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Credit Card – Friend or Foe?

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Best Cards:  Some might refer to the good ol’ credit card as the Fantastic Plastic. As recent statistics have shown, credit cards in the western world are proving to be anything but fantastic, especially for those who succumb to its use. Debt quickly emerges and strangles the card owner somewhat like a Boa Constrictor strangling its host. Deceptive Plastic Perhaps it would be better referred to as Deceptive Plastic. Many card holders don’t realize what their balance is, on a day to day basis, or just how much interest they are paying on funds not paid in full by the due date. ...

on January 22, 2010 0

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Credit Insurance

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Best Cards:  Credit insurance is commonly misunderstood, and users often accept it because it "sounds" like it should be of value. So, find out exactly what it costs, what it covers ands when and how it pays before you sign up. In its essence it is of value to a relatively small percentage of cardholders -- make sure it doesn't simply double coverage you have somewhere else (in insurance policies or through your workplace) or that it won't end up costing you more than it's worth (do some quick calculator work). You can insure yourself against being unable to pay if you are disabled or lose your job. ...

on December 8, 2009 0

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Five Big Downsides to Store Credit Cards

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Best Cards:  A cash register isn't just a place where you pull out your wallet to get cash or a credit card anymore. At a growing number of stores, it is becoming a place of opportunity to put some of that money back, in the form of instant discounts, shopping perks and savings that may otherwise pass you by -- if you only sign up for the store's own credit card that the sales clerk is soft-selling you. Sure, a 15% discount sounds fine, especially if you arrive at the register with an armful of items. But don't be wooed by the initial discount the plastic gets you on items you buy the same day you open ...

on December 8, 2009 0

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Credit: Know Your Limits

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Card Insider:  Consumers know all too well that going over their credit limit can mean a nasty fee, a higher interest rate and maybe even a lower credit score. But few people are aware that merely approaching their limit can have costly consequences as well. That's because your debt-to-limit ratio, or "debt utilization," is a key component of your credit score. Your debt-to-limit ratio is calculated by dividing what you've spent by your total credit limit. If you have a $5,000 limit and you've charged $4,000 this month, your debt-to-limit ratio is 80%, which is enough to signal to lenders that you a...

on December 8, 2009 0

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10 things credit card issuers don't say

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Card Insider:  1. "We're just waiting for you to screw up." Many things can bump your credit card interest rate into the red zone, but nothing faster than what's called universal default. You can make all your credit card payments religiously and for a long time, but fall behind on your electric bill and, suddenly, you're a deadbeat -- and will be charged accordingly. Rates can change on short notice, from low and reasonable to up to 35%. Card companies say what they're doing is managing risk. Consumer groups disagree, because many people in universal default aren't deadbeats by any re...

on November 16, 2009 0

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