Responsible Credit Card Use

Thinking about leveraging your finances? Be careful.

2004-10-13T13:23:00.000-07:00

So, maybe you are in a tight financial predicament and you are thinking about using credit cards as a way to leverage yourself and pay your bills. I was recently in this similar situation. I needed about $4000 for a home renovation project and considered my options. Like most of you, $4000 is a lot to part with from your bank account, if you even have it. But alas, I had that room on my credit card or credit cards. I toyed with the idea, but considered the following:

Do I want to have another monthly bill shortening my cash flow? Can I manage the payments to avoid huge surcharges and interest rates? Will I pay off the credit card or let it linger?

Using credit cards to pay for things, especially to leverage expenses is a risky proposition. I decided to pay for it myself, and I made 4 month payment arrangements with the vendor. This was easier for me and ensured I woudn't rack up credit card problems.

But whatever you may decide, leveraging yourself can work, but be careful because the credit card companies want you to fail - they make more and more money that way.

Frequent Flier Credit Cards – How Do I Choose?

2004-10-12T13:57:00.000-07:00

If you love to travel and specifically look for specific credit cards with frequent flier miles, you’re not alone. There are tons to choose from – finding the best credit card in targeted towards gaining miles can often be difficult. Thankfully, choosing the right frequent flier card just got a whole lot easier.

Take, for example, the US Airways Dividend Miles Visa Platinum Credit Card. For a $90 annual fee, you receive great rewards such as one Dividend Mile for each dollar spent on purchases, and 7,000 Bonus Dividend Miles just for using the credit card for the first time. Not to mention a low introductory APR of just 1.9%.

For more bonus features, consider the America West FlightFund Platinum Visa Credit Card. Not only do you receive 5,000 FlightFund miles when you open your account and earn one mile per dollar spent, but this credit card also conveniently offers Travel Accident Insurance for up to $1,000,000!

If a quick fix is more your thing, the United Mileage Plus Signature Visa Credit Card offers goodies such as free one-way 1,000 mile one-class upgrade certificates and a $25 United Discount Travel Certificate.

So whatever your frequent flier mile needs, you can be sure there’s a credit card out there to meet them!

Helping Students Choose the Right Credit Card

2004-10-11T10:48:00.000-07:00

Between classes, studying, and working part time, it can often be hard for students to afford their finances. Books, tuition, food – it all adds up pretty quickly. Many students turn to credit cards for a quick way out, but soon find out that managing debt is a lot harder than it seems. Finding the right credit card for a student’s needs can be confusing – and time consuming. Fortunately, many credit card companies cater to students’ individual needs, helping them create the responsible credit they will need to build in the near future. Chase, MasterCard, and Discover all offer student-friendly credit cards, all with no annual fee. Some of these credit cards even offer redeemable rewards and points to give students extra incentive to spend wisely.

For example, the Universal Entertainment Student MasterCard offers reward points for free CDs, DVDs, movie tickets, and tons more, while the Discover Classic Student Credit Card offers up to 2% CashBack Bonus awards. The Chase Platinum for Students Credit Card offers a 5.99% APR, which can help students to regulate their payments for the first six months while they become accustomed to how credit cards work.

Because these credit cards are geared towards helping students manage their debt responsibly and easily, it’s no doubt that they can help put students on the path to good credit.

Credit Cards or Home Equity Line of Credit

2004-10-07T13:13:00.000-07:00

The question in todays post is whether or not one should use a credit card or a home equity line of credit when needing access to extra capital. This depends completely on your level of credit responsibility and your credit score. If you can qualify for 0% balance transfer credit cards, then this is obviously your best choice. Conversely, if you have trouble managing payments and other credit card intangibles, then a home equity line of credit is your best option. Good luck.

Credit Card Comparison Sites

2004-10-05T06:43:00.000-07:00

With so many credit card comparison sites on the internet - just do a search for credit card on Google and you will see hundreds (maybe an exaggeration) how do you know what to trust. Its possible that some sites are providing you with misinformation, or are just fly by night operations with very little, if any interest in your wellbeing. However, many credit card sites are of the highest quality, established companies that are trying to offer a service to you - helping you to weed through the direct mail solicitations to know what meets your needs.

What to look for to ensure you are not being taken when going to a credit card review site:

Must be a high quality site. If it looks like it was done by yourself, it probably was.
Must have a privacy policy
Must have updated information and detailed card information
Must feature a myriad of credit card options
No popups, spyware, or other deceptive marketing tactics

We recommend websites like creditcardi.com and applycc.com as two of the best on the internet - so good luck getting your next credit card and using an easy to use credit card review site to help you find it.

CreditCardi.com Ranked Leading Credit Card Website

2004-09-28T11:55:00.000-07:00

CreditCardi.com is the Leading Credit Card SuperstoreCreditCardi.com announced today that it is the leading credit cardsuperstore as per a recent survey by Genesis IT Group, a NJ company.CreditCardi.com features detailed credit card information, onlineapplications, and other financial resources for consumers andbusinesses alike. Featuring the best credit card offers from theleading card issuers, Genesis IT Group proclaims "no site provides thequality content, ease of use, and efficient site design as well asCreditCardi.com.""We are thrilled to have received this honor," S. Tressel ofCreditCardi.com, "it validates years of hard work trying to provideall consumers a fair choice of credit cards, devoid of the deluge ofdirect mail and other solicitations."CreditCardi.com received this honor on September 15, 2004 and hasnoted that this honor "will only encourage us to continue to refineour site and content, to provide the best service possible" as recentupdates to the site include credit card blogs, discussion boards, andadvanced credit card content.http://www.creditcardi.com

Why Did My Interest Rate Go Up?

2004-09-22T13:22:00.000-07:00

Has this ever happened to you? One month, you have a great low rate for your credit card, and then the next month, the rate on the same credit card jumped 10% or more! At first glance, this appears to be some kind of mistake, but in fact, credit card issuers will modify your rate in response to your payment record, not only with the credit card issuer, but with all your debtors. For example, if you are on-time with your Visa credit card, but late with your car payment, then the Visa card could increase your rate as a measure of credit risk - even though you remain in good standing with them.

If this happens to you, its best to call the credit card company themselves, find out why your low interest rate was raised, discuss those reasons, and then threaten to leave them if they don't lower your interest rate. Credit Card issuers need consumers, so you have leverage. Good luck.Click for the best credit card information and online applications

How Many Credit Cards is Enough?

2004-09-15T14:06:00.000-07:00

Wow, what a good question. How many credit cards are enough? A lot depends on how you use them, how much of a limit you have on your credit card, and your history with credit payments. I would recommend holding no more than 2 credit cards at any one time. I would hold a rewards credit card to use for gas, groceries etc (but payoff every month) so you can accumulate points and rewards on purchases that would be bought anyway. If you are dilligent, this is a great way to get free trips etc. The second credit card should be used for emergency - you should maintain a reasonable limit on this card ($2500+), so if you are ever stranded in an emergency situation, you can recover.

Another consideration is how multiple credit cards affect your credit rating. The more cards you have, even without credit card balances, the more possible debt you have. The lower the possible debt, the better your score.Click for the best credit card information and online applications

How many credit cards are issued per year?

2004-09-01T16:19:00.000-07:00

Im not sure. But some initial calculations put it at 1.8 million credit card applications are approved per year. That is a pretty impressive number, but it also represents a problem. Credit card debt is a leading financial problem for many Americans, and these numbers show me that credit card debt will be on the rise. Not sure how this relates to you, but its important to manage your credit and credit cards wisely - as the credit card issuers are sending them out in droves.

And remember - a credit card balance is what every issuer WANTS.Click for the best credit card information and online applications

Reward Points - Alaska Case Study

2004-08-31T13:34:00.000-07:00

When used effectively, credit cards that offer rewards points can be very beneficial, if you are responsible with your credit card use. I have some friends in Alaska and a recent story about credit card behavior in Anchorage illustrates this point.

In Alaska, many consumers opt for the Alaska Airlines credit card versus any other issuer because this credit card offers Alaska Airline miles. And when you live in Alaska, it can cost up to $300 just to get to Seattle, nevertheless Hawaii, NYC etc. So, to many residents this is very valuable. So, common credit card behavior is to purchase everything - groceries, bills, restaurants using the Alaska Airlines credit card. And for many of these consumers, the rewards pile up, meaning free airfare whenever they want.

But, as Im sure you are aware, using a credit card for disposable goods can be destructive, if you don't pay them off right away. So, if you are to use this tactic with your rewards credit card, be sure to pay the balance monthly and enjoy your free rewards. But if you can't be disciplined enough to pay off your credit card balance monthly - this approach WILL NOT work for you.Click for the best credit card information and online applications

What Card is in my Wallet?

2004-08-30T13:51:00.000-07:00

Im sure many of you have been wondering what credit card I use, since I manage a blog about responsible credit card use. I am very fond of the American Express Blue Cash credit card because it offers no annual fee, reasonable interest rate and up to 3% cash back on all purchases. But, American Express isn't universally accepted, so I also have a CitiBank Visa credit card - no fee, low low ARP and other reward type benefits.

Regardless of what credit card you have, make sure you use it wisely and don't overextend yourself. For a listing of some of the best credit card offers available, see my links at the left.

Thanks. Your credit card safety guru! Click for the best credit card information and online applications

Truth About No Annual Fee

2004-08-26T10:59:00.000-07:00

I got a credit card soliciation in the mail yesterday and it offered no annual fee for the first year, and this was great, I thought. After I looked into the terms and conditions, the no annual fee was actually refunded if I used the card and maintained a balance for 12 months. I had never seen this before from a credit card offer. Not only do I have to pay the annual fee up front, but then have to use the card and interest rate for 12 months to be refunded $49. No thanks.

Be careful when you sign up for credit cards, and I encourage you to always work with leading banks including American Express, Chase, Citibank and the like.Click for the best credit card information and online applications

The Truth About Balance Transfer Credit Cards

2004-08-25T11:43:00.000-07:00

I'm sure you are one of the many American's who has received a recent credit card solicitation telling you to transfer your credit card balances and get 6 months with 0% interest rate. Depending on your current credit card situation, this can be a great boon, saving up to 22% interest per month - but be sure to read the terms and conditions. These credit card offers certainly are valuable, but if you miss 1 payment, or are even late, your 0% will disappear and convert back to a much higher rate. Sometimes, even if you make all of your credit card payments but miss a car payment, for example, your rate will increase.

So, before you go and take the credit card issuers up on their 0% APR offer, be sure you are fiscally responsible enough to handle it. Click for the best credit card information and online applications

Welcome to the Credit Card Information Blog

2004-08-24T13:21:00.000-07:00

Welcome to the Credit Card Information blog at creditcardinfo.blogger.com. My hope for this blog is that it will provide you with detailed information about credit card useage and to promote responsible credit card activities. I will address such issues as zero APR, balance transfers, and other marketing tactics used by the credit card companies, along with analysis of ways to leverage those to your advantage.

I will also address credit card scams, if and when they exist, and also ways to protect yourself from debt, and of course, if you get into credit card debt, ways to escape.

I have had a lot of experiences with credit cards, and hope you will find this blog helpful. For more information, visit www.creditcardi.com which includes links to apply for the best offers and credit card issuers on the web.

Thank you. Click for the best credit card information and online applications