May « 2011 « Credit Cards – pay off interest rates

May 30, 2011

Q&A: What credit cards are good to build credit when I have no credit?

Filed under: Credit Cards — Tags: build, cards, Credit, good — admin @ 12:43 pm

Question by kelsey: What credit cards are good to build credit when I have no credit?
I’m almost 19 years old and I have had a secured card for about 6 months, and I need more revolving credit. I applied for the Chase Freedom card but got turned down… What cards are good to build my credit for those who are starting out?

Best answer:

Answer by Ryan M
Sorry, but since you are under 21you will pretty much need a co-signer to get a decent card.

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May 28, 2011

How do I switch credit cards and not affect my credit score?

Filed under: Credit Cards — Tags: affect, cards, Credit, Score, switch — admin @ 8:33 pm

by Cornell University Library

Question by msc44: How do I switch credit cards and not affect my credit score?
I desire to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I assume’t need these credit cards and I would care to cancel them and have this “possible attribute” to go towards the new teased. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit tease and avoid affecting my credit score in a bad way?

Best answer:

Answer by Serge M
Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new teasing. Apply and start using it.If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that cancelled as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit. Paying the monthly charges in full each month is the best policy. It also means not paying any interest.

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May 27, 2011

Post Office Credit Cards highlights financial travel traps for UK holidaymakers

Filed under: Pay Off Credit Card — Tags: cards, Credit, Financial, highlights, holidaymakers, Office, Post, Traps, Travel — admin @ 4:32 am

Post Office Credit Cards highlights fiscal travel traps for UK holidaymakers

London, UK (Vocus/PRWEB) 17 April 2011

Over two-thirds (68 per cent) of holidaymakers who plan to use their travel credit card overseas could be set to waste millions in travel credit card charges, according to research conducted by Post Office Credit Cards.

According to the Post Office research, paying unnecessarily for the privilege of using a travel credit card abroad is one of the top five financial travel traps catching out UK holidaymakers. Cutting corners on travel insurance and paying over the odds for foreign currency were also identified as common holiday pitfalls.

However, travel credit card charges could easily be avoided by using a travel credit card which does not charge a fee for foreign transactions, such as the Post Office’s Credit Card.

Meanwhile the Post Office is advising UK holidaymakers travelling to Europe to check that their transaction can be made in the local currency, instead of automatically being changed to the currency of wherever the card was issued which can result in the travel credit card holder paying over the odds for the purchase.

Az Alibhai, Post Office Head of Credit Cards, said: “If you are planning to use your travel credit card abroad it is vital that you use one which doesn’t charge any fee for purchases made abroad.

“The Post Office travel credit card doesn’t charge at all for foreign purchases, whether you’re inside the EU or off on a long-haul trip.”

The Post Office travel credit card also offers no liquidating beforehand fee when purchasing foreign currency from the Post Office.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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May 25, 2011

Q&A: How do I reduce our credit card interest rate?

Filed under: Credit Card Interest Rate — Tags: Card, Credit, interest, rate, reduce — admin @ 12:32 pm

Question by cherriwaves: How do I reduce our credit card interest rate?
My husband and I between the two of us have on credit card from Capital One. Our Balance is 5000 with a limit of 6500, we do use the credit card atleast once a week and send out a payment of about 50 dollars once a week being that we do use the card.(payments are 109.00 a month)The only problem is that the interest rate is around 19% and it really is not putting a dent in the available credit.How do we reduce the interest rate? Should we just stop using the card totally together for a while? Should I call and ask for a lowered rate? What if they say no?Any answeres would help. Thanks in Advance

Best answer:

Answer by Oliver
pay more than the minimun payment. and always pay on time

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May 23, 2011

Different Ways to Pay Off Credit Card Debt

Filed under: Pay Off Credit Card — Tags: Card, Credit, Debt, Different, Ways — admin @ 8:34 pm

Different Ways to Pay Off Credit Card Debt

Credit cards can both be your best friend as well as your worst enemy — and what they turn out to be, it depends on how you use them. Use them wisely and in emergencies, and they will be your friends for life — use them recklessly for compulsive shopping and they will turn into blood-sucking monsters.

So, if you are in a situation where you find that accumulated credit card debt is snapping at your financial heels, then it is time for credit card debt elimination. Here are a few practical ways how you can pay off credit card debt:

1. Use your credit card for emergencies only: It is impossible to altogether stop using your credit card. But it is definitely possible to use it strictly only for making emergency payments. So, step one is to stop using your credit card for luxury shopping, traveling, entertainment and eating out, and focusing its use on absolute necessities such as gas, groceries, etc.

2. Pay more than the minimum credit card debt: Credit card companies are tricky guys — they tell you they are making life easier for you by paying only a small percentage (2 to 3%) of your outstanding, and then they charge you a whopping interest on the unpaid balance. The result is disastrous — you keep spending more and paying only the minimum due, and your debt keeps accumulating. Therefore, if you want to get rid of credit card debt, you must pay more than the minimum amount due. Gradually, the interest amount will keep coming down and you will be able to repay the outstanding amount in a phased manner.

3. Take a home loan: Sure, the sub-prime market crash may have made taking a home loan an onerous task, but if you have a home and a whole lot of credit card debts, then mortgage your home, take a low-interest loan, and repay off the high-interest credit card debt. Remember, interest paid on home loans is a deductible expense and that is another benefit you derive with these loans. Of course, the primary advantage is that you are using this cash for repaying that monster credit card debt that is hanging around your neck!

4. Borrow from other sources: if you do not have a home to mortgage, then consider borrowing using your life insurance policy or your 401(k) plan. However, remember this: when you are borrowing to repay off expensive credit card debt, then you must not begin splurging once you square it up. Adopt austerity measures and concentrate on paying off the new loan in your life.

5. Shift balances: Analyze your credit cards and you will find that some of them have a lower rate of interest. If you do have such low interest cards, then shift the outstanding balances from your high-interest cards to these.

6. Negotiate with the credit card companies: If nothing else seems to be working, then it’s time to have a sit-down with your credit card company and place the cards on the table. Tell them that you are unable to pay the outstanding balances, and if they want their money back they will have to restructure the credit card debt. Every credit card company will sacrifice something to get their outstanding back, and nine times out of ten they will plan a good repayment deal for you.

That was how to pay off credit card debt faster. We hope the information was useful. And, good luck to you on finishing off your unwanted credit card debt.

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Video Rating: 3 / 5

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May 22, 2011

CardRatings.com Identifies Best Credit Cards for College Grads

Filed under: Pay Off Credit Card — Tags: Best, CardRatings.com, cards, College, Credit, Grads, Identifies — admin @ 4:37 am

CardRatings.com Identifies Best Credit Cards for College Grads

Foster City, CA (PRWEB) April 25, 2011

CardRatings.com releases the Best Credit Cards for College Grads, the first in a series of ’Best Credit Card‘ features. Credit cards highlighted in the series are chosen based on consumer lifestyle, life stage, activities and spending habits, favorite perks and other features.

Rites of passage for freshmen entering college no longer include signing up for every credit card offering a free T-shirt or Frisbee while walking through campus the first day of school because of new banking regulations making it tougher to get plastic before turning twenty-one. As a result, many new grads may find themselves without much of a credit history or in need of funds to embark upon their adult lives.

CardRatings.com editors surveyed dozens of current card offers to identify credit cards that offer useful benefits for grads this summer and beyond. Cards picked were chosen as best fits for grads on the move, furnishing their first apartment, frequenting movie theaters and restaurants, hitting the road by plane, train or automobile, or simply building their credit history.

CardRatings.com Editors’ picks:

Best credit cards for college grads on the move – Discover Open Road Card

Zero percent APR teaser rate One percent cash back on all purchases Gas and restaurant bonuses plus a $ 75 Restaurant.com Gift Certificate for a limited time

Best credit cards for college grads furnishing a first apartment – Sony Card from Capital One

Electronics and entertainment rewards Bonus points on Sony purchases Up to 10 months with zero percent APR

Best credit cards for college grads who love movies and dining out – Citi Forward Card

Bonus reward points to use at restaurants, movie theaters and bookstores Up to a two percent APR reduction for on-time bill pay Extra bonus points for paperless statement signup

Best credit cards for college grads heading off to see the world – Capital One Venture Rewards Credit Card

No foreign transaction fees Miles earned on every purchase that don’t expire Miles can be used on any airline with no blackout dates

Best credit cards for college grads with no credit – Orchard Bank Classic MasterCard

Email and text message reminders to pay bills and stay within credit limit Regular credit bureau updates allow grads to build credit quickly Customer service by phone and web lets grads track purchases and maintain a budget.

About CardRatings.com
CardRatings is the leading comprehensive unloosing source for compare credit card offer and has been educating consumers on credit cards since 1998. The site regularly reports on consumer credit and debt issues, and offers both editor and consumer credit card reviews. From balance transfer cards, to student credit cards, gas credit cards and more. The site let consumers to compare and identify the ascribed cards best suited to their needs, get the best rates available and effectively lower their debt.

Press Contact:
Jessica Cultra
479-739-2690
Jcultra(at)cardratings(dot)com

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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May 20, 2011

Q&A: How many credit cards is too much to affect your credit score?

Filed under: Credit Cards — Tags: affect, cards, Credit, Many, much, Score — admin @ 12:30 pm

Question by ronnin72: How many credit cards is too much to affect your credit score?
I am going to ask another question regarding which CC should I add to my credit card profile to add to my rewards. I have excellent ascribe, pay my balance in full each month, and I use my CC to pay for everything I can to rack up points/miles etc.I am at a point where I want to increase my points and miles so there are some options. The question is, what is too much. I basically share a VISA with my wife, and have an older VISA that i keep. I realize that you should keep older credit cards for history. I want to add at least one AM/EX either the Starwood points, or the Delta Miles. I also might switch our Cap1 card to the signature to get 2 points for every $ 1 spent, instead of 1.25 for $ 1. That is a new card, not a switch. And recently, I have received letters for UNITED miles (20,000 bonus) and AA Miles (21,000 Bonus). I would love to use those just to add to my miles on those flights. Could I add 3-4 cards without hurting my excellent credit? I will not rack up debt.

Best answer:

Answer by ray z
some of it has to do with how many cards you have, but not too much emphasis is on the quantity. It is mostly on the amount of available credit you have access to and how much of that attributed is being used currently. If you are over 40% on your total credit, it lowers your score quite a bit.

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May 18, 2011

~CREDIT CARDS!!!!!!!!!!!~?

Filed under: Credit Cards — Tags: cards, Credit — admin @ 8:37 pm

by Cornell University Library

Question by ~Riosgirl97~: ~CREDIT CARDS!!!!!!!!!!!~?
Hello,
I have bad credit i wanted to know a good credit card company that can give me a credit card and while i try to solve my credit issues. please answer if you have a good company and dont play cause i will ban you from yahoo answers.

Thanks!!

Best answer:

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May 17, 2011

Q&A: What can you do to lower your credit card interest rate?

Filed under: Credit Card Interest Rate — Tags: Card, Credit, interest, Lower, rate — admin @ 4:37 am

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May 15, 2011

Credit Card Dependence Leads Many Consumers to Financial Crisis

Filed under: Pay Off Credit Card — Tags: Card, Consumers, Credit, Crisis, Dependence, Financial, Leads, Many — admin @ 12:53 pm

Credit Card Dependence Leads Many Consumers to Financial Crisis

Fort Lauderdale, FL (Vocus) January 15, 2010

Being in credit card debt has become the American way. According to the Federal Reserve, Americans are carrying 874 billion dollars in revolving debt. While the Visa, Mastercard and AMEX logos are displayed on most storefronts, having a credit card doesn’t give consumers a free pass to go shopping. With unemployment statistics staying unchanged at 10% and creditors adding more fees, consumers are struggling to make their credit card payments. Recently, the Wall Street Journal reported that credit card charge-offs are expected to peak somewhere between 12% to 13% in mid-2010. More than ever consumers need to distance themselves from credit card dependence before they fall into financial crisis.

Having a credit card does have its advantages. It gives consumers the ability to buy items now without carrying cash. It creates a record of purchases which is useful when trying to stick to a budget. Unlike checks, they’re easier to manage and are accepted at most businesses. “Because credit cards are so easy to use, many consumers can fall prey to impulse shopping or lose track of how much they’ve spent until they get their credit card bills,” says Howard Dvorkin, founder of Consolidated Credit Counseling Services, Inc. “Relying on credit cards to pay for purchases is a trap you want to avoid. Unless you pay the balances off in full, adding on interest can mean you’re paying more than items are worth,” continued Dvorkin.

Dvorkin, who also wrote ”Credit Hell: How to Dig Out of Debt” (Wiley & Sons) suggests ways to use credit cards without being dependent on them:

Create a Budget — to reduce the likelihood of impulse shopping or losing track of spending, create a budget to track all income and expenses. Borrow Only What You Can Repay — creditors make their money through interest payments and fees. Ideally, consumers should be able to repay borrowed money at the end of the month. Consumers should avoid borrowing more than 15% of their annual net income. Start an Emergency Fund — every month, consumers should be putting away 10% of their net income into a savings account. This emergency fund can be used to cover car repairs, unexpected medical expenses and other emergencies instead of using a credit card. As economic burdens increase, consumers are paying less on the principal of their debt. In November, the percentage of principal balance card holders repay each month fell to 16.4%. Consumers that are struggling with their credit card payments, and paying more than 10% of their monthly net income, should consider contacting a non-profit credit counseling agency, like Consolidated Credit Counseling Services, for help. At that point, the monthly payments on the credit card bills exceed the consumer’s ability to pay it back. Many consumers in this situation need a debt management program to get their finances back on track.

About Consolidated Credit Counseling Services, Inc. — Incorporated in 1993, Consolidated Credit Counseling Services is a non-profit 5013 ( c ) organization that has provided educational assistance, budget planning, as well as credit and debt management plans throughout the United States. For more information about Consolidated Credit Counseling Services, Inc., go to http://www.ConsolidatedCredit.org .

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