Surviving in the world...

Surviving in the world of credit cards

Now we, customers, play a game ‘who have a better credit score’. It looks like that having a credit score is a point of pride rather than...

Some necessary researc...

Some necessary researches before getting rewards credit card

You decide to choose a credit card? OK, at first make a research to find the best variant for you. Before you request one of cards, you should be...

Advantages of reward c...

Advantages of reward credit cards

Of course, you think about worth and convenience of using a retail credit card so that when you buy something at this shop and you see something you...

A good credit history ...

A good credit history it’s very easy

Credit cards are convenient and can certainly help you to settle a good credit history, when you are young. And the good credit history is very...

Credit Card Interest Increases-Should You Opt Out?

Posted by: admin  Posted date: August 22, 2009 in Credit Cards Articles
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Credit card companies will most probably make as many changes they can before August 2010 when the new rules for interest hikes step into effect. So going forward, be sure to carefully read every document that you receive from your credit card company to avoid being caught unaware of changes to your terms.

If your credit card APR does get increased or other terms are changed in ways you don’t like, you do have the option to opt out of the changes within a specified time period. Unfortunately, opting out can be a losing proposition for cardholders. Typically, when you opt out, you will be able to pay off any outstanding credit card balance under the existing terms, but your credit card will be closed and you will no longer be able to use it for new charges.

When a credit card account gets closed, it could hurt your credit score by changing the debt-to-credit limit ratio on your credit report. W Read more…

Tags: Credit Card Interest

Millions saw their credit card limits cut

Posted by: admin  Posted date: August 22, 2009 in Credit Cards Articles
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It has gotten harder for Americans to access credit during the current economic downturn as credit card companies cut credit limits, but a new report finds that these cuts have not had a dramatic impact on consumers’ credit scores.

The study from FICO found that 24 million consumers had their credit card limits reduced despite the fact that they did not do anything that would normally cause a reduction in their limit. Of this group, the average credit limit reduction was $5,100 – more than double the amount FICO saw in a survey six months prior.

However, the report also found that this reduction did not create a major change in the credit score for most.

Reductions in card limits were found to have negligible impact on the FICO scores of most consumers in this group, said the study. Read more…

Tags: Credit Card Cut

Emily’s list: Back to school edition

Posted by: admin  Posted date: August 20, 2009 in Credit Cards Articles
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pSorry, kids. Your lazy summer has ground to a halt, and it’s time to get back to the classroom. Believe me, you will really appreciate those summer holidays once you’re out of school. Congratulations, parents: You now have some time to yourself again. /p pWhether you are a mom or dad about to embark on a back-to-school clothes shopping spree or a college freshman about to get your first credit card, it never hurts to learn more about personal finance. Knowing when to save and when to pay off debt are major skills that take awhile to acquire. /p pUnderstanding the importance of credit is vital, and some of us flunk the test and end up in bankruptcy court. If we all just took a little more time to understand how to better manage our money, I think we would all feel a little more in control./p pToday’s homework: Study the posts below from some of the best personal finance teachers … ahem, bloggers. Then you’ll be head of the class! Read more…

Tags: School School Edition

Credit card rules’ first phase kicks in today

Posted by: admin  Posted date: August 20, 2009 in Credit Cards Articles
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Are you ready for some changes that could affect how you pay off your credit card debt? br /br /The initial stage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 go into effect today.br /br /These rules, signed by President Obama in May, contain a number of provisions designed to give consumers more rights and protections. The second – and more comprehensive – phase of the act will take effect in February.br /br /From August 20, credit card companies are obligated to notify cardholders 45 days in advance about changes to their account, as well as mailing bills 21 days ahead of when they are due. Read more…

Tags: Card Credit Card

Read Each Agreement During the Application Process

Posted by: admin  Posted date: August 19, 2009 in Credit Cards Articles
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pWhen you apply for a credit card, you are likely in a hurry to see if you qualify. Many consumers are looking forward to having a credit card to use for convenience or rewards points but many fail to be interested enough in what they are committing themselves to when signing the credit card agreement. If you do not read the terms and conditions of each and every card you are applying for, you can end up owing a lot more money than you ever imagined and can quickly find yourself in debt you can’t get out of easily./p pemstrongIf you don’t read your credit card agreement or the fine print section, you will likely miss the important things such as:/strong/em/p pstrongFees/strong One of the quickest ways to accrue debt aside from spending is the accrual of fees on your credit card account that you had no idea existed. Credit card companies these day make a profit on the fees they are charging their customers and until the new credit card regulations go into effect, you need to keep a close eye on what charges to expect. Lat Read more…

Credit Card Crackdown Series: Credit Card Bill of Rights

Posted by: admin  Posted date: August 18, 2009 in Credit Cards Articles
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pstrongFor too many years the credit card industry has been quite loosely regulated./strong The credit card industry has been able to change credit limits, fees, and annual interest rates at will and consumers were the ones to feel the effects.In order to put this under control, President Obama recently signed the credit-card consumers’ Bill of Rights. The goal is to provide consumers with relief as fee limitation and contract change notification revisions are part of the legislation./p pPresident Obama stated that this action will provide credit card holders with the the strong and reliable protections they deserve. Read more…

Tags: Card Credit Card

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