Information On Credit Card Articles and News

Researchers See Privacy Pitfalls in No-Swipe Credit Cards

2007-11-16T04:33:00.000-08:00

AMHERST, Mass. — They call it the “Johnny Carson attack,” for his comic pose as a psychic divining the contents of an envelope.

Tom Heydt-Benjamin tapped an envelope against a black plastic box connected to his computer. Within moments, the screen showed a garbled string of characters that included this: fu/kevine, along with some numbers.

Mr. Heydt-Benjamin then ripped open the envelope. Inside was a credit card, fresh from the issuing bank. The card bore the name of Kevin E. Fu, a computer science professor at the University of Massachusetts, Amherst, who was standing nearby. The card number and expiration date matched those numbers on the screen.

The demonstration revealed potential security and privacy holes in a new generation of credit cards — cards whose data is relayed by radio waves without need of a signature or physical swiping through a machine. Tens of millions of the cards have been issued, and equipment for their use is showing up at a growing number of locations, including CVS pharmacies, McDonald’s restaurants and many movie theaters.

The card companies have implied through their marketing that the data is encrypted to make sure that a digital eavesdropper cannot get any intelligible information. American Express has said its cards incorporate “128-bit encryption,” and J. P. Morgan Chase has said that its cards, which it calls Blink, use “the highest level of encryption allowed by the U.S. government.”

But in tests on 20 cards from Visa, MasterCard and American Express, the researchers here found that the cardholder’s name and other data was being transmitted without encryption and in plain text. They could skim and store the information from a card with a device the size of a couple of paperback books, which they cobbled together from readily available computer and radio components for $150.

They say they could probably make another one even smaller and cheaper: about the size of a pack of gum for less than $50.

And because the cards can be read even through a wallet or an item of clothing, the security of the information, the researchers say, is startlingly weak. “Would you be comfortable wearing your name, your credit card number and your card expiration date on your T-shirt?” Mr. Heydt-Benjamin, a graduate student, asked.

Companies that make and issue the cards argue that what looks shocking in the lab could not lead to widespread abuse in the real world, and that additional data protection and antifraud measures in the payment system protect consumers from end to end.

“This is an interesting technical exercise,” said Brian Triplett, senior vice president for emerging-product development for Visa, “but as a real threat to a consumer — that threat really doesn’t exist.”

The finding comes at a time of strong suspicion among privacy advocates and consumer groups about the security of the underlying technology, called radio frequency identification, or RFID. Though the systems are designed to allow a card to be read only in close proximity, researchers have found that they can extend the distance.

The actual distance is still a matter of debate, but the claims range from several inches to many feet. And even the shortest distance could allow a would-be card skimmer to mill about in a crowded place and pull data from the wallets of passersby, or to collect data from envelopes sitting in mailboxes.

“No one’s going to look at me funny if I walk down the street and put a flier in everybody’s mailbox,” Mr. Heydt-Benjamin said.

The experiment was conducted by researchers here working with RSA Labs, a part of EMC, an information management and storage company. The resulting paper, which has been submitted to a computer security conference, is the first fruit of a new consortium of industry and academic researchers financed by the National Science Foundation to study RFID.

Security experts who were not involved in the research have praised the paper, and said that they were startled by the findings. Aviel D. Rubin, a professor of computer security at Johns Hopkins University, said, “There is a certain amount of privacy that consumers expect, and I believe that credit card companies have crossed the line.”

The companies, however, argue that testing just 20 cards does not provide an accurate picture of the card market, which generally uses higher security standards than the cards that were tested. “It’s a small sample,” said Art Kranzley, an executive with MasterCard. “This is almost akin to somebody standing up in the theater and yelling, ‘Fire!’ because somebody lit a cigarette.”

Chips like those used by the credit card companies can encrypt the data they send, but that can slow down transactions and make building and maintaining the payment networks more expensive. Other systems, including the Speedpass keychain device offered by Exxon Mobil, encrypt the transmission — though Exxon came under fire for using encryption that experts said was weak.

Though information on the cards may be transmitted in plain text, the company representatives argued, the process of making purchases with the cards involves verification procedures based on powerful encryption that make each transaction unique. Most cards, they said, actually transmit a dummy number that does not match the number embossed on the card, and that number can be used only in connection with the verification “token,” or a small bit of code, that is encrypted before being sent.

“It’s basically useless information,” said David Bonalle, vice president and general manager for advanced payments at American Express. “You can’t steal that data and just play it back and expect that transaction to work.”

While the researchers found that these claims were true for some of the cards they tested, other cards gave up the actual credit card number and did not use a token or change data from one transaction to another. They also took data in from some cards and transmitted it to a card-reader in the lab and tricked it into accepting the transaction. Mr. Heydt-Benjamin, in fact, was able to purchase electronic equipment online using a number skimmed from a card he ordered for himself and which was sealed in an envelope.

http://www.nytimes.com/2006/10/23/business/23card.html

Choosing a Credit Card

2007-11-16T04:30:00.000-08:00

When choosing the best credit card for you, in addition to being approved, it's important that the card is tailored to your individual financial needs and objectives with low interest rates. The following information will help you decide what to look for:

Questions And Answers

1. Do you anticipate any large purchases in the next year (i.e., appliances, furniture, etc.)?

If you answered yes to this question, you will require a high credit limit/low interest rate credit card. Although this may seem obvious to some, not all people need these things. You might want to consider getting a card with rewards attached to something you are interested in, such as an airline miles card.

2. How long will you anticipate keeping the principal of a purchase on your card?

You will need a low interest rate if you answered more than 3 months on this question. Don't be discouraged by a low credit limit, however, as you'll save money with a low interest rate.

3. Do you want to pay your entire balance every month?

If you want to pay your entire balance every month, you should consider finding a 0% credit card. For example, as long as you pay your bill promptly and in its entirety every month, credit cards such as American Express won't charge you interest.

4. Are you planning to use this card for purchases over a short time period or do you intend to hold it for a long time?

If you plan on holding on to your credit card for along time, you should look for a card that has a moderate credit limit and a low interest rate. If you wish to use your credit card on a short-term basis only, a card that has an introductory 0% interest rate is best, coupled with a plan to pay off the balance by the end of the introductory term.

5. Do you currently have credit limits totaling more than 40% of your annual income or balances outstanding on those cards greater than 50% of the credit limit?

You may have some difficulty securing new credit cards if you answered yes to any part of this question. Part of your credit score is determined by the amount of credit you carry and the ratio of the balance outstanding to the credit limit. Even if you have paid on time, some banks are unwilling to grant additional credit. Therefore, regardless of how close you are to the acceptable credit rating, the best credit card for you may be a card specializing in bad credit.

http://www.new-credit-card-now.com/Choosing_a_Credit_Card.html

How to Find the Best Low APR Credit Cards

2007-11-16T04:29:00.000-08:00

Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.

Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.

Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.

Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.

Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.

Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.

http://www.informationsuperstore.net/pages/credit/

Reviewing Credit Card Statements

2007-11-16T04:27:00.000-08:00

One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
Where it might be easy to forget what items have been purchased on it and how much you will be able to repay come the end of the month.

Each month it is important to check your statement thoroughly. Not only is this important as a way to keep track of your finances, it is a vital way to ensure that any instance of Credit Card fraud is discovered as early as possible and dealt with.

If errors do occur on the statement it is imperative that you contact the credit card company immediately to register the problem, as it could become difficult to rectify the problem once you have begun paying back what is owed.

The internet is now increasingly being used by savvy consumers to keep track of their finances and checking on credit card transactions is no exception to this.

Online security has become incredibly tight over recent years, making it much harder for hackers to gain access to financial details and giving consumers greater peace of mind when banking online.

Using the internet to keep a check on your Credit Cards spending means that you will not have to wait until the end of the month to see how much you need to repay, therefore allowing much greater control over your own finances. However, where using the internet is not an option, it can prove useful to keep a list of what you spend on a credit card in the old-fashioned form of a pen and paper. This works equally as well as checking online – provided you always remember to note down your credit card spending – and means you can avoid going over-budget without realising it.

One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards

Article Source: http://www.SubmitYourNewArticle.com

One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards

http://www.submityournewarticle.com/Article/Reviewing-Credit-Card-Statements/234658

Your Credit Eligibility Is a Guarantee of Success

2007-11-16T04:26:00.000-08:00

When getting a mortgage or a car loan or a small business loan you realize how important reasonable building of a credit history is. Your credit history is reflected numerically in your credit score.
There are credit bureaus that collect financial information on individuals and estimate a credit score. By the way, they provide some credit fraud protection products. The three major reporting bureaus are: Experian, TransUnion and Equifax. The credit score they provide defines a credit card you may qualify for. But information on your scores provided by credit bureaus may differ. You are strongly advised to review your reports to manage your credit. You have the right to claim for three reports from major bureaus every year. When you get the report you can see whether you match the criteria to get a good or bad credit card.
If your score is 660-749 you may qualify for a good credit card. This gives you such considerable benefits as low APR, 0% balance transfers and various rewards.
If you have a score rating of 620-659 FICO points you can qualify for fair (average) cards. This means you are on the way to a good credit history. Fair cards are unsecured credit cards, considerably contributing to your future. A fair credit score is a transition point between poor and good credit. Being a reliable payer you increase your chances to get a good card.
The score lower than 620 is a bad score. Bad score cards can be divided into secured and unsecured. Secured credit cards demand security deposit which determines your credit limit. If you are late with your payments the money will be taken from your account. You may also apply for an unsecured card for bad or no credit. This is the best way to reestablish your credit history, as they don’t require a deposit and this is good for your report.
Prevention is better than treatment, so you should be familiar with all the credit card details to build your credit history, and not to rebuild it in future. Make sure to get your annual reports and check them out carefully in order to avoid credit fraud, such as identity theft, card scam, Internet fraud etc. Follow some simple tips to escape it. Never tell your personal card details to anybody. Tear your credit card receipts. Try not to always carry your card with you. Report your card loss or theft to the bank immediately.
Obtaining good credit history is a gradual process. Starting from secured bad credit card and ending with good scores it is the result of smart financial behavior. Study carefully how to deal with credits and to avoid debt. Profound knowledge of credit reporting mechanisms will be of a great use. Apply for your card, become eligible and get approved!

Article Source: http://www.SubmitYourNewArticle.com

Azra Jansson is an expert in establishing a new credit. She writes about determining your credit eligibility. She gives advice on customer eligibility for getting a loan.

http://www.submityournewarticle.com/Article/Your-Credit-Eligibility-Is-a-Guarantee-of-Success/235371

Student Credit Cards Are the First Step to Establish Credit

2007-11-16T04:24:00.000-08:00

At present, almost all people have credit cards. And students are not an exception. While some of them use plastics wisely and build a credit history, others get lots of debts. Students that have a plastic should know how to manage their finances as soon as possible, as the time between adolescent years and adulthood is very short. Thus, the sooner students begin to manage their financial matters, the sooner their financial skills will be developed.

These types of plastics help students to learn how to be responsible for handling money. More than that, student plastics are a way of teaching young people about debt. With the wise use students will be able to get more benefits from owning a student credit product.

But on the other hand, student plastics can cause a great amount of debt that may follow students even after their graduation from college or university.

It should be mentioned that credit card companies consider students to be one of the best customers. The first reason is loyalty. Once students get a plastic card, they are likely to keep this particular credit product for years, instead of obtaining a new plastic.

At present, more and more students may get a credit card even if they don't have a steady source of income. And this is one more reason why credit card companies provide students with more and more credit products. They usually can't pay off their debts on time. Moreover, credit companies rely on this fact. They can make lots of money by charging late payment penalties, annual fees and interest fees on unpaid credit balances. Thus, cardholders who can't repay their credit balances in full each month are desirable.

It should be mentioned that the most difficult thing for students is to make the right choice among the large number of student credit card offers. One of the possible ways for students to select the suitable plastic for themselves is to speak to other students who have already had credit cards and to get advice from them.

It goes without saying, that before choosing a plastic card, a student should compare credit card offers and be aware of credit cards' terms of use. Many students who own credit cards recommend the others a plastic with no annual fee and the option to limit the amount of money that can be spent.

Every student wants to have at least one plastic, as it can help him during college years. For instance, a student will be able to buy books or concert tickets, rent a car, etc. Aside from financial help, student credit cards provide young people with other types of assist by building a credit history. Credit history is the record of all things that happen in your financial situation. Credit rating is a system based on such factors as bill paying history, late payments, type and number of accounts, debts and others.

If credit history and score are good, a student will easily get a car or house loan, definite types of financial jobs and other benefits. So, to take advantage of these benefits, a student should pay his bills on time.

Plastics can be a valuable tool for a student. They provide young people with convenience and security, and at the same time they help students to build a good credit history that may be needed in the future.

Article Source: http://www.SubmitYourNewArticle.com

In her articles Rachael Wimbley puts emphasis to possible ways of taking advantage of online credit card applications and getting the right plastic card. Search for more information about points rewards cards on the website.

http://www.submityournewarticle.com/Article/Student-Credit-Cards-Are-the-First-Step-to-Establish-Credit/236239

Three Reasons To Check Your Credit Card

2007-11-16T04:23:00.000-08:00

While there are some very organised people out there who open every piece of mail as soon as it arrives, and take the appropriate action straight away, many of us don't quite take the same approach. In our time-pressed lives, opening mail may not be a priority, and especially in the case of credit card statements which are usually easily recognisable from the envelope, they may sit unopened all through the month until the next one arrives. This, however, is not really a good way to deal with things, and here are three reasons why.

Credit cards are somewhat notorious for giving us the ability to run up debts without really realising what we're doing. Because it's so easy to spend when you're within your limit, there can be little to stop us from making impulse purchases or even using the card to pay essential bills from time to time. Opening your statement each month as soon as it arrives helps us to keep a realistic impression of how much we're spending. If you don't check your account very often, it's all too easy to receive a nasty surprise, with the debt being a lot larger than we anticipated.

The second reason that you should examine your statement each month is to detect any possible fraud before too much damage is done. We tend to think that if somehow our card details find their way into the hands of criminals, then the account will be cleaned out straight away. Not all fraudsters work in this way though, with more subtle attempts to 'fly under the radar' by only withdrawing small amounts. By doing this they are less likely to be detected, as the card issuers' monitoring systems might not spot the fraud as easily. By checking that you recognise each transaction on your statement, you stand a much better chance of minimising the damage caused identity theft and fraud.

Thirdly, your statement will include details of any charges or changes made by the credit card issuer that you might not have been aware of otherwise. For example, a change to your statement date may mean that your regular payment now misses the due date, leading to late payment fees. Or, a change to the minimum repayment may mean that you need to change the amount you automatically pay each month - only by checking your statement will these circumstances be made clear, especially considering the legalese used in the typical credit card terms and conditions leaflet!

So, even though dealing with regular mail such as credit card statements may seem like a chore, and something that we can neglect in favour of more interesting or important activities, reading your statement could actually end up saving you time and money, and it really only needs to take a few minutes a month!

Article Source: http://www.SubmitYourNewArticle.com

Michael writes for Card Sense UK where you can compare best buy credit cards, cards with cash back and rewards, and 0% credit cards along with reading credit card related information and articles.

http://www.submityournewarticle.com/Article/Three-Reasons-To-Check-Your-Credit-Card-Statement/240100

Tips on Eliminating Credit Card Debt

2007-11-16T04:19:00.000-08:00

I read recently that the average family has at least $10,000 in consumer credit card debt. Being one of those 'average' families, I've been there, and know how difficult it can be to make any headway in getting out of debt. For many years now, credit card companies have been making it SO EASY for all of us to get into debt by offering credit cards to practically anyone regardless of creditworthiness or ability to pay. I have a family member who lives on a disability income of about $700 a month, and he carries a couple credit cards in his wallet! Easy credit has been one of the major factors behind the looming financial crisis we now face as a nation. While there is not a lot that we can do about the mortgage meltdown or collapse of the dollar, there are steps that we can take to get our own financial house in order, and one of those is eliminating credit card debt.

Growing up as a child, I recall that my parents owned neither a house or a car. While my father worked his entire life, he had a large family, and never seemed to be able to save enough money to buy a house. In those days, in order to be able to buy a house you had to be able to either pay cash, or put a very large down payment on it. There wasn't a whole lot of 'credit' available. People back then basically had to live within their means. Unfortunately, easy credit has enabled most of us to live well beyond our means. I once had a friend say to me, "Bill, you can afford anything you want, you just have to stretch the payments out longer". While exaggerating a bit, the truth is most of us live as if we can afford anything we want. In order to get our financial house in order, we first need to see where we stand.

I have an acquaintance who could not seem to make any headway financially. He was always complaining about his wife's spending habits saying that she was constantly spending, keeping them both in debt. I asked him if he had ever sat down with her and made a comparison of income versus expenses. After gazing at me for a few minutes with a blank expression on his face, he admitted that he had never done this. After much prodding, and a few arguments with his wife over money, he finally sat down with her to do an examination of their finances. To his surprise, he found that their fixed monthly bills were larger than their income! After several apologies to his wife, they agreed that they had to make some changes, and for them that was his wife getting a full time job, and cutting back on spending in a couple of areas. One of the first things you should do is take some time to do an evaluation of your finances to see exactly where you stand. Are you spending more than you are making? If the answer is yes, than you need to make some changes, specifically spending less and/or earning more.

Once you know where you stand financially, be determined to eliminate debt by using a systematic approach. Increasing your monthly payment will reduce your debt and pay it off faster because the extra amount goes to paying off the principle. Always try to pay more than the minimum payment. Credit card debt will come down much faster by making payments in large chucks as opposed to making the minimum payment. Be determined to increase the payment amount by again either reducing spending in other areas, or if necessary, increasing income. Even a part time income that allows you to make an extra $200 a month payment will reduce your debt much faster.

There are some specific strategies you can use to help eliminate credit card debt. First, make certain that you make all credit card payments on time. Having just one late payment on a credit card can make your interest rate jump 500%! How is this possible you ask? Say you're paying 4.99 percent interest on a credit card. Have a payment arrive late, and your rate can jump all the way up to 25%, or in some cases more! That's 5 times what you we're paying and that will make a huge difference in how much interest you pay. One of the best ways to make certain that you don't experience this shocker is to make your payments online. Making your payments online is usually done in real time, as opposed to putting your faith in snail mail. I once mailed a letter from a post office 2 miles from where the credit card office was located, and had a late payment because the letter arrived two weeks after it was mailed! Save yourself this potential headache by setting it up to make your payments online.

One tactic that credit card companies like to use is luring you in with 'teaser' rates. This is where you get a promotional rate for a specified period of time. While you can save money taking advantage of these rates, you have to make certain that it's worth your while to transfer balances from another card because of 'transaction' fees. With recent changes in the credit card industry, you can be assessed hefty amounts for transferring balances from one account to another. If you are going to transfer from an account with a high interest rate to one with a lower one, make certain that the promotional period lasts long enough to make it worthwhile. It should be for at least a year, and if possible longer. Again, remember that if you make a late payment your rate will shoot up to a much higher rate. Avoid late payments like the plague!

Another thing to watch out for is opening up too many accounts. If you are in the habit of constantly opening up new accounts to take advantage of promotional rates, be aware that this can impact your credit score by sending 'red flags' to credit agencies. You might be better served to find a credit card with a lower fixed rate that remains the same until the balance is paid off. While you may pay a bit more in interest this way, you won't be constantly paying transaction fees and possibly harming your credit score.

Another recommendation advocated by many financial 'experts' is to consolidate your balances into one account. This strategy has several advantages including some listed in the previous section, but also it is much easier to manage one payment than trying to make numerous payments to various credit card companies. You will not only find it easier to avoid late and missed payments, but you'll experience less stress making one payment as opposed to five or six spread out all over the place.

As we watch the upheaval in the financial markets, it's hard to say where it will all end, but the smart bet says that it won't be a good thing for most of us. Now more than ever, it's imperative that we get our own house in order by getting our spending and debt under control. Your financial health depends on it!

Article Source: http://www.SubmitYourNewArticle.com

Bill Thomas is actively engaged in Network Marketing. He also contributes articles on business, life and othe topics. His current website is..Create Income from Home With Your Own... Internet Home Business

http://www.submityournewarticle.com/Article/Tips-on-Eliminating-Credit-Card-Debt/240371

Eliminating Some Credit Card Risk for E-Business

2007-11-16T04:17:00.000-08:00

Introduction

Credit card fraud is the biggest risk for the e-merchants. While all businesses accepting credit cards face this, the Internet merchant is even more exposed. Brick-and-mortar businesses can verify a signature to prove the authenticity of the payment, but there is no such protection for businesses on the Internet. Due to this increased risk, the credit card banks hold Internet merchants 100% liable for the losses and expenses incurred as a result of credit card fraud. The defrauded merchants not only suffer because of the loss of product or services, but they are expected to pay a charge to defray the expenses the bank incurred from dealing with the fraud.

The amount of money lost to online credit card fraud is staggering. One market report estimated that more than $230 million in losses were suffered by Internet businesses in 1999 as a result. (See http://www.verifyfraud.com/merchantsite/highercost.asp for more information.) In a Forbes magazine report, the estimate for 2000 was over $600 million.(See See http://www.forbes.com/2000/06/21/mu6.html for more information.). Another report states that in the UK, 9 out of 10 e-businesses were hit by online credit card fraud. Judging from these figures, estimates are that about $18 billion will be lost in 2002.

Internet businesses hardest hit by credit card fraud include computer suppliers (hardware and software), electronics, and music/game Web sites. This is primarily due to the products' popularity , the ease of resale, and the speed with which a criminal can dispose of them and turn a profit. With the increase in e-commerce business, it's certain that the amount of money lost to fraud will increase exponentially.

The main reason credit card fraud is so high for Internet businesses is due to the anonymity of the entire transaction. A "fraudster" makes purchases without presenting an actual credit card, signing a receipt, or being seen. Additionally, if physical goods are involved, the criminal will most often use a temporary address to receive shipment. These factors make it very difficult for a small- or medium-sized e-enterprise to track down even a fairly novice online culprit.

Proactive Solutions

While it is difficult to prevent credit card fraud, large e-commerce companies have begun to build systems that proactively check parameters entered on an order form while it's being processed. Many footprints of glaring information can identify a transaction as a fraudulent one. For example, a survey of more than 200 companies performed by the Saint Hamilton Group shows 163-plus companies reported seeing vulgar words entered as either a first name, a last name, or part of an address in an online order form. The same survey also reports that companies linked directly to their bank processors in realtime via the Web were most susceptible to online credit card fraud. Therefore, I decided to develop a solution that would cut down on such incidences and created a component called SC Profanity Check.

SC Profanity Check

SC Profanity Check is meant to check data form fields for profanity. If profanity is found, it notifies the end user that the system has detected a potential fraud. Note that such an approach often tells the culprit they've been detected, thus scaring the hacker into either aborting the transaction or submitting their real information. You can download the component here.

About the Author

Michael Chiam is the CEO of Saint Hamilton Group, a leading credit card fraud detection and risk-management company. He has been programming in C/C++ since 1993. His areas of expertise include Visual C++, C++, C, Java, Visual Basic, ASP, XML, SQL Server and other expert systems. He's an expert in credit card fraud detection and credit card processing systems. In his spare time, Michael Chiam is also a venture capitalist and angel investor. He can be reached at michaelchiam@sainthamilton.com.

Preventing Credit Card Fraud

2007-11-16T04:15:00.000-08:00

Many people are wary about using their credit cards, especially online, because of the possibility of becoming a victim of fraud. While fraud does happen, and costs hundreds of millions every year, there are some simple steps you can take to protect yourself and make it unlikely that you'll become a victim.

- General

There are several other measures you can take to reduce the chances of becoming a victim of credit card fraud, and most them are pretty much common sense. You should sign any new or replacement cards as soon as you receive them, and cut up the expired cards making sure to cut through the magnetic band on the back.

Never keep your pin numbers written down in your wallet or purse, as if you lose it or it's stolen a fraudster will have both your cards and their pins. Also, report any stolen or lost cards to the issuer immediately, so that they can be cancelled before falling into the wrong hands.

Open your statements and bills as soon as you receive them, and check them carefully for anything you don't recognise. If you spot something you're unsure of, call your card company straight away and ask them for more details. After checking your statements, either file them away somewhere safe, or shred or burn them. Never simply throw them away - they contain far too much valuable information that can be used for fraud purposes.

- Online use

The most important rule to follow is to only use your card online at trusted, secure sites. You can recognize a secure site by looking for a yellow padlock symbol appearing in your browser, and also by the address starting with 'https' rather than 'http'. Sites secured like this encrypt all the information sent back and forth to your browser, meaning that it's very dificult indeed for someone to spy out your credit card details.

Also make sure you're confident of the identity of the site asking for your details. Avoid any sites that send you an email asking for your card details - they might not be who they claim to be. It's better to phone the company direct to make sure their request is genuine.

You should never give out your card details in an email, as there is no encryption involved and there's always the danger that a fraudster could intercept your message and gain your details.

Finally in this section, make sure that your virus protection is up to date and that your computer is clean of any 'spyware'.

- Offline use

If at all possible, don't let the card out of your sight when paying, to reduce the opportunity for a fraudster to make a copy of your card. This is easier nowadays with the arrival of the handheld chip and pin input devices that are brought, for example, to your table in a restaurant.

It's advisable not to send card details by fax, as you've no control over how long the fax will be left unattended at the receiving end. A faxed copy of your card number, expiry date, security code and signature makes it altogether to easy for a scammer!

Only give your credit card number over the telephone if it was you who made the call, and you're certain that you're speaking to a genuine person. If someone calls you claiming to be from a company you deal with, and asks for your details, ask for a phone number to call them back on - via a switchboard operator if possible - and verify that the number is correct.

All this might seem like a lot of work, but remember that with most credit card accounts you won't be held liable for any fraudulent use so long as the fraud hasn't happened through your own negligence. Following the steps above is very powerful evidence to the card issuer that you've done everything possible to protect your account's security, so if you're unfortunate to become a fraud victim then the financial damage to you will be kept as small as possible.

Originally submitted by: Michael D. Strauss

http://www.myfinancedirectory.com/article/Article/Preventing-Credit-Card-Fraud/766

Credit Card Debt

2007-11-16T04:14:00.000-08:00

Credit cards seems to be really helpful when you are in emergency and do not have hard cash with you. However, most people do not use credit cards only during emergency, they use it to fulfill their desires which is the main cause that makes them fall into credit card debt. These times are very stressful and can cause serious financial problems.

Here we recommend you some useful tips to eliminate your credit card debt.

1) Create a Budget and stick to it: If it is very difficult for you to control your spending habit and to live in your budget. Therefore it is better for you to prepare a budget for yourself. Try to avoid extra expenditure and stick to your prepared budget. Don’t carry your credit card with you, if you can’t control your expenses.

2) Restrict yourself to One or Two Cards: Always try not to signup for more than two credit cards. At some super markets this technique might cause you some problem but after all, you will be able to save money.

3) Avoid using the available credit line fully: People think that credit card is a facility, yes to some extent it is correct but you must think that no one will give you this service without any advantage. They add interest and other fees in your account. So avoid using credit carda frequently. Use your credit cards economically and wisely.

4) Spend money within your means. This is easier said than done as we often use the credit cards to simply get some credit. And that credit is something we need as we don´t have the means available in any other way.

5) Try to pay more than minimum payment: To recover your credit card debt, try to pay as much as you can. Pay more than the minimum decided payment. In this way you will get rid of your credit card debt very soon. If you stretch the time limit to pay, then you have more interest to pay. By making some extra efforts it will be easier for you to repay the debt.

6) High interest debt should be paid first: We recommend you to pay the high interest debt first. It is better for you to manage all your money to pay high interest loans first and then move to other loans. If you are facing a problem with this option then we will advise you one more option. That is to pay off all of your smaller loans and and then come to larger ones.

7) How to manage money for repayment: If you can’t manage money, you can take a personal loan or a loan against your life insurance or loan for credit card consolidation. In this way you get a loan with much lower interest rate and a pay plan that often has a longer payback time.

8) Take advantage of the possibilities to get help. It is great to have a live person to talk to about this kind of problems. You can find them in your bank and there are also public officials to turn to. A search on the internet will help you find them.

With all these tips we are sure that you will soon get rid of your credit card debt.

Originally submitted by: Keith George

http://www.myfinancedirectory.com/article/Article/Credit-Card-Debt/582

Making Sense Out of A Student Credit Card

2007-11-16T04:13:00.000-08:00

Being a student in college can be fun, especially if you have access to funds - without having to worry about always carrying cash with you. A student credit card can take care of many of those problems and provide you with a credit rating for later on, too. Here are a few things you need to know about how to select a student credit card that will be just right for you.

Two Kinds Of Cards

If you already have a credit rating, then you may be able to apply for a regular credit card. Otherwise, you will probably have to settle for a secured credit card. These kind of credit cards require a deposit of close to the amount of the credit limit on the card - and some even more. There is usually a higher rate of interest, an annual fee, and oftentimes there are other ones, too. You will probably want to stick with the major companies, though, since there are scams connected with this type of credit card.

Check The Interest Rate And Fees

Every credit card has an interest rate. It only applies however, after the introductory offer, and if you leave a balance on the credit card or pay late. Your introductory offer can be anywhere between three and fifteen months. Many student credit cards have fees attached, and there may be more than one.

The Rewards Offered

You can find different types of rewards with different companies that offer student credit cards. There is quite a variety of rewards that you can get, including CD's or DVD's, free movie rentals, discounts on clothes and books, and much more. If you want, some students cards are geared toward drivers and your points can be used toward the purchase of you next car - new or used.

Most student credit cards will give you one point for every dollar that is charged to the card. Some companies will give you different rates of credits for different types of purchases. This means that you may get one point for every dollar charged, but you also could get as much as five points toward the purchase of things related to the card.

Special Benefits For Good Grades

There are some student credit cards that give a whopping 2,000 points per semester if you maintain a B average or better. That adds up to 4,000 points a year, and that will definitely give you some buying power.

Student credit cards are also geared to help the student to be able to get good credit if they use the credit card wisely. This means that they may require you to read some material before they issue the credit card. The issuing company will also usually make online services available so that the credit card can be paid easily - and on time. Besides the above, at least one credit card will also give you 25 points each month that the payment is made on time. Before you actually sign-up, though, you will want to compare the various student credit card offers and this will enable you to get the best one for your needs.

Article Source: http://www.articlemonk.com

Joe Kenny writes for Card Guide, offering the latest information on credit cards, visit them today for the latest credit card articles.
Visit Today: www.cardguide.co.u

http://www.articlemonk.com/Article/Making-Sense-Out-of-A-Student-Credit-Card/1994

Accepting Credit Cards: Getting a Merchant Account

2007-11-16T04:10:00.000-08:00

Today's Web developer needs to have a thorough knowledge of how to build commerce-enabled Web sites. One of the most mysterious areas, for clients and Web shops alike, is the process of setting up a Web-enabled credit card merchant account. The gold rush of e-commerce has spawned hordes of pick-and-shovel peddlers. If you search for information on credit cards, you'll find page after page of outfits, all offering to get your credit card scene together pronto and cheapo. All of them try to make the process of getting a merchant account sound extremely difficult and complicated (if you buy their product, of course, it becomes easy). I am sorry to say that not a few of these outfits are shaky, shady, or simply scams. What do you really need to get credit card transactions going on a site, and how do you find a reputable bank that's knowledgeable about the Internet?

I won't begin this article by expounding the virtues of credit cards, because that would sound too much like the blobs of Spam that appear in your mailbox every day. All I'll say is that the first sentence or two (and little more) of those Spamograms is usually correct - if you want to do business online, you do need to accept credit cards. Forget about "virtual cash" and "smart cards." Credit cards are here now, and are rapidly becoming the payment method of choice whenever possible. Most or all of the retail business transacted over the Web is done with credit cards.

You can also forget the scare stories you've heard about credit card security risks. The whole rigmarole about hackers sniffing packets and harvesting your credit card numbers made great press, and sold a tremendous number of magazines about a year ago, but it was mostly pretty far-fetched stuff, and it's old news now. If I really must debunk this bugaboo (my regular readers know how I hate debunking bugaboos), let's briefly revisit three facts:

1. Most credit card companies limit your liability in case of credit card theft to a small amount, perhaps $50 - 100, so that's the most at stake even in the worst-case scenario, which is that the first documented Internet credit card rip-off in history just happens to happen to you.
2. For obvious reasons, credit card numbers are much more likely to be stolen when you use your card in a restaurant or over the phone than when you use it over the Web.
3. By taking a few simple precautions, you, the Web site owner, can make it difficult enough to breach your security that it simply wouldn't be worth anyone's time to make the attempt. If somebody wants to run a credit card rip-off, there are far easier ways to do it than hacking into a site that has taken basic security precautions.

Having said all that, the fact remains that perceptions are often more important than facts, and the majority of people out there are probably still convinced that using credit cards over the Web is extremely risky. It's very important for you to make sure that your online sales system is as secure as practical, and to convince your site visitors of this fact.

http://wdvl.com/Internet/Commerce/MerchantAccounts/

Accepting Online Credit Cards

2007-11-15T00:13:00.000-08:00

When you opened your new business, you thought that everything would be fairly straight forward. After all, businesses every day complete credit card processing, online credit card approval, and internet business. But finding the right way to set up these services for your particular business can be complex and time consuming.

How To Set Up Credit Card Processing

If you want to accept credit card online, you’ll need to set up a credit card merchant account with a reputable firm. There are countless resources available to the new business owner for just this occasion. A wide variety of them can be found online. Search for either credit card processing or credit card merchant account online and begin to visit some of the sites listed in the search results.

Each company will offer its own version of a merchant account. You will sign a contract and pay a regular fee to use the services provided. They company should provide you with all the equipment and software necessary to successfully accept credit card online.

The Options

If you are looking to set up an online account so that you may accept credit card online, you will want to establish a relationship with a reputable company that has been doing business with internet companies for a number of years. Read the testimonials and make sure that the website covers all of your questions and concerns.

Some companies will charge you set up fees or programming fees. Compare each credit card merchant account side by side to see which one charges fees for which services. If fees are waived down the line, it may because the set up fee is so high. If set up is free, you may find hidden fees that will be charged to your merchant account at a later date. Set up a comparison chart for yourself with the major features and what each company offers.

What You Need

Obviously, if you want to accept credit card online, you’ll need to have a website or at least a presence on an existing site.

Most credit card merchant account will require that you pass a credit check. Be sure that you can meet the qualifications of the company you choose. Decide on a back up company or two if you have bad credit or a history of late payments. If you are turned down by your first choice, you can apply to the second or third company on your list.

You will also need an online shopping cart for your customers to use during their visit to your website. The shopping cart stores the items they wish to purchase until they are ready to complete the transaction. With credit card processing, the shopping cart totals all merchandise, plus tax and shipping charges. The merchant service you choose should provide you with an online shopping cart.

Overall, remember to check the reputation of the company you choose and don’t settle for a credit card merchant account that doesn’t meet all your expectations. If one company doesn’t offer what you’re looking for, keep looking.

http://www.selectcreditfast.com/resource/9325550/accepting-online-credit-cards.html

Common Credit Score Myths

2007-11-15T00:11:00.000-08:00

A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. But the bottom line is bad information can cost you money no matter who you get it from.

Fico score ratings are used for most mortgage lending, which means, you need to know what will hurt or help your credit score points. To make it clear, here are some of the most common credit score myths.

* Checking your credit report will hurt your credit score

Checking your own credit report and credit score counts as a soft inquiry and does not go against your score. However, if anyone else like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally knock off about 5 credit score points.

The credit score rating system treats multiple inquiries in a 14-day period as just one inquiry. The system ignores all inquiries made within 30 days prior to the day the credit score is computed. So if you want to minimize the damage from credit inquiries, shop for a loan in that short period of time.

* Closing old accounts will improve your credit report score

Sometimes even lenders will tell you to close your old and inactive accounts as a way for improving your credit report score. In most cases, closing old accounts will actually have the opposite effect with the current credit score rating system.

Canceling old credit accounts can actually lower your credit score because it makes your credit history appear shorter. If you want to reduce your levels of available credit, it's better to reduce or close new accounts instead. Applying for new credit is more likely to lower your score.

* You need to check more than just FICO score rating

If you ever hear this from anyone, consider it a red flag. All of the three major credit reporting bureaus offer FICO credit score ratings using the formula developed by Fair, Isaac. Even though each one gives the scores a different name you only need a fico score rating from the three major credit reporting bureaus.

At Equifax, the FICO score rating is called the Beacon credit score. At TransUnion, it’s called Empirica. At Experian, it's known as the Experian/Fair, Isaac Risk Model.

The reason each of the three major credit reporting bureaus will have three different scores is because they don’t all share the same data. So when checking your credit report, just make sure it comes from the three major credit reporting bureaus: Experian, Trans Union and Equifax.

Examine your credit reports from all three major credit reporting bureaus before you apply for a big loan like a mortgage. Fix any errors in all three reports before you shop for a loan because it takes time to correct your credit report.

* Credit counseling will hurt your score

The current FICO credit score rating system ignores any reference to credit counseling that may be in your file. The researchers at Fair, Isaac, the company that created the FICO credit scoring rating system, found that people getting credit counseling didn’t default on their debts any more often than anyone else.

However, any late payments you've had with creditors will hurt your credit score. Credit counseling can hurt your ability to get a loan because you probably have had trouble paying creditors.

Some lenders will back away if you are in credit counseling. Others may see it differently, but usually will charge you higher interest rates than if you had perfect credit.

The best way to improve your credit report score is paying your bills on time and paying down credit card debt. Check your credit report regularly for any errors and make sure you don't fall for these common credit score myths.

This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative articles that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/common-credit-score-myths2.html

Fun with Credit Cards

2007-11-15T00:10:00.000-08:00

For those of us who know how to use them properly, credit cards can actually be quite fun and lucrative. To those who do not know how to use them properly, I would say that you should stop reading this column right about now, or at least I would advise you not to try any of this stuff at home. What I'm about to describe is not one of those illegal credit card schemes. Instead, I'm talking about taking full advantage of the benefits and offers that credit card companies and store chains offer their customers all the time.

I get several credit card offers each month, but I only accept those that come with no annual fee and pay me at least one percent cash back or credit on my purchases. I don't care about the interest rate. It could be some exorbitant rate like 50% for all I care, since I never carry a balance and always pay off what I owe at the end of each month. Right now, I probably have about 15 different cards, but I only regularly use three of them.

I have one card that gives me an instant five percent credit on my gasoline purchases. Therefore, I buy all of my gasoline with this card and never use cash to buy it. I have another card that gives me five percent cash back on any purchase I make at a drug store or grocery store. Needless to say, I try to use that card exclusively at those establishments. The third card I regularly use gives me a one percent instant credit on all purchases. I use it for just about everything except purchases of gasoline or purchases at drug stores or grocery stores. The more I use my cards the more credits and cash back I get. The credit card companies are, in effect, paying me to use their cards and I am more than happy to oblige.

Some credit card companies will take things one step further and even pay you to take their cards. These payments will take the form of gift certificates, bonus cash back, and/or bonus credits. There is one minor catch in that most companies will generally require that you use the cards at least once each to get those benefits. That's never a problem for me as I will use them once to get the benefits and then toss them into my "inactive" drawer.

Having lots of credit cards means I get lots of offers in the mail (and sometimes by phone) from the credit card companies in which I am asked to try out some kind of worthless subscription for 30 days. Most of the time, I just throw these offers in the trash can. However, there are some that I will try because they will "bribe" me adequately to do so. However, they must offer me at least $10 and the offer must have a free trial period. I will then cash their check, put the money in my pocket, and cancel before the free trial period ends. However, I have found that I need to be careful with these offers. Sometimes they'll offer me $10 to try something that costs $10 (or more) per month, with no free trial period. I avoid those like the plague, since the best I can do is break even.

Speaking of worthless subscription offers, most credit card companies will push some kind of credit card insurance. The way it works that you pay about half of one percent of your monthly purchase totals so that this insurance will make your minimum monthly payment in case your are disabled, laid off, have a death in the family, or suffer some other kind of qualifying malady. This insurance may be a good idea for those who run a monthly balance and only make the minimum payment, but it's worthless to those of us who pay off our balances each month. However, the credit card companies will never acknowledge this fact and will pay you to try it and will usually give you a free trial period.

I take these subscriptions only for cards that I don't use, so it never costs me anything. What's better is that when I try to cancel it, they bribe me again to keep the subscription active! The bribe is usually in the form of rebate tickets of $10 to $25 per month for about six months. When I make a purchase that equals or exceeds the face value of the ticket, I send in the receipt along with the ticket and get a cash rebate about eight weeks later for the face value of the ticket. Then, when the tickets run out and I attempt to cancel my subscription again, they offer me even more tickets to stay subscribed. Sometimes, I have tried to cancel before the six months ran out and got even more tickets for the same card in overlapping months! If you have several cards you don't use, each with one of these subscriptions, the rebates could really add up!

In addition to the cards issued to me by the credit card companies, I have several cards issued by store chains like Sears, JC Penney, Hecht's, etc. Most of the store chains that issue credit cards will offer discounts of 10, 15, 20, or even 25 percent at various times for simply using those cards to make purchases at their stores. Some will even offer a bonus discount for just signing up (and being approved, of course) to take one of their cards! They can afford to do this because they know that most people will not pay off their balance each month, but will instead make the minimum payment along with paying an ungodly amount of interest. The stores will more than make up for those discounts right there. Meanwhile, those of us who don't run monthly balances reap the benefits of discounts that other people are paying for!

What I have just described is not illegal, immoral, or unethical. Credit card companies and store chains are in the business to make money and sometimes they'll offer things that don't seem to make sense in order to maintain and/or expand their customer base. Contrary to popular belief, credit card companies do indeed make money off people like me, who never pay a dime in interest or annual fees and take full advantage of all of their offers. The money comes from the businesses that accept those cards by way of the fees they pay each I time I use one of my cards. Those businesses, in turn, are willing to pay these fees in order to attract as many customers as they can. Therefore, everyone in the credit card cycle benefits. Those who use credit cards the way I do are just making sure they are getting their piece of the pie.

Terry Mitchell is a software engineer, freelance writer, and trivia buff from Hopewell, VA. He also serves as a political columnist for American Daily and operates his own website - http://www.commenterry.com - on which he posts commentaries on various subjects such as politics, technology, religion, health and well-being, personal finance, and sports. His commentaries offer a unique point of view that is not often found in mainstream media.

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/fun-with-credit-cards.html

Credit Cards or Store Cards - Which Is Better?

2007-11-15T00:09:00.000-08:00

Introduction

In this article, a presentation is made of the differences between major credit cards and credit cards offered by specific stores to their customers. The purpose of this article is to provide a general overview of major credit cards and store cards to aid consumers in making decisions regarding which lines of credit lines would be the best for them in a given set of circumstances. In most situations, due to the higher rates of interest charged by most store-specific cards, it is best for the budget-conscious consumer to consider forgoing those accounts in favor of a major credit card.

With that said, we are not endorsing any particular credit card brand in this article. Rather, the materials presented are for informational and educational purposes only.

General Availability

Major credit cards are accepted in a wide variety of places and venues. Indeed, the major credit card companies make it a point of promoting how wide spread card acceptance is in this day and age.

On the other hand, store-specific credit cards are good only at the issuing store.

Where to Apply

It is simple to apply for major credit cards. Nearly any bank or financial institution can provide a customer with an application for one or another of the major credit cards. Additionally, the Internet has become a handy resource for those men and women interested in applying for and obtaining a major credit card.

Store-specific credit cards only can be applied for directly at the store or shop. Additionally, if the store has an Internet presence -- and many major stores and even smaller shops do so in this day and age -- applications for store-specific credit cards can be made online.

Annual Fee and Related Charges

Many major credit cards do charge an annual fee. Some major credit cards charge an additional or supplemental membership depending on where the card was obtained.

Store-specific credit cards normally are free of annual fees and similar charges to their customers. However, store-specific credit cards carry with them notably higher rates of interest than can be found with major credit card accounts.

Common Clauses and Provisions

In the United Kingdom, and in most European Union countries, there are clauses and provisions that must be included in each and every monthly credit card billing statement -- both from major credit card companies and on store credit card accounts as well. These clauses and provisions are:

A detailed listing of all credit card transactions
A detailed listing of the amount owed from the previous month plus the extra amount or interest to be paid on that amount owed
The total amount owed for the current month
The minimum amount that must be paid during the month. In the United Kingdom, this amount is about 3% of the balance or £5 whichever is greater.
An estimate of the interest payable if you do not pay your account in full.
The date by which the account must be paid if interest charges are to be avoided
A detailed listing of the monthly interest rate for purchases, the APR (annual percentage rate) and the interest rate if you have used your card for cash
Conclusion

In the final analysis, one should only have as much credit as is absolutely necessary. Generally, it is not a wise decision to rake in a bunch of different credit cards. Rather, the best policy usually is to maintain one or two major credit cards. Also consider that store cards generally do not offer the same benefits as credit cards such as balance transfers, although it is common to get brand exclusive reward schemes with store cards. Finally, one must be cautious about obtaining store-specific credit cards due to the higher rates of interest that come with these accounts.

Neil Brown is a freelance writer with regular contributions to Search4 Credit Cards and Choose A Credit Card.

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/credit-cards-or-store-cards---which-is-better.html

Types of Credit Cards

2007-11-15T00:08:00.000-08:00

There are a whole variety of different types of credit cards available which can make choosing the right one a very confusing experience. In order to help you decide, listed below is a useful breakdown of the various types of credit cards available.

Standard Credit Cards

Standard credit cards work as you might expect - with the cardholder using the card in order to pay for goods and services up to their agreed credit limit. Repayments are made once every month which must at least cover the agreed minimum repayment. These repayments will cover not only the capital borrowed but also the interest and extraneous charges payable upon the amount borrowed, usually referred to as annual percentage rate. Standard credit cards should not be confused with debit cards where transactions are charged directly to your current account.

Charge Cards

Charge cards work in the same way as normal credit cards with one difference, the balance of the charge card must be paid off in full every month. Charge cards are most regularly issued to either businesses or to consumers who may have had a bad credit history in the past. If you have a poor credit history then a charge card might be offered to you because the full monthly repayments would preclude spiralling debt. Charge cards are also popular with the wealthy consumer as this sort of card can offer credit practically without boundaries. It should be noted that if the cardholder does not pay off their balance once a month as required then they could incur very hefty fines.

Platinum and Gold Credit Cards

Platinum and Gold credit cards are only available to applicants who earn a certain level of annual income and, accordingly, offer a number of benefits to the cardholder which will vary from provider to provider. Higher credit limits are usually associated with these types of credit card. If you fall into a higher income bracket and have a good credit history then you will be able to benefit from the advantages that such a credit card offers.

Store Card

A variation on the credit card, a store card will allow the cardholder to make purchases with a particular retailer on a credit account. The cardholder can then effectively buy products without paying for them until a later date, when it is most convenient for them. You will often be offered discounts on the goods that you buy with a store credit card but it should be noted that the interest charged on such cards are usually extremely high. This is an area that you must be sure to look into with prudence if you are considering obtaining; you might find that the disadvantages outweigh the advantages.

Reward Credit Cards

Reward credit cards, or loyalty cards, operate in a similar way to charity cards except that the main recipient of any benefits is the credit cardholder. Incentives may include cash bonuses, points, discounts and Air Miles. With this type of credit card it is important that you think logically about the rewards being offered, and work out exactly how much you will need to spend on your credit card in order to reap the benefits.

Charity Credit Cards

Charity credit cards offer all the usual benefits of a regular credit card but also donates a particular percentage of what you spend to the charity to which it is affiliated. These charity donations are made at no extra cost to the cardholder and the card allows consumers to help a good cause simply by spending money in the way they always would. You can obtain credit cards for a whole range of diverse charities as well as organisations such as football clubs or universities.

You may freely reprint this article provided the author's biography remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Article Source: http://EzineArticles.com/

10 Ways To Boost Your Credit Score

2007-11-15T00:07:00.000-08:00

1. Deleting Errors in 48 Hours

This is the absolute fastest way to correct errors on your credit report and raise your credit score. However, it can only be done through a mortgage company or a bank. If you apply for a home loan and find errors on your credit report, request the loan officer to conduct a Rapid Rescore. But don't mistake it for the credit clinic tactic of multiple dispute letters.

The Rapid Rescore strategy requires proper paperwork. You need proof that the item is incorrect. It must come from the creditor directly. For example, a letter stating the account is not your account, a letter stating the account was paid satisfactorily, a release of lien, a satisfaction of judgment, a bankruptcy discharge, a letter for deletion of collection account or any relevant evidence.

This is the same documentation a bank or mortgage company would require for the credit accounts anyways. The difference is, now you can improve your credit score and receive a lower interest rate. The results are not guaranteed and will run you about $50 per account.

2. Deleting Negative Credit

This is the infamous area where you've heard of all the scams. Credit repair clinics charge "an arm and a leg" and promise a clean credit report. Sometimes even a new credit profile! People spending hundreds, or even thousands, of dollars for something they can do themselves.

Removing errors is simple. Deleting negative credit that is accurate requires advanced methods. But that is not the scope of this report. So I'll focus on the deleting the negative errors.

Credit report errors easily disappear by using a simple dispute letter. If you have the paperwork proving the error as mentioned above in Rapid Rescore, send copies of that along with the dispute letter. This will make the credit bureau's job easier and you will get faster results.

If you don't have the documentation to prove the error(s), send the dispute letter anyway. According to federal law, the credit bureau's have a "reasonable time" to validate your claim. They will contact the creditor for verification of your dispute. Then the account will be reported accurately - or deleted. It has been generally accepted the "reasonable time" to complete this task is 30 days.

If you're not the do-it-yourself kind of person. Or don't have the time. You could hire someone who is very economical.

3. PiggyBack Someone's Credit

This is a fast and great little credit score booster. But it requires a very trusting relationship. Simply put, someone else adds you to their credit account. For example, when applying for a credit card, you may have seen the section to add a card holder. If your trusting person adds you, their payment history is now reported on your credit report too. If they have perfect credit, now you have a perfect account.

To make this more effective, use an aged account. Imagine if your trusted person has a 10 year old credit card account with a perfect payment history and a balance of only 50% of the credit limit. Wouldn't you love to have this on your credit report? The easy part is your trusted person just calls the credit card company and requests a form to add a cardholder. Once completed and activated, their entire account history and future is now firmly planted on your account. Imagine if you secured 3-5 of these accounts - especially installment accounts. Your credit score could sky-rocket!

The challenging part? Finding the trusted person. Since you already have a low credit score and bad credit, how eager will someone be to make you a cardholder? Even your parents don't want you to damage their credit. But, no one says you need to possess the card! In other words, your trusted person could add you as a card holder and never give you the card or PIN or any information. Since the bills and all account information is still mailed to the trusted person's address, you won't know anything about the account. This scenario could land you many trusted persons. And you still benefit with a higher credit score.

4. Playing Round Robin

This strategy is one of the oldest credit building techniques around. It used to be accomplished with secured savings accounts. But now, it's much easier with secured credit cards. In fact, I've used this method myself.

Here's how it works: Take ,000 (or what you can afford) and get a secured credit card. Once received, get a cash advance of 70% of your credit limit. Get a second secured credit card. Once received, get a cash advance of 70% of your credit limit. Get a third secured credit card. Once received, get a cash advance of 70% of your credit limit.

Open a new checking account with the final cash advance. Use this account only for making payments on your three new credit cards. If you make your payments on time every month, your credit score will increase because you now have three new perfect payment credit cards. (Initially, your credit score might drop a few points due to the rapid, multiple accounts being opened. However, be patient because within 4 months of no new accounts or any delinquencies of any account, you will see your credit score increase. Mine increased 60 points in 60 days!!)

5. Pay on Time

This one is quite obvious. But after 12.5 years in the mortgage business, I discovered it still needs repeating. Your creditors were gracious enough to loan you money. Now pay your damn bills! If you don't, your credit score decreases. EVEN IF ONLY 30 DAYS LATE!

That's right folks. For some reason people think, "I'm only a few weeks late. What's the big deal?" Well, for the loan company, if you pay late but consistent, they make a lot more money with late fees and more interest (if a simple interest loan). For you, your credit score is damaged. If you think long-term and credit score, I'm certain you would not have a cavalier attitude.

6. Pay Down Debts

This seems like an obvious method, doesn't it? But it is not as transparent as you might think. Remember, we're playing with high-level statistics and probabilities which evaluates and forecasts trends in your behavior. Here's what you do...

Never pay off your revolving debt in it's entirety! Isn't that a surprise? Think about it. Your credit score is a reflection of your ability to manage your credit. Paying off your debt is not managing your debt. If you have a zero balance, how can you manage it? You don't. It no longer exists. And you cannot manage what does not exist, right? Therefore, in terms of credit score, you have demonstrated your ability to swiftly pay off accounts to avoid managing them. Thus, slightly decreasing your credit score.

One exception, of course, is if you're over extended to begin with. Pay off what's necessary to make your credit profile look great. Then manage the remaining credit.

7. Don't Close Accounts

Even if you pay off revolving debts, do not close the account. The longer an account is open with no negative reports, the better it reflects in your overall credit score. This is due to the weighted-average in the credit score formula. Many credit experts suggest a balance of 30% of your credit limit. That's ideal. But you can go as high as 70% and still maintain a healthy credit score.

8. No New Credit

You must be vigilant in your credit behavior if you want the best credit score. Therefore, do not get any new credit unless it is absolutely necessary. Each time you apply for credit, an inquiry is added to your report. This usually drops your credit score slightly. When you have fresh credit, there is no track record how you will manage (or pay) this account. Therefore, it's a higher risk which results in a minor drop in your credit score. Remember, your credit score is about risk assessment.

Here's what you do: obtain credit for your housing, transportation, college or continued education and 3-5 credit cards. That's really all you need for personal credit. If you want more credit, request a credit limit increase on your current cards rather than apply for new ones.

9. Maintain A Mix of Credit Types

If you show you can handle different types of credit at the same time, you are rewarded with a great credit score. In other words, get installment loans like vehicle, personal loan or mortgage. Get revolving credit like credit cards: Visa, Mastercard, Sears, Sunoco Gas, Costco. By mixing it up, you demonstrate you can manage your credit because you will have short term and long term credit with a fixed payment. As well as a "variable" monthly payment on your credit cards.

Keep these accounts open with a balance of 70% or less and paid on time and you will witness your credit score climb to great heights.

10. Don't File Bankruptcy or Foreclosure

Here's the most obvious advice: Don't file for bankruptcy or foreclosure. These stay on your credit report for 10 years and always decrease your credit score. The older the bankruptcy or foreclosure account becomes, coupled with re-built credit history, the less of an impact they play on your credit score.

Contrary to popular beliefs, you can legally delete a bankruptcy and foreclosure. It's not easy. But it's possible. See the advanced methods for that solution.

To quickly rebuild your credit history after a bankruptcy or foreclosure, use the Round Robin strategy above and get secured credit cards. Now you can even get a car loan or mortgage right after bankruptcy.

© 2004 David Czach.

-------- Editor's Note ----------

Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at http://myLoanHero.com/go.cgi/daveczach.

This article may be reprinted without compensation provided there are no changes whatsoever to the article, the copyright notice and the complete Editor's Note. Any reprinting or duplication without these conditions is copyright infringement.

-------- Editor's Note ----------

-------- Editor's Note ----------

Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at http://myLoanHero.com/go.cgi/daveczach.

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/10-ways-to-boost-your-credit-score2.html

Student Credit Cards 101

2007-11-15T00:05:00.000-08:00

If you’re a college student, you probably already have a credit card. If not, you may have plans to get one or more soon. So why should you read on?

Because financial debt is one of the main reasons that many students end up dropping out of college.

Because your college years can be some of your most memorable—and some of your most costly. They don’t, however, have to be the beginning of an adult life strapped with debt.

Although you may still feel in limbo between your teen years and adulthood, it’s time to take charge of your finances and manage them as an adult. The sooner you do, the sooner you’ll be able to start saving and spending your own money.

For those new to credit cards and for others who know all about credit, let’s go back to the basics.

Why do credit card companies court college students?

It’s obvious by the friendly representatives who offer a free t-shirt or CD just for signing up in the student center. Or the applications slipped into bookstore bags. Or mail boxes crowded with card offers. Credit card companies want college students to carry their card.

Did you ever stop to wonder why? One reason is loyalty—once a person has a card in their wallet, they are likely to keep that particular card and its upgrades for years to come. Another reason: college students are good customers.

While this may seem ironic considering that most college students are without a steady source of income, Robert Manning, Ph.D., Professor in the College of Business at Rochester Institute of Technology and author of Credit Card Nation, says this is one example of how the credit card industry has changed radically in the past decade or so. “Previously, conservative rules deemed a good customer as one that paid their bills on time,” he says. “Now, a good customer is one that can’t repay their debt.”

“Credit is no longer an earned privilege,” continues Dr. Manning. “It’s now considered a social entitlement, and the screening criteria (for card applicants) is weak.”

Banks make money by charging annual fees, late payment penalties and interest fees on unpaid credit card balances. Therefore, card holders with revolving debt (those who do not pay their balances in full each month) are desirable. NellieMae.org illustrates this point beautifully through an example of a student with a credit card balance of $7,000 at an interest rate of 18.9%. If this student faithfully makes the minimum monthly payment of 3% or $25 – whichever is higher, and does not charge anything else to the account, it will take more than 16 years and $7,173 in interest fees to repay the bill!

Additionally, Manning notes the banking industry has learned that college students will draw upon various sources of income to pay their debt—including student loans, money from part-time jobs, and as a last resort, many will ask a family member to supply the funds to get them out of debt.

How to make credit work for you, not against you

According to Nellie Mae, 81% of college freshman have at least one credit card. And for good reason. Credit cards enable online purchases—from text books to concert tickets, make it possible to rent a car, and help with medical emergencies or vehicle breakdowns. Used wisely, credit cards can be helpful throughout college, and can assist you in the development of financial management skills.

As soon as you get your first credit card or loan, you have entered the world of credit reports and scores. A credit report is compiled by credit bureaus and contains information about your identity and credit relationships, among other things. Credit scoring is a system that lenders use to help determine your ‘credit worthiness.’ Credit scores are based upon your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt and the age of your accounts.

It’s vital to know that your credit score affects your ability to get loans, car loans, and home mortgages. Future jobs and insurance premiums can also be influenced by your credit score. By paying your bills in full or in a timely manner, a credit card will help you establish a good credit score. Late payment or no payment will help you earn a poor credit score. For more information on credit reports and scores and how they affect you, check out CardRatings.com.

Developing a new view about credit

Mary Ann Campbell, CFP, founder of MoneyMagic.com and a money educator, cites unrealistic expectations as a major reason for high student debt.

Campbell, who teaches personal finance courses, says “Many students’ expectations of their earning potential after college far exceeds what their actual income will be.” She notes that some students use their credit cards with abandon during college, planning to pay off their debt when they land that great job after college. Indeed, some students forget that in order to get to the top of the career ladder, there are a few rungs, i.e., less paying jobs, they have to climb first. And the expense of starting a new job and life on your own can just add to existing debt.

Manning’s website, CreditCardNation.com, contains a great resource for students seeking a more realistic view of the first few years after college. Using the ‘Budget Estimator,’ a module designed by Manning, students can identify an average yearly or monthly starting salary for jobs in their particular major. The program automatically figures in estimates for taxes and social security payments. Students can then plug in expenses for housing, car payments, utilities, food, insurance, telephone and internet bills, clothing, credit card bills, student loan payments, and entertainment, etc. The module lets you know when you have spent more money than you make, and allows you to adjust payments as necessary until you get the hang of how your money is best distributed.

Students that seem to have the most credit woes? Those who believe their standard of living during and after college should not vary from when they lived at home on their parents’ income. Cable television, cell phones with cameras, and new cars become ‘necessities’ instead of nice extras.

Advice to grow on

When it comes to credit cards, students have great advice for other students. Heather, a college junior from Arkansas, recommends getting one card with a low limit. “This limits the amount of credit you have access to and therefore removes the temptation to spend more than you have or more than you can pay off immediately,” she says.

Another student recommends selectivity. “Don’t sign up for a card that charges an annual fee to use it, and read the terms of the card before applying. You wouldn’t believe how many people don’t know what an APR rate is.” For more information on finding the best rated cards, check out CardRatings.com. You can read reviews of cards from other students and get the lowdown on perks of various credit cards.

Campbell has three recommendations for students: The first is open communication. Campbell says students who are educated about financial matters seem to have a better overall attitude regarding credit cards. Students should find a trusted source to talk openly with about money issues. Second, students should switch from spending behaviors (such as shopping) to activities that help you achieve the same feeling of gratification or reward, such as intramurals, exercise or campus organizations.

Last, but certainly not least, enroll in a personal finance course as soon as your schedule allows. Says Campbell, “If it’s not required coursework, take it as an elective. You will learn a set of life skills that will not only help you right now, but also after college and for the rest of your life.”

About The Author

Rebecca Lindsey is a Senior Staff Writer for http://www.CardRatings.com. She began writing articles about consumer credit issues for http://www.CardRatings.com in September 2000.

Article Source: http://EzineArticles.com/

Credit Card Comparison Guide

2007-11-15T00:03:00.000-08:00

Shopping around for a credit card can save you money on interest and fees. You’ll want to find one with features that match your needs. This information can help you

Understand the features of credit cards
Compare credit card features and costs
Know your rights when using your credit card
File a complaint if you have a problem with your credit card

How will you use your card?

The first step in choosing a credit card is thinking about how you will use it.

If you expect to always pay your monthly bill in full--and other features such as frequent flyer miles don’t interest you--your best choice may be a card that has no annual fee and offers a longer grace period.
If you sometimes carry over a balance from month to month, you may be more interested in a card that carries a lower interest rate (stated as an annual percentage rate, or APR).
If you expect to use your card to get cash advances, you’ll want to look for a card that carries a lower APR and lower fees on cash advances. Some cards charge a higher APR for cash advances than for purchases.

What’s the APR?

The annual percentage rate--APR--is the way of stating the interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. The APR states the interest rate as a yearly rate.

How long is the Grace Period?

The grace period is the number of days you have to pay your bill in full without triggering a finance charge. For example, the credit card company may say that you have “25 days from the statement date, provided you paid your previous balance in full by the due date.” The statement date is given on the bill. The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers. Instead, interest charges start right away.

If you carried over any part of your balance from the preceding month, you may not have a grace period for new purchases. Instead, you may be charged interest as soon as you make a purchase (in addition to being charged interest on the earlier balance you have not paid off). Look on the credit card application for information about the “method of computing the balance for purchases” to see if new purchases are included or excluded. Information on methods of computing the balance is in the section “How is the finance charge calculated?”

These are just some of the considerations you will have to be aware of when choosing a credit card. The bottom line is that you should always read the small print and think about what it is you are agreeing to and whether or not this is what you need.

Joseph Kenny is the webmaster of the credit card comparison sites http://www.credit-cards-info.com/ and also http://www.creditcards121.com/

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/credit-card-comparison-guide.html

Credit Card FAQs

2007-11-15T00:02:00.000-08:00

What are credit cards?

Credit cards let you pay later for any purchase you make. In case of any sort of emergency or urgent situation, when you may not have cash to make payments, credit cards can be helpful. Credit cards are commonly used to get fuel for cars or buying products in a grocery store. You receive a statement at the end of each month. The statement tells you of the expenditures you have done using your credit card. It also mentions minimum balance, due date, fees, etc.

What is an additional cardholder?

An additional cardholder may be anyone from your family, aged above 18. He will also be issued a credit card. You can contact your credit card company if you wish to have an additional cardholder.

What is a balance transfer?

Balance transfer means the transferring of outstanding balances of credit cards from your current credit card company to another.

What should be done on losing a credit card?

If you happen to lose your credit card, you should inform the your bank as soon as possible, as there can be chances that some one may use your credit card and you end up paying for that too. Once you notify the bank, they at once cancel your credit card and issue you another credit card.

What is an APR?

APR, or Annual Percentage Rate, is just a way of calculating cost of credit, measured as a yearly rate. You must know the APR that would be levied on your credit card before you decide to have one. All credit card companies have varying APRs. You have to see the one that suits you the best.

What is the way to choose a credit card?

This purely depends on your needs and situation. If you would be paying full bills then you need to take a credit card with a low annual fee and other charges. On the other hand, if you want to have a cash advance feature, you need to choose a credit card company with low APR. If you have any doubts and questions, always feel free to call up the credit card company.

What is the credit card grace period?

Credit card grace period is the period in which you can pay your credit card bills before the due date and avoid finance charges. You should be aware of the grace period in order to avoid any sort of finance charges.

Joseph Kenny is the webmaster of the credit card comparison sites http://www.credit-cards-info.com/ and also http://www.creditcards121.com/

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/credit-card-faqs.html

Simplifying Your Search For a New Credit Card

2007-11-15T00:00:00.000-08:00

Today, selecting the proper credit card can be a bit confusing to say the least. There are literally hundreds of offers from the major institutions eagerly competing for your business. The easiest way to shop for a credit card is to break them down into categories. There are seven major categories that all credit cards fall into. Each category is listed and explained below. Once you identify the proper category, simply narrow down the offers to the ones that best suite your particular needs and lifestyle.

General Purpose/Low Interest Credit Cards:

These cards are great general purpose credit cards for those not interested in all the special features and costs associated with CashBack or Rewards cards. They feature either a low introductory interest rate, and/or a low fixed rate.

General purpose credit cards are usually favored by those who tend to carry a monthly balance on their cards. A lower interest rate can add up to substantial savings on finance charges, and be of more value than cards offering high rewards, or cash back. If you are planning a large purchase, a low introductory APR may be just what you need. You can stretch out your payments over the length of the introductory period, and save a bundle on finance charges.

Cash Back/Rebate Credit Cards:

Cash Back credit cards give you cash or rebate incentives every time you use the card. The amount given is usually a percentage of your total purchases excluding interest and finance charges. Cash back credit cards should be considered by those who tend to pay off their entire balance every month, and therefore would not realize the benefits offered by low interest rate cards. Cash back cards are always hard to beat, but others may favor a rewards program offering goods and services in place of cash. The card you choose will depend upon your particular needs and lifestyle.

Reward Credit Cards:

Reward credit cards give you points every time they are used to make purchases. The points that you accumulate can later be redeemed for goods and services. Cards offering reward points are most attractive to those who tend not to carry a monthly balance. If you pay off all or most of your balance each month, a low interest rate will be of little consequence, making reward cards the perfect solution for reaping some extra benefits out of your spending dollars. There are many cards in this category that give special rewards as incentives to shop at specific retailers. Check the terms of each card to find the one that will best suit your needs.

Airline Miles/Travel Credit Cards:

If you're an airline traveler, you should look into credit cards that offer Frequent Flier miles. You earn Mileage points as you spend on your credit card. You also earn mileage points for the miles you fly. If you took a round trip to Orlando from Washington DC you would earn 1516 mile points. If you bought the ticket on your card you would earn even more! Most Frequent Flier credit cards will give you 5,000-10,000 free miles as a sign-up bonus, as well as discounts on car rentals, free hotel upgrades, and many other perks. Be aware that there may be caps on the amount of miles you can earn in a year, as well as expiration dates for unused miles.

Business Credit Cards:

If you own a small business then you should consider a business credit card. With a business credit card, you can make purchases under your business name, allowing you to separate your business and personal expenses. Business cards can in some cases carry a higher limit than a personal card, and additional cards may be issued to executives, or employees. Most institutions offer business cardholders a special categorized statement that makes it easier to manage your company's finances and spending habits.

Student Credit Cards:

Student credit cards are available to actively enrolled College students. They are ideal for building a credit history, and teaching the principles of financial management. After graduation, the credit history established with a student credit card can be a great help when buying that first new car, or even applying for a mortgage. It pays to start early and establish yourself as a responsible person by paying your bills on time. A student credit card usually carries some restrictions not found on ordinary credit cards. A co-signer is sometimes required on the account, and in such cases, permission from the co-signer must be obtained before the credit line can be increased.

Bad/No Credit Credit Cards:

If you have bad credit, or simply no credit history at all, there are alternatives to help you build/rebuild your credit. Many institutions offer secured, or pre-paid credit cards to individuals seeking to build or rebuild their credit. A secured credit card requires that you supply the institution with some type of collateral such as a car, home, boat, or cash. They will issue you a credit card secured by the value of this collateral. It functions just like a regular credit card, except that if you default the bank can seize the collateral.

Another solution is a Pre-Paid credit card or "Debit" card. Pre-Paid cards require that you deposit funds into the card's account in advance of making any purchases. When a purchase is made, the funds are deducted from the account balance. This is not really considered a credit card since no credit is actually being granted by the institution. Debit cards are a great alternative to carrying cash, and are hence much safer.

© Written By: Michael Casamento

Michael Casamento is the founder of the Credit Card Safari web site, offering quick and easy comparisons of the latest credit card offers from top financial institutions.

For more information visit:http://www.creditcardsafari.com

This article may be freely reproduced so long as the above resource box is included in its entirety.

Article Source: http://EzineArticles.com/

http://www.selectcreditfast.com/resource/9325550/simplifying-your-search-for-a-new-credit-card.html

Common Drawbacks of Using a Credit Card

2007-11-14T23:55:00.000-08:00

successful items in the financial industry is the credit card. In the past few decades, they have grown from one general purpose card invented in the late 1950s to a huge array of cards available. It is true that few adults live without at least one credit card and some people have several of them. These plastic cards can be very convenient for people who want to shop online or by telephone or mail order. They are also great for shopping offline as there is no need to carry cash. There have been some security scares with credit cards but, in many ways, they are more secure than cash. Unfortunately, there is a downside to the credit card despite what the glossy advertisements may say. They make it very easy to accrue large debts and often, it is difficult to see much for the money spent. The interest rates are amongst the highest in the credit finance industry so the debt just keeps on building up unless you use the card responsibly. Irresponsible use may lead to huge problems including bankruptcy. Having said that, there are some ways that you can use a credit card without inviting trouble. Beware the impulse spending. It’s easy to get carried away with spending when you’re not handing over that hard earned cash. However, when your statement arrives, you may find you spent more than you really should have. Try to resist the temptation to put things on your card because you may regret the decision when it comes time to pay. Don’t use your credit card for everyday costs or to pay your bills. This is a quick way to run up your credit card debt and is merely a Band-Aid solution to a poorly developed budget. There are other ways to borrow and many have cheaper interest rates. You can even withdraw cash on your credit card these days but be very careful. The interest rates are usually even higher than on purchases so it can add up very quickly. Also, there is no interest free period on cash withdrawals so it is still going to cost you a lot more. One of the most important steps you can take to minimize your debt is to pay more than the minimum each month. If you don’t, you will continually be paying mostly interest charges and so forth and never making much of a dent in the actual debt. By paying only the minimum, it may take years to pay off the debt not to mention that you will have paid a huge sum of interest. Try to pay as much as possible each month to reduce your debt. Finally, it is wise to organise an automatic payment from your bank to repay your credit card so that you don’t overlook any payments. Credit card issuers will happily accept more of your money by hitting you with expensive late payment fees. Don’t give them the pleasure. Keep your money and use your credit card wisely. This way, you should be able to stay out of trouble. Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

About the Author

Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

Identity Theft - What You Can Do To Prevent It!

2007-11-14T23:45:00.000-08:00

Identity theft is the new world of organized crime. The best way to protect yourself from this crime is to prevent identity theft from happening to you. This starts with finding out what identity theft is, and where and when it could happen to you!

Defining Identity Theft

What is identity theft? Identity theft is any time someone without your knowledge or consent, uses your personal or financial information. This can range from steeling your passport to travel illegally, to gaining financial information to make fraudulent purchases. But the majority of identity theft cases involved identity theft of credit card information.

How It Works

Identity theft with your credit card information occurs any time someone gets a hold of your credit card number. This often happens online. You might receive an e-mail warning you that something is wrong with your credit card, and you click on a link and are directed to a place where you are required to put in your credit card information to "fix" the problem. This is a scam known as phishing, where the criminal is looking to gain those numbers for their own use. And just because you are not online, doesn't mean your information is not! If you register your car or pay a speeding ticket, important parts of your identity, often including credit card numbers, are automatically put online!

Your Identity is Stolen - Now What?

Once the criminal gets a hold of your information, they will probably make purchases using your credit card number. It does not matter that they do not have the physical card in their hands, since the world of online shopping does not require seeing the card, just entering the numbers. When you notice fraudulent charges on your credit card statement, it is time to take action.

Start by contacting your bank. Often your bank will be willing to put a freeze on your account. Also, most credit cards have policies that do not hold you liable for purchases made by an identity thief, but you have to catch them! The card will be frozen, and you will be given a new card.

http://www.adviceoncreditcards.com/creditcards-articles/prevent-identity-theft.htm

The Credit Card Question

2007-11-14T23:41:00.000-08:00

Practically every online business accepts credit cards, and so should yours. But you should be prepared to shop around and ask questions before settling on a provider for your credit card merchant account. This article lets you know what to expect.

Maybe you haven’t been in business long enough to have to confront this issue yet, especially if you started small. Sooner or later, though, you will have to face the fact that customers prefer to make purchases using their credit cards. What’s more, when they can use their credit card, customers tend to buy more. To someone who sells anything online, be it web hosting services or collectibles through eBay, the implication is plain: you need to be able to accept credit cards.

Maybe you’re still fighting it. To be able to accept credit cards, you know that you need to get a merchant account. Maybe you think it will be too expensive, or too complicated, or that you won’t qualify. While it is a good idea to shop around for an account, and there are certain questions you need to ask, it’s a relatively easy process – certainly much easier than running a business!

Still not convinced? Let me give you a few points to think about. The average customer won’t take you seriously as a business unless you accept credit cards. Even arts and crafts vendors at malls take credit cards; you’re trying to sell goods and services over the Internet! Most people who buy anything online do it with a credit card; they won’t be inclined to change their habits just for you.

You may have conducted some business via Western Union or PayPal. Those methods aren’t enough. Too many people are unfamiliar with Western Union. As to PayPal, there are still too many horror stories circulating about it. What it comes down to is a matter of trust. If you can accept credit cards, this means you have a merchant account, which means your name, address, and social security number are on file with a bank somewhere – so you’re not a fly-by-night. From your customer’s point of view, you’re less likely to be a crook.

For argument’s sake, let’s say that you have been conducting business via cash, check, and PayPal up to this point. When should you get a real merchant account? Look at your PayPal receipts. When your monthly sales volume reaches $1,000 or more, it’s time to get real. You might even consider making the move before that point if your sales are showing a consistent upward trend.

http://www.itswebrelated.com/resources/ecommerce/credit-card-processing/the-credit-card-question-20.html

UK database tackles credit card fraud

2007-11-14T04:24:00.000-08:00

Fraud protection specialist The 3rd Man has acquired online credit card fraud company Early Warning UK, and has called on internet traders to share data about fraud detection.

Early Warning's CardAware database will be added to The 3rd Man's SuperSearch system, which enables retailers to share information on high-risk transactions.

The companies anticipate that the move will provide online traders with a powerful UK-based fraud protection service.

"E-commerce figures suggest that 95 per cent of all online fraud detected involves more than one retailer. It is clear from this figure that the way forward for web traders is to share their data," said Paul Simms, chief executive at The 3rd Man.

Early Warning UK was set up by internet fraud victim Andrew Goodwill in 2002, and provides fraud-busting services to a wide cross-section of online retailers.

The service allows traders to post details of actual or attempted internet crimes, and to find out whether others have had similar experiences. Fraudsters are subsequently exposed through a network of data sharing.

The 3rd Man provides fraud screening services to over 18,000 retailers, claiming to save them in excess of £10m a month.

The firm also operates SuperSearch, a national card-not-present fraud file which enables retailers to share and monitor information on high risk transactions deemed to be fraudulent.

Corporate SuperSearch users include JJB Sports, Woolworths, Ticketmaster, Halfords, Argos and many other leading businesses.

"By bringing Early Warning under The 3rd Man umbrella our aim is to develop a massive and dynamic system of information sharing for retailers to protect themselves and their genuine customers," said Simms.

"The ability to share fraud data with Early Warning and learn from their experiences is a major boost in the fight against card crime."

http://www.vnunet.com/vnunet/news/2203089/uk-anti-fraud-database-unveiled

Earn Your Free Holidays With American Express Air Miles Credit Card - Article

2007-11-14T04:22:00.001-08:00

Frequent flyer programs have come a long way since American Airlines introduced these in 1981. Since then, the concept of frequent flyer programs has been embraced by others and is no longer the exclusive domain of airline companies. One of the credit card companies that embraced this type of reward scheme is American Express. Many of their products, such as the American Express AIR MILES credit card, now include the ability to earn miles.

Simply by using your American Express AIR MILES credit card for your daily purchases, you get the chance to earn your free airline tickets to and from any destination in the world. If you have a dream to someday view Paris from the top of the Eiffel Tower or to revel in sultry Rio de Janeiro, the American Express AIR MILES credit card could help fulfill that wish. American Express is able to offer this kind of product through its tie-up with AIR MILES, hence the name American Express AIR MILES credit card.

If you choose to link your American Express AIR MILES credit card to the regular AIR MILES program card you may already have, you can accumulate additional rewards miles. For instance, when you shop at a grocery store which is a participating sponsor of AIR MILES, you can charge your purchases to your American Express AIR MILES credit card and ask the merchant to also scan your regular AIR MILES loyalty card. In that way, you earn rewards miles twice — once for the charge in your American Express AIR MILES credit card, and once on
your AIR MILES card.

When you have accumulated enough rewards miles, you can redeem these for free airline tickets to a destination of your choice. Should you have lots of miles, you can get your entire holiday for free. This could include a paid hotel stay, and a paid car rental. Free holidays do not come along too often. But it can be made possible with your American Express AIR MILES credit card.

You will get a free 100 rewards miles when you sign up for an American Express AIR MILES credit card. Note, however, that the 100 bonus rewards miles will only be credited together with the first purchase you make with your American Express AIR MILES credit card. When you have your credit card replaced or renewed, or if you receive supplementary cards, the 100 bonus mile offer does not apply.

On top of the rewards program tie-up with AIR MILES, the American Express AIR MILES credit card provides the usual package of benefits and services from American Express, including free insurance cover for auto rental, travel accident, and the important purchase and fraud protection services. You will also have access the company’s InfoAssist service where you can keep a secure record of sensitive information and documents.

Air Canada, Canadian North, American Airlines, Northwest Airlines, CanJet, Calm Air, KLM Royal Dutch and Lufthansa are the airline companies where you can obtain your free airline tickets by redeeming rewards miles in your American Express AIR MILES credit card. So, if seeing the world is a dream, perhaps this is one way of turning your dream into a reality!

http://www.discoveryarticles.com/articles/12509/1/Earn-Your-Free-Holidays-With-American-Express-Air-Miles-Credit-Card/Page1.html

Earn Your Free Holidays With American Express Air Miles Credit Card - Article

2007-11-14T04:22:00.000-08:00

Credit card only works when spoken to

2007-11-14T04:20:00.000-08:00

A credit card that will not work unless it hears its owner's voice could become an important weapon in the fight against fraud.

The card requires users to give a spoken password that it authenticates using a built-in voice-recognition chip. The idea is to prevent thieves using a stolen card or fraudsters using someone else's credit card details to buy goods online.

A prototype built by engineers at Beepcard in Santa Monica, California, represents the first attempt to pack a microphone, a loudspeaker, a battery and a voice-recognition chip into a standard-sized credit card.

They are not quite there yet: the card is the length and width of an ordinary credit card, but it is still about three times as thick. Alan Sege, Beepcard's CEO, says the company now plans to use smaller chips to slim it down to normal thickness.
Squawk signal

The voice card is based on an earlier Beepcard technology designed to prevent fraud in online transactions. This earlier card has no microphone, but has a built-in loudspeaker that it uses to "squawk" an acoustic ID signal via a computer's microphone to an online server.

By verifying that the signal matches the card details, the server can establish that the user is not simply keying in a credit card number but actually has the card to hand. The ID code changes each time the card is used in a pre-ordained sequence that only the server knows.

This prevents fraudsters recording the beeps, noting the card details and then playing back the audible ID when they key in the details later. But this earlier technology cannot prevent fraudulent use of stolen cards. The new one can.

The new voice card also identifies itself by its ID squawk, but it will not do this until it has verified the legitimate user's spoken password. Thieves will be unable to use the card because even if they knew the password they would have to be able to copy the owner's voice with a high degree of accuracy.

Diminutive battery

Simple voice-recognition systems are already used in cellphones to provide voice dialling. The challenge for Beepcard has been to develop voice-recognition and audio circuitry that can be powered by a diminutive battery embedded in a credit card.

To maximise battery life, the electronics are only switched on when the card is being used. Pressing a button on the card's surface prompts it to utter "Say your password" in a stern American-accented female voice. If its voice-recognition software authenticates the password, it emits its ID squawk which the server then identifies, allowing to transaction to proceed.

The company is aiming to make the voice card capable of 10 transactions per day for two years before its non-replaceable battery runs out. But the capacity of the battery is not the only problem. It also has to be robust and flexible enough to survive in a credit card. Beepcard has tried to address this by putting the battery in the corner of the card, which is less likely to get bent than the centre.

While credit card giant Visa of Foster City, California already offers voice recognition to boost security on some telephone transactions, the company has not explored the idea of building voice authentication into the card, says spokesman Colin Baptie. "It's an interesting idea but the transaction has got to be user friendly. You wouldn't want to increase the time it takes," he says.

But writing in his computer security newsletter, Cryptogram, last week, security expert Bruce Schneier was enthusiastic about Beepcard's technology: "It's a physical authentication system that doesn't require any special reader hardware. You can use it on a random computer at an internet cafe. You can use it on a telephone. If the price is cheap enough, Beepcard has a winner here."

http://www.newscientist.com/article/dn4900.html

Wireless computer shrunk to smaller than a credit card

2007-11-14T04:19:00.000-08:00

Compulab recently announced a computer that manages to cram a complete PDA into a device two-thirds the size of a credit card.

The CM-X270L measures just 4.4 x 6.6 cm. In comparison, a MiniPCI wireless card is 6.0 x 4.4 cm - just half a centimetre thinner.

In this space, the CM-X270L somehow manages fits in an Intel (should that be Marvell?) XScale chip running Windows CE or Linux, half a gig of flash, 128MB of RAM, AC'97 sound and a Philips 802.11b wireless interface, as well as some things you wouldn't find on a PDA, such as a PCI bus, 4 USB host ports and wired networking.

You can pick one up with prices starting from $47 (provided you want 10,000), although you may need something to plug it into.

http://www.theinquirer.net/en/inquirer/news/2006/06/28/wireless-computer-shrunk-to-smaller-than-a-credit-card

Wireless computer shrunk to smaller than a credit card

2007-11-14T04:11:00.000-08:00

Authorizing Your Credit Card

2007-11-14T04:09:00.000-08:00

We attempt to authorize your credit card when you first place your order - in fact, we can't actually process your order until this authorization is complete. If for some reason your credit card provider does not authorize the charge from us, we'll let you know by sending you an email - typically within 24 hours. Your credit card is never billed until your order, or items in your order, have been processed and shipped.

We accept MasterCard, Visa and American Express. For your protection, all credit card information submitted is encrypted on our secure server.

Why didn't my credit card go through?

Sometimes, credit card authorizations fail because of an incorrect expiry date or a mis-entered digit in a credit card number. If you've saved credit card information previously in your account settings, check to make sure the information is correct, then re-submit your order. If all your billing information looks correct, and your order fails to authorize, please contact your credit card provider for further assistance. Or, you can place your order again using a different credit card.

http://www.chapters.indigo.ca/Authorizing-Your-Credit-Card/auth_credit_card_en-art.html?pticket=jv1l4dvtscxuev5554w23r553vvpr16qDxeySZfr0ZjpuTeWp04%3d

Credit Cards And Your Credit Report

2007-11-14T04:07:00.000-08:00

A credit card is a great financial tool. It can be more convenient to use and carry than cash and it offers valuable consumer protections under federal law.

At the same time, it’s a big responsibility. If you don’t use it carefully, you may owe more than you can repay, damage your credit rating, and create credit problems for yourself that can be difficult to fix.

You're Responsible
While a credit card makes it easy to buy something now and pay for it later, you can lose track of how much you’ve spent by the time the bill arrives if you’re not careful. And if you don’t pay your bill in full, you’ll probably have to pay finance charges on the unpaid balance. What’s more, if you continue to charge while carrying an outstanding balance, your debt can snowball. Before you know it, your minimum payment is only covering the interest. If you start having trouble repaying the debt, you could tarnish your credit report. And that can have a sizable impact on your life. A negative report can make it more difficult to finance a car or home, get insurance, and even get a job.

Get Help

Whether you’re looking to buy your own home, get a new car, or just need another credit card, your lenders will be checking your credit report. Do you know what your credit report says? Sign up for a no-risk free trial of the Credit Check Monitoring Service and you can find out first hand with your FREE credit report! But the CreditCheck Monitoring Service doesn’t stop there! It keeps you on top of your credit position and alerts you to additions and changes made on your credit report. That way, you’ll be both knowledgeable and confident come time to meet with your lender. Consider it your personal credit consultant, complete with valuable information, tools, and tips for success! And you won’t find a better deal with the FREE trial and FREE credit report!

http://www.creditcarecenter.com/cards/using_credit_cards_responsibly.htm

Credit Card Interest Rates

2007-11-14T04:06:00.000-08:00

What do personal bankruptcies have to do with bank card interest rates?

In an attempt to reduce credit card losses, several major banks are now tying bank card interest rates to the credit records of applicants.

This means that if you have a sterling record, you'll get a better rate than if you've missed a few payments or bounced checks in the past.

Banks are getting tough because delinquent payments and bankruptcies are reaching record highs. In order to stem the losses, banks are now using your credit history to determine the amount of interest you'll be charged on your bank card, particularly important if you carry a balance from month to month.

One major problem with this system is that it makes it difficult if you are trying to shop for a card with the lowest possible interest rate since you won't know what rate you're getting until the application has been processed.

The best deal is a credit card that's available without an annual fee; or, if you carry a fee, a card that offers low interest rates.

http://www.creditcarecenter.com/cards/card_interest_rates.htm

If You Pay Off Your Credit Card Balances Each Month--

2007-11-14T04:05:00.000-08:00

If you are one of the 36% of all cardholders who pay off your entire balance on time each month to avoid finance charges, you may soon be penalized. For Instance GE Rewards MasterCard holders who pay off their balances each month are charged an annual $25 penalty fee. Industry analysts predict that more credit card issuers will follow GE's lead.

Why are credit card companies doing this? Because 75% of their revenues come from finance charges, and conscientious users who pay their balances in full each month are in effect using the cards for free. This can be extremely unprofitable for credit card companies.

Some credit card companies are imposing penalties that affect all customers, including:

* Eliminating the 30-day interest-free grace period following a purchase.
* Charging an over-limit fee if you exceed your credit limit by as little as $1, even if your purchase has been approved over the phone by the store.
* Imposing a late fee of up to $20 if you miss your monthly payment date by one to three days.
* Increasing your finance charge if you don't pay on time twice in one year. Some punitive finance rates range from 24.9% to as high as 32.6%.

How You Can Avoid Credit Penalties

* Use fewer credit cards. This way you won't need to keep track of multiple bills or multiple credit terms.
* Carefully read the fine print. Make sure you understand the terms and conditions of your credit card. Read any new or undated information that is sent to you.
* Pay off your balance each month. If you are unable to pay the balance in full, try to pay more than the minimum balance. The sooner you pay off your balance, the more money you save in finance charges.
* Prudently shop for cards. Credit card issuers will send you credit agreements before you apply for credit. Use them to study and compare terms and conditions before you apply for credit.

See where your credit stands by monitoring it the easy way with a 30-day free trial of the CreditCheck Monitoring Service! Enjoy exclusive tips on building a solid credit rating and valuable Neighborhood and Home Sales reports. Plus, Get Your Free Credit Report! just for trying the service!

http://www.creditcarecenter.com/cards/credit_card_penalties_fees_and_late_charges.htm

American Express Starwood Preferred Guest Credit Card - Article

2007-11-14T04:03:00.000-08:00

American Express and Starwood Hotels & Resorts Worldwide, Inc. launch the Starwood Preferred Guest Business Credit Card for small business owners and the enhanced Starwood Preferred Guest Credit Card for consumers.

Cardmembers can take advantage of greater benefits and richer rewards, making it easier than ever for consumers, and now small business owners, to earn free nights at more than 825 Starwood hotels and resorts around the world and award flights with more than 30 airline partners.

Credit Card Features:

10,000 Starpoints bonus with first purchase ? enough for up to three free nights(1)

Double Starpoints on stays at participating Starwood Hotels & Resorts and purchases at select Starwood retail outlets, such as Bliss Spa and more(2)

Automatic upgrade to Gold Preferred Guest membership status by spending $30,000 on the Card in each calendar year. Access to private sales with select Starwood retail outlets.

The new Business Card incorporates all of the improved benefits of the Starwood Preferred Guest Credit Card, as well as programs and services tailored specifically to the needs of small business owners, including the OPEN Savings(SM) program which was designed specifically for small businesses and gives automatic discounts on purchases at OPEN Savings(3) partners, such as Delta, FedEx Kinko's and JetBlue. In addition, the Business Card provides expense management reporting, an online spend tracking system and spending limits on additional cards that aid in better managing employee spending.

Credit Card Benefits:

One (1) Starpoint for every eligible dollar spent on the Card

Redeem Starpoints at over 825 participating Starwood hotels and resorts in 95 countries with no black out dates? if there's a standard room it's yours.

Transfer Starpoints to over 30 frequent flyer programs, most on a one-to-one basis

Receive 5,000 Starpoint bonus when you transfer 20,000 Starpoints to miles(4)

First year fee-free, and $30 annual fee thereafter; fee-free additional cards

Automatic enrollment as a Starwood Preferred Plus member

Receive a 50% off certificate, good towards a Starwood hotel stay, upon Card approval and annual renewal

No limit on the amount of Starpoints a Card
member can earn

Competitive Introductory purchase Annual Percentage Rate (APR) for six (6) months

Retail and travel protections such as Global Assist, Car Rental Loss & Damage Insurance, Purchase Protection Insurance, Travel Accident Insurance, American Express Card Baggage Insurance, Buyers Assurance Plan, Express Cash Emergency Card Replacement, Emergency Check Cashing, and 24-hour customer service.

The new Starwood Preferred Guest Business Card and enhancement to the Consumer Card are an expansion of the existing relationship between Starwood and American Express. The new Cards make it easier than ever for consumers and small business owners to quickly earn exceptional travel rewards through spending on their cards. Starwood and American Express have enjoyed a strong cobranded card partnership since 1996, when American Express first launched the ITT Sheraton ClubMiles Card.

Credit Card Benefits Eligibility Requirements:

(1) To be eligible to receive 10,000 bonus Starpoints, you must make your first purchase with the Starwood Preferred Guest Credit Card within one year of Card approval. Bonus Points will appear on your Starwood Preferred Guest statement 8-12 weeks after your first purchase. Bonus Starpoints are for first-time Starwood Preferred Guest Credit Cardmembers only. You may have more than one Starwood Preferred Guest account, however, if you have or had any such account you are not eligible to receive bonus Starpoints you may be offered for any other such account.

(2) You will receive one additional Starpoint for each U.S. dollar of Eligible Spending charged on your Card Account at Starwood branded hotels and resorts then participating in the Starwood Preferred Guest loyalty program, and at stand-along retail establishments and on-line stores that, in each case, are wholly-owned by Starwood Hotels and resorts Worldwide, Inc.

(3) OPEN Savings(SM): Payment must be made with an American Express Business Card. Savings will be credited to your American Express Business Card billing statement. All savings referenced are in addition to any offers made by participating companies. Participation and offers are subject to change without notice. Terms and conditions apply.

(4) A 5,000 Starpoint bonus is based on airlines with a 1 Starpoint to 1 mile conversion rate; equivalent bonus will be awarded in accordance with other airline conversion rates.

All rights reserved. Article may be reprinted as long as the content remains intact and unchanged and all links remain active.

http://www.discoveryarticles.com/articles/13524/1/American-Express-Starwood-Preferred-Guest-Credit-Card/Page1.html

American Express, Kingfisher launch co-brand credit card

2007-11-14T04:01:00.000-08:00

American Express has tied up with Kingfisher Airlines to launch the American Express Kingfisher First Credit Card in association with Airtel.

The card allows members to get two or more round trip flights with Kingfisher Airlines every year through their everyday spend on the card.

Airtel gives the members opportunity to convert calls into free Kingfisher flights.

"This new launch heralds the broadening of our existing relationship with American Express and will cater to the evolving lifestyle aspirations of a young and vibrant India. The introduction of this new offering will strengthen our franchise amongst both business and leisure travellers,"

Kingfisher Airlines Chairman and CEO Vijay Mallya said in a statement.

A customer can earn tickets faster by simply charging their spend on services provided by Airtel. It also offers over 500 retail and dinning Platinum partners.

It comes with privileges such as Kingfisher Airlines King Club Gold Tier membership and special benefits from Airtel, a company release said.

In the first year itself, the card will offer a premium value of more than Rs 50,000.

"In 2006, leisure travel in India totalled USD 350-400 million and air travel increased by 45 per cent over the previous year. The card will provide the solution for affluent consumers in meeting their travel and spending needs," American Express India Vice-President and Country Manager Rob Hennin said.

http://www.financialexpress.com/news/American-Express-Kingfisher-launch-cobrand-credit-card/235256/

Cherish Your Credit Card

2007-11-14T04:00:00.000-08:00

Holding one or more credit cards accounts can be a very convenient way of handling your finances in today's society, and while there are definite advantages to having the extra credit facility, it is important to exercise a level of control in the way you use these accounts. A good rule of thumb to keep in mind when using a credit card account is to never owe more on your card than you can easily pay off within three months. Now that level of commitment can change month to month so it's worth while to fluctuate your own maximum use of the card even if the issuer has given you a higher threshold. 'Maxing up' your credit card is never recommended for the simple reason that once you are unable to use the card for the reasons it was intended, then making the payments on it will hurt you that much more.

Impulse spending, simply because you have space on your credit cards can lead you into a very dangerous financial mess, and you therefore need to avoid the self indulgence, and stop buying things you didn’t know you wanted until you saw them on display in a store. You really should have a good idea of how much you have used the card during each month even before your credit card bill arrives on your doorstep. If you are ever surprised at how much more you charged to the card than you thought you had, that is usually a good sign that you are using it too much.

It is always tempting when we look at how much 'space' we have on our credit card, to regard that as money to be spent, and feel obliged to indulge ourselves, often buying goods we don't need and would never have purchased with money saved in a savings account. You should also remember that any amounts you are obliged to spend on your credit card bill payments, will often prevent you from increasing your savings for more important things like holidays, a new house or car or even your retirement.

Here are a few good guidelines to implement when using your credit card facility. Keeping these suggestions in mind will ensure that you don't create problems that may affect your lifestyle to say nothing of your credit score.

1.) When using your credit card to pay for any item, simply ask yourself if you really need it, or just want it. Separating needs and wants is an important spending issue and all your purchases should be justified, at least in your mind.

2.) When you go shopping, make a list of what you need and either take only enough cash to pay for what you have planned to buy, leaving your credit cards at home, or decide what you will charge to the card before you leave home, and stick to that figure.

3.) If you see something you think you really need, give yourself two weeks to decide if it is really something you do need or something you can easily do without. Very often, you will decide during that grace period that you didn't really need the item in mind, and your life will roll on just as well without it.

4.) Discipline yourself into not buying anything whilst you are out shopping that you didn't think about before you left home.

5.) Remember that you will be under great pressure to charge your card to it's limit, not only from the advertisers who want you to buy their products, but also from the issuers who make money every time you use your card. Always resist the temptation! You must set some financial goals and stop spending money on items that really don’t matter in the long run.

6.) Don't use your credit card to draw cash either from a bank or ATM unless it is absolutely necessary, as this is a very expensive way of putting cash in your pocket. Make sure you read and fully understand the small print with regard to use of your credit card, and in particular, the charges your issuer will impose on cash withdrawals.

The pressures created by credit card debt are enormous. Impulse spending can have an adverse effect on your health, your relationships and your creditworthiness, and you owe it to yourself to treat all three with total respect. Try to just use your card for items you know you can afford to pay for when the card bill comes in at the end of the month. That way your card facility will often cost you nothing. Paying the minimum payment on a credit card is fraught with danger and will cost you dearly.

If you follow these basic rules when using your credit card account, you will protect your lifestyle and relationships and at the same time, keep your credit score safe.

Trevor Taylor writes of his experiences in the Credit Card and Real Estate arenas.
http://www.apply-online-4a-credit-card.com/
http://www.theforeclosurecompendium.com/
http://www.florida-real-estate-investments.co.uk/

http://www.articles-hub.com/Article/174477.html

Chase BP Visa Credit Card

2007-11-14T03:57:00.000-08:00

If you buy gas from BP gas stations, you should be using the Chase BP Visa Rewards Credit Card. You could be saving up to 10% on purchases made at participating BP gas stations! You could also be saving money almost everywhere else that you shop.

The 10% in rebates does only apply to the first 2 billing cycles/months. During that 2 month introductory period, the Chase BP Visa Credit Card can also save you 4% on eligible travel and dining purchases and 2% rebates on other purchases.

After the 2 month introductory period, the rebates are cut in half. So you would get 5% on BP purchases, 2% on dining & travel and 1% on all other eligible purchases. Get out a calculator and estimate how much you would save each month.

One exception is that purchases made at competing gas stations are not eligible for rebates with this credit card. With some discipline you could limit yourself to just buying BP gas. You could also get a different rewards credit card for non-BP gas purchases.

Once you accumulate at least $25 in rebates, you decide how and when to redeem your reward. Redeem for your choice of:

•A BP Gift Card
•A check made payable to you
•A donation to The Conservation Fund, an environmental charity

There is also no limit to the number of rebates that you can earn. So you could use the Chase BP Visa Rewards Card almost everywhere you shop and save hundreds or even thousands of dollars. Plus the card has no annual fee! As an added bonus there is a 0% APR for the first 6 months on purchases and balance transfers.

This credit card is a must have for anyone who regularly buys gas at BP gas stations. Gas prices are at an all time high. Fight back with the Chase BP Visa Rewards Card. Apply today.

Source: Articles Universe: http://articlesuniverse.com

Check out www.GasolineCreditCards.net for a comparison of different gas rebate credit cards, including The Chase BP Visa Rewards Card. Click for more card details and a secure online application.

http://www.articlesuniverse.com/Article/Chase-BP-Visa-Credit-Card/31856

iPhone credit card policy breaking laws?

2007-11-13T01:14:00.000-08:00

Apple may be violating standards and laws with its credit card policy for iPhones, an informal investigation has revealed. Typically, buying an iPhone at an Apple Store requires either a credit or a debit card, although it may be possible to pay as little as $1 of the $399 price in this way. The company does not accept payments entirely in cash however, and has not so far explained why. It is suspected that this is done to aid tracking purchases, since shoppers are limited to two phones per person, a measure to prevent bulk purchases for the gray market, whether domestically or in Europe, where the phones must also be hacked.

The difficulty with this, according to professionals within the credit card industry, is a global standard called PCI DSS. This is meant to protect users against privacy violations, specifically by detailing how information from a card can be used. The professionals claim that if Apple is tracking customer data via credit cards, this may violate a PCI DSS policy that numbers should only be used to complete transactions. This policy is also reflected in some agreements formed between card issuers and credit companies, as well as laws in various regions.

Employees at Visa have been told about the potential conflict, but have not yet responded on the subject of standards compliance. Based on the unusual delay, it is rumored that lawyers are now probing the legitimacy of Apple's policy in legal, contractual and PCI DSS terms.

http://www.macnn.com/articles/07/11/05/iphone.credit.card.policy/

Processing Online Credit Card Transactions

2007-11-13T01:11:00.000-08:00

If you’re going to be charging money for a product or service, you’ll probably want to give your customers the opportunity to use credit cards on your site. While the basic PayPal only route is always available, it’s not the most professional-looking approach sending customers to another url in order to complete a transaction. My friends, what you need is to start processing online payments the big boy way and get yourself ready to learn about payment gateways, merchant accounts, and safety.

Payment Gateway

A payment gateway is the application you’ll use to run your transactions through. Think of it as the machine used in stores to swipe a physical credit card. Gateways also provide other great services like allowing you to monitor transactions, authorize refunds, run reports, etc. For Wufoo, we went with Authorize.net because their API was extremely easy to understand, very friendly, and contained an interface that was relatively easy to use. Their prices are reasonable, and so far, their customer support has been fantastic.

Two competitors with some name recognition that we didn’t go with are Verisign and PayPal. I’ve heard good things about Verisgn, but their prices seem to be a little high and their Payflow Pro service allows for only 1000 transactions before charging an additional 10c per transaction. I don’t know exactly when we’ll be running 1000 transactions a month, but chances are I really won’t want to worry about it when we do.

Now, we did try to go with PayPal’s Website Payments Pro service since Ryan had experience with PayPal’s API for Treehouse Magazine’s checkout system. Lucky for us, PayPal initially rejected our application for some unknown reason and then accepted us mysteriously after we had the Authroize.net system already up and running. I say lucky because Authorize.net’s API turned out to be a lot easier, and as I’ll explain in the next section, ended up saving us some money too.

Merchant Account

After you decide on a gateway, you’ll need a merchant account, or someone who can actually process the credit card transactions. If it’s starting to sound tricky, don’t worry because obtaining a merchant account is easy. Authorize.net has a list of approved resellers for you to choose from. We went with United Bank Card because they had a respectable-looking web site, a solid reputation, friendly customer service reps, and competitive pricing. The application process consisted of filling out and faxing some basic business information and waiting a couple days for approval. Once approved, they provide us with an Authorize.net login and transaction code to get our store up and running.

Some vendors such as PayPal are all-in-one solutions and provide a merchant account along with a payment gateway. This might seem more attractive and less of a hassle, but tends to come at a cost. With Paypal, you’re charged between 2.2% to 2.9% plus .30c per transaction. With the merchant account/Authorize.net combo, you should be able to negotiate somewhere around 2% plus 20c per transaction. All of the merchant account providers are selling the same product, so don’t be afraid to haggle a little. In the long run, every cent counts.

Be Safe

If you’re going to be processing credit cards, make sure your credit card transactions are as safe as possible. To help out, here are some links to get you started on securing your transactions.

* Godaddy SSL - You’re going to want SSL and Godaddy has great prices and top notch customer service to get you through it.

* Authorize.net Security WhitePaper – “Maintaining tight security, including using both standard and advanced fraud detection and prevention tools, is crucial to maintaining a successful business. No merchant can afford to overlook the need for protection against fraud and other types of abuse. This document details tools and security best practices that are recommended to merchants for detecting, preventing, and managing online transaction fraud.”

* Visa Cardholder Information Security Program - When customers offer their bankcard at the point of sale, whether its over the Internet, on the phone, or through the mail, they want to be sure that their account information is safe. That’s why Visa USA has instituted the Cardholder Information Security Program (CISP). Mandated since June 2001, CISP is intended to protect Visa cardholder data–wherever it resides–ensuring that members, merchants, and service providers maintain the highest information security standard.

* Cautious Advice for Accepting Online Payments – Great article by Duncan Davidson on accepting online transactions.

http://particletree.com/notebook/processing-online-credit-card-transactions/

Why are credit card rates still out of control

2007-11-13T01:04:00.000-08:00

It has been more than six months since Congress began looking into what Sen. Carl Levin, D-Mich., called the “unfair or abusive” practices of the credit card industry.

In March, bank executives were called to testify before the Senate Permanent Subcommittee on Investigations. So much public attention was focused on the issue at that time that several big banks announced they would modify or eliminate a few of their most egregious practices. Committee members vowed to write legislation to protect American consumers.

So far Congress has done nothing to reduce or limit the exorbitant fees and sky-high penalty interest rates being charged to cardholders. And even though the Federal Reserve cut a benchmark interest rate this week, consumers are about to take it on the chin yet again.

“Credit card issuers continue to make subtle changes to squeeze a little bit more out of their customers,” says Bill Hardekopf of lowcards.com. “We’re seeing it in late fees, cash advance fees, and default fees.”

Hardekopf provided the following examples. Discover just boosted its cash advance rate from 20.99 percent to 22.99 percent. At the end of September, the penalty for a late payment will also go up.

Right now, the late fee on a Discover card is $15 on balances up to $500 and $39 on balances over $500. For billing periods after Oct. 1, the late fee will be $19 on balances up to $250 and $39 on balances over $250.

Hardekopf says some credit card issuers have figured out another way to generate even more money from late fees. They have added a third tier.

Chase, for example, now charges $15 on balances up to $99.99, $29 on balances between $100 and $249.99, and $39 on balances over $250.

“That’s a real stiff penalty to pay for being as little as one day late,” says Linda Sherry of Consumer Action, a San Francisco-based consumer group. “And when consumers mail in their payment seven to 10 days in advance and they still get hit with a late fee, something is really wrong.”

The Fed's half-point rate cut will eventually trickle down to borrowers who use variable-rate credit cards, says Greg McBride, senior financial analyst at bankrate.com. "But the bad news is that this won't happen overnight, as issuers are much slower to pass along a lower rate than they are to pass along a higher rate," he said.

In any cases, lower base rates will have little or no impact on penalty rates and fees.

One of the most punitive fees created by the credit card industry is called “universal default.” If you make a late payment on any bill or loan reported to the credit bureaus, you could see your interest rate skyrocket to the default rate — even if you have a perfect payment record with that card.

Days before the March congressional hearing, Citibank announced it was eliminating universal default. Capital One testified it did not have a universal default penalty. But many other banks do.

Until now, the top default rate was a ridiculously high 30 percent. Chase just bumped it up to 32 percent. Before long, you can expect to see other banks boost their default rates.

How would you describe an interest rate of 28 percent to borrow money through your credit card? That is what Chase now charges for a cash advance on its standard accounts – 28.24 percent.

Hardekopf calls it “outrageous … almost a legal robbery.”

Other cards are not far behind. The Household Bank MasterCard has a cash advance rate of 25.15 percent. Blue from American Express and Sun Trust’s Visa charge 23.34 percent.

And remember, there is usually a transaction fee of 3 percent or more on top of that outrageous interest rate.

Use your Chase card to get a $1,500 cash advance, and in one year you would pay $465 in interest and fees.

http://www.msnbc.msn.com/id/20811184/

Where do credit card fees come from

2007-11-13T01:01:00.000-08:00

I had a CPA tell me the the other day, “I’m a smart guy. I understand numbers, pricing and reconciliation, but for whatever reason I just cannot get my head around credit card processing fees.” He’s not alone. There is no doubt that understanding the fees that merchants pay to accept credit cards is very challenging. Hopefully this post will clear up some of that confusion. I’ll provide some context about where credit card fees come from, who’s making the money, and how they are determined.

Banks make roughly 80% of all credit card fees
To use a simple example, let’s say that a business is paying 3.5% to accept credit cards. Roughly 80% of that 3.5% in fees is going to the issuing bank, or the bank that gave the consumer their credit card. The rest of the 20% is divided among Visa/MasterCard, the credit card processor, and if there is one, the reseller, or ISO as they are referred to in the industry.

How do banks justify the fees they charge?
Let’s say that you bank at Chase and that they issued you your credit card. When you spend money with your credit card, Chase honors your purchases and pays the business you bought the good or service from. At the end of the month, Chase sends you a summary statement outlining all of your transactions and a due date to pay the outstanding balance. For you, it’s convenient to pay with a credit card, it’s secure with fraud protection, it’s helpful to get a monthly accounting of purchases, and it’s nice to have a 15 to 45 day float on the money that you spend (assuming you are paying your bills on time).

For Chase, it costs them money to pay for your purchases in advance of getting paid themselves, cover customer default and fraud losses, provide you customer service, and produce a monthly statement. It also costs them money when they offer you some sort of rewards program like cash back or frequent flyer miles. Chase recoups their cost and makes a profit by charging businesses a fee on every transaction their card holders make. Their fee is a part of ‘interchange’, or the wholesale cost of the credit card processing world. So back to our example, if you buy movie tickets for $20 and the movie theater is paying 3.5%, Chase would roughly make $0.56 ($20 x 3.5% = $0.70, they would get roughly 80% of that or $0.56).

What again is “Interchange”?
Interchange refers to the rates and fees that the banks and Visa/MasterCard collectively charge. So continuing with the ticket example, if Chase is making $0.56 on the transaction, and Visa is making another $0.02, then interchange would be $0.58. Resellers and credit card processors mark up interchange and sell the processing services to merchants and then pocket the difference between the rates charged and interchange.

That seems simple enough, why does everyone say it’s so complex?
Well, there are over 100 different interchange rates, and the interchange rate that is charged on any given transaction depends on five different variables:

1) What type of card is used in the transaction i.e. debit, credit, rewards, or business card.
2) Where the card is used i.e. restaurant, retail, gas, business to business, ecommerce, etc.
3) How the card is used i.e. swiped, over the phone, or via the internet.
4) What information the business captures during the transaction i.e. name, address, tax ID, tax amount, unit description, etc. (the information required is a whole other layer of complexity).
5) When the transaction is submitted to the processor for settlement and funds transfer.

As you can imagine, it’s a very complicated matrix. Very few people, including those who’ve been in the industry for years, really understand interchange.

Wasn’t there a lawsuit a few years ago about interchange?
Yes, Wal-Mart successfully started and won a class action lawsuit worth billions of dollars because the courts decided that interchange was being improperly priced. Wal-Mart and others claimed that debit card interchange should be priced less than regular credit cards because among other things debit cards cost less (i.e. banks don’t have to float purchases because debit cards have money immediately come out of their account). Visa and MasterCard had to pay Wal-Mart and other retailers billions of dollars in overcharged fees.

The outrage over credit card fees
Businesses are generally upset about credit card fees for two reasons. First, interchange has increased by a whopping 117% since 2001. Credit card fees are now one of the largest expenses retailers face in selling their goods. Second, even giants like Wal-Mart who have tremendous buying power have had very limited success dealing with interchange fees. You can see where the rub is when Visa and MasterCard control over 70% of all cards processed and businesses are essentially forced to accept credit cards in order to be in business.

You now understand why you find a credit card offer in your mailbox everyday. Outside of the 18% interest rates, annual fees, and late fees, being a card issuer is a lucrative business! You make money on both the front and back end.

One more layer of complexity to interchange: Downgrades
To briefly mention one more layer of the complexity, transactions can be ‘downgraded’ when they don’t meet interchange requirements. Reasons for downgrades include not capturing the correct information when processing, settling the transaction after a certain peroid of time, not swiping the transaction and many more.

For example, if an employee at a restaurant swipes your credit card on their terminal and it won’t read the magnetic strip, when the employee hand key’s the transaction it’s ‘downgraded’. Or in other words, the transaction is penalized because ‘non swiped’ transactions carry more risk and therefore higher fees. The difference in a ‘downgraded’ transaction can range from 30 to 90 basis points (100 basis points equals 1%), a significant penalty for any business. So instead of paying 1.79% and $0.25 on a particular swiped transaction, you would pay something like 2.4% and $0.25. Actual numbers vary according to what ever you have with your existing provider.

Downgrades are most frequenly seen with businesses that are ‘card not present’, such as ecommerce, business to business, and mail/telephone order. I don’t have hard data on this but I would estimate that the average business has somewhere between 20% and 50% of their transactions downgraded due to some reason.

Downgrades are the industry’s dirty little secret. It’s also where service providers make most of their margin because they don’t disclose these fees or make them legible on your monthly statement. My company is the provider in the industry that I know of that has created a specialty in helping companies minimize the number of downgrades they have (please pardon the plug, but it’s worth mentioning because it highlights a significant challenge for merchants and the unaligned incentives between providers and customers).

Your undecipherable monthly credit card statement
As icing on the cake, the unreadable format most credit card companies use to present this information to you on a monthly basis doesn’t help. Of course, the format used is not because they have no other option, it’s because that’s what makes them the most amount of money.

http://www.braintreepaymentsolutions.com/blog/where-do-credit-card-fees-come-from/

Credit Card Interest Rates - Destroyer Of Finances

2007-11-13T01:00:00.000-08:00

Interest kills your finances. Especially on credit cards. Did you realize that paying the minimum payment on your credit cards just builds a deeper and deeper hole for you?

I have a wonderful strategy for those of you who have credit card debt on more than one card.

Take out your credit card statements and write down the interest rate and the balance of each. For example, let's say you have three credit cards that have interest/balance as listed.

Card#1 13.9% with a balance of $555.00 Card#2 17.9% with a balance of $486.00 Card#3 19.9% with a balance of $322.00

Note that card #3 carries a higher interest rate than #1 or #2. In fact, Card #3 would cost you more than 40% more in interest dollars over a period of a year if they had the same balance! Do you understand what I am saying here?

The plan to eliminate is easy. Pay the minimum balance due on the lower rate cards (in this case Card#1 and #2) and pay as much as you can afford to pay on Card#3. (For example, you are paying minimum payments of $15.00 on Card#1 and #2 and you can pay $100, $150, $200 ... whatever you can afford to pay. Make it hurt a little.

Continue paying this way until Card#3 is paid off. Cut it up and throw it away. You don't want a higher interest card do you?

Now, apply the same strategy to Cards#1 and #2. Card#2 is the next highest rate (actually 25% higher in interest than Card#!). Pay the minimum payment on #1 and pay the same payment you were making for Card#3 plus the minimum payment you were making on Card#2. You have already seen you can get by without the minimum payment. Do it!

Continue until Card#2 is paid off. Now, follow the same routine until Card#1 is paid off.

I promise you will feel good about yourself. You will save money that you didn't even realize you were spending before.

If you have followed this far, realize you can do the same thing with your hoousehold loans such as your mortgage and car loans. Many car loans have higher interest rates and can be paid down much quicker in this manner.

Remember, start with the highest interest rates and when your way down. Good luck!

About the author:
The author makes a living in the field of research. If you have found this article useful, click on his specialist resource sites, www.nofee-creditcard.info and http://www.carloanreview.info . For more information on this topic and others, go to www.moreinformationservices.com.

Which Type Of Credit Card To Choose?

2007-11-13T00:56:00.000-08:00

If you are worried about getting a credit card or have a credit card and it is not working out for you, then maybe you should look at some of the alternatives on offer. There are a growing number of card alternatives to credit cards, some of which may be a better option for you.

Why look at alternatives?
There are plenty of reasons why looking at credit card alternatives are a good idea. Although credit cards have their uses, they also have many dangers and problems. Credit cards tempt you to spend more than you can afford, and then the high interest rates mean your debt increases quickly.

Credit cards can also be difficult to get if you have poor credit or you are young and have never borrowed before. Therefore, it pays to look at the alternative card options.

Charge cards
Charge cards are the most popular alternative to credit cards. Although many people believe that cards like Diner's Club and American Express are credit cards, they are in fact charge cards. Charge cards are similar to credit cards apart from the fact you have to pay the balance off in full before a set time period expires. This is useful for people who know they can pay balances off each month or couple of months.

Credit limits on charge cards can be high, which is good if you need to make an expensive purchase. The problems with charge cards are that they are not as widely accepted as credit cards, and if you do not pay the balance off the interest rates and charges are extremely high

Debit cards
Another alternative to credit cards are debit cards. Debit cards can be used in much the same way as a credit card, but instead of having credit and paying money off each month, debit cards take money directly from your bank account. You can only spend the amount that you have in your account.

The value of debit cards is that you do not overspend, because you are only spending what you can afford. There are also no interest rates because you are not borrowing money. Debit cards are also as widely accepted as credit cards. The problem with a debit card is exactly its strength; you cannot spend more than you have. This is a problem if you need to buy high value items. Also, the security and buyer protection for debit cards is much lower than for credit cards.

Prepaid cards
One of the newest alternatives to credit cards are prepaid cards. Prepaid cards work like a credit card, with all the security features and spending capabilities. However, they also have the features of a debit card in that you do not borrow money, and only spend what you can afford. You prepay money on to the card, which you can top up much like you do for mobile phone credit. You can then use the money on the card for credit purchases.

These types of cards are especially useful for teenagers and young adults, who need some form of card but who also have to control their spending. Parents can monitor and control a child's spending by only putting a certain amount each month onto the card.

Although prepaid cards cannot offer the credit you need to buy expensive items, they do offer protection and security as well as stopping you from getting into debt. If you are having problems with your credit card spending, then getting a debit or prepaid card could be a good option for you.

About the author:
For additional articles and an extensive resource for everything about credit cards, please visit us at No Interest Credit Cards and Credit Cards UK

The #1 Mistake Consumers Make with Credit Cards

2007-11-13T00:50:00.000-08:00

If you have trouble controlling credit card debt, I have a simple rule for you:

If you can’t afford to pay for an item with cash, you can’t afford to pay for it with plastic either. If an emergency forces you to buy something you cannot afford (it happens, I know), make sure you are brutally honest in your assessment of what you really need. If you don’t need something, don’t charge it. I know people who pay 18% interest on Hostess Twinkies. Come on now. You know better.

The most common mistake consumers make with credit cards is using them as income supplementation. Instead of using them for emergencies or convenience, they use them as additional salary. So let’s agree right now that credit is not salary. Credit belongs to a lending institution. Credit must be repaid.

How Much Debt is Too Much?

Financial gurus suggest that total debt, excluding first mortgage, should not exceed 20% of take-home pay. This includes car payments, home equity loans, second mortgages, credit card debt, and so forth. Upper income consumers may be able to handle higher debt loads due to greater expendable income, while lower income consumers may be wise to carry less.

Of course, you probably know if your debt load is too high without whipping out your calculator. If you honestly don’t know, here is another rule of thumb: If you can’t pay off your credit card balance in full every month, you have too much debt. Credit cards, when used responsibly, help shift the timing or increase the ease of making payments – They do not exist so you can run up debt you cannot pay.

Why Do You Buy?

The buying impulse is so strong in some people that they actually believe credit card dept is their only option. Telling these people they don’t need that extra purse, pair of shoes, or suit is like telling them they don’t need food or water.

A close friend of mine used to struggle with spending. She could barely pay her utility bills and was always borrowing money from friends to keep the electricity from getting shut off. Despite her obvious lack of funds, she somehow managed to keep her closet stocked with new clothes. And there always seemed to be a new package showing up on her front porch containing things she’d purchased from the Home Shopping Network.

She tried to justify these purchases by saying, “John, you know I need to buy new clothes so I can look professional when I’m at the office.”

Well, yes, it’s important to appear professional, but she did not need to buy expensive clothing every week.

Eventually, my friend was forced to declare bankruptcy. I still remember her sitting there on her sofa, surrounded by shoes still in the box and clothes still tagged. She looked at me and said, “John, I don’t think I bought any of this stuff because I needed it. I bought it because I thought it would make me feel good.”

“Did it make you feel good?” I asked.

She paused, touching her chin. “I thought it did at the time. Now, seeing all this stuff I never used, I guess not.”

The emotional high that comes from buying something new is short-lived and cannot compensate for the emotional burden of carrying too much debt.

But What if You Really Do Need It?

Yes, there are times in life when credit can help you out of a jam. The key is being honest about what you need. The first step toward the responsible use of credit is learning to differentiate between necessity and desire.

The second step is treating every credit purchase like the debt that it is. Always pay more than the minimum payment. Dedicate yourself to getting rid of that debt as quickly as you can. Instead of throwing a few extra bones toward the payment whenever you can swing it, actually sit down and draft a timeline for expedient payment.

If you take your debts seriously, you’ll pay them off more quickly, pay less interest, and be in a better position the next time you need to finance something.

http://johnplaceonline.com/stress-management/the-1-mistake-consumers-make-with-credit-cards/

How to Find the Best Low APR Credit Cards

2007-11-13T00:08:00.000-08:00

Enjoying the Benefits of a Prepaid Credit Card

2007-11-13T00:05:00.000-08:00

Prepaid credit cards are a type of plastic payment method that is becoming more and more popular, as although they can be used in much the same way as a standard credit card, they feature several crucial differences that can really make them more attractive to certain groups of consumers.

The biggest difference is that these cards do not in fact offer any credit facility, and so the name 'prepaid credit card' is perhaps a little misleading, and a better alternative is simply 'prepaid cards'. In order to spend using the card, it must first be 'loaded' with funds via a bank transfer, by debit card over the telephone, or in some cases over the counter at the bank. Once the money has been transferred onto the card, you are free to spend up to that amount in all the same places and ways that you can use a normal credit card.

But why is this an advantage? Firstly, many people are rightly concerned over the possibility of building up excessive debts by unrestrained use of credit, and prepaid cards allow all the convenience of credit cards without this risk.

Secondly, because there is no credit being extended, the approval process is usually very simple - in fact, it's much harder to be refused a card than to be accepted! There won't be any credit check carried out, and for this reason even people with very poor credit ratings are able to enjoy the benefits of paying by plastic online and by telephone, without their previous financial histories getting in the way.

The lack of credit checks also means that in most cases minors are eligible to carry the card, although in some cases it must be taken out in a parent's name. This means that parents of teenagers can load up the card for their child to use, which will be much safer than carrying cash. Should the card be lost or stolen, it can be quickly cancelled and no funds will be lost.

Prepaid cards can also be given as gifts, much as with the traditional shopping voucher schemes, but with the advantage that the gift recipient is free to spend the money anywhere they choose, not just with the retailer who issued the vouchers.

So far so good, but as with most things, there are also drawbacks. The first one is that there will normally be a flat charge made for opening an account, to cover administration costs as well as the actual physical cost of making the card. This will, however, not usually be too high.

A more serious drawback is that a fee of around 3% will be levied on everything you buy with the card. This figure may not seem too high, but in comparison to a cashback card which will actually pay you to make purchases, it's certainly not something to take lightly. You may also have to pay a flat monthly fee just to carry the card, even if you don't make use of it.

If your credit rating is good, and you're confident that you'll be disciplined enough to pay off your balance in full every month, then a decent cashback or rewards card would make a better choice than a prepaid card. However, if you have a poor credit rating, are under the age of 18, or are simply wary of taking on debt, then a prepaid card can certainly be an attractive way of enjoying the convenience of paying with plastic.

Article Source: http://www.SubmitYourNewArticle.com

Michael writes for Card Sense, a UK credit cards information and review site, where you can read more about prepaid credit cards along with many other topics related to credit.

http://www.submityournewarticle.com/Article/Enjoying-the-Benefits-of-a-Prepaid-Credit-Card/231936

Reviewing Credit Card Statements

2007-11-13T00:03:00.000-08:00

Student Credit Cards Are the First Step to Establish Credit

2007-11-13T00:01:00.000-08:00

Three Reasons To Check Your Credit Card Statement

2007-11-13T00:00:00.000-08:00

While there are some very organised people out there who open every piece of mail as soon as it arrives, and take the appropriate action straight away, many of us don't quite take the same approach. In our time-pressed lives, opening mail may not be a priority, and especially in the case of credit card statements which are usually easily recognisable from the envelope, they may sit unopened all through the month until the next one arrives. This, however, is not really a good way to deal with things, and here are three reasons why.

Credit cards are somewhat notorious for giving us the ability to run up debts without really realising what we're doing. Because it's so easy to spend when you're within your limit, there can be little to stop us from making impulse purchases or even using the card to pay essential bills from time to time. Opening your statement each month as soon as it arrives helps us to keep a realistic impression of how much we're spending. If you don't check your account very often, it's all too easy to receive a nasty surprise, with the debt being a lot larger than we anticipated.

The second reason that you should examine your statement each month is to detect any possible fraud before too much damage is done. We tend to think that if somehow our card details find their way into the hands of criminals, then the account will be cleaned out straight away. Not all fraudsters work in this way though, with more subtle attempts to 'fly under the radar' by only withdrawing small amounts. By doing this they are less likely to be detected, as the card issuers' monitoring systems might not spot the fraud as easily. By checking that you recognise each transaction on your statement, you stand a much better chance of minimising the damage caused identity theft and fraud.

Thirdly, your statement will include details of any charges or changes made by the credit card issuer that you might not have been aware of otherwise. For example, a change to your statement date may mean that your regular payment now misses the due date, leading to late payment fees. Or, a change to the minimum repayment may mean that you need to change the amount you automatically pay each month - only by checking your statement will these circumstances be made clear, especially considering the legalese used in the typical credit card terms and conditions leaflet!

So, even though dealing with regular mail such as credit card statements may seem like a chore, and something that we can neglect in favour of more interesting or important activities, reading your statement could actually end up saving you time and money, and it really only needs to take a few minutes a month!

Article Source: http://www.SubmitYourNewArticle.com

http://www.submityournewarticle.com/Article/Three-Reasons-To-Check-Your-Credit-Card-Statement/240100

Tips on Eliminating Credit Card Debt

2007-11-12T23:59:00.000-08:00

I read recently that the average family has at least $10,000 in consumer credit card debt. Being one of those 'average' families, I've been there, and know how difficult it can be to make any headway in getting out of debt. For many years now, credit card companies have been making it SO EASY for all of us to get into debt by offering credit cards to practically anyone regardless of creditworthiness or ability to pay. I have a family member who lives on a disability income of about $700 a month, and he carries a couple credit cards in his wallet! Easy credit has been one of the major factors behind the looming financial crisis we now face as a nation. While there is not a lot that we can do about the mortgage meltdown or collapse of the dollar, there are steps that we can take to get our own financial house in order, and one of those is eliminating credit card debt.

Growing up as a child, I recall that my parents owned neither a house or a car. While my father worked his entire life, he had a large family, and never seemed to be able to save enough money to buy a house. In those days, in order to be able to buy a house you had to be able to either pay cash, or put a very large down payment on it. There wasn't a whole lot of 'credit' available. People back then basically had to live within their means. Unfortunately, easy credit has enabled most of us to live well beyond our means. I once had a friend say to me, "Bill, you can afford anything you want, you just have to stretch the payments out longer". While exaggerating a bit, the truth is most of us live as if we can afford anything we want. In order to get our financial house in order, we first need to see where we stand.

I have an acquaintance who could not seem to make any headway financially. He was always complaining about his wife's spending habits saying that she was constantly spending, keeping them both in debt. I asked him if he had ever sat down with her and made a comparison of income versus expenses. After gazing at me for a few minutes with a blank expression on his face, he admitted that he had never done this. After much prodding, and a few arguments with his wife over money, he finally sat down with her to do an examination of their finances. To his surprise, he found that their fixed monthly bills were larger than their income! After several apologies to his wife, they agreed that they had to make some changes, and for them that was his wife getting a full time job, and cutting back on spending in a couple of areas. One of the first things you should do is take some time to do an evaluation of your finances to see exactly where you stand. Are you spending more than you are making? If the answer is yes, than you need to make some changes, specifically spending less and/or earning more.

Once you know where you stand financially, be determined to eliminate debt by using a systematic approach. Increasing your monthly payment will reduce your debt and pay it off faster because the extra amount goes to paying off the principle. Always try to pay more than the minimum payment. Credit card debt will come down much faster by making payments in large chucks as opposed to making the minimum payment. Be determined to increase the payment amount by again either reducing spending in other areas, or if necessary, increasing income. Even a part time income that allows you to make an extra $200 a month payment will reduce your debt much faster.

There are some specific strategies you can use to help eliminate credit card debt. First, make certain that you make all credit card payments on time. Having just one late payment on a credit card can make your interest rate jump 500%! How is this possible you ask? Say you're paying 4.99 percent interest on a credit card. Have a payment arrive late, and your rate can jump all the way up to 25%, or in some cases more! That's 5 times what you we're paying and that will make a huge difference in how much interest you pay. One of the best ways to make certain that you don't experience this shocker is to make your payments online. Making your payments online is usually done in real time, as opposed to putting your faith in snail mail. I once mailed a letter from a post office 2 miles from where the credit card office was located, and had a late payment because the letter arrived two weeks after it was mailed! Save yourself this potential headache by setting it up to make your payments online.

One tactic that credit card companies like to use is luring you in with 'teaser' rates. This is where you get a promotional rate for a specified period of time. While you can save money taking advantage of these rates, you have to make certain that it's worth your while to transfer balances from another card because of 'transaction' fees. With recent changes in the credit card industry, you can be assessed hefty amounts for transferring balances from one account to another. If you are going to transfer from an account with a high interest rate to one with a lower one, make certain that the promotional period lasts long enough to make it worthwhile. It should be for at least a year, and if possible longer. Again, remember that if you make a late payment your rate will shoot up to a much higher rate. Avoid late payments like the plague!

Another thing to watch out for is opening up too many accounts. If you are in the habit of constantly opening up new accounts to take advantage of promotional rates, be aware that this can impact your credit score by sending 'red flags' to credit agencies. You might be better served to find a credit card with a lower fixed rate that remains the same until the balance is paid off. While you may pay a bit more in interest this way, you won't be constantly paying transaction fees and possibly harming your credit score.

Another recommendation advocated by many financial 'experts' is to consolidate your balances into one account. This strategy has several advantages including some listed in the previous section, but also it is much easier to manage one payment than trying to make numerous payments to various credit card companies. You will not only find it easier to avoid late and missed payments, but you'll experience less stress making one payment as opposed to five or six spread out all over the place.

As we watch the upheaval in the financial markets, it's hard to say where it will all end, but the smart bet says that it won't be a good thing for most of us. Now more than ever, it's imperative that we get our own house in order by getting our spending and debt under control. Your financial health depends on it!

Article Source: http://www.SubmitYourNewArticle.com

http://www.submityournewarticle.com/Article/Tips-on-Eliminating-Credit-Card-Debt/240371

Reward Credit Cards: Its Pros and Cons

2007-11-12T23:55:00.000-08:00

If you’re planning on applying for a reward credit card, knowing its pros and cons will surely help you come up with a better decision. Consider the following points about the advantages and disadvantages of reward credit cards:

Advantages of Reward Credit Cards

Earn from Your Purchases. One of the most ideal features of a reward credit card is that it lets you earn from your purchases. This is especially true from cash back credit cards because with each dollar you spend on your card, you get a corresponding point. When you’ve collected these points, you can either exchange it from a credit card’s redemption store or use those points as cash to buy products and gadgets.

Get Discounted Rates. Reward credit cards often give rebates with each purchase you make. This means each time you buy an item, a certain percentage is given back to your account. Just like cash back points, rebates can be used to make new purchases or pay off your credit card balances.

Travel for Free. Travel reward credit cards work much like a cash back credit card where the card holders collect as many points as he can from his purchases. However, instead of cash, the points are equivalent to mileage. When you’ve collected the minimum number of mileage points needed, you get an instant free travel ticket from the credit card issuer’s sponsor airline.

Get Additional Privileges. Aside from cash and rewards, card members are given exclusive privileges that non-reward credit card members do not enjoy. For instance, the reward package includes travel accident insurance, car rental insurance, card and cash emergency replacement, no liability on unauthorized charges and others.

Disadvantages of Reward Credit Cards

High Annual Fee. Reward credit cards can have a very expensive annual fee. This is why it’s important to find ones with low annual fee or no annual fee at all. Yes, there are reward credit cards with great deals and does not require an annual fee be sure to look for them.

High Interest Variable Rates. Aside from annual fee, interest rates can also be costly. Most reward credit cards come with variable interest, so the rate you’re paying today can become really expensive in time. Watch out for reward credit cards that offer a low introductory rate but rises dramatically once the introductory period expires.

Reward Limitations. Another thing to watch out for is the limitations on collecting and redeeming rewards. There are credit cards that promise to give generous points until you reach the maximum amount allowed. For instance, you may be given 5% rebate per dollar spent but only until you’ve reached $1000. By then, no matter how much you spend on your card, no points will ever be given. Some credit cards also forfeit points after a limited time period. For example, unredeemed points for the whole year will not be rolled over for the next year, which means all the points you earned will just go to waste. These limitations are not openly stated unless you read the terms and conditions. So no matter how exciting the offer seems, take your time and make sure that there are no such unreasonable terms before signing up for any reward credit card.

Article Source: http://www.SubmitYourNewArticle.com

http://www.submityournewarticle.com/Article/Reward-Credit-Cards--Its-Pros-and-Cons/240959

Lost Or Stolen Credit Card Advice

2007-11-12T03:36:00.000-08:00

If you have a credit card, then the chances are that sometime in your life you might either lose a card or have it stolen. Although this can seem like a nightmare, there are ways to sort the problem out quickly and easily without losing your ability to spend money or losing money.

Here are some tips about what to do when your card is lost or stolen, and how to prevent it happening:

Cancel ASAP
If you know your card has been lost or stolen, cancel the card at the first available opportunity. The quicker you cancel the card then the less chance someone else has to use it and the quicker you can be sent another card. You should always keep your credit card company numbers in a number of locations so that you can ring the company even if your wallet is taken.

Review your statements
If your card is stolen or not, you should regularly review your statements to check for irregularities. If someone has gotten hold of your card number or cloned your card then they could be buying things on your card even if you still have it. If you see anything suspicious then contact your card issuer immediately.

Be careful with paperwork
Any paperwork pertaining to your cards should be kept in a safe and secure place. If you are throwing out old statements, make sure that you dispose of them properly. The best way to dispose of bank information is to shred the items thoroughly so people cannot use them to get your account information.

Be careful with your PIN
Even if someone gets hold of your card, if you have a secure pin they are unlikely to be able to use the card. Make sure your PIN is not written down anywhere, especially near your cards. Also, never give your PIN to anyone, even friends and family. If you PIN is secure then your card is going to be safer.

Get insurance
One of the best ways to protect your cards is to get protection insurance. If your cards are lost or stolen, then you are covered against any loss. If you use an independent company then you can register all your cards with them and report multiple losses at once. The registration company will also request new cards for you.

Only carry what you need
Another way to stop loss or theft is to only carry out the cards you need each time. It is unlikely you will need all your cards every time you go out. If you keep them at home then they are less likely to need replacing. Just take out what you need. Don't panic

If you do have your card stolen or lose it, remain calm. If you follow all of these steps, then you will have a new card in around a week and you won't lose any money from unauthorised spending.

About the author:
Peter Kenny is a writer for creditcards-gb.co.uk. For additional articles and an extensive resource for everything about credit cards, please visit us at Credit Cards and Credit Cards.

Which Type Of Credit Card To Choose

2007-11-12T03:35:00.002-08:00

Credit Monitoring Services

2007-11-12T03:35:00.001-08:00

Online credit monitoring services provide consumers with a suite of tools that help you to take proactive action in monitoring your credit report, while protecting your credit and identity information. Monitoring services notify you via email and/or wireless telephone instantly of any changes made to your credit report, which can help you identify fraudulent activity faster, and therefore minimize the negative impact it would have on your credit.

Notifications by Credit Monitoring Services

What types of activity will generate a notification or alert from the credit monitoring services? As a member of such a service, you’ll receive notification whenever your address has been changed, a new account has been opened, or when an existing account has been changed. This is extremely valuable information as you will know immediately if someone is attempting to use your good name to obtain financing. Time is of the essence when dealing with credit and identity fraud, and without credit monitoring services, it could be several months before you are aware of fraudulent activities.

Tips for Improving Credit

Most credit monitoring services also provide a host of tools that allow you to see what your credit score is at the current time, as well as steps you can take to improve it. Since credit scores are used to determine whether or not to extend individuals credit and at what interest rate; it’s important that your score be as high as possible.

Citi’s Credit Monitoring Service provides a very useful credit analyser function that allows members to determine the effects of several types of activities on their credit score. For example, if you’re considering applying for a car loan, you can use the analyser to determine how much of an impact applying will have on your score, as well as what would happen if you obtained the loan or applied and were denied the loan.

You can also use the analyser to view how missing a payment or two might effect your score overall, or determine which activities will raise your score the most and how long it will take. Extremely useful for individuals who are working diligently to improve their credit score, the Citi Credit Monitoring Service with credit analyser takes the guesswork out of improving your credit.

Identity Theft Insurance

Many credit monitoring services offer identity theft insurance programs that will reimburse members of the credit monitoring service up to a certain dollar amount if there are instances of fraud. (This service is not available to individuals living in the state of New York.) Typical expenses that are covered by identity theft insurance include:

* Lost wages for several weeks of work missed if you take time off to deal with the fraud
* Repayment of notary or certified mail costs for the delivery of affidavits.
* Long distance phone costs in conjunction with the fraud
* Attorney fees incurred for dealing with the fraud

Companies Offering Credit Monitoring Services

There are numerous companies that offer credit monitoring services. Most of the services offered are the same or similar, but a few companies having notable differences may make their services more beneficial to individuals. If you’re looking to improve your credit, you want to be sure a credit monitoring service offers an analyser, like Citi Credit Monitoring Service, TrueCredit, or Identity Guard.

If you want to see results from all credit bureaus, then it’s important that you select a company that provides access to all of the major credit bureaus and not just one. Equifax offers a credit monitoring service, but only for your credit information with Equifax. Each of the credit bureaus may report slightly different information, so you may want to go with a service that can provide access to all 3 of the major credit reports.

http://www.creditorweb.com/articles/credit-monitoring-services.html

Choosing the Right Credit Card Processing Company

2007-11-12T03:32:00.002-08:00

There are many credit card processing companies to choose from, how do you know which one you should go with? Will they benefit your company? Are they affordable? Are they reliable? The internet can be a great tool for finding the right credit card processing company. Do your homework, determine which one has the features you need and are looking for in a company.

First, though reliability and trust is most important, you may likely be concerned about the start up costs. Some companies do not charge anything for startup, while others can charge as much as $250 start up fees. You want to make sure you choose a company that is both affordable for you and worth the costs.

Then of course, in keeping with costs, you need to look at other fees that may be required. Most credit card processing services charge several types of monthly fees. For example, a gateway fee, this could cost you as little as $10.00 per month and all the way up to $50.00 or more per month, depending on which company you choose.

You might have a statement fee as well charged to you each month. For most companies, this will cost you between $9.00 and $10.00 each month. Then you have to consider the monthly minimums, this will vary from one company to the next, but for the most part, this minimum runs between $20 and $30 monthly.

The fees do not stop there either. You will also have to deal with transaction fees. Per transaction fees average between twenty-four cents to thirty-five cents per transaction. Then on top of that, the company will likely take a percentage of each transaction as well, which could be anywhere from 2.14% to 2.40% on average. Lastly, some credit card processing companies charge a fee for address verification. If they charge the price is typically five or ten cents per address.

In other words, you need to find a company that is both affordable, trustworthy, and honest, fitting your budget at all the same time.

Then you have the chore or finding a credit card processing company that provides you with all the features you need for your company. This is just as important as costs because you definitely do not want to pay a lot for credit card processing if the company cannot meet your needs.

Some features to look for, that you may or may not need, includes:

Payment Gateway

* Virtual Terminal
* Merchant Account
* How many days the payments clear
* e-Check services
* Point of Sale Swiper
* Recurring Billing
* Shopping Cart

You will then want to look at how the credit card processing company protects your business. Some features you will definitely want from any company includes:

* Fraud Protection
* CVV2 Acceptance
* Real Time Processing
* Address Verification
* SSL

Then you need to consider what credit cards you wish to accept and if the credit card processing company supports those credit cards. The most commonly accepted credit cards are:

* Discover
* Visa
* American Express
* MasterCard

Lastly, while features, fraud protection, and the credit cards that you can accept are extremely important, you want to make sure that you choose a credit card processing company that provides you with the help and support you need, when you need it. Here are some tips that will help you choose:

1. Make sure that you can easily find their fax number
2. Make sure that reaching them by E-Mail is possible and readily available.
3. Check out their support hours, the best companies offer support 24 hours a day, 7 days a week.
4. Does the company provide you with a toll-free telephone number? This is a positive for any company.
5. If Live Online Chat is important you, look for this feature as well.

Overall, you want to make sure the credit card processing company you choose not only fits your budget, but it fits your needs and requirements as well.

http://www.creditorweb.com/articles/choosing-the-right-credit-card-processing-company.html

Credit Cards Offers: The Importance of Comparison

2007-11-12T03:32:00.001-08:00

Each day, thousands of Americans receive credit card offers in their mailboxes. Was today your day to receive a credit card offer? If you are like many Americans, you may have taken two different steps. Many Americans simply toss their credit card offers in the trashcan, while others start filling them out right away. If your first instinct is to fill out the credit card application, you will want to continue reading on, particularly before taking any further action.

In the United States, credit card debt is becoming a major cause for concern. No matter where you turn, you are likely to hear of the dangers of owning a credit card. Yes, having a credit card does put you at risk for credit card debt, but that risk is a lot easier to control that many imagine. Unfortunately, this control is often limited in its focus. Once you receive a credit card, it is important to familiarize yourself with proper use, but what if you have yet to receive a credit card? This is where many hopeful credit card owners go wrong; they accept the first credit card offer that comes their way. This is a mistake that you want to avoid, as it is one that can turn into a financial deathtrap.

Although it is important to hear that you should avoid accepting the first credit card offer that comes your way, you may be curious as to which course of action you should take. Before accepting any credit card offer, it is advised that you thoroughly read through the terms of service. Be on the lookout for any high fees or other high risk penalties. After this research has been completed, you will then want to compare. It is important to remember that there are an unlimited number of credit cards for you to choose from. In today’s society, credit cards come in all different sizes, shapes, and styles. This can work out to your advantage, but only if you use comparison.

One of the many reasons why you should compare credit card offers before accepting one is because of the money saved. As it was previously stated, credit cards come in a number of different formats. Why would you pay an annual fee to own a credit card when you can qualify for a credit card with no annual fees? This simple point is actually one that many hopeful credit card owners fail to take into consideration. Without comparison, you do not know what is around the corner. For all you know, around the corner could be a credit card with a rewards program, low interest rates, no annual fees, and balance transfers. As a reminder, you never know what other credit cards are out there, unless you look.

Speaking of looking, it is important that you know what to look for, when comparing credit card offers. One of the most important factors to examine, when looking to acquire a credit card, is interest rates. Interest rates are so powerful that they can turn a simple purchase into a largely expensive one. When comparing credit card offers and interest rates, it is important to examine more than just introductory interest rates. It is important to remember that introductory interest rates do not last forever. To prevent yourself from falling victim to credit card debt, the majority of your focus should be placed on long-term credit card interest rates. It is also advised that you take late fees, annual fees, balance transfers, and cash advance fees into consideration.

As outlined above, comparison is important, when it comes to credit card offers. Credit card offer comparison enables you to find the credit card that best suits you and your needs, as opposed to the first credit card offer that comes your way.

http://www.creditorweb.com/articles/credit-cards-offers-the-importance-of-comparison.html

Guide To Credit Cards

2007-11-12T03:30:00.000-08:00

Below, you'll find extensive information on leading credit card articles and products to help you on your way to success.

Guide To Credit Cards
By Chris
When used properly Credit Cards can be very handy for times when cash flow is a problem. For example, if there are a number of purchases or one large purchase that you need to make in any given month but your wages are yet to go into your bank account you could use your credit card to make the purchase before paying off the balance when you are paid.

Alternatively you could choose to pay off a percentage of the balance and then continue to make similar payments in future months, or pay it all off at a future date. However, if you choose to do this then you should be aware that you may be charged interest on top of your purchase which will increase the total amount that you will have to pay back. After all, a credit card is simply a small loan where the money you need is lent to you by the lender who you then have to pay back.

You can also withdraw money from a cashpoint using a credit card but again not only may you charged interest for doing so there may be fees you have to pay for a cash advance regardless of how quickly you pay off the balance borrowed. Finally you can use Credit Cards to transfer balances from other Credit Cards or store cards that you have. This means if you are struggling to make your repayments across a number of cards you can group them all together to make one repayment per month for all of your debts. Some card issuers offer 0% interest on balance transfers for an introductory period after taking out a new card but you may be charged a fee to transfer the balance or face high interest rates once the introductory period runs out.

Therefore if used wisely Credit Cards can be of great benefit to you. If you pay back the full amount that you have borrowed before the monthly typical Annual Percentage Rate (APR) is applied then you will avoid hefty interest charges. The amount of time it takes for the interest charge or typical APR to kick in varies from card to card but is typically from 28 days to 56 days.

As already mentioned, some card issuers may offer 0% on purchases and balance transfers for a set period when you take out a new card, or indeed as a special offer later on, but remember that this will not last forever and although you may enjoy spending at 0% APR, if you do not pay off the amount borrowed in time you will end up paying back interest. Also, you

We strive to provide only quality articles, so if there is a specific topic related to credit card that you would like us to cover, please contact us at any time.

And again, thank you to those contributing daily to our credit card website.

http://www.creditcard4fun.com/

Credit Card Consolidation- What You Need to Know Before Consolidating Debt

2007-11-12T03:28:00.000-08:00

Consolidate! It seems to be the new fad in the world of consumer debt—the magic bullet that will effectively rid your life of all problems with credit card debt.

The advertisers, credit counselors, and financial experts are all shouting out:

“Slash your interest rate!”
“Save thousands of dollars!”
“With one low, monthly payment you’ll have extra money!”

And you know what? Consolidation can be a great option for digging your way out of credit card debt. But what the advertisements don’t tell you is that it’s not a magic bullet. Consolidation is a re-payment plan that is successful only when you are determined to do what it takes to make it work. It will take planning, determination, and a little elbow grease. But you can do it! Here’s what you need to know.

Find the Underlying Cause
The first step in any debt re-payment plan is determining the underlying cause; otherwise, the problem will happen again and again. Typically the problem is not the credit card itself. They are a great tool of convenience and security. Many people use them in a financially responsible way everyday. So if the problem is not the credit card, what is?

Overspending Habits
Let’s go ahead and face it. Sometimes the problem comes with just the bad habit of spending too much money. Credit expert Gerri Detweiler, author of The Ultimate Credit Handbook and founder of DebtConsolidationRx.com, says the two largest areas people tend to overspend is in the area of food and transportation. She’s heard of people spending $160 a month at the office vending machine! So maybe it’s time to take a reality check. Spend a month tracking every single expense down to the penny to see where your money is going. Then take the time, and maybe even help from a credit counselor, to setup a budget and a plan to stick with it.

A Life Crisis
Emergencies happen to everyone. Unfortunately people we love die, life-long careers disappear, and, as we’ve all seen in the news lately with Hurricane Katrina, natural disasters create havoc. All too often we are unprepared for such events and we end up putting a lot of expenses on credit cards. As you analyze your budget, it’s a good idea to determine a set amount to save each month for emergencies. Ideally, if your budget allows for it, a good amount is 5-10% of your take-home income. But if you can’t manage that much, then set aside as much as you can.

Big Life Events
Now I’m talking about events we expect—weddings, babies, college educations, family vacations, etc. Don’t let these events sneak up on you without some financial planning. The earlier you start, the better off you’ll be. And if for some reason the anticipated event doesn’t occur, at least you’ve built yourself a nice little nest egg.

Setting Aside Credit Cards for a Time
When you start consolidating debt it’s important not to accumulate any new debt. Trying to deal with a consolidation loan along with new consumer debt only builds layer upon layer of financial trouble. The accounts don’t have to necessarily be closed, but at least put the credit cards in an inconvenient location such as in a cup of frozen water in the back of the freezer, a safe deposit box, or even six feet under in your backyard! Once the consolidation loan is paid off, you’ve brought your finances back under control, and you’ve learned new healthy financial habits, then go ahead and bring them out from hiding if you want.

Lower Payment vs. Lower Cost
A big mistake many people make when consolidating debt is looking at the payment amount alone. Sure you can lump all your payments together into one low monthly payment, but what is your interest rate, fees, and length of the loan? A $5,000 loan at 10% for 15 years with a monthly payment of only $53 will cost you $2,000 more than the same amount at 18% for 5 years with a monthly payment of $126.

http://www.cardratings.com/creditcardnews/2005/10/credit-card-consolidation-what-you.html

Fed rate cuts and your credit card

2007-11-08T01:04:00.000-08:00

The Federal Reserve, as expected delivered a second interest rate cut in as many months on Wednesday.

But credit cardholders should not expect an instant personal return in the form of lower bills due to the Fed's Oct. 31 action. The rate cut will cause credit card rates to fall, too, but not for everyone, not far and not necessarily soon.

The Federal ReserveThe Fed's rate-setting group, the Federal Open Market Committee, voted to lower the federal funds rate a quarter point, from 4.75 to 4.5 percent. Because banks always peg their prime rates to the federal funds rate, the prime rate will also fall a quarter point, to 7.5 percent. A majority of card-issuing banks base their annual percentage rates (APRs) on the prime rate, so many cardholders should expect their rates to fall, as well -- eventually.

However, this may be the last rate cut from the Fed in the near future. In the statement accompanying its decision, the committee said it saw a balanced economy, one it expects to rebound. Analysts saw this as a signal that this quarter point cut would be the last, unless economic conditions worsen sharply.

Whether your credit card rate falls, and how soon, is determined by several factors.
Key among them:
• Whether the card carries a fixed rate or a variable rate.
• The timing of the change, as dictated by the card agreement.
• The decision of card issuers, which can change any term of the agreement, including interest rate, with just 15 days' notice.

Fixed cards vs. variable cards
First, cardholders need to dig out their card agreements and see whether they signed up for a fixed- or variable-rate credit card.

Fixed-rate cards, as the name implies, are not pegged to the prime rate. They are set at the number spelled out in the agreement -- but again, the issuer can change that agreement in just 15 days.

"Many of the cards are not going to be affected immediately if they are fixed-rate or in an intro teaser period," says Michael Rubin, author of "Beyond Paycheck to Paycheck." Tony Plath, associate professor of finance at the University of North Carolina at Charlotte, agrees. "I think lenders will take a wait-and-see approach on fixed-rate cards. But on the variable-rate side, I would expect that to passed on to consumers very quickly," he says.

Variable rate cardholders "will see a fairly quick adjustment downward in their rates, depending on the terms of their credit cards. Most credit cards are spread off the prime rate and the prime rate will move down immediately," says John Burford, senior vice president and chief economist with The International Bank of Miami.

For fixed rate cards, the danger of economic weakness could keep banks from giving anything back to the cardholder when it comes to lowering APRs, says Lewis Mandell, professor of finance and managerial economics at the University at Buffalo, SUNY. "There probably won't be a decrease in rates simply because when the Fed decreases rates in does so in anticipation of worsening economic conditions. In a period of Fed rate-cutting you'd be unlikely to see rate-cutting by the credit card industry because they anticipate higher write-offs, which decrease their spread and their profitability," Mandell says. A "write-off" occurs when a cardholder is so far behind in payments that the card issuer gives up, writing off the debt as a loss.

How soon will card rates change?
The card agreement also spells out how soon an issuer will change its variable rates once prime rate moves. Some can pull the trigger at the end of each billing cycle, others give themselves 90 days.

A 90-day window to make APR adjustments would leave cardholders with less-favorable terms through much of the holiday shopping season. Professor Plath believes card companies, fearing shoppers' wrath, won't wait. "Banks will be quick to respond for the publicity and also to avoid a recession in order to protect consumer confidence, preserve the Christmas season and give consumers rate relief on debt service," he says.

Consumers should consult the disclosures provided by their credit card issuer to find out exactly how and when their own APR will change in the wake of the Fed's decision.

Small savings
Don't expect much. A quarter-point rate cut, though it cheered Wall Street, isn't enough to dramatically improve the lot of people on Main Street.

"It won't be life-changing for most people," says Rubin.

http://www.creditcards.com/fed-rate-change-credit-card.php

Online shopping options offer credit card safety

2007-11-08T01:02:00.000-08:00

About half of all Americans do at least some holiday shopping online. While buying presents on the Internet beats fighting the holiday mall crowd, it also carries the risk of identity theft and fraud, so new solutions are being created to further safeguard credit card information. Here are some of the best recognized, and safe, online shopping alternatives.

Virtual cards
Virtual credit cards are not very popular, but they are excellent for consumers very fearful about losing control of their personal information. These cards allow consumers to shop using a temporary number connected to their existing account that functions for the length of the transaction or at just one store. Credit card issuers including Citibank and Discover offer virtual cards. Because the virtual card is linked to your existing account, charges appear on your regular statement. While they can be used to minimize the exposure of your credit card information online, virtual cards cannot be used in the physical world.

Scott Mitic, CEO of TrustedID, an identity theft protection company, knows of several new options for further protecting consumer information. "Some issuers are now creating one-time-use cards that can be used in physical stores in addition to online," he says. "And a company called Revolution Money has recently created an anonymous credit card that contains no personal information on it or stored inside it. That way if it gets in the wrong hands, nobody can connect it with you." The Revolution Card requires a PIN number to make purchases, which safeguards it if it is stolen.

PayPal
PayPal, a company owned by eBay, is probably the best-known credit card alternative. Consumers looking to make payments with PayPal provide the service with a source of funds in the form of either a credit card or a bank account. Instead of giving account data directly to a seller, you tell PayPal to transfer your payment to the seller's account, with PayPal identifying you to the seller only through your e-mail address.

Although an increasing number of smaller merchants accept PayPal, most large commercial Web sites do not. And while PayPal promises complete refunds for unauthorized transactions, its safeguards against unethical merchants are much less complete. Payments of up to $1,000 are covered for qualified eBay purchases if you do not receive the item or it is "significantly not as described."

Using a credit card to fund your PayPal account could enable you to recover money via a chargeback through the credit card company. But because PayPal is responsible for the entire amount, it expects you to exhaust its dispute resolution process before turning to your credit card issuer. That delay could mean you miss the credit card issuer's deadline for reimbursement. Even so, Susan Grant, director of the National Consumers League's fraud center, says consumers should always use their credit cards on PayPal as a safeguard. "There have been some suits by state general attorneys concerning some problems with PayPal in regards to them not making clear to people what their protections are," Grant says. "When you make payments with your credit card, you have protection from federal rights. But if you make a purchase using your bank account, you lack the same protection."

Electronic payment systems
More recently, some Web sites have begun to rely on electronic payment systems that many consumers already use to pay their monthly bills. With ModaSolutions' Secure-eBill, for example, the electronic payment system is generally offered as an option for payment in addition to credit cards or PayPal.

Customers who select this option receive an invoice e-mail from the merchant. First-time customers need to establish that merchant as a payee with their bank or electronic bill-paying service. After making the necessary payment, the customer is e-mailed a confirmation that the merchant has received the funds. Instead of merchants having access to any bank information, ModaSolutions just informs them that a payment has been posted to their account in the customer's name.

Difficulties with electronic payment include possibly having to wait several days for the payment to be processed, as well as having to set up numerous payees you may not give repeat business to. Additionally, since the payment is a direct debit from your bank account, you will have no chargeback remedy if you are unhappy with the purchase.

Merchant programs
Regardless of where you shop, major credit cards have zero-liability policies for credit card transactions without the cardholder's authorization. It can be a major headache to clean up if your credit card number is stolen, so for extra safety, shop online at merchants who take part in the Verified by Visa or Verified by MasterCard programs. The number of merchants using these two programs is relatively small, though many more are asking for the card identification number to ensure the card is in the shopper's physical possession.

Finally, keeping an active eye on your credit card account online can alert you very quickly to any fraud. Experts recommend going online to look for unauthorized charges that may be a sign of identity theft, which is a much more serious problem than credit card fraud.

Mitic asks consumers to be cautious but not paranoid about their information getting into the wrong hands. "There isn't a need for consumer hysteria. There are simple steps we should all be doing, but there is no point in living in a state of fear."

http://www.creditcards.com/Online-Shopping-Options-Offer-Credit-Card-Safety.php

8 ways to compare credit cards

2007-11-08T01:00:00.000-08:00

Not all credit cards are created equal, and comparing credit card offers can be challenging. What is best for one person may not be best for another, so it is important to weigh a multitude of factors, including interest rate, fees, rewards programs and member benefits.

Brad Stroh, co-CEO of Bills.com, breaks down some of the most important factors one should look for and compare in a credit card offer.

1. Type of card

Credit cards have many variations, but they fall into three major classes.

* Secured cards require a security deposit and are for those who have no credit or bad credit.
* Regular cards do not require a security deposit but have few features. They have higher credit limits than secured cards but lower limits than premium cards.
* Premium cards (gold, platinum, titanium) offer higher credit limits and usually have extra features such as travel insurance or emergency service.

2. Grace period
This is the number of days you have to pay your bill in full without triggering a finance charge.

3. How the finance charge is calculated
This is the dollar amount you pay to use credit, and it depends in part on your outstanding balance and the annual percentage rate (APR). Companies use various methods to calculate your outstanding balance, and the method can make a big difference in the finance charge. Your outstanding balance may be calculated over one or two billing cycles; including or excluding new purchases in the balance and by using the adjusted balance, average daily balance or previous balance. Know if the card has a minimum finance charge.

4. Fees
Some cards have annual fees, over-the-limit fees, late payment fees, foreign transaction fees, balance transfer fees and more. Pay attention to the fine print.

5. Cash advance features
Most cash advances carry a much higher interest rate than regular purchases. If you plan to use cash advances, look for information about access (ATM, "checks," APR, fees, limits and how payments are credited).

6. Credit limit
Your personal credit limit will be determined by your credit history, but some cards come with a preset credit limit.

7. Incentives and reward programs
Rewards cards can include cash rebates on purchases, online account access, frequent flyer miles, additional warranty coverage, car rental insurance, travel discounts, concierge services and more. If you have no credit or bad credit, you may have to work on building good credit before you are approved for a card with rewards and incentives.

8. Interest rate
Interest rates will be described in the credit card offer as fixed or variable, although in practice, there is not as much difference as the names imply. Variable rate cards will have their APRs pegged to an index -- most commonly the prime rate -- and will go up and down as short-term rates change in the larger economy. You may think you avoid the interest rate risk with a fixed rate card, but you won't. Federal law allows card issuers to change any terms of the card, including its rate, with just 15 days' notice.

If you are the type of person who pays your entire credit card balance each month on time, Stroh says, "A low interest rate credit card is not as important as one with no annual fee or and a longer grace period."

Unfortunately, many people are not so disciplined about paying off their credit cards in full and on time every month. If you occasionally or often carry a balance on your credit cards, a low interest credit card may be best for you. The difference between a low 10 percent APR interest rate and a higher 20 percent APR interest rate is significant over time. Just remember that some cards have an introductory 0 percent APR for several months to a year, then jump to higher APRs. If you have large purchases to make, it is wisest to pay them off during the time in which your introductory APR is still active.

If you plan to use the card for cash advances, look for a card with a lower APR and low fees on cash advances, since APR for that type of transaction can be quite high. "Understand that a single credit card may have several APRs," Stroh says. "They include APRs for purchases, for cash advances, for balance transfers, penalty APRs for late payments, introductory APRs, delayed APRs, which come in after the introductory rate expires, fixed versus variable APR and tired APRs, which happen when different rates are applied to different levels of the outstanding balance."

When determining what the best credit card is for you, remember that credit cards all have unique terms and conditions, which should be scrutinized and compared before you fill out an application.

http://www.creditcards.com/compare-article.php

FAQ about credit cards and disasters

2007-11-08T00:59:00.000-08:00

When a disaster strikes, credit cards can be a lifeline, providing for immediate needs and easing discomfort. These are the most common questions that come up for smartly dealing with credit cards when lives are in disarray.

Residents watch as fires approach.I have lost my credit card. What can I do?
Contact that bank that issued the credit card. All credit card issuers have toll-free customer service telephone numbers. A local bank branch office may assist you or you can call directory assistance for the nearest bank. Ask a friend of relative with Internet access to search online for the toll-free number. Do not call Visa or MasterCard; they are not credit card issuers.

What if I don't know my account number and don't have the last monthly statement? Can they still access my information?
Yes. They can still access your information with other information that you provide.

Do I have to continue paying my monthly bills even if I'm displaced or homeless?
The emergency does not release you from your obligations to repay your debts. Consumer credit advisers urge credit card holders to call the banks that issued the cards immediately. Inform them of your location and circumstances. Ask for temporary relief while you are recovering. The banks have different options that may include: eliminating the minimum monthly payment requirement, increasing your line of credit to allow you to purchase emergency supplies, suspending late fees and/or finance charges or rushing orders for replacement credit cards. If you fail to call the bank and you do not pay the required monthly amount on time, you may be subject to late fees. Negative information may be sent to the credit reporting agencies.

What if I no longer have access to my mail because I'm under mandatory evacuation orders?
Call the bank that issued the credit card and explain the situation. They may be able to provide you with your account balance and amount due so that you can pay the minimum by phone or on the Web.

My card is maxed out and I need to buy supplies? What can I do?
The bank may be able to temporarily increase your credit limit to allow you to make emergency transactions. If you know you are near your credit limit on the credit card, call the bank to avoid the embarrassment of having a purchase denied at the store.

Should I get a cash advance on my credit card to cover my emergency expenses?
Consumer credit advisers urge credit card owners to avoid using cash advances if possible. They generally have hefty interest rates that exceed the normal annual percentage rate for purchases made on the same card.

Can a relative call the bank or credit card company on my behalf to request an additional line of credit?
To protect your privacy and security, banks will only release information to authorized credit card users and account holders.

Can I place a note in my credit report to explain late or delinquent payments during this period?
The Fair Credit Reporting Act allows consumers to place a statement containing up to 100 words in their credit reports explaining the circumstances surrounding negative credit information.

Will the bank report negative information about me to the credit reporting bureaus?
If you call the bank to work out alternative payment arrangements and meet those provisions, you may avoid negative reports. Keeping in touch with the bank's customer service representative -- and not forcing them to send your case to a collections agent -- is a smart move.

See related stories: Card issuers offer relief to Californians affected by wildfires, Credit card disaster checklist

http://www.creditcards.com/credit-card-disaster-faq.php

11 ways for seniors to mop up credit card debt

2007-11-08T00:55:00.000-08:00

Before she sought help from the nonprofit Consolidated Credit Counseling Services Inc. about three years ago, Joyce Roberts' credit card debt had swelled to between $10,000 and $15,000. This Massachusetts baby boomer had essentially gone bust.

Now Roberts, 51, pays $270 a month through Consolidated Credit Counseling in hopes of erasing her credit card debt within the next year. She no longer has any credit cards -- just an ATM card. Roberts says the debt mounted because she'd been making only the minimum monthly payments on her credit card bills -- something she advises others not to do.

"I was always a day late and a dollar short," Roberts says. "I've never gotten really close to being financially secure."

Once the debt is eliminated, Roberts plans to quit her part-time weekend gig at McDonald's but maintain her full-time job as a customer service representative at an optical supply company. Working 50 to 60 hours a week, she pulls in monthly income of $1,300 to $1,400. Roberts worries she'll work until she's 80 or 90 years old.

"I'm either going to get out of debt or die doing it," says Roberts, who is divorced and has two adult daughters. "I have high hopes."

Experts offer these tips for getting out of debt:

1. Draw a financial road map.
2. Set a daily spending limit.
3. Pay high-priority debts first.
4. Pare credit card spending.
5. Cash in available, nonretirement assets.
6. Find a low-interest rate credit card.
7. Return to work.
8. Look into a reverse mortgage.
9. Reassess your lifestyle.
10. Go to an accredited credit counselor.
11. Consider bankruptcy.

1. Draw a "financial road map" that includes setting up a household budget, says Cate Williams, vice president of financial literacy at Money Management International, a nonprofit organization that offers financial guidance and debt management services. For tips on creating a household budget, visit www.consumercredit.com/budget-sheet.htm
www.thebeehive.org/highlights/free_household_budget.htm or
www.clearpointcreditcounselingsolutions.org/credit_counseling_tools.aspx

2. Set a daily spending limit to avoid impulse purchases. "A lot of people don't monitor their spending that closely. It's easy to get into trouble," says Liz Pulliam Weston, a personal finance author and columnist.

3. If you get into financial trouble, pay your higher-priority debts first, advises the National Consumer Law Center. Don't let yourself be pressured into making credit card payments at the risk of losing a home or car.

4. Pare your credit card spending. Keep one low-interest credit card for emergencies, Williams suggests, and close the rest of your accounts. "The credit card companies will live without you," Weston says.

5. Examine liquidation of some of your assets, such as a certificate of deposit. However, don't siphon your retirement assets to pay off credit cards.
"You don't want to throw good money after bad," Weston says. "I've talked to way too many people who drained assets that could have been protected in bankruptcy -- such as retirement funds and home equity -- only to end up filing anyway. They often spend years trying to pay bills that were ultimately impossible to pay, then spend more years recovering from the bankruptcy."

6. Transfer your balances to credit cards with lower interest rates, Weston recommends, or negotiate directly with your card issuers to obtain lower rates. However, negotiating works only if your credit scores are strong, she says, and you're willing to threaten to close an account if a card issuer doesn't comply with your wishes. Switching balances to lower-rate cards can cut total interest costs -- if you work to reduce those balances.
"The big danger is that instead, you'll use the low rates as an excuse to keep racking up more debt," Weston says, "or you'll just tread water paying the minimums and then your teaser rate expires, leaving you with costlier debt."

7. Consider returning to or remaining in the workforce to maintain or boost your income. "It's an amazingly obvious point, and a lot of people don't think about that," says Christian Weller, a senior fellow at the Center for American Progress and an associate professor of public policy at the University of Massachusetts in Boston.

8. If you own a home, look into a reverse mortgage, Williams says. A reverse mortgage is a loan against your home that you don't have to pay back for as long as you live there. You must own your home and be at least 62 years old to qualify. For more information about reverse mortgages, visit informational pages from the U.S. Department of Housing and Urban Development, the Federal Trade Commission or AARP.

9. Reassess your lifestyle. Should you, for instance, sell your home and downsize, perhaps even rent a place to live?

10. Reach out to a legitimate credit counseling agency. For a list of reputable agencies, check with the National Foundation of Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.

11. If you recognize that your financial straits are dire, consult with an attorney about the possibility of filing for bankruptcy. "It's certainly not anybody's first choice. It's always a last resort," says Teresa A. Sullivan, a longtime bankruptcy researcher who is provost and executive vice-president for academic affairs at the University of Michigan. Related story: Older Americans’ credit card debt rising

To comment on this story, write to editors@creditcards.com.

http://www.creditcards.com/sidebar-debt-help-seniors.php

Free 3-in-1 Credit Report

2007-11-08T00:54:00.000-08:00

If you haven’t looked at your credit report lately, you might be shocked to discover that it has errors and possibly even some mistakes that can be corrected. You might even find that you have overlooked a bill or two in the past, and it needs to be taken care of. This is where a good reputable credit repair company can come in and fix those mistakes and erase any black marks that you may have. Just be sure it is a reputable credit repair company that you are dealing with.

It is important that you review your financial history every year, because there could be instances of theft, fraud and human error related to your credit report that can damage your score without your knowledge. Your credit report can be examined by persons other than yourself. Bank agents, lenders, service agents and property owners are some of the people that can look at your credit report when they need to make a decision over whether you are eligible to receive a loan or their services. Your credit score will determine the terms, repayment schedule and interest rate of any loan that you are seeking.

The internet and other technology have made it possible to get your full credit report upon your request from the three major agencies that are the Experian, TransUnion and Equifax. You can get a free copy of your financial history annually from these three agencies. You will be able to find plenty of online information about how to get your free report. Websites can also have useful information about how to fix your score, should it have a few blemishes. When you view your report, you will also be able to seen who all the agencies that have requested your financial history in the past.

How Do I Get My Free 3-in-1 Credit Report?

Now that you are aware of how your credit report impacts your finances, you may be wondering “How do I get my Free 3-in-1 Credit Report?” Easy, To learn more about obtaining a free online credit report, visit http://freeonlinecreditcheck.googlepages.com/, an excellent resource on credit reports and your credit score. There are dozens of websites that offer totally free credit reports. There are so many, in fact, that it can be a little bit overwhelming when trying to decide which company to choose. Some things to look for when choosing a credit reporting service are: ease of use, customer service and assistance, detail of reports, accuracy of reports, and whether they offer to assist in repairing your credit score.

Find Out What’s on Your Credit Report… Click Here!

http://www.creditcardarticles.net/2007/11/07/free-3-in-1-credit-report/#more-353

Get What You Want - 7 Tips To Better Credit Scores

2007-11-08T00:52:00.000-08:00

Improving credit scores is not an exact science. Not all credit
reports are created equal. Some have collection accounts, others have a bankruptcy filing, some have tax liens, some just have slow payments. Of course there are infinite possible scenarios for what is on your credit report. Making a difference on your history
takes time and you have to do things correctly or you will likely
face more time and more work to have your credit rebound. It will
rebound, but it will take longer. Here are some solutions to
solving some of the negative items on credit accounts.

1. The most important thing to remember is that the credit bureaus
heavily weight your last two years of credit history in
calculating your credit scores. No matter what you have on your
credit report, if you are going to clean things up, start with
items that went bad in the last two years. Accounts that are older
than two years have a negligible impact on your scores. If you
start to work on these older items, the creditors of these
accounts will update your credit report indicating recent
activity. When this happens the credit scoring system picks up on
the recent activity on a negative credit account and it will most
likely result in a lower credit score versus the improvement you
were looking for. If you are looking to improve your scores for a
mortgage or a auto loan, wait until you get the loan before you go
to fix these older accounts. Most of the time the credit lender
you are looking to borrower from does not care too much about
items that are older than 2 years.

2. If you set up a repayment plan and ask for something in return.
By this, I mean, agree to make payments to catch up in exchange
for the creditor to remove previous past due payments if you keep
your promise to have your payments in on time. By all means, if
you make an agreement to make a payment or settle your account,
keep your promise to do so. You will be surprised as to what you
can accomplish with cleaning up your credit report if you keep
your promises.

3. Speaking of repayment plans, avoid them if you can. First of
all, you probably don’t need another monthly payment in your
budget. Second, your creditor is more likely to settle the account
with you for less than you owe them if you will pay them a lump
sum payment. Agree to pay them by a certain date and then do it.
While you are negotiating this with them, ask them for something in return. Ask them to delete the account completely once they
have been paid. They have the power to do this, and there is
nothing in the US Fair Credit and Lending Laws that say credit
accounts have to be on your credit report, or to stay on your
credit report. You could also ask them to indicate on your report
“paid in full” and show a “zero” balance if they will not remove the
account. Specifically ask them to not indicate “settled for less
than full balance”. This will negatively impact your credit score.

4. Do not close out older credit cards. I have seen it happen all
too often, I will pull credit on someone looking for a mortgage and
I will see old credit card accounts on their credit report that show
great history but the words “account closed by consumer request”.

This is a tragedy because this hurts the credit score of this
individual. Credit scoring takes into consideration you older
accounts and gives you positive points for the age of your
accounts.

5. This is another “no brainer” tip: make your payments on time.
If you are past due on a credit account or more than one, get them
caught up as soon as possible. Your credit scores will continue to
be low as long as you are past due on any account within the past
12 months. If you are behind on more than one account, get one
caught up first, then move to another one. Do not try to catch
them all at once, unless you all of a sudden get some money by
winning the lottery or something like that.

6. Make sure you have somewhere between 3-5 credit accounts open,
and make sure they are active. You want to make sure your credit
card accounts have activity on them at least every 6 months if not
more. If you go longer than this, the creditor will probably mark
the account as inactive. This will either keep your scores the
same or perhaps even lower them.

7. Lower your “debt to credit limit” ratio. What this means is
that your credit score is impacted heavily by the amount of debt
you owe against the maximum credit limits on your revolving credit
accounts (credit cards). For example: if you owe $7,500 and your
credit limit is $10,000 then your ratio is 75%. The threshold
number to keep your ratio under is 50%. Obviously you can lower
this ratio if you pay off some of you debt. If you are going to
pay more than your minimum make the extra payments on one card at
a time. Do not spread your extra payments around. The other thing
to consider it to contact your credit card company to see if they
will extend your credit limit. You will have to be in good
standing with them for them to consider doing this. If they do
extend it, this will lower your ratio.

Here is a bonus tip for business owners. If you are self employed and
you have a lot of personal debt as a result of putting your
business debt on your personal credit cards you could consider
opening up a business credit card. These cards are easier to get
than you might think. What’s key about these accounts is they are
not always reported to your credit report. When you get the card
issued to you, you could transfer your personal credit card debt
to your business card. This will improve your debt to credit limit
on your personal credit and your scores will go up.

For additional information on consumer credit go to: GetPreQualified.com.

For
additional information on establishing credit go to: Tips on Establishing Credit

Article written by: Dale Stouffer. Dale has been a mortgage broker since 1996 and has served on the Pennsylvania Association of Mortgage Brokers as an instructor to other mortgage brokers, and as a education and legislative chair at both the local chapter and state levels. Dale owns GetPreQualified.com, which is a consumer credit and financial services education and product portal.

http://www.creditcardarticles.net/2007/11/07/get-what-you-want-7-tips-to-better-credit-scores/

Instant Approval Credit Cards: No Need to Wait

2007-11-08T00:49:00.000-08:00

The Internet has sped up the process of almost everything, including credit cards. Now you can apply online for an instant approval credit card. After filling out an application, you will find out in less than a minute if you have been approved. It’s just that easy and fast! Here’s what you need to know about instant approval credit cards and if they’re right for you.

How Instant Approval Credit Cards Work

If you’re considering applying for an instant approval credit card, the process is simple. The first step is to fill out an online application. After submitting the application, plan to wait a few seconds or minutes while the information is processed. You will then be notified about your approval status. Once you have been approved, the credit card company sends you a card. While the approval time is short, you will not receive the plastic card immediately (they can’t send it through cyberspace yet). You can expect to wait a week or two while the company sends the card in the mail. Once you receive and activate the card, it is yours to use. The entire process for an instant approval credit card is much speedier than applying through the postal mail or over the phone.

One note: instant approval credit card applicants that have good to excellent credit history are the most likely to be approved. If you have filed for bankruptcy or have a history of bad credit, your chances of approval are greatly reduced. Also, if you have recently been denied a credit card through a particular company, you are less likely to be instantly approved by that company. While you still may have other credit card options (such as bad credit credit cards), an instant approval credit card may not be the best choice for your situation.

What Information You’ll Need

Once you’ve decided to apply for an instant approval credit card, you may wonder what information you will be asked for. Applications vary depending on the company; however, most of them require the same basic information from you. Plan to include your personal information, such as name, e-mail address, date of birth, home address and employment information. Some credit card companies will ask about your annual income, income source, and checking and savings accounts. You may also be asked about housing status, monthly housing payments, and the length of time at your current residence.

Check the Benefits

When considering which instant approval credit card to apply for, make sure to look at the various benefits offered. You may be interested in getting cash back, receiving travel miles for dollars spent, or getting gas benefits. Choose benefits that you can use and enjoy. By doing so, you will get the most out of your credit card.

Determine if Instant Approval Credit Cards are Right for You

If you want to save time when applying for a credit card, an instant approval credit card is a great choice. If your credit history is good or better, this card is a safe and speedy option. By choosing a card with benefits that suit you, you will make the most of your credit card use.

Looking for an instant approval credit card today? Gather your information, choose the card with the best benefits for your lifestyle, and then apply online. It’s just that simple.

http://www.credit-card-surplus.com/articles/instantapprovalcreditcards.php

Samsung’s credit card phone – distilled technology

2007-11-07T04:04:00.000-08:00

January 30, 2006 If you’re beginning to wonder just how far the technology miniaturisation trend will take us, the following will hopefully confirm that the form factor of the mobile phone still has a long way to go. Samsung will soon release a phone dubbed the SGH-P300 in Europe. With such clinical model designations, it's not suprising it has already attracted the nickname, “the card” because it’s very similar in size to a credit card, though in our opinion, it looks for all the world like a calculator. Within its dimensions of 87mm x 54mm x 8.9mm it accomodates all standard phone functionality, has a 262K-colour, 220 x176 pixel TFT display, 1.3 megapixel camera with flash and direct printing via PictBridge, 88 MB of internal memory, an MP3 player, speakerphone, Bluetooth wireless technology support and quite incredibly, an 800 mAh Li-Ion battery. Somehow, it still weighs in at just 65 grams and if we didn’t know better we’d suspect that Samsung has found a way of distilling technology.

Two of the better European-based mobile phone resources on the web have already had their hands on the P300 and managed quite extensive reviews so follow the links for much more detail and extensive images. – they are Mobile Review which managed to get one in Moscow and CellularMania which managed to get one in Italy.

There seems to be a few discrepancies with regard to the exact specification of the phone, so we’ll have to wait for Samsung’s official announcement for each marketplace, though we have it confirmed that the phone will not be a show phone, but a readily-available in all European markets item, no doubt going after the market captured by the Motorola Razr.

http://www.gizmag.com/go/5113/

Apparent Ebay Hacker Posts Credit Card Numbers of Ebay Users

2007-11-07T04:03:00.000-08:00

Early this morning, a series of new threads appeared on Ebay's Trust & Safety Discussion Board, in which the personal information of hundreds of Ebay users was posted. This information included credit card account numbers, as well as the 3 digit security code on credit cards.

The information was reportedly available on the discussion board for about an hour and a half, despite the fact that many users reported the violation within fifteen minutes of the first posting.

While at this point it is unclear to many users exactly what happened, those who frequent the Trust & Safety discussion forum on Ebay first noticed new threads appearing, with each thread containing the personal information and credit card account numbers of Ebay users. Over a short period of time, the number of threads steadily increased, until Ebay was finally forced to shut down the discussion board.

While Ebay has thus far made no official statement about the leak of information, some forum moderators have made a few claims that many Ebay users find dubious. One such claim is that there was a server glitch and that the forum board was displaying personal information of posters rather than the post itself.

Ebay users however believe that the site was hacked, and the hacker was posting new threads one by one, apparently waiting to see how long it would be before Ebay managed to remove the threads. Other speculative reports say that the information posted was false, though some users have reported seeing their info posted and that it was correct.

According to one poster on another discussion thread, "The info that was published included user id, name, address, email address, feedback score, credit card number, date of registration, and the three digit code contained on the back of your card. Because of this, the potential for fraud is very real, not only for those appearing on the list."

http://www.associatedcontent.com/article/392758/apparent_ebay_hacker_posts_credit_card.html

Key to credit card disputes is to respond, experts say

2007-11-07T04:02:00.000-08:00

NORTH BAY – While a widely publicized survey by an advocacy group found consumers lost 94 percent of disputes with credit card companies, attorneys and experts said many lose because they don’t challenge the claim and that the odds of winning increase significantly when they do.

"I would say probably only 1 percent of my consumer cases actually make it to arbitration, the rest of them are all lost by default," said Joe Henderson, a Windsor-based arbitrator who was named in the study. "It's just like a judge. If you don't show up, you lose."

The report released by advocacy group Public Citizen focused on 34,000 credit card cases where consumers bound by arbitration agreements were forced by contract to arbitrate for unpaid debts.

Opponents of the study questioned the methodology, noting only cases brought by the companies were mentioned. When compared with trial decisions, they said results actually favor consumers more in arbitration.

"In an overwhelming majority of these cases it is simply someone who won't pay their bill that is clearly owed,” said John Hall, spokesman for the American Bankers' Association. Public Citizen “didn't address the circumstances of the disputes at all," and “relied heavily on cases that businesses brought against consumers, not on those cases brought against companies. When you add in those cases, the results are much more even."

Another study funded by the National Arbitration Forum, while of a significantly smaller sample, looked at cases where consumers filed claims against lenders and found that in those cases consumers won at least half the time.

"On the whole, when you look at the number of disputes nationwide that actually get to arbitration as compared to those who go to trial, you do better in arbitration simply because you can actually get your case heard," said Norman Brand, a San Francisco arbitrator.

The Federal Arbitration Act was aimed at relieving stress in the court system. Mr. Henderson said if consumer cases were suddenly dumped into the system, customers would have to stand in an even longer line behind criminal cases. A typical arbitrator can handle anywhere from two to 60 cases in day.

"People are trying to find a balance between the use of arbitration to avoid courts and deprivation of people's rights to a jury trial," said Clay Clement, a partner with Santa Rosa-based Clement, Fitzpatrick & Kenworthy.

"I would argue that your chance of having your case more squarely based on fact and law is enhanced by having an arbitrator that has studied the law extensively,” he said

http://www.busjrnl.com/article/20071029/BUSINESSJOURNAL/71028031/1209

Authorizing Your Credit Card

2007-11-07T04:00:00.000-08:00

We attempt to authorize your credit card when you first place your order - in fact, we can't actually process your order until this authorization is complete. If for some reason your credit card provider does not authorize the charge from us, we'll let you know by sending you an email - typically within 24 hours. Your credit card is never billed until your order, or items in your order, have been processed and shipped.

We accept MasterCard, Visa and American Express. For your protection, all credit card information submitted is encrypted on our secure server.

Why didn't my credit card go through?

Sometimes, credit card authorizations fail because of an incorrect expiry date or a mis-entered digit in a credit card number. If you've saved credit card information previously in your account settings, check to make sure the information is correct, then re-submit your order. If all your billing information looks correct, and your order fails to authorize, please contact your credit card provider for further assistance. Or, you can place your order again using a different credit card.

http://www.chapters.indigo.ca/Authorizing-Your-Credit-Card/auth_credit_card_en-art.html?pticket=bkhokk554qhmrubv1cj3pjyihlwFCtzu71f4YzoJRJLHTgFiUYM%3d

How to Process Credit Cards at a Flea Market

2007-11-07T03:58:00.000-08:00

If your business operates at flea markets, you may not realize that you still have the ability to accept credit cards from your customers. It's no secret that shoppers spend more money when they use their credit card, so you definitely want to offer your flea market customers a way to swipe those cards to increase your sales volume.

If you’re just starting out, or are a small-time business that occasionally rents booths at flea markets, it may not be in your best interest to sign up for a merchant account with a bank and then purchase the somewhat expensive equipment that would let you physically swipe a card at your flea market booth. On the other hand, if you are a thriving flea market business, you may be able to do just that- and use a satellite internet connection to send the credit card details to the processor.

Using A Telephone to Process Credit Card Payments From Customers

Most of the small and medium sized businesses with flea market or vendor fair booths can’t justify the expense of the merchant account equipment. Fortunately, that doesn’t mean there is no way to accept credit cards on-site! One of the easiest methods of accepting credit cards from customers in a flea market situation is to use a phone-in method.

Some merchant accounts actually let you call a toll free number, enter in your personal account number to verify your business, and then using your cell phone’s keypad, you would enter in the credit card details. The automated system can tell you whether or not the credit card has funds available for their purchase and you can proceed with the sale. This is a superior method to simply writing down the customers card details on an order form, because you never know if the credit card will go through until you’ve returned home or to the office and entered the details- long after the customer has already received his or her merchandise from your flea market booth!

The fees for an accept-by-telephone credit card processing method are often much less than a traditional merchant account as well. Not only do you not have to purchase the equipment to process the card, but your monthly fees are usually lower. You can expect to pay a one-time fee to join the program, around $100 or so; and then an affordable monthly fee around $5. When you process credit cards by phone, each transaction will be discounted by the discount rate (typically around 3-4% of the transaction price).

Using Your Laptop and Internet Connection to Process Credit Card Payments

If you have a laptop with a wireless connection that works pretty much everywhere you go for flea markets or vendor fairs, your other option is to use a credit card processing system that allows you to accept credit cards via a web form.

For each customer, you would type in their payment details including their name, address, card type and number, expiration date, and even the three or four digit security code found on the back of the card. The web form would send the information through a secure server and return a response to let you know whether or not the card is valid- at which time you can continue processing the sale for the customer or tell them the card was declined.

Using these alternative methods of credit card processing makes it possible for small and medium sized businesses operating booths at vendor fairs and flea markets to increase their sales volume by accepting credit cards as payment.

http://www.creditorweb.com/articles/how-to-process-credit-cards-at-a-flea-market.html

Credit Cards

2007-11-07T03:55:00.000-08:00

Simply put, a credit card is a small piece of plastic that easily fits nicely in your wallet. Well, it’s not ‘just a piece of plastic’; it’s a very powerful piece of plastic which can be considered a compressed form of cash. We can define credit cards as a credit system that allows the consumer to borrow money on the fly from a bank or a financial institution and use it to make payments to the merchants for goods.

In order to obtain a credit card, the consumer needs to fill-in a credit card application that is actually like an agreement between the credit card supplier and the credit card consumer. The credit card supplier approves the application and provides the consumer with a small piece of plastic (i.e. the credit card). This plastic (or credit card) contains electronically encoded security information in the form of a magnetic strip (which is generally located at the back of the credit card). This information is used for authorising payments whenever the consumer uses the credit card. The consumer can use the credit card for shopping at merchant outlets or on the internet etc. Of course, this is subject to merchant’s capability to accept credit card payments. Accepting the credit cards is, however, not enough. The merchant should be able to accept payments made through the credit card provided by that credit card organization (of which you hold the credit card) i.e. VISA, MasterCard etc. You can also use credit card to withdraw cash from ATMs (automatic cash machines) – also known as cash machines or Day/Night machines.

There are eight main credit card organisations and most of them operate in a lot of countries world wide. These are MasterCard, VISA, American Express, Citi, Diners Club, Discover, and JCB. Master card and VISA are the most popular of those. Then there are credit card suppliers or issuers who have tie-ups with these organisations and issue credit cards on their behalf e.g. you have various banks that issue VISA cards (like HSBC VISA card)

To make a payment using a credit card, the credit card has to be either swiped into special credit card processing machine (when shopping in person at shops) or the details of the credit card have to be entered on the merchant’s website (when shopping online). The credit card supplier sends across the bill for these transactions to the consumer who is then required to pay either the full amount or a partial (minimum) amount. If you pay in full, the credit card supplier doesn’t charge any interest on the amount you owe, otherwise the pre-agreed interest rate is charged. If you don’t pay the minimum, you might land up with a late fee too. Further, the credit card supplier generally puts a limit on the maximum amount you can spend per month using your credit card.

http://www.0aprcredit.com/articles2/

Secured Credit Cards

2007-11-07T03:51:00.000-08:00

One thing that follows a person around for years is their credit score. If it’s high there’s absolutely nothing to worry about. For millions of people their credit score isn’t ideal and for them something as simple as getting a credit card can be a challenge. That’s why secured credit cards are available. They offer individuals with less than perfect credit the opportunity to get a credit card they usually otherwise would have no chance securing.

It’s difficult to imagine life without a credit card. Not only is it useful for things like renting a car, or booking a hotel room, but in some cases you can’t write a personal check without a credit card number. With secured credit cards, anyone, regardless of their credit past, can get a card that gives them the freedom to travel and more.

There are a few major differences between a typical bank card and one that is secured. The main difference is that with secured credit cards the card holder is required to supply a security deposit. Typically the credit line that is offered with secured credit cards is reflective of the amount of the deposit. So if the individual gave a $500 deposit, they would then have a credit card with a $500 line of credit attached to it. That amount that they give is not used to pay down the balance instead it is viewed as insurance for the secured credit cards in the event the cardholder fails to pay the debt back.

A credit check is usually performed whenever someone applies for any type of loan whether it’s a car loan, mortgage or a line of credit. That is also true with all major credit cards. The person’s credit history is used to determine whether or not they qualify for the card. With secured credit cards, the person’s credit history isn’t a consideration. This is perfect for someone who has struggled with paying their bills late or missed payments in the past.

Although this type of loan is granted to people based on a security deposit it needs to be taken seriously. Secured credit cards should be viewed as a method to rebuilding credit. If the balance is paid in full each month this quickly helps to repair the credit rating. If that’s not possible, monthly payments should always be made on time. This will also help to raise the credit score.

They certainly aren’t for everyone as they generally require a higher rate of interest than a standard card would. For someone who wants to positively affect their credit standing, secured credit cards are viewed as a solid step in the right direction.

http://www.loanscreditconsolidation.com/credit/secured-credit-cards.php

Managing Credit Cards to Raise Your Credit Score

2007-11-07T03:48:00.000-08:00

Used in moderation, credit cards can be a great way to improve your credit score. If your score is low due to previous activity like non-payment, bankruptcy or collections, apply for a credit card or two in your name to start reestablishing your credit and show that you are a good risk for lenders.

Start small! Do not try for any large limits. If you gain approval for more than $500 or $1,000, ask the creditor to lower your available amount. Remember, your credit score has negative information on it for a reason. If it was something completely out of your control that is one thing. But if the history is something you were responsible for, use those lessons learned to get yourself back on top. Exhibit your ability to handle a credit card, and repay any outstanding debts.

Resist the urge to get many new accounts at one time. Several inquiries and new amounts of credit extended to you in a 12-month period can reflect negatively and bring your score down. You would be working in reverse this way. Keep at least minimum payments and keep them on time. Try to avoid racking up high balances that minimum payments will take an eternity to pay off. Keep balances that can be paid every two or three months, in full. One thing that helps with this is setting up automatic draft of your payments. This causes your monthly payment to be automatically deducted from your bank account each month. If you spend more than you have, a landslide of events will happen. Knowing that payment needs to come out and money needs to be there for it to go through can help keep you from overspending.

In all truth, it is necessary to manage credit cards to raise your credit score. If you refuse to use them at all and live on cash only, credit agencies will not see improved management of credit and increase your scores. It will show that even you see yourself as a credit risk and that does nothing to convince lenders that you are once again credit worthy.

http://www.askmortgagemaster.com/managing-credit-cards-to-raise-your-credit-score

Getting an Unsecured Credit Card for Bad Credit

2007-11-07T03:47:00.000-08:00

Obtaining an unsecured credit card for bad credit is not easy, but often is surprisingly possible, depending on individual circumstances.

More and more people end up with bad credit due to large amounts of debt and making late payments. Having bad or no credit should not stop you from fixing your problem and, over time, getting your financial life back on track.

As long as you are ready to accept and deal with your bad financial condition there is no reason why you should not get a chance to do so.

An unsecured credit card for bad credit is offered now by a number of banks and organizations to help those with shakey or no credit. They are not easy to get as they already know you have been in financial problems before. The reason why you have been in a financial problem always helps you out to get a better deal, especially when you were paying for your studies or you are the only earner of the family and simply cannot make ends meet at times.

Steps to Take When Getting an Unsecured Credit Card for Bad Credit

1. Market research - as there are many offers on the market the wise thing to do is to check every single one of them and compare packages.

2. Your bank - talk to your own bank; sometimes when your bank sees that you are trying hard to make the best of what you have they may offer you some great options.

3. Check interest rates, charges and fees.

4. Read all fine print especially when an offer sounds too good to be true.

Once you obtain an unsecured credit card for bad credit be sure to use it with caution. You already have a bad record and you get only one chance to straighten that out.

Steps to Take in Order to Get your Bad Credit Record Straight

1. Make payments on time every time with no exceptions. You cannot afford to forget or neglect this time

2. Live within your means - size down as much as you possibly can until you can afford to splurge again.

3. Keep a strict eye on your expenses by writing them down if possible.

4. Keep a strict eye on the bank balance so you don't over draw from it.

Restoring your good credit is not easy but it is worth the effort. Debt brings with it a lot of stress most of the times which often leads to serious illnesses and depression. In the final analysis, getting an unsecured credit card for bad credit and help yourself out of a financial mess into a debt free life as long as you use it responsibly.

http://www.creditcardsanity.com/articles/unsecured-credit-card-for-bad-credit.html

Is Credit Card Debt Consolidation something you should be considering?

2007-11-07T03:45:00.000-08:00

If you are reading this, you probably have heard about credit card debt consolidation and you may need help with some financial problems. Don't worry, the first step of accepting that you have problem with debt is always the most difficult step toward reconciling the problem.

Those Magic Plastic Cards

It is such an easy trap: you work hard, support a family and feel you deserve a good life. But sometimes we spend a bit more than we can afford. We think it is not a problem when we just fill out another credit card application and soon another one of those plastic cards arrives in the mail. We do not consider it to be a problem when we continue to spend, spend and spend. It's paying the monthly bill that is the problem and it is here that credit card debt consolidation may solve your frustrations.

Typical pattern

You accumulate debt on one card than you have another card to use and perhaps you pay off some of the debt on the first card with the second card. Before you know it, you have three or more cards on your report and you have a problem.

What is Credit Card Debt Consolidation?

It's at this point that you start reading articles like this one. You have a number of bills coming in and you are running out of cards to pay off the debt. Where at one point you used to be able to get another card, you now just get a rejection letter. It is a serious worry for many and perhaps credit card debt consolidation can help. You may have heard of it but are unsure of what it is. Basically credit card debt consolidation is a service provided by a company to help you get out of this mess. Instead of numerous outstanding loans with credit card companies, you put all your eggs in one basket and pay only the credit card debt consolidation firm.

How Does Credit Card Debt Consolidation work?

Put simply, the credit card debt consolidation company pays off all your outstanding loans and the total loan amount is then transferred to the credit card debt consolidation so you now only have one monthly bill to pay. The real benefit is because there is only one company involved your payment amount may reduce by up to 50%! With credit card debt consolidation you can reduce some of the interest charges and penalties for late payments and ultimately save yourself thousands of dollars.

Worth Looking into

If you are still reading then you are probably starting to think that credit card debt consolidation may be the answer for you. You are probably right! Credit card debt consolidation has helped thousands of people with debt problems so don't procrastinate. Look into credit card debt consolidation today.

Also, another alternative, and a way of bringing ongoing financial stability into your life, if you're familiar with twelve step programs, can be found at Debtors Anonymous.

http://www.creditcardsanity.com/articles/credit-card-debt-consolidation.html

Appreciate Your Money: Shop Around For the Best Credit Card Rate

2007-11-07T03:44:00.000-08:00

You work hard for your money and shouldn't have to see it thrown down the toilet. So when you are looking to increase your credit with a credit card, take the time to really shop around for the best credit card rate. It really helps you in the long run.

Here is why and how you need to find the best credit card rate and not fall for every credit card offer you receive in the mail:

Use Common Sense

When you make credit card payments, you are more than likely making a payment on the interest as much or more than the actual principle. Make sure that you can find a credit card with low interest and a card that is compatible with your level of income. Numbers falling between 12% and 18% APR are the best credit card rate for people with median level incomes. Any higher than those rates and you are forking over more money for interest and finance charges than you need to.

Browse the Internet

Everything, including one's credit, is digital these days. The way to find the best credit card rate is to go online and find the average credit card rates for standard, gold and platinum credit cards. The fixed rate for a standard credit card averages around 13.08%, the variable rate is 14.39%. For a gold card, the fixed rate is 11.41% and the variable 13.37%, while the platinum is fixed around10.17% and variable is 13.60%. The higher "level" the card, the more you are able to save on the interest. Rates change, so it's good to check in every so often to decide which one is right for you.

Your Credit Score

Your own financial history can affect getting the best credit card rate. Although the average national credit score is 678, if yours falls under a bit, you may have to apply a few times to get approved. Once you do get approved for a credit card, your monthly payments most likely will be higher than average. The best thing for you to do in this situation, is to keeping paying your bills on time, including your credit card payments, don't go over your limit and let time heal the wounds of your pocketbook.

In the end, the key is being patient when it comes to finding the best credit card rate. You don't want to rush into choosing the first offer that comes your way, as you may end up with high interest, finance charges and high monthly payments. Look around a bit, find a card that's right for you and it will pay off in the end.

http://www.creditcardsanity.com/articles/best-credit-card-rate.html

Corporate Credit Cards: Convenient Bookkeeping

2007-11-07T03:41:00.000-08:00

The issuing of a corporate credit card is a great idea, not only from a convenience standpoint, but also from a bookkeeping standpoint. A corporate credit card given to an employee lets that employee use the card whenever it is necessary as a business expense. By issuing a corporate credit card, and having employees use it, allows the company to know how their money is being spent, it allows for extremely easy bookkeeping and you can also most of the time get a lower interest rate because of the corporate credit card status.

Choose Your Company

The first thing you have to figure out when it comes to corporate credit cards is what kind of interest rate you want to pay and that correlates to which company you go with. There are many credit card companies out there and they all offer different rates, different benefits and some are accepted where others aren’t. This is all research that must be done before you decide on ordering your corporate credit cards for your employees.

Shop The Various Companies

Research the various credit card companies and find out what they are willing to offer. In fact, call up every corporate credit card candidate that you can find and ask them all the questions that you want answered. Make sure that the interest rate is as low as possible and make sure that it is fixed, or that it won’t go up in a few months.

By using corporate credit cards, you can keep better tabs on how your company’s money is being spent and it also ensures that there aren’t any expenses being reported that aren’t company related. Previously, people would turn in receipts for company expenses. Now, that practice is very outdated because the corporate credit cards are itemized on the bill so that you know exactly when and where the company’s money was spent.

The Smart Move

With the ease of bookkeeping, and the convenience of being able to use them anywhere, anytime, corporate credit cards are the smart move. Plus, they make it harder to report expenses that aren’t corporate related. This makes corporate credit cards the best choice for any corporation doing business today. Call today to shop the various interest rates, find who has the best benefits and make sure that you are getting the best deal possible, for you and your employees.

http://www.creditcardsanity.com/finance/personal-finance/corporate-credit-cards-convenient-bookkeeping.php#more-19

Credit Card Debt in America Higher Than Ever

2007-11-07T03:40:00.000-08:00

America’s average family credit card debt is growing every year. It used to be that individuals had school loans from their college days and families had mortgages to pay on their houses, but nowadays, the profile is changing. Recently, it’s the credit card debt that is entering the astronomical ranges. Families are buying, more and more often, outside of their price range when it comes to buying a house, and then making up the difference by charging more on their credit cards.

This practice is becoming more and more common as Americans think less and less negatively about having large amounts of credit card debt. It is just not seen as a problem to carry $10,000 debit on one’s credit card. Some people are shocked by the fact that many Americans are doing this, because, face it, the interest rates are not low! However, it seems that there are things that are more important. People start choosing things based on who does and doesn’t take credit cards (like privately run preschools). Add to it gas and groceries, and plenty of other everyday necessities simply get added to the credit card debt.

….And The Future Holds?

Many people worry that America’s credit card habits will lead the American economy into very serious trouble in the future. Not being economists, most Americans are indifferent about the amount of credit card debt that America has as whole. Of course, each family would like to get rid of some of their existing credit card debt; however, getting people to think about the American economy or even the world economy, as a whole, is another question altogether. As long as each family’s debt remains as high as it is, probably that sentiment is not on the brink of changing.

The other important question for the future is whether or not the amount of credit card debt that Americans currently have is going to continue to go up as steadily as it has in the recent past? If the current average is the highest it will go, some people see some relief in the near future. On the other hand, some think that the amount now is already high that people are simply getting careless, and that the amount is simply going to go higher. The future could be interesting for economists, but for individuals, it looks bleak.

http://www.creditcardsanity.com/finance/personal-finance/credit-card-debt-in-america-higher-than-ever.php#more-20

Managing your Debt through Credit Card Debt Consolidation

2007-11-07T03:38:00.000-08:00

Accruing credit card debt has become a common financial practice in today’s society. First, credit cards are very easy to acquire, with many companies relaxing requirements for obtaining those cards and inundating potential customers with advertisements and offers to receive them. Credit cards are also a trouble-free method of paying for many purchases, since most retailers and service providers will accept a variety of credit cards as a means of payment. Credit cards can even be a safer mode of purchasing when ordering items or services over the internet. With the ease and convenience that these little pieces of plastic bring, it is little wonder how so many families find themselves in credit card debt beyond what their income can handle.

Two Types of Credit Card Debt Consolidation

One way of managing high balances is through credit card debt consolidation. These types of loans come in a variety of shapes and sizes, but the end result is merging a number of monthly payments into one – hopefully with a much lower interest rate to boot. These credit card debt consolidation loans can come in the form of home equity loans for some. These types of credit card consolidation loans often offer the lowest interest rates, but require you to put up your home as collateral for the loan. This can become a traumatic problem if you suddenly find yourself unable to make your monthly payments.

There are also unsecured credit card debt consolidation loans, and these usually include a significantly higher interest rate than the home equity loans. The reason for the higher rate is that you are not offering any collateral to the lender in the event that you cannot pay the loan back. To cover the risk involved, lenders will charge a higher rate to offer these loans to consumers. While the finance charges might be high, they could still be lower than the high interest credit cards that you are currently paying, and there is no risk in losing your home if you default on your payments.

The Benefits of a Credit Card Debt Consolidation

There are a number of benefits in obtaining a credit card debt consolidation. If you have no trouble making the monthly payments on your card but find that you are mailing out a number of checks every month, a credit card debt consolidation can offer the convenience of one simple bill to pay every month. If you are having trouble making those payments, a credit card debt consolidation will pay off all of your current lenders so that you will not receive phone calls asking where your payments are. Finally, a credit card debt consolidation can help you manage your current debt more effectively, which can also help you preserve your positive financial history. This can be a big plus the next time you find yourself in the market for a new car or home.

http://www.creditcardsanity.com/finance/personal-finance/managing-your-debt-through-credit-card-debt-consolidation.php#more-21

Credit Card Debt Relief Helps those in Trouble

2007-11-07T03:36:00.000-08:00

Credit card debt relief is available to people who have gotten into debt over their heads. Credit cards are convenient, helpful and dangerous. A credit card is necessary to rent a car because it presents some assurance for the car company that they are renting to someone of responsibility. A credit card makes purchasing online much easier than ever before, and a credit card can help people move about without carrying lots of cash around in their wallets. Unfortunately, some people get into trouble because of their use of credit cards. There is credit card debt relief available to help people who have not used their cards responsibly.

There are different ways that a person can find credit card debt relief. There are times when a credit card company will work out a payment schedule for a customer who is having trouble paying their credit card bill. The company realizes that this customer is not going to be able to pay the card off according to the normal terms so the credit card company supplies credit card debt relief by setting up some kind of alternative agreement with the customer. At times, a credit card company realizes that a customer is in trouble paying off the debt, and they agree to accept a lower total amount from the customer.

Credit Card Debt Relief Comes in Different Arrangements

Credit card debt relief can come in the form of debt consolidation. There are companies that make arrangements for people who have multiple loans that have become too cumbersome for them. These consolidation agreements include one loan from a company that will pay off several other loans of their customers. This means that the customer now has only one payment rather than several to worry about. Often the companies that present these programs can offer better interest rates and payment schedules.

Credit card debt relief usually gives a customer the opportunity to make up for their lack of responsibility in the past. Many customers do not mean to steal from the companies, but they just became overwhelmed by past mistakes. These honest people have not been responsible but given a second chance many of these people learn from their mistakes. Many of the organizations that provide credit card debt relief also offer some type of counseling to help the customers avoid similar problems in the future. Credit cards can be a blessing, but each person should take care so they do not need credit card debt relief in the future.

http://www.creditcardsanity.com/finance/personal-finance/credit-card-debt-relief-helps-those-in-trouble.php#more-22

Is it Safe to Apply Online for a Credit Card?

2007-11-07T03:35:00.000-08:00

How Safe is my Information?

Nothing is a 100% safe, as we often hear and read about information being stolen and misused. However, most reputable financial institutions that invite you to apply online for a credit card use secure servers. A secure server is one that verifies your information will be encrypted.

These are a few ways to determine if the website you are using is secure:

1) A box will appear stating the information or page is secure.
2) You will be asked if you want to register your information on a secure site.
3) A lock will appear on the lower right corner of your screen.
4) The web URL will start with https:// instead of the regular http.

Before Deciding to Apply Online for a Credit Card

As a rule of thumb, do not apply online for a credit card that has been solicited to you through e-mail. This is because e-mail is not secure and the simple act of opening an anonymous e-mail or clicking on a link within can greatly jeopardize the security of your information. You are at greater risk from opening phantom e-mail than you are from legitimate applications.

Read the TOS

Be sure to read all the details, including the Terms of Service (TOS). Most forms require that you mark an X or otherwise indicate that you agree to the TOS. Do not click on them blindly because if you apply online for a credit card, it is your responsibility to make sure you understand everything you are instructed to read. Small print can now be enhanced so everyone can see it-online commerce does not take kindly to those who don't read the rules. Important security, privacy, and financial stipulations (including hidden fees) are often thrown into the TOS; many don't read them until they find themselves in a fix.

Can People with Bad Credit Apply Online for a Credit Card?

If you have bad credit but want to apply online for a credit card, be very careful. If you are tempted to apply through a solicited invitation, go to the website and request that additional information is mailed to you. Many of the websites marketing to people with poor credit are fraudulent. They know there are so many people out there who need the credit desperately that they will send money on a chance of receiving a credit line. They may never hear from or about them again.

Summary

To apply online for a credit card can be a quick and easy form of transacting a business situation. However, you must be careful and take precautions that your information is encrypted on a secure server,and the financial institution to which they are applying is reputable and trust- worthy.

http://www.creditcardsanity.com/articles/apply-online-for-credit-card.html

How do I apply for a Credit Card?

2007-11-07T03:33:00.000-08:00

To apply for a credit card is not more difficult than applying for a bank account, a driver's license or a social security card. However, it is always better to be prepared as many companies send unsolicited pre-approved applications through the mail and most often have hidden charges nestled in the fine print.

Pre-Approval

Most pre-approval mailings request a signature and a statement of recent earnings. It sounds pretty straightforward, but the words "subject to credit approval" are always hidden somewhere. While it is tempting to simply sign away, or make up an amount under the "earnings" title, this information will haunt you down the road when you are unable to pay your bills. No one wants a fraud or perjury charge in addition to other trouble that might come with it.

If it Sounds too Good to be True, it is

If you have been pre-approved despite not having worked for a few months or your gross income is less than $10,000, you really should think twice before attempting to apply for a credit card. You should certainly not have been pre-approved. If you know you probably will not qualify for the credit, do not apply for a credit card.

Standard Application Process

Most people apply for a credit card through solicitations in magazines or sign-up booths at public events, without realizing that they can apply for a credit card at their own bank. Not only do banks have relatively reasonable fees and interest rates, their customers already have a track record and business relationship established.

Denied for Lack of Credit

If you are denied a credit card, the letter you receive will tell you why. If the denial was based on lack of credit, that is frustrating but understandable. In that case, you can either hope that when you apply for a credit card, someone will take a leap and offer you a line of credit. Or, if you can show just cause, you can contact the financial institution and discuss your situation. This is another good reason to apply for a credit card at your bank where you have a credit line (or at least an account) already established.

Denied for Bad Credit

If you are denied a credit card due to bad credit, the letter will give instructions on where to request a copy of your credit report. Once you review the report, you can take steps necessary to start repairing your credit. Keep in mind that filling out several applications for credit may itself look suspicious, and many companies will deny a credit line when they find that several applications have been processed or reviewed in the recent past.

http://www.creditcardsanity.com/articles/apply-for-a-credit-card.html

How to Use Credit Cards Sanely

2007-11-07T03:30:00.000-08:00

Not an awful lot of sane thinking seems to prevail when it comes to use of credit cards. In 1992, in the U.S. alone, the national credit card debt was $273 billion. Today it has ballooned to more than $800 billion. Statistics show that the average American household has over $9,000 in credit card debt.

Indeed, a majority of the U.S. population, at some time or another, will have a problem with credit card debt or their credit score. There is a lot of confusion and misunderstanding about credit cards and how to use them in a rational and responsible manner.

Today, you'll hear a great deal about debt consolidation, credit counseling and the like. With the recent tightening of the Bankruptcy Laws, relief from credit card and other debts is not as simple as it once was. Consequently, it's well to have a clearer understanding of how to use credit cards sanely, and how to avoid building up unmanageable levels of debt.

All too often people use credit cards without a clear idea how mounting balances will be paid back fully in a timely manner. Just call us, the credit card nation. Our motto used to be "Save for a rainy day." Now we say "Borrow today...pay back, whenever".

Here you'll find a series of informative articles to help educate you and provide ideas and guidance about many aspects in dealing with credit cards and and managing credit card debt. A selection of pertinent articles is posted below.

http://www.creditcardsanity.com/

Business Credit Cards - Providing Advantages for Small Business

2007-11-06T01:48:00.000-08:00

Personal credit cards are the most carried credit cards found today. But the benefits of business credit cards are largely misunderstood by the general public. The advantages of a business credit card are numerous and can include access to car insurance, free travel, higher credit limits and much, much more. Another advantage of some business credit cards is that they will allow you to keep your personal and business expenditures separate while simultaneously enjoying the benefits of the corresponding reward programs.

Small businesses, in particular, have discovered that maintaining a company credit card can help in expensing daily purchase items very easily. With the advent of the Internet, applying for a business credit card, whether you are a small business owner or an employee of a large corporation, is very easy.

There are a number of advantages that are found in business credit cards today that often times personal credit cards will not offer.

Business credit cards offer additional benefits that include expense management reporting that small businesses in particular find very useful. When comparing business credit cards side by side, several of the very best cards allow cardholders to create customized reports with online expense managment tools. This gives business owners the ability to login to their accounts at any time to review and download expense activity anywhere that Internet access is available. You can view recent account activity, pay your bill online, check on reward points, and even receive account alerts by e-mail, cell phone, PDA or pager notification. Accounts can be setup to pay expenses and ongoing bills automatically with a commonly used Bill-Pay option offered by a few of the leading card issuing companies.

Several card offers also feature the ability to download and integrate card statement information directly into QuickBooks, a commonly used accounting program for small business owners. If cardholders ever need to dispute a questionable charge, it can be done online or over the phone with no paperwork. Lastly, many business credit cards offer the ability to access credit lines from their existing account that provides significant financing flexibility for short-term cash requirements that will not require collateral as would a traditional bank loan.

In addition to this, many small business credit cards also offer significant reward programs that include cash back rebates, office supply and merchant discounts and air & travel rewards.

Applying for a business credit card can be done in 3 easy steps. First, applicants should take the time to search and compare the variety of business credit cards online utilizing the Internet where consumers can find a vast array of resource and comparison sites to aid in the selection process. After thoroughly comparing offers and selecting a card based on your specific criteria, cardholders can simply and easily apply for the selected credit card by filling out an online credit card application. Credit card issuers offer a safe and secure environment for cardholders applying online, which also allows cardholders to expedite the application process without any significant delays.

For more about business credit cards, Robert Alan recommends that you visit CreditCardAssist.com

Article Source: http://EzineArticles.com/?expert=Robert_Alan

http://travelrewardcreditcardsguide.com/Business-Credit-Cards-Providing-Advantages-for-Small-Business.html

Validating a Credit Card Number with JavaScript

2007-11-06T01:47:00.000-08:00

Please note, this article is an excerpt from the book Practical JavaScript for the Usable Web (ISBN: 1904151051) by Paul Wilton, Stephen Williams, and Sing Li.

JavaScript is a core skill for web professionals, and as every web professional knows, client-side JavaScript can produce all sorts of glitches and bugs. Practical JavaScript for the Usable Web takes a two pronged approach to learning the JavaScript that you need to get your work done: teaching the core client-side JavaScript that you need to incorporate usable interactivity into your web applications, including many short functional scripts, and building up a complete application with shopping cart functionality.

The JavaScript function excerpted below doesn't require you to own the book in order to get it to work. We, of course, hope it will give you a taste of what the book has to offer, but if not, enjoy it anyway.
Practical JavaScript for the Usable Web

Our final validation method checks whether a credit card number could be a valid card number. Note that I say "could be" rather than "is" — just because the number is valid, doesn't mean that the card has been allocated or that it has not been canceled, if it was allocated. Only server-side processing can possibly validate a card number. However, what we can do here is check that the user hasn't made an accidental mistake so that we can get them to rectify any mistakes before we attempt server-side checks.

As we'll see shortly, validating a credit card is much more complex than any of the validation methods we have created so far. There are three checks we can perform client-side:

* Check that only numbers or spaces are given in the credit card number — not letters or other characters.
* Check that, for the given card type, the number of digits given is valid and the prefix to the number is valid.
* Use the Luhn formula to check the validity of the entered credit card number. This is a special algorithm that can be applied to most credit card numbers to check that the number would be valid.

We'll be using all three of these checks in our method.

http://www.evolt.org/article/rating/17/24700/

Personal Finance to Avoid Crippling Deficits and Bad Credit Scores

2007-11-06T01:45:00.000-08:00

What is Personal Finance?

Though literally speaking, personal finance may mean arranging finance to meet your personal needs, personal finance is the implementation of the rules of financial economics in making personal financial decisions. It takes into account the sources of income or finance including mortgage loans, channels of expenditure, savings for emergencies, old age, payday payments and so on. Personal finance includes keeping income records, budgeting based on those records, preparing and net worth statements, credits, savings, investments, estate planning, insurance, taxes and so on.

Origin and the History of Personal Finance

The concept of personal finance and its management owes its origin in the hoary past when there were no hard currencies to quantify income, purchases and sales. Earnings were received in commodities and the same were exchanged in buying, selling and meeting personal needs. People were advised to look about their personal finance by making hay while the sun shone and store grains for the rainy seasons.

After the introduction of currency, services and products started being exchanged with money. Since carrying large amounts of even paper money is both cumbersome and insecure, we now have the plastic money called credit cards.

The Origin of the Credit Card

The origin of credit cards, however, has a different story. It was not initially introduced as a convenient and securer substitute for carrying large amounts of money, though this advantage came about as a natural corollary. Credit cards, in their earlier avatar as dog-tag style metal plates appeared in the United States just before the beginning of First World War. They were introduced by the department stores for their favorite customers. Later on gas credit cards were issued for automobiles that could be used all over the country. One reason for the explosion of the credit card was the increased mobility of an average person. Credit cards and the easy mobility mutually promoted each other. A gas merchant in California would hesitate to accept a personal check from a customer but would willingly take an American Express or MasterCard.

Diners Club Cards

Nineteen fifties brought in Diners Club Cards. The Diner Club cards were introduced by Francis McNamara, an operator of a small loan company. He issued credit cards made of cardboard. It bore the holder's name and account number on the front and a list of 28 restaurants and Manhattan nightspots where his credit cards could be used. He charged an annual fee of five dollars. Later on he expanded this network of cards to the national level and covered restaurants, hotels and air travel expenses. In 1951, Franklin National Bank of New York too entered into market with a credit card that could be used to buy a variety of merchandise. Other banks notably the Bank of America in San Francisco joined the fray with its BankAmericard which later evolved into its present day Visa Card. Visa was followed by the Master Card of today. The credit card business exploded exponentially when by the end of 1960s many banks started mailing out credit cards to anyone with a name and an address with a good and even bad credit. The explosive proliferation of credit cards and the easy availability of finance have created more urgent need to regulate the personal finance than ever before.

http://www.creditloan.com/personal-finance-to-avoid-crippling-deficits-and-bad-credit-scores.html

Bad Credit Mortgage Loans

2007-11-06T01:43:00.000-08:00

At the time you begin your search for a house, bad credit mortgage loans are probably not on your mind. Everybody would love to have the option of being able to sign a check with a flourish and make a single payment for the entire home at one go. However it is only the fortunate few who are actually able to enjoy such a privilege in life, with the majority only being in a position to purchase a new home with the help of a bad credit mortgage loan. Given a choice, there's nobody who wishes to have bad credit but circumstances make it inevitable.

A late payment of a few bills, due to a lack of funds or mismanagement, takes a negative toll on your credit score. Too many credit cards, too much holiday shopping and too much fun on vacation can easily result in too much debt. Too much debt in turn can put you in a high risk category in applying for a home loan and you may end up needing to try for a bad credit mortgage loan. This may be a humbling experience but ideally you can make it a learning experience too.

If you find yourself with no option but a bad credit mortgage loan, treat it as an opportunity to start afresh. With time and effort, you can very well make your credit score improve. However it will be no overnight miracle. Make a conscious effort to make payments on time. It may at times be easier said than done but keeping a track of the effect it has on your credit will prove encouraging. Debt consolidation is worth considering to get better interest rates than those charged on your credit cards. Doing this will enable you to pay off debts a lot sooner and reduce the amount on payments every month.

The Disadvantage of Bad Credit Mortgage Loans
The biggest drawback of bad credit mortgage loans is the higher interest rate that you will have to pay compared to that paid by people with better credit scores. It's really as simple as that. Anyone the mortgage lender considers a higher risk has to pay a higher interest rate to qualify for the loan. The higher the interest rate on bad credit mortgage loans, the higher the monthly payments to be made. Higher monthly payments could also mean that you'll have to settle for a home that is far less expensive than you would ideally have liked.

The Bright Side of Bad Credit Mortgage Loans
On the positive side of bad credit mortgage loans is that despite your interest rate being high, you still qualify for a loan that enables you to purchase your own home. While you may be paying a substantial amount of interest every month, it still beats having to rent and you get to enjoy the numerous advantages of homeownership. The other bright aspect is that this high interest rate will not last a lifetime.

When your credit score begins to show improvement, it is proof of success in your efforts to pay off your debts and that you have a pattern established to make timely bill payments, including payments for the bad credit mortgage loan. This enables you to apply for refinancing. When you have a credit rating that is more desirable, you are in a position to qualify for a more desirable interest rate.

Apart from saving you money on interest, this will also enable you to lower your monthly payments and consequently will make all your efforts worthwhile. You will have a credit score to take pride in and be able to take advantage of better bad credit mortgage loans.

http://www.creditloan.com/bad-credit-mortgage-loans.html

bad credit explained

2007-11-06T01:39:00.000-08:00

Bad Credit is a term used to describe someone who is considered a "high risk" to lenders and other finance companies such as factors.

bad credit credit card article

Do You Know How To Repair Your Bad Credit? part 2
By J. Kane

Part one of this article series tells you what you should do to fix your bad credit situation. The purpose of this second article is to give you some important tips on how to repair poor credit. These tips seem to be almost too simple, but you'd be surprised to learn how many people don't know about them and how well they work toward improving your bad credit situation.

1. One matter at a time
It is very likely that you have several debts to pay. Don't try to do everything at once! Instead, concentrate on the most dangerous (ie. Those with the highest interest rate) first and spend as much as you can toward paying it off. Continue to pay your other debts too, but only on a minimal level. As soon as you finish paying off this debt, turn your attention to another.

Alternatively, you might want to consolidate your various debts into a single loan, usually with a lower interest rate. A consolidated loan is generally much easier to cope with, but once you consolidate, you can't de-consolidate, so there's no turning back. Oftentimes this may be a good solution, but learn about all the specific details from your loan counselor before you decide to go with a debt consolidation loan.

2. Rely on informal contacts with creditors
The official mail you get from your creditors when you suffer from a bad credit situation is often referred to as derogative, “the hate mail”. However, banks aren't the heartless mafia-like institutions that are interested only in getting money out of you. The “hate mail” has only one aim - it should frighten you to do something about your debt and current default payment situation.

Instead of getting stressed by the warnings and reminders you receive, just go to your creditors and tell them openly about your current financial situation. They will often do their best to help you - they know that unless you get their help and cooperation you won't be able to pay on your account. This will ease the stress of your situation and give you a chance to come to some terms with your creditor. The more

Online Credit Repair Service - Is It Even Legal?
Trying to separate fact from fiction in the public PR campaign in the credit repair game can feel like a full time job to the initiated. With so many competing interests, and popular myths and misconceptions being bandied about at every corner, it's not surprising that so many people have wholly inaccurate views as to what is, and what is not permissible as far as fixing your credit score.

Credit Cards 'Not The Best Way To Pay For Christmas'In the run-up to Christmas, cash registers across the country will be ringing as millions of consumers head to the streets and on to the internet to find the perfect Christmas presents for their friends and family. With the added cost that Christmas brings, many people choose to put their spending on a credit card, but recent research has suggested this is not the best way to ensure you have the funds to cover the perfect Christmas.

Credit Card Processing and Business Finance OptionsCredit card processing is often one of the most overlooked working capital management issues for a business owner. An effective processing program can eliminate many business cash advance difficulties by implementing appropriate business finance cost-reduction alternatives.

Build Business Credit like a ProEvery small business owner wants to be in the positions to get business loans when they are needed. Start form the beginning to build business credit expertly and your business will be credit worthy right in time to impress commercial lenders.

personal the contacts are, the better - calling them is good. Visiting them is even better.

3. Everything passes with time
While you may feel as if the whole bad credit trouble will never end, that's not true. The standard procedure (budget planning, paying off existing debts and getting everything back to order) usually takes about two-three years. Creditors will deal with your situation completely, but after it passes you will have problems obtaining credit for a few more years.

You still have some hard times ahead of you - that's true - but it's not the end of the world! Try to ease off the waiting by giving yourself some smaller goals that can be achieved within a few months. This progress will make everything much easier for you to live through. Remember not to give up; you can see your situation through with some dedication and persistence.
J. Kane is a Webmaster and publisher for 1st-Bad-Credit-Loans.com. For more information on obtaining poor credit loans and bad credit repair please visit http://1st-bad-credit-loans.com/

We strive to provide only quality articles, so if there is a specific topic related to bad credit that you would like us to cover, please contact us at any time.

We want to thank those writers who are contributing at least weekly to our bad credit credit card website.

* Online Credit Repair Service - Is It Even Legal?

Trying to separate fact from fiction in the public PR campaign in the credit repair game can feel like a full time job to the initiated. With so many competing interests, and popular myths and misconceptions being bandied about at every corner, it's not surprising that so many people have wholly inaccurate views as to what is, and what is not permissible as far as fixing your credit score.

* Credit Cards 'Not The Best Way To Pay For Christmas'

In the run-up to Christmas, cash registers across the country will be ringing as millions of consumers head to the streets and on to the internet to find the perfect Christmas presents for their friends and family. With the added cost that Christmas brings, many people choose to put their spending on a credit card, but recent research has suggested this is not the best way to ensure you have the funds to cover the perfect Christmas.

http://www.a-free-guide-to-bad-credit.com/bad-credit/bad-credit-credit-card.php

Credit Card Annual Fees - Australia

2007-11-06T01:37:00.000-08:00

In the UK and USA credit card competition has done away with annual fees for most credit cards. In Australia however, the majority of credit card issues charge an annual fee. These fees can vary wildly from $30 up to several hundred dollars.

At first look it would seem that card charging higher fees are just ripping people off but it's more complicated than that. Your spending patterns are likely to determine if an annual fee is worth paying.

Many Australian credit cards with annual fees over $70 offer cardholders extra benefits.

Travel Insurance: One benefit that can be very valuable if you travel is travel insurance. For example, ANZ offer a Gold Card which comes with an annual overseas travel insurance policy comparable to a CGU policy valued at $455. If you are a regular traveller or even making one overseas trip per year then the annual card fee may be lower than your insurance would have cost you otherwise.

Rewards Schemes: Another feature offered by credit cards with annual fees is reward schemes. For example you be earn points on each AU$ spent on your credit card which can be converted for items such as gift vouchers or Qantas frequent flyer points. When looking at frequent flyer credit cards, check the rate at which you earn points. Many cards offer a conversion rate of 1 frequent flyer point per AU$1 spent. However, there are some cards offering only 0.5 points per dollar spent and other premium cards such as the AMEX Rewards Maximiser card which offer rates of 1.5 points per dollar spent. If you have a high monthly spend on your credit card and normally pay your balance off in full then the rewards achievable such as free flights may outweigh the annual fee. However, if you have a low monthly spend on your credit card you need to ensure the annual fee does not exceed the value of the rewards you receive.

Lower Interest Rates: If you do carry a balance over for month to month then paying an annual fee for a low interest credit card may prove good value. Annual fees for low interest credit cards tend to be fairly low as they are targeting consumers who are looking for good value. One of the lowest interest rates we have found is on the St.George Vertigo credit card which has an interest rate of 8.99%. The card has a $45 annual fee and won the 2007 Money Magazine 'Best of the Best' awards for 'Cheapest Credit Card'.

Increased competition from overseas credit cards issuers entering the Australian market has meant no annual fee credit cards are also available. Virgin Money offers the Virgin Credit Card with no annual fee and a competitive interest rate of 12.99%.

As competition continues to increase it is likely that the average annual fee will continue to fall for low interest credit cards and those without rewards schemes and extras. However, annual fees are likely to remain for premium credit cards and can offer worthwhile rewards for higher income users.

http://www.click4credit.com.au/articles/credit-card-au.php

Compare Credit Cards - How to find the best card

2007-11-06T01:36:00.000-08:00

It is quite interesting how the average consumer tenaciously shops around when looking for a new washing machine or a new car. Yet, when it comes to credit card offers, we rarely take the time to compare credit cards. We tend to accept credit card offers at face value without delving as deeply as we should. Given the interest rate increases of late, perhaps shopping around for alternative credit card offers could serve to ease the debt burden a little. The fact of the matter is that the issuers are heavily competing for market share and that consumers have an opportunity to clinch better credit card offers. If you decide to capitalise on this competition, invest an hour or two to compare credit cards before filing your applications.

There are effectively seven things to consider when you research and compare credit cards:

Personal Circumstances
Before you compare credit cards, make sure you understand why you need one. Is it rewards you are after? Do you want to consolidate your credit card debt? Or do you simply want a low interest credit card that offers you the best credit card rate? This will influence the type of credit card offers you will be focussing on. Also establish what your credit rating is as it will have a bearing on the type of credit card offers you can take advantage of and the interest rates you will pay. Also, when you compare credit cards, decide upfront whether you intend carrying a balance or whether you will be settling your full balance before the grace period expires.

Balance Transfers
If you already have a credit card, remember to look at balance transfer rates when you compare credit cards. To lure credit card holders like you to them, issuers are making 0% balance transfer credit card offers when you move your current card’s balance to one of their cards. In practice, this means that you will enjoy an interest free loan for a certain period of time. This interest honeymoon period is often 6 months, but could be either longer or shorter depending on the issuer. After the 0% balance transfer credit card offers expire, interest will be charged. When you compare credit cards from a balance transfer perspective, bear in mind there are some issuers who still charge interest (0.99% - 7.99%) on the amount transferred.

Interest Rates
There is a very material difference between the interest rates charged by the different issuers: 7.72% to 19.4%. When you compare credit cards to identify the best credit card rate, take all the different types of interest rates into consideration as well. There will be a difference between rate applied to purchases and the rate applied to cash advances. Check out the default interest rates when you compare credit cards. A low interest credit card can quickly become a high interest credit card if you slip up on a payment.

Grace Periods
The reason why you should compare credit cards from a grace period perspective is that it determines how soon interest will be charged on a purchase made. Anything between 0 and 55 days’ grace is offered. ‘0 days’, even on a low interest credit card, could result in your paying 30 days’ interest on the pizza you bought, making it considerably more expensive than expected. Up to 55 days interest free is generally the longest interest free period on purchases between each billing period

Credit Card Fees
There are not many issuers whose credit card offers include $0 annual fees. The range you will find when you compare credit cards is $0 to $250 per annum. It is a fee you have to pay every year, and the truth is that you get very little, if anything, in return for this fee. Make a point of scrutinizing this aspect of all credit card offers carefully when you compare credit cards.

Payments
Whilst this is generally something you can negotiate with the issuer, remember to read the fine print of all credit card offers carefully if you compare credit cards to establish the monthly minimum payment due dates. If the payments fall due in the middle of the month, and you only get paid at the end, it could cause interest charges.

Features and Benefits
It is good to compare credit cards from this point of view to identify whether fraud, card theft and identity theft protection, amongst others, are covered. If you recall, there was an issue a couple of years ago when several Australian credit card holders were affected by mass cyber fraud. We often tend to overlook this critical aspect when we compare credit cards.

Once you gathered these seven pieces of information, you will be able to compare credit cards quickly and effectively. The best credit card offers will always be those that suit your credit behaviour and your personal circumstances best.

http://www.click4credit.com.au/articles/compare-australian-credit-cards.php

Best credit cards - How to find the best card for you

2007-11-06T01:35:00.000-08:00

Choosing the right credit card for you has more to do with your credit card spending and repayment patterns than anything else.

If you carry a balance over from month to month, you need to look for the lowest rate interest card available. Some cards charge high rates of 18% and upwards per annum, others charge less than 10% per annum. The interest rate makes a huge difference to the monthly minimum repayment amounts and also the ease at which you can pay down debt. A low interest rate is more important than a rewards program if you are carrying debt.

When evaluating which credit card is right for you, it is important to consider the late payment penalties. If a late fee is charged, what is it? Is an increased interest rate also enforced as a penalty? Some companies more than double your interest charges if you pay late even by one day.

It is also helpful to consider a company’s track record in looking after their clients. For example, Virgin Credit Card absorbed recent interest rate rises and maintained its 12.99% annual percentage rate. G.E. Low Rate Mastercard, on the other hand is passing it on. Easy access to customer service is also important. Why not phone the customer service lines of your short listed credit card companies? Who do you want to deal with? Are you kept on hold for an excessive length of time before someone takes your call or are you answered quickly? If you can’t get good customer service from a company, you should probably forget them. Another important consideration is whether they are using overseas call centres that have access to customer’s private details. If you don’t have a problem with this, fine. However, if you don’t want your details available to overseas call centre staff, then you need to ask this question and make sure you are dealing with a secure Australian site.

When looking for the right credit card for you, you will find that there are two main types of credit cards: those that offer interest free days and those that don’t. Generally, those that offer interest days charge a higher interest rate after the end of the interest free period or charge an annual fee to compensate.

If you intend to use your credit card to pay bills and will pay the complete balance each month, look for a credit card that offers the best value in terms of interest free days and rewards. However, if you are going to be in debt from month to month, look for the lowest interest rate, lowest annual fee and fairest calculation of penalties (because things can go wrong sometimes).

If you are juggling a number of credit cards of varying interest rates and have overall high monthly payments because of credit card debt, then consolidating your credit card debt on one low rate interest credit card could be the answer you are looking for. By consolidating your credit card debt on one low rate card, you will dramatically reduce your minimum monthly credit card costs and improve your ability to pay down debt.

Debt consolidation, using a low rate credit card, can also provide more flexibility than a personal loan. If an emergency occurs then the credit is still there to use. The obvious risk to this, however, is using the credit and never getting out of debt. Debt consolidation with a credit card requires discipline and commitment to get out of debt.

Click4credit.com.au can make comparing credit cards a quick and easy process. They even offer an online application facility to further streamline the process.

Search for the type of card you want now using the menu to the left or links below:

Homepage featuring our Top 5 Credit Card Offers

Low Interest Credit Cards

Rewards Credit Cards

Frequent Flyer credit cards - offering Qantas Frequent Flyer Points

http://www.click4credit.com.au/articles/best-credit-cards.php

Applying for Credit Cards Online

2007-11-06T01:33:00.000-08:00

The internet has certainly served to simplify life in many different ways. Finding information, communicating, doing business and shopping, have never been easier. The same goes for banking. Before the internet, you had to physically go to the bank to transfer money, to pay your loans, to compare credit cards, and to request new credit facilities. Now just about everything can be done from your nearest computer, anytime day or night. Many consumers are availing themselves of this convenience, with a growing number nowadays using the internet to apply for credit cards online.

If you are organised in your approach, you will find that to apply for credit cards online is less cumbersome, quicker and considerably easier than taking a trip to the bank. Here are a few tips on what to do before you click on the ‘apply for credit cards online‘ icon:

Compare credit cards

You need to know which credit card you need. So, the first step when you want to apply for credit cards online is to compare credit cards. Click4Credit has the facility where you can compare credit cards side by side to evaluate the different fees and features. You will notice while you compare credit cards, that some of the special introductory offers are only applicable to those consumers that apply for credit cards online.

Get your information together
When you apply for credit cards online, you will need the following information handy:
• Personal Information: This will include name, address, date of birth and driver’s license number.
• Income information: After-tax income, source of income, employer details and if you are self-employed, your accountant’s details.
• Current financial commitments: Information on car repayments, mortgages, credit cards and any other form of debt you are repaying. If you want to do a balance transfer from your current credit card to a new credit card, also have the outstanding balance available.

If you have all this information together, you can apply for credit cards online, quickly and efficiently.

What to expect?
When you apply for credit cards online, you normally receive an in-principle response in 60 seconds. Naturally the issuer needs to verify the information provided and check your credit record before they approve your credit line. After you apply for credit cards online, it can take anything from 1 to 2 weeks before your credit is confirmed.

How to apply securely?
It is important to ensure that your personal details are safeguarded when you apply for credit cards online. To do this, look for the following:
• https:// instead of http:// in the address bar.
• A closed lock either in the bottom right of your screen or to the right of the address bar.

When you apply for credit cards online, make sure that you do not file too many applications as this could impact your credit rating – three is normally a safe number. Always compare credit cards first before you proceed to apply for credit cards online instead, to avoid this risk.

When you apply for a credit card online through Click4Credit you can be sure that you application is secure and handled directly by the banks themselves. Search your the credit card of your choice and apply online now. View our top 5 credit cards or use the search box below.

http://www.click4credit.com.au/articles/apply-for-credit-cards-online.php

Online Debit Cards: a professional view on Online Debit Cards

2007-11-06T01:31:00.000-08:00

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Hilton HHonors Platinum Credit Card from American Express

2007-11-06T01:29:00.000-08:00

Hilton HHonors® Platinum Credit Card from American Express

The Hilton HHonors® Platinum Card from American Express® is designed for those with very good credit who frequently stay at Hilton Hotels.

Through the reward program, cardholders earn three points for every dollar spent on the card for general purchases (a rare benefit, as most reward programs only offer one point per dollar spent for general purchases) and five points for every dollar spent at Hilton Hotels, grocery stores, drugstores, gas stations, restaurants, the U.S Postal Service, and wireless phone bills. Earned points do not expire; however, points are limited to $100,000 in annual spending. Cardholders will be awarded two points for every dollar spent on eligible purchases exceeding $100,000.

The reward program can be combined with the Hilton's HHonors® reward program that offers various benefits to cardholders including a chance to earn both points and frequent flyer miles for a qualifying hotel stay. Cardholders will also receive 10,000 bonus points after their first purchase, which must be made within one month of approval, 15,000 bonus points after spending $5,000 in 5 months, and up to 10,000 bonus points for their first four stays at any Hilton.

Hilton HHonors® Platinum Credit Card from American

* 10,000 HHonors bonus points after your very first purchase on the Card - enough for a free night
* 15,000 bonus points after you spend $5,000 in 5 months-- that's in addition to the 15,000 points you would earn for your Card spending
* 10,000 HHonors bonus points over the course of your first four stays at any participating Hilton Family hotels
(2,500 HHonors bonus points each stay)
* Receive 5 HHonors bonus points for each dollar spent at Hilton Family hotels and for eligible purchases at supermarkets, drugstores, gas stations, dining establishments and more
* Get 3 Hilton HHonors bonus points for each eligible dollar you spend everywhere else
* No annual fee

Apply Now!

In addition to the reward program, the card does offer many of the common benefits and services provided by American Express®, such as auto rental insurance, travel accident insurance, various purchase protection related services, and discounts through the Offer Zone (which provides access to offers, discounts, and special events).

There is no annual fee on the card, and a low introductory rate is available for purchases and balance transfers for the first six months (balance transfers must be submitted during the application process). The interest rate for purchases and balance transfers is above average for a reward credit card and is not ideal for those who plan to carry a balance after the low introductory rate expires.

Overall, the Hilton HHonors® Platinum Card from American Express® is best for those who frequently stay at Hilton Hotels and will be able to take advantage of the reward program as well as the many cardholder benefits provided by American Express®.

http://www.creditcardwave.com/credit-cards/american-express/hilton-hhonors-platinum-credit-card-from-american-express.php

American Express Canada Air Miles Credit Card

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American Express® Canada AIR MILES®* Credit Card American Express AIR MILES credit cards are for people who want to earn reward miles on the things they buy anyway. It is a good card for people who like to travel and who can pay their minimum monthly payments on time. It is also good for people who want to save money on interest by making a balance transfer.

The American Express® AIR MILES®* Credit Card

American Express® AIR MILES®* Credit Card

A FAST and EASY way to collect AIR MILES reward miles.

* No Annual Fee
* 100 reward miles the first time you use your Card2
* 1 reward mile for every $20 in purchases charged to your Card1
* 3.99% on balance transfers for the first six months of Card membership, provided your account is and remains in good standing3

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American Express Canada AIR MILES credit card cardholders who shop at participating AIR MILES sponsors at thousands of locations across Canada and the USA and shop using their credit cards and their AIR MILES collector cards will earn reward miles from both.

A personal American Express AIR MILES credit card is a card that helps people to earn airline miles on the things that they buy anyway. This credit card has no annual fee and helps cardholders earn air miles fast. New cardholders receive 100 bonus reward miles the very first time they use their cards. Then, for every $20 charged to the American Express AIR MILES card, they will receive one reward mile.

http://www.creditcardwave.com/credit-cards/american-express/american-express-canada-air-miles-credit-card.php

Starwood Preferred Guest® Credit Card from American Express

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Starwood Preferred Guest® Credit Card from American Express

The Starwood Preferred Guest program has the least restrictive award redemption policy. There are no blackout dates, unlike most other hotel reward programs. Starwood Preferred Guest also allow members to exchange points for air miles on a one-to-one ratio.

The Starwood Preferred Guest® Credit Card from American Express will help the Starwood Preferred Guest program member earn faster reward points. For the savvy frequent traveler, this is a great card for accumulating air miles as well.

Starwood Preferred Guest® Credit Card

* Earn 10,000 Starpoints® with your first purchase — enough for up to 3 free nights
* Earn 15,000 bonus Starpoints after you spend $15,000 in 6 months
* Use Starpoints® for free nights and upgrades at over 825 participating Starwood hotels and resorts in 95 countries
* Transfer Starpoints® — almost always on a 1:1 basis — to the frequent flyer programs of over 30 major airlines
* Earn one Starpoint® for every dollar you spend and double Starpoints® at participating Starwood properties and retail partners
* First year fee-free and $45 thereafter

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You even get an additional 5,000 points if you transfer 20,000 points into air miles. Hence, many Starwood credit cardholders simply use this card for air miles. If all you do is spend $20,000 on your card (without spending a single cent at starwood hotels), you can convert your 20,000 points into frequent flyer points.

With Starwood topping it up with 5,000 points, that means you you can get a free airline ticket for a economy class roundtrip within the continental US with most airlines. Furthermore, the $30.00 annual fee is lower compared to those of a typical airline credit card that has fees that range from $45.00 to $85.00. Starwood has partnered with over 30 airlines, so chances are that your airline will be on the partner list.

http://www.creditcardwave.com/credit-cards/american-express/starwood-preferred-guest-credit-card.php