Credit Card FAQs

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Frequently Asked Questions about Credit Cards:

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Leo Zhu,

CreditLand Consultant on Credit Card Questions:

We put all FAQs into categories for your convenience. You can browse among categories for useful information or address you own question to our experts directly. Our qualified credit experts are always ready to help you.

Most Asked Questions:

How to save money on groceries using a credit card?

Groceries make the biggest part of the average family budget and when you have an opportunity to save on such purchases, you can save a lot. Continue reading

What are the different kinds of credit card rewards programs?

There are many different credit card rewards programs geared toward different consumers, but most fall into three main categories: cash, travel and points. Cash back credit cards give cardholders a percentage of cash back on each purchase. Travel credit cards call their rewards miles, even though they are often redeemable for things other than airline tickets. Points credit cards let you earn points with every purchase. You can then trade those points for cash, gift cards, merchandise or travel. Continue reading

More Credit Card Rewards FAQs
How many Southwest points do I need for a flight?

Well, that depends on many factors. First, you need to consider that Southwest is one of the companies that has moved to a revenue-based system of miles accrual, so a point is likely to have different value depending on your class: Wanna Get Away, Anytime or Business Select. The higher the class, the cheaper the point. On points earning, the relation is negative: more expensive fares will gain you up to twice points more.

So...
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How many miles is 50k?

When we are looking for a travel credit card, we often see promos like ‘earn 50,000 bonus miles’, ‘get 60,000 bonus points’ for spending this or that amount of money within a given number of months. But how much is that? Is it enough for an award ticket? Continue reading

More Frequent Flyer Miles FAQs
How to cancel a credit card?

Closing a credit card account is not simply snipping a credit card. It is a more complicated process that takes more time and effort. You should understand why you are closing your credit card and how it will impact your credit score. Continue reading

Is there any reason why I shouldn’t apply for several credit cards? I can’t decide which one I want, and I think it’d be a good idea to have more than one. But will it hurt my credit score, or is there another reason not to do this?

It's definitely a good idea to have more than one credit card, so you're on the right track there. With all the different fantastic options out there, and so many rewards credit cards available, why limit yourself to just one card? Continue reading

More Building Credit History FAQs
What is a virtual credit card? Can I get a virtual Mastercard?

A virtual card is basically just a number specifically generated for you to pay for your purchases online. This number is connected with your account and allows you to draw money in a secure way without endangering your real account. There is no difference for the online merchant between a virtual card or a physical card, but in this way a merchant doesn't have an access to an original account, hence no opportunity to steal. Continue reading

What protections does Mastercard provide?

As a cardholder, you can get access to benefits and protections provided by your credit card issuer and be a payment network. Mastercard has a set of most common protections. The protections we overview below may vary by card type and by issuing company. You can contact your credit card issuer or Mastercard at 1.800.Mastercard to find out the complete protection terms and conditions. Continue reading

More MasterCard Offers FAQs
How to calculate APR?

APR, or an annual percentage rate is, basically, the interest that you pay for borrowing money. You can find your APR in credit card terms. Usually APR is the greater the worse your credit history is. For example, for bad credit APRs tend to be around 25%, but for good or excellent credit they can come down to 12%. Continue reading

If I apply for a card and get denied, will this go against my credit rating?

A single credit card application won’t hurt your credit score much. But if you apply for multiple cards within a short period of time, that may ruin your score significantly. Your credit score may be affected because every time you apply for a credit card or a loan, the lender reviews your credit report. This is known as a hard inquiry. They may stay in your credit report for up to two years. The more inquiries you have on your credit report, the more risky you are considered. Also, people with... Continue reading

More General FAQs
Hi I’m searching for a major credit card for car rental use and for gas but my score is very low. Could you give good advice?

You can apply for a secured credit card. You will need to put down a security deposit to get this card. A minimum security deposit is around $200 and it gets you the equal line of credit. Continue reading

Can I get a credit card if I have no income and bad credit?

If you have bad credit and no income, it will be difficult for you to be approved for most credit cards. But there are some cards that you can apply for. Try a credit account like Fingerhut, which offers guaranteed approval and no credit check – or get a prepaid card instead of a credit card. Continue reading

More Bad Credit FAQs
What is the difference between business and personal credit rating?

Business credit rating is a rating of a particular corporation or a small business company. The business credit score can be and should be separate from your personal credit score. When these two scores are separate, your personal and business financial risks are separate as well. Continue reading

How to get rewards with business credit cards?

Many issuers of business credit cards offer cards with rewards programs. So look around to find such offer. A reward program will allow you to earn rewards on different business expenses. Continue reading

More Credit Cards for Business FAQs
Is a balance transfer good or bad for a credit score, or could it damage my credit?

Transferring your balance from a card with a high APR card to one with a lower interest rate or even 0% APR, is usually a smart move and will not hurt your credit score. In fact, having another line of credit open will add to your total available credit and may improve your credit score. However, applying for new credit can have a short-term negative effect on credit, so try not to open too many new accounts within the same time frame. Continue reading

Can a credit card issuer refuse to transfer my balance?

Balance transfers must be between different financial institutions, and you must have enough available credit to make the transfer. As long as the amount you are requesting to transfer is under your credit limit and the balance is being transferred to a different bank, the transfer should be approved. Continue reading

More Balance Transfer FAQs
What card can I apply for with good credit?

When your credit is good, you have a wide range of cards to choose from with a variety of rewards. It’s up to you to decide if you want cash back, travel miles, a 0% introductory APR on balance transfers or purchases, or a no-frills card with a low APR and no late fees. Read our credit card reviews and decide which card is best for you. Continue reading

What card can I apply for with excellent credit?

If your credit is truly excellent – in the high 700s or above – then you have many choices including cards offering VIP perks and concierge service, big sign-on bonuses, and high-value rewards. It’s simply a matter of which card you prefer, so think about what card best fits your needs. Continue reading

More Good Credit FAQs

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Our Writers:

Leo Zhu
Leo Zhu
Leo Zhu is the managing editor of Credit-Land.com. He has been researching credit cards for the company since 2007. He knows how to choose the best credit card and get the most value from every dollar charged. He shares his experience by answering your questions online.

Balance Transfer: Save on Average $1,400

May 08, 2015