Ezine articles about Credit Cards
American consumers had enjoyed the benefits of too easily available credit until the global financial and economic crisis broke out, urging banks and card companies to restrict access to credit and scale back their rewards programs, introductory rates and extra privileges. However, the situation is not as black as it is painted, and you can easily preserve your ability to get credit at most attractive terms. Keep on reading to learn why.
While it is true that many major banks claim they are going to continue tightening lending standards and eliminating rewards in 2009, there are some smart credit card moves that you can make to guard yourself against these measures.
Credit Cards Can Be Rewarding This Holiday Shopping Season
There`s no doubt about it - holiday shopping can be a truly stressful endeavor. Not only are there often crowds and chaos to be encountered at stores, but there is the challenge of finding gifts for everyone on your list while staying within your budget.
Bad Credit History
Credit in the Doghouse? You`re Not Alone.
Since 2008, many consumers have found themselves in a bind when it comes to getting credit, and then once they get the credit, they find it hard to pay off their balances. In 2010 alone, credit card issuers had to charge off 11 percent of bank accounts. A charge off occurs when a consumer is six months or more behind on their payments, the credit card issuer then sells the information to a debt collector, and then the debt collector collects the payment. In 2011, charge offs have decreased, and are currently around six percent of bank accounts. Even still, some consumers still are having a hard time accessing credit due to prior mistakes.
Balance Transfers
0% APR Cards Making a Comeback: More Beneficial For Consumers
They couldn`t come back at a more perfect time. Zero percent APR credit card had disappeared from the market, to be replaced by 2.99% APR credit cards. These cards used to be profitable for banks when consumers didn`t pay off their debt in the allotted introductory time period. After that time period, APRs would jump to over 15%. Banks still have that opportunity to make that money if a consumer doesn`t pay off their debt in the allotted time, but more and more consumers are becoming aware of their finances due to the events proceeding to the Great Recession. This means that banks have had to make their offers more attractive in order to entice consumers. And they have done this by offering better promotions.
Bankruptcy
Should I file for bankruptcy?
There`s no denying that even if we are in the best financial situation, we may have against our name, some debt. It isn`t really easy to deal with debt particularly when you know that the amount against your name is large. Besides harming you credit score, piling up debts are further traumatic when you have debt collectors hunting around you to gain their money back. In a worst-case scenario, filing for bankruptcy may be a good option. With this relief method, you can try to conveniently get out of the debt situation and have your finances sorted.
Business with Credit Card
Should You Apply For A Business Credit Card Account?
Business-branded credit cards can provide many benefits to you as a small business owner if used prudently and managed carefully. Here are some advantages:
Choosing Credit Card
Technology And Credit Cards
Technology affects every aspect of our daily lives, and it`s seeping into the credit card world. There are few credit cards advances out there that might have you scratching your head. This year Google dropped the eWallet that allows you to pay with smart phone, while banks release mobile banking apps keep popping up left and right. Don`t shy away from the unknown, as it is better to embrace the new technology, as it can make using a credit card a whole lot easier.
Credit Card Rewards
Credit Cards Can Be Rewarding This Holiday Shopping Season
There`s no doubt about it - holiday shopping can be a truly stressful endeavor. Not only are there often crowds and chaos to be encountered at stores, but there is the challenge of finding gifts for everyone on your list while staying within your budget.
Credit History
Do you Hide Your Credit Card Statements From Your Spouse?
We all have our secrets. But is your credit card one of them? If your married, you may find yourself hiding credit card statements to hide how much of your money or their money that you have actually spent. A new survey by MoneySupermarket.com found that 11% of married people kept their spouse away from their credit card statements.
No Credit History
Know thy Credit Rules
Think before you charge it, as there are financial repercussions for every mistake you make with your credit card. Here are some things that you just shouldn`t do when it you sign up for a new card.
Security and Protection
Guard Your Credit
When we want our money to grow, we invest. When we want to take risks, we buy stocks. But when it comes to credit card security, it may not be so clear which way to go. In order for our money to flourish, it`s important to keep our funds safe. But keeping it safe from online scammers and identity thieves may be hard to do.
Student Credit Guide
Easy Financial Resolutions To Keep In The New Year
The time has come to start thinking about resolutions to make for 2012. Aside from studying more, getting better grades and skipping fewer early morning lectures, college students should give some serious thought to adding a few personal finance-related resolutions to the list. Yes, this means you! Why? Because it is never too early to start preparing for your financial future! In this shaky economy, it seems like nothing can be counted on anymore. Which is why you have to look out for number 1! It`s time to pick a few realistic, manageable financial goals so that going into 2012 you will be taking your first fledgling steps towards a fabulous, financially independent future!
Traveling with Credit Cards
How Your Credit Card Can Help You Travel
You`ve probably heard that you can use your credit card to finance your car, or that you can save gas money when you use a cash-back gas credit card, but that`s not all that your credit card can do when it comes to your automobile woes. Your credit card can actually help you when you`re travelling. Here`s how:
Understanding Credit Cards
Tell Me More About Shared Accounts
If you have a spouse or significant other in your life, then you probably have thought about getting a joint account together. But if you`ve landed on this page, you`re not sure what it means to share an account, and what responsibilities and what consequences are in order when you two share a credit card account.
Using Credit Cards
3 Retail Perks Your Credit Card Can Get You
Sure you take your credit card with you everywhere you go, but do you really know that piece of plastic? Unless you spend your nights reading through the fine print on your credit card contract, you may not be too familiar with all the benefits your credit card can offer you. Luckily, you don`t have to flip through tons of pages to find out all the good things that your credit card can do for you. When it comes down to it, your credit card can save you more money that you ever thought possible.
First, you should know that the best rates, fees, credit lines, as well as rewards programs are still widely available to creditworthy customers. Hence, your first smart move would be to improve your FICO scores through responsible credit card use, which involves reasonable card spending, as well as consistent and timely bill payments.
Keeping a good score rating is especially important now that the minimum score level required to qualify for a credit card has increased. Today you need to have a FICO score of at least 730 to get the lowest APRs and extended credit lines. You can be sure there are myriad of such credit cards out there, and you can easily find and fill out online applications for them at one of the numerous credit card websites.
Your next smart move would be to make a balance transfer to a lower rate card if your bank has raised your APR. Unfortunately, hiking rates have become a too frequent measure used by issuers to preserve their revenues at a time of increasing defaults and charge-offs following them. Thus, if you're not satisfied with your interest rate, just try a balance transfer card or go to a smaller bank or credit union, which often have more consumer-friendly credit terms.
Then, it is very important to avoid having your credit line slashed because it can increase your debt-to-credit ratio, thus hurting your score. It is predicted that credit lines for sub-prime, as well as for prime borrowers will continue to be cut throughout 2009, which is explained by issuers' intention to reduce risks posed by irresponsible cardholders. Under the circumstances, your smart credit move is to prove yourself a good risk by making all your payments on time and keeping balances below 30% of the spending limit available. If you do get a notification mail stating that your credit limit is being slashed, you can close your account and search for a more attractive deal with another issuer.
Finally, if you have a rewards card, you may run a risk of losing your rewards before you have a chance to cash them in. So do it right now. Cash in your points or miles even if they are of too small value yet to redeem for free travel or a gift card. Remember, you can add them with your own funds to become eligible a major reward.
Following these simple tips on a smart credit card use, you're sure to remain a valuable customer for your bank, thus preserving most of your privileges and lowest rates.
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