About Credit / Debt Management
Credit / Debt Management
1 Sep 2010 at 7:53pm
When it comes to rewards credit cards, I'll take cash over points any day. If you're looking on your own cash back rewards card, you might have a hard time finding a generous cash back program. A lot of great rewards credit card deals have disappeared ever since the Fed put out rules that limit the fees and interest rates credit card issuers can charge.
Fortunately, we've done the work for you and found a few of the best cash back rewards cards deals out there. The cards that made the top 5 list are not only good for cash back, some also have great balance transfer deals and low interest rates on purchases. Check out the Five Best Cashback Rewards Credit Cards.
More on Rewards Credit Cards:
How to Choose a Rewards Credit Card
7 Things That Make a Rewards Card Unrewarding
More Cash Back Rewards Credit Reviews
Best Cashback Rewards Credit Cards originally appeared on About.com Credit / Debt Management on Thursday, September 2nd, 2010 at 00:53:40.
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31 Aug 2010 at 10:25pm
I love shopping but I dread the question nearly all store clerks ask now: "Would you like to save 10% and sign up for our credit card?" I used to let them down gently and say I already had the card, but preferred not to use it. Now, I just say that I'm not interested in a new credit card.
Store credit cards are relatively easy to get if you're just starting out with credit or you're rebuilding a bad credit history. But, they may be a little too good to be true. Store credit cards aren't all they're cracked up to be. They have high interest rates, low credit limits, and don't help your credit score as much as you'd think. That's just a few negative things about store credit cards. Find out 6 Drawbacks of Retail Store Credit Cards to help you choose whether to keep these cards in your wallet.
Related Reading:
Tips for Using Store Credit Cards (if you choose to have one)
Where to Get Your First Credit Card
How to Choose a Credit Card
Drawbacks of Retail Store Credit Cards originally appeared on About.com Credit / Debt Management on Wednesday, September 1st, 2010 at 03:25:58.
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27 Aug 2010 at 7:39pm
Secured credit cards are a great option for people who have bad credit and need a credit card to start rebuilding. They're also good for those who need a first credit card to gain some positive credit history.
Check out Orchard Bank's Secured MasterCard which has a low 7.9% interest rate and no account processing fee. If you've used this credit card, leave your own review.
Recommended:
More Credit Card Reviews
How to Choose a Secured Credit Card
Pros and Cons of Secured Credit Cards
Orchard Bank Secured MasterCard Review originally appeared on About.com Credit / Debt Management on Saturday, August 28th, 2010 at 00:39:28.
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26 Aug 2010 at 11:00pm
Stereotypically, college students are the group plagued with credit card debt. While cash isn't readily available for them, credit is. But college students aren't the only ones who have a high debt load. Credit card debt affects virtually every age group from 20-somethings to senior citizens.
Society's focus on consumer goods encourages people to use credit cards to maintain a certain type of lifestyle. Rather than pushing us to make wise decisions about the things we purchase, culture says, "If you don't have the money for it, just charge it." Meanwhile, credit card balances rise higher and higher, with minimum payments increasingly becoming out of reach.
It's a vicious cycle that quickly snowballs into a huge debt that's nearly impossible to manage. Credit cards don't become less appealing as you get older, which is why it's urgent that you learn to make good decisions earlier in life.
Articles on Credit Card Debt:
How to Avoid Credit Card Debt
10 Signs You're Headed for Debt
Tips to Stop Using Your Credit Cards
Credit Card Debt Isn't Age-Specific originally appeared on About.com Credit / Debt Management on Friday, August 27th, 2010 at 04:00:48.
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24 Aug 2010 at 7:34pm
No one wants to be contacted by a debt collectors, especially not on your cell phone while you're caught in evening traffic. But, debt collectors can legally contact you on your cell phone if your credit application lists your cell phone number as a contact number for you. Though cell phone contact is enforced by the Federal Communications Commission, rules of the Fair Debt Collection Practices Act (FDCPA, enforced by the Federal Trade Commission) still apply. For example, debt collectors can't call before 8am or after 9pm your time. You can stop debt collector calls by sending a cease and desist letter.
Dealing With Debt Collectors:
Stop Collection Calls
15 Things Collectors Can't Do
Reporting Debt Collector Violations
Debt Collector Calls on Your Cell Phone originally appeared on About.com Credit / Debt Management on Wednesday, August 25th, 2010 at 00:34:18.
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23 Aug 2010 at 7:32pm
When it comes to your credit report, it's best to be "in the know." You'll read a lot of advice to check your credit report for cases of identity theft, but that's not the only reason you should review your credit report. Looking at your credit report also gives you insight into what your creditors are saying about you. If you frequently check your credit report, you'll rarely be surprised about what's there.
Learn What You Should Look for On Your Credit Report.
If you're wondering when you should check your credit report, now is a good time, especially since you know exactly what you're looking for.
What to Look for On Your Credit Report originally appeared on About.com Credit / Debt Management on Tuesday, August 24th, 2010 at 00:32:36.
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21 Aug 2010 at 1:29pm
Earlier this month, About.com Reader Tami says Capital One is her worst credit card because they charged a late fee on her Capital One credit card payment even though it was paid on the due date before 5 p.m. Capital One's excuse: the payment was made after 5 p.m. Eastern time. Tami lives in the Pacific time zone.
The Credit CARD Act does allow credit card issuers to specify a 5 p.m. cutoff time for accepting credit card payments, but the law doesn't say the cutoff time applies to a specific time zone. Still, I believe any cardholder would assume 5 p.m. cutoff applies to their time zone. How is anyone supposed to know the time zone of the credit card issuer's payment processing center?
Watch out. Capital One may not be the only credit card issuer to pull a stunt like this. If you're making a payment the day it's due, you'll be better off sending payment in the morning to avoid any time zone issues. Making your payment well in advance of the due date will eliminate the due time issue.
Capital One Charges Fee on 45-Minute Late Payment originally appeared on About.com Credit / Debt Management on Saturday, August 21st, 2010 at 18:29:34.
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20 Aug 2010 at 1:14am
Yesterday, I received a letter from U.S. Bank letting me know, among other things, that my minimum payment was increasing to $30 or 1% of the balance, whichever was higher. I predicted credit card issuers would do this back when Feds introduced the rule to limit late fees. I won't be surprised if I get more letters from credit card issuers saying they're increasing minimum payments.
The new Federal law on penalty fees says that the fee can only be as much as the violation for a maximum of $25 or $35 for repeat offenses. For example, a late $10 minimum payment can only receive a $10 late fee. Similarly, a $10 over-the-limit charge can only result in a $10 over-the-limit fee. It's no surprise that credit card issuers would increase minimum payments, because it allows them to charge the maximum late fee allowed by law. The law goes into effect on August 22, 2010.
Has your credit card issuer increased your minimum payment in response to the new law on penalty fees?
U.S. Bank Minimum Payment Increase originally appeared on About.com Credit / Debt Management on Friday, August 20th, 2010 at 06:14:43.
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19 Aug 2010 at 1:13am
Choosing the right credit card is important for everyone. Young adults going back to school should be especially careful because many credit cards targeted at this age group aren't as great as the names make them sound.
Take the Citi mtvU Platinum Select Visa Card for College Students, for example. Any credit card with "MTV" and "College Student" in the title should be a great starter card. However, the credit card rewards students for spending money on the MTV website - a great place to spend your hard-earned tips right?
A better choice would be the Discover Student Credit Card which has no annual fee, 0% interest on purchases for up to six months, and up to 5% cash back on certain purchases.
For more great student credit card offers, check out our list of the Five Best Student Credit Cards. And if you want to know what credit cards to stay away from check out the Worst Student Credit Cards.
I also recommend you read:
How to Choose a Student Credit Card
Smart Ways for Students to Use Credit Cards
New Credit Card Rules for Young Adults
Best Student Credit Cards originally appeared on About.com Credit / Debt Management on Thursday, August 19th, 2010 at 06:13:41.
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13 Aug 2010 at 9:11am
By the time an account has gone to a collection agency, you've probably already decided it isn't something you want to pay. Otherwise, it wouldn't have been sent to a collection agent. I guess that's why debt collectors work so hard to convince you to pay.
I understand why you don't want to pay your collection: there are so many other things you could do with that money. But, there are some benefits to paying off a collection account. For one, you'd be getting rid of the debt - and the associated calls and letters - for good. There are a few more reasons in 5 Reasons to Pay Your Debt Collections.
Why You Should Pay Off That Debt Collection originally appeared on About.com Credit / Debt Management on Friday, August 13th, 2010 at 14:11:20.
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