and to discourage credit card companies from operating under false pretenses, it doesn’t mean that you can forget about fees and hiked interest rates.
The bottom line is that you still must be a responsible consumer; it does not give you a free pass to spend as you like without consequences.
In addition, don’t assume that just because the government has reigned in the credit card companies on certain points doesn’t mean that they can’t then conjure up new traps in which to catch consumers.
The Fine Print
Most of us are conditioned to simply discard the legal mailings we receive from our credit card company about our credit card’s terms and conditions. However,
Significantly lowering your credit card balance can be like coming from behind to win the Super Bowl. If you are thousands of dollars in credit card debt you may look at the score board and think there is no way out. But think about some of the greatest comeback football games you’ve seen and you’ll know there is always hope.
Play Good Defense
Football players know you can’t win if you are behind in the game until you stop the other team from scoring. The same idea applies with lowering your credit card balance. You have to stop the damage by going on an all out blitz and refuse to use your credit cards unless it is an emergency. Set a budget and use cash to pay for food, clothing, and miscellaneous items. Not adding to your debt is the first step in reducing it. In the words of Will Rogers: “When you find yourself in a hole, stop digging.”
Play Good Offense
To win a football game your offense must score more than the other team’s offense, they must stay ahead to win in the end. In terms of lowering your debt you want to stay ahead by controlling your impulse spending so you don’t have to constantly play catch up. Watch for mindless spending on things like trendy clothes, weekly pedicures, going out to eat and electronic gadgets. Track your spending and Read more…
By now we’ve all heard about the various “gotchas” often applied to gift cards. We’ve all heard the warning bells of hidden fees, expiration dates and the like, but how do you know if that gift card you’re about to buy is booby trapped?
Well, here’s a really simple and handy web site you probably want to check out.
It lists many popular gift cards from credit card issuers, retailers and even restaurants. It then breaks down whether each has purchase fees or if it can expire. There’s also a link to the issuer’s site to buy a card online and the table lists whether the card is shipped for free or not.
This can potentially save a lot of headache and hassle this gift giving season, for you and the gift recipient!
RevolutionMoney has finally launched its highly anticipated RevolutionCard, which is a secure alternative to standard credit cards.
Why the RevolutionCard is Different
Examples include the fact that the RevolutionCard has no account number, name, or signature line on it. The payments are therefore authorized by entering a PIN number, similar to that of a debit card. To make purchases online or by phone, customers can simply use their PIN number. In other words, the cardholder does not have to provide an online retailer with a credit card number, thereby making the transaction more secure.
The RevolutionCard may act like a debit card, but customers receive the same rewards offered by standard credit cards. In fact, customers of the RevolutionCard are afforded plenty of loyalty programs, which include exclusive offers and discounts on many types of purchases.
Benefits of the RevolutionCard
The RevolutionCard was designed to combat identity theft that has plagued so many millions of Americans.