Five Credit Card Fees you may not Know about
Posted on 7/20/2009 - Filed under Credit Card News
With the changing credit industry, some fees are popping up that may be new to you. On the other hand, there are some fees that have been around for awhile but that you might not be aware of.
Knowledge is key when using credit cards, and knowing what to expect with the fees involved can make a big difference. Here are five credit card fees you may not be aware of, but should definitely know about.
Foreign Currency Transaction fee. If you travel abroad and swipe your card, the company may charge you a fee for the currency exchange that takes place. So if you head to Europe and make a purchase there, you can expect the charges to be a bit more on your credit card.
Balance Transfer fee. Many cards let you bring over a balance from a previous card. In these cases, however, there are sometimes fees involved. Look into this before you make the transfer. You may find that it is still to your advantage to do the transfer, or you may conclude that you’d rather take a different route to get rid of that debt.
Annual fee. Some reports say that more and more card issuers are tacking on an annual fee to their cards. If you’re not sure if your card charges an annual fee, you’ll want to find out. You can then decide if the extra cost is worthwhile. If you’d rather avoid it, look for a card that advertises no annual fee.
High late fees. You can expect to pay a late fee if you miss the due date for your payment. If you’re not sure what it is, find out. Then do all you can to make sure you send in payments on-time.
Registration fee. Not all cards come with this, but some types, such as bad credit credit cards, often charge a fee for signing up. If you’re looking for a new card, check for a registration fee, as well as all other fees involved with the card. By finding out, you’ll be better prepared to take on the card and manage it as best as you can.
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Four Ways to Use a 0% APR Credit Card
Posted on 7/15/2009 - Filed under 0% APR Credit Cards
If you’re applying for a new credit card, you’ll want to make sure you can get the most out of it. Most cards these days offer a 0% APR introductory period. This means that you will not have to pay interest on the balance for a certain period of time at the beginning. Here are four ways to take advantage of those interest-free months.
Give yourself a loan. If you want to make a bigger purchase, like a flatscreen tv, use the card for it. Don’t make any other purchases. Find out how long the 0% APR lasts. Divide the number of months by the total purchase amount. Now you know how much you need to pay off each month to get the balance down to zero by the time the zero percent interest period ends.
Transfer a balance. Some, but not all, 0% APR credit cards offer a 0% APR on balance transfers as well. So if you have lingering debt on a different credit card, you can bring it over to the new account. Pay it off during the interest-free period and you’ll save yourself a bundle in interest fees.
Practice good management. If you’ve had trouble with credit cards in the past, now is your chance to train yourself to use them wisely. Make a small purchase each month and pay it off right away. This will teach you to not carry a balance. And with the 0% APR as a backup, if you slip one month, you won’t have to pay steep interest charges to make up for it.
Enjoy the benefit. Chances are, if you apply for a 0% APR credit card and get approved for it, you’ll be able to use that benefit to your advantage in one way or another. Take some time to sit down and think about how to make the most of your new card. Doing so will help you come up with a plan. Follow the plan and you’ll enjoy the card, both during the 0% APR period and beyond.
Click Here To Apply For A 0% APR Credit Card
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Set up a Budget to Manage your Credit Card Spending
Posted on 7/11/2009 - Filed under Credit Card Management
What do credit cards and a budget have in common? A lot, actually. They both can have positive, or negative, impacts on our finances. The best way to keep both of them in check is to have a plan. Here’s how to set up a budget that will benefit your finances and your credit cards.
Track what comes in. How much do you make each month? Is it a steady paycheck or does it fluctuate? Take some time to look over how much income you received during the last three months. Or start keeping track today and watch the money that comes into your checking account for the next few months. This will give you an idea of just how much money you have to work with each month.
Make a list of expenses. Where does the money go? Write down your expenses for each month, including mortgage or rent, utility bills, entertainment costs, and groceries. This will help you understand how your money is spent each month.
Bring in the Credit Cards. Do you carry a balance each month on your credit cards? If so, look over how much you owe. Think of ways you can reduce certain expenses in order to pay off those balances. By looking at how much money comes in and how much goes out, you’ll know the amount that is left over for other things.
Tie it together. Use the information you’ve gathered to form a budget. Plan out the amount of money that you’ll spend on certain items each month. Work in your credit card expenses to the budget. By doing so, you’ll be able to stay on top of your finances and your credit cards.
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What the Changing Credit Industry Means for you and your Credit Cards
Posted on 7/1/2009 - Filed under Credit Card News
You’ve probably heard in the news recently about all of the changes going on in the credit industry these days. New legislation may lead to adjustments that affect the market for many years to come.
So where do you fit into the picture? Maybe you’re carrying more credit card debt than you’d like to. Or perhaps you’re shopping for a new card and having troubles getting approved for one. And maybe, just maybe, you haven’t felt any effects from it.
Whatever the case, experts are encouraging consumers to use this time as a chance to reevaluate their credit standings. Are there some old debts you need to pay off? Work on getting rid of them. Are you getting the most out of a rewards card that you’ve had for a few years? Start racking up the points and keeping track of them. And if you just got a credit card, check to see if it has a 0% APR period. You can use this time to make purchases without having to pay interest. Just be sure to pay off the balance before the regular interest rate kicks in.
Taking good care of your credit cards and managing them wisely will help you get through the future, no matter what changes come about in the credit industry. You’ll be able to keep using your credit cards, making purchases, and paying them off in a timely manner. All of these will work to your advantage, even in a changing credit industry.
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