Month: December 2016

Credit Card Applications 101

Credit cards are ubiquitous and relatively easy to obtain. The process involves filling out a credit card application form, which is a relatively straightforward process. All the same, it is advisable to have an idea of how credit cards work and the right way of filling out a credit card application.

An individuals credit history has a major bearing on the approval of his credit card application. Credit card companies can access an individuals credit history from various credit reporting companies. Applicants too should carefully read the application form and ask relevant questions about the credit card company. Unless the credit card is from a company that one is already doing business with, it is advisable to get an idea of their customer service and check for information on the Better Business Bureau. The Federal Government requires that the credit card applications elaborate the terms of credit clearly for the benefit of the applicant. This makes it easy for applicants to arrive at a decision regarding the right credit card for their circumstances.

Since credit card usage varies between people, there are different types of cards available; however, for a majority of people a low interest rate credit card works best. The credit card application mentions whether the APR is fixed or variable. The variable rate varies with the prime rate fixed by the Federal Reserve. A variable APR may not be a good idea for those who carry their credit balance forward. Other features such as the annual fees, grace period, and transaction charges should be understood. This helps in comparing offerings by the various card companies and in understanding the compatibility of these offerings with ones lifestyle.

After approval of the application, the card is mailed to the individual. It is advisable to read the accompanying literature carefully and file it safely for future reference.

In order to understand the various terms used in a credit card application and to get other helpful advice, an individual can research on various websites that offer easy-to-understand explanations.

Gas Cards During Gas Crisis

These days, gas prices are becoming increasingly high. If you look closely at the average price of gas, a year ago, gas was sold at around $2.94 per gallon. Comparing it to last month, it increased to $3.98, with a difference of $1 during the duration of the year. And just the other week it peaked higher to $4.082. So what about now? It skyrocketed to $4.10 per gallon. See how our gas spending is rising by the moment? Its really getting ridiculously high, as what those “angry” people ranted.

Theres no way of knowing on how long this high price of gas will stop. Exports are getting richer and richer everyday while the ordinary people are getting poorer by the minute. Is there some way that the government can do? It seems like nobody really cares about the gas situation anymore.

Because of the ongoing crisis, we have those gas cards to thank for. Since we know that the price wont be going down, we would just have to rely on these gas cards that can save us a whole lot of money. Whatever gas card that you have: if its a prepaid gas card or a credit card, it wont matter. They work just fine.

What makes both gas cards different is through their offered rebates and rewards. Gas credit card rebates get more than in prepaid ones. Credit cards are handy because they are unlimited; whereas, a prepaid one is reloaded with a specific amount only. Once it is used up, the prepaid card is useless.

It may be true that gas credit card rebates are helpful to any card holder or a car owner, but take note that different companies differ with their card features and benefits. Some rebates are long term and consistent, while others have high rebates on the first few months, and slashes down for the succeeding months. So before you venture into any gas credit card, look into the cards subsidy.

On the other hand, big gas credit card rebates are not the least things that a low class or a middle class worker should worry about. Since you cannot afford to have a credit card that pays by monthly; stick to the prepaid cards. Its cheaper and accessible anytime. You dont have to worry on paying bills since the card is already preloaded meaning, it can also pay for your gas without a hassle.

For more info see: Gas Credit Card Rebates

Credit Cards for Students Explained

Whether one likes it or not, the fact is that credit cards are slowly and surely becoming indispensable parts of modern lives. The convenience that a credit card provides is making them really invaluable in making purchases and availing of the other benefits they provide. Surely then, students would not like to be much away from the lure of the credit cards. Today student credits are becoming almost as popular as the credit cards meant for adults.

Student credit cards can be used in much the same way as the adult credit cards can, but there are certain restrictions. For student credit cards, a parent or a guardian generally needs to cosign. This is to ensure there is backup in case the student is not able to meet up with the payments. The limits on these cards are also lower than on adult cards. Student credit cards seldom go beyond credit limits of $500 to $1000. In addition, student credit cards have higher rates of interest for two reasons: 1) because students may not be able to pay off their bills and 2) students do not have any credit ratings to show.

However, there are many plus points to student credit cards. One of the most important ones is that students can learn finance management from a very young age. Parents must encourage their children to become wholly responsible for the payments on their credit cards. This ensures that the student would grow up to manage his/her incomes better. Another thing is that the student would be able to build up a credit record from a very young age. Of course this would depend on how efficiently the student manages to make his/her payments on the credit card in time.

The best thing a student can do is to make a budget in the beginning of the month. This should take into account how much the student can afford to spend on the credit card. Making a realistic budget and then sticking to it will make the credit card a very efficient tool in the hands of the student.

It is not necessary to be intimidated of student credit cards and to reject them for that reason. On the contrary, the best thing is to buy the card and then make proper efforts to make the payments. In this way, the student will always have money to get what he/she wants, like a movie or a concert ticket, a new pair of jeans, or even a new cell phone. Treating the card with respect from the student age could be a major leap in learning how to live with financial independence in later life.

Non Profit Credit Card Debt Consolidation Less Stress Without Much Distress

Plastic money is easy to handle and safe to operate but the interest rates charged for the pending unpaid debts are too high and hard to payoff.

Carrying paper money or ready cash is not always safe to handle. With the advent of plastic money, paper money is used less and many people apply for credit cards for their feasibility and security. What most people forget is that apart from the safety factor and the easier availability feature the interest rates charged for the outstanding payments is very high. When you miss out on paying back the credit loans even for a month, the burden or the financial cross you have to bear is huge.

When one month of missed repayments can cause you so much burden just imagine the number of the cards you have and the relatively same number of crosses you have to bear every month. More than one credit card debts can no doubt change your life or lower your self esteem as you have to encounter constant threats from the loan collectors. Credit card consolidation loans are available to help people consolidate the pending loans. Many non profit credit card consolidation programs are also started by governmental and non governmental organizations.

Non profit credit card debt consolidation can either be secured or unsecured credit card debt consolidation plans. With the unsecured plan you need not offer or mortgage any security for availing the loans from the non profit credit card debt consolidation companies. As the name denotes, these companies operate without any profit making purpose and it aims to only erase out the loans f the helpless people. Moreover the non profit credit card consolidation companies do not charge any interest or it is very low, which will remove the burden of heavy interest payments to credit card companies.

Credit card debt consolidation services are available abundantly. What matters most is the selection of the right non profit credit card debt consolidation program that will suit your budget and repayment options. Check the online consolidation companies to find the best services for you. Compare what they have to offer and read carefully about their policies and rules before dealing or signing the consolidation plan offered by them. Non profit credit card debt consolidation is definitely the smartest way to sign off all your pending credit card debt in time and save yourself from undue financial burdens and frustrations. Save yourself from the discomforts and accumulating interest payments by consolidation all your credit card debts into one single non profit loan and get relieved instantly.

Consolidating Credit Card Debt – Best Strategies and Tips to Help Out and Get You Out of Debt

Hopefully these tips and strategies for consolidating credit card debt will help you to save good amount of money. Instead of paying too much cash to your creditors, simply put all those savings straight to your packet. So here are some tips and strategies for consolidating credit card debt that could help you save some money.

Firstly you have to sacrifice by cutting off some of your regular budget. You have to be committed and be concentrating on paying off the debt. The quicker you can possibly pay back your debt the lesser the interest rate you’ll be paying to your lender. Always do not forget that the more time you take in paying off your debt, the more in which it will cost you so the more you will remain in more hardship in paying off the debt. When consolidating credit card debt by switching multiple credit cards within one credit card.

When you choose to move to another credit card, this strategy would really help you if the new credit card offers a lesser interest rates compared to the existing credit cards interest rates. I know you get the idea on how you would save money with this tip. Another advantage youll get is there are offers by credit card companies that once you switch your existing balance into their credit card, they normally grant a very low introductory rate and even at times a 0.00% introductory rate which often runs for 6 months and upwards will be given. This is really effective only in the case you have the intention in paying these debts you owe in the time period when your introductory rate is yet lower. Keep in mind that the disadvantage with this method is when the introductory rate is finished, theres a huge possibility that the new interest rate would be greater compared to the interest rate you had in the past.

Thirdly when consolidating credit card debt, you may choose in this strategy. You could get a debt consolidation loan which offers a lesser interest rate when compared to your current interest rates. Then you could pay the debt with this debt consolidation loan. Yet always take into account that it also has a disadvantage if youre failing to pay what you owe. A few loan services may get your property that you had signed up as your collateral.

Our final useful tip to you for consolidating credit card debt is when you have your own house, you might have a home equity loan to repay the credit card debt. You might in fact be able for a tax deduction which you wont most likely get if your debt is with your credit card. Check out the cost benefits of this kind of loan so for you to get the benefit in the long run. But bear in mind that your own home is the collateral if you ever do not pay out the debt.

Smart Christmas Shopping with Your Credit Card

Christmas season is once again here. And as a tradition, gift giving is also just around the corner. Most consumers prefer to use their credit cards when shopping for gifts. They are safer to carry around when shopping and more convenient as well. Nevertheless, credit cards should also be used with care. Consider the following credit card tips for your Christmas shopping and get the most of what your credit cards have to offer:

Take advantage of 0% rate offers. When shopping for a season, its best to use a credit card that has a low interest rate or even a zero APR. Most credit cards offer 0% APR from six months to a full year so if your current credit cards dont give you that flexibility, its smart to get a credit card with a low interest advantage.

Gather your rewards. A reward credit card is best for shopping for the holidays. Since youll be making a lot of purchases, you might as well get incentives out of them. A cash back reward credit card gives you the opportunity to get more savings and more value for your money. If youre thinking about going on a Christmas vacation, you can save a great deal from your travel expenses if youre going to apply for a credit card with a Travel Miles Reward program early in the year.

Check your billing statements. Check your credit card statement for accuracy and make sure that all the charges in your account are purchases that you did make. If you have any disputes about the charges, dont hesitate to inform your bank right away. Remember, you have the right to dispute claims under the Federal Law. If you do have disputes, dont just inform your bank by phone. Send a follow up dispute letter via registered mail as well.

Create a shopping list. Just because youre using your credit card in purchasing gifts means you can splurge all you want. Its best to write down your exact budget for the gifts you plan to give. It will also allow you to think about the best gift that will make someone happy.

Write down all the people who you want to give gifts to and beside each persons name, write down the estimated amount of gift youre willing to spend. Add up the total of all the gifts youll be purchasing so you can have an idea of how much youll be charging on your credit card. Fight the temptation to go over the amount youve already listed in your list.

Dont take out cash from your credit card. Never use your credit card for debiting cash. Always remember that cash advances automatically charge you with interest because its not included in the grace period of the card.

Pay your bills on time. After the shopping is over, make sure that youre prepared to make your repayments. Submit your credit card payment on time and never ever make the mistake of delaying or putting off with your payments.

History of Accepting Credit Cards

By 1969, most independent bank charge cards had been converted over to either the BankAmericard or Master Charge cards.

Eventually, charge card issuing and processing became too large of a task for the banking industry to handle. That is what lead to the emergence of credit card associations such as Interlink Association, Western States Bank Card Association, and National BankAmericard Inc. Current associations include Visa and Master Card.

The next major changes in the credit card industry involved streamlining transaction processing and reducing credit card fraud. Electronic authorizations were developed in the early 1970s which allowed retailors the ability to check a customers credit limit 24 hours per day.

By the mid 1970s, the credit card industry started exploring international waters, but had some difficulty because of the name association; “America” in BankAmericard, for instance. This lead to the renaming of BankAmericard to Visa and Master Charge followed suit by changing its name to Master Card.

By 1979, electronic processing was improving. Electronic dial up terminals and magnetic strips on the back of credit cards allowed retailers to swipe the customer’s credit card through the dial up terminal, which accessed issuing bank card holder information. This process gave authorizations and processed settlement agreements in a mater of 1-2 minutes. An added benefit was paper reduction.

The early 1980s, gave birth to the first Automatic Teller Machines (ATMs), which allowed consumers access to cash, and to make deposits, 24 hours a day across our nation and in other countries as well. Account users could obtain cash in many different currencies.

Since its existence, Visa has been a leader in credit card innovation. Because of this they have emerged as the world’s leading credit card association with over 1-billion cards being issued, and carrying over 50% of all credit card transactions conducted world wide.

“Visa (International) is a “not for profit” organization comprised of over 40,000 member Banks and MasterCard is a for “Profit” company who issues credit cards and sets and maintain rules for credit card acceptance and processing. They are both run by board members who are mostly high-level executives from their member banks and industry heavy hitters.”

There are five leaders in the credit card industry: Visa International, MasterCard, American Express, Discover and Diner’s Club. There are others trying to penetrate the industry like check processing companies, Euro Card, JCB and ATM companies but credit cards still account for over 90% of all e-commerce transactions !

Zero Percent Credit Cards and How You Can Use Them

Banks that offer credit cards usually make some kind of offer to encourage customers to apply for the credit card. These cards may come with lower interest rates and some even offer zero percent interest for a period of time. While it may be easy to find companies that offer these deals, it is important to realize that the introductory interest rate will not last forever. There will come a time when the interest will increase and you will be paying a much bigger bill on any balance that remains on the card.

It is important that you take a minute to explore the card offers before you immediately sign up for the new card. You should understand how long the introductory rate will last and what it will increase to when it does return to the normal interest rate. Your financial situation depends on how you handle these credit issues. One of the main reasons why people burn their fingers with credit of any kind is because of the lack of understanding of interest charges.

When you begin your research in these low interest cards, you should understand why the company is making such a generous offer. The bank is using the low interest rate to encourage new customers to taking out a new card. Zero percent interest rates are called a teaser rate to get new customers. The company uses the low rate to bring in new customers and when the introductory rate ends, the standard interest will apply. Customers that have a balance at the end of the introductory rate will end up paying the higher rate on the money still owed on the card.

For those who make the mistake of maxing out the card, it will end up costing a lot of money when the interest rate changes. The best thing to do with these cards is to keep the balance low when the introductory rates are going to increase. When the time comes for the credit card interest rate to go up, a low balance will keep your payments low. The zero percent interest rate can save you a lot of money for the introductory period. Remember to keep the balances under control when you sign up for a zero percent interest card. You will have to pay a higher rate at some point.

In the end it boils down to understanding exactly what your responsibilities really are. Credit does not come cheap and special deals and offers are usually just ways to hook you. If you are smart you can use it to your advantage. If you are not it will cost you.

Asset Protection from Creditors Credit Card Lawsuit

Asset Protection from Creditors Asset Protection

When one begins to experience financial difficulties, the first thing that many creditors will try to go after is ones assets. This can be very upsetting and in general many feel that there is little they can do to achieve asset protection from creditors. This can be true depending on how you handle the situation and what steps you take to protect your assets. Many think that bankruptcy will help, but bankruptcy will not always protect your assets and to further complicate the matter you lose control over what assets are used to satisfy the debts. These decisions will be made by a court appointed trustee who may not see things the way you do and may sacrifice assets that you would rather hold on to.

For many using a credit counselor or debt settlement firm seems to be a better solution and in some ways it can be, but these types of services do not provide asset protection from creditors either. Without this type of protection creditors can still put liens on your assets and also garnish your wages. When these types of things are done, you lose control of your finances and are unable to make the decisions you need to make to get yourself back on track.

The ideal solution is to enter into an asset protection agreement with a company that specializes in such matters. These types of services can offer asset protection from creditors while allowing you to maintain control of your finances. This type of arrangement works by you entering into an agreement with the company and allowing them to place a lien on your assets until you have fulfilled the terms of their contract. This will stop other companies from being able to seize your assets and dispose of them.

This may feel like to some a risky endeavor which is why it is important to use a reputable company that has experience in this type of transactions. By providing asset protection from creditors and working with you to help lower your debts and payments one can start to gain the control over their financial situation that circumstances may have taken from you. Using a firm that specializes in such matters is beneficial in that they can also help you in demanding validation from creditors that the claims they have against you are truly legitimate. Dealing with creditors and credit collection agencies can be a tricky matter and it is good to have someone on your side who can help you protect yourself and find a way out of the financial hole you are in.

Pointers on Consolidating Credit Card Debt

In case you are feeling bothered about your ever growing credit card debt and believe that theres no longer any escape for you at all, then youre undeniably wrong. You have lots of options on how you can manage your credit right, so you can achieve all the benefits of it in the long run. You may also consider consolidating credit card debt.

Consolidating credit card debt, when compared with other forms of debt dealings offers you more advantages than you could ever imagine. Rather than announcing debt bankruptcy or debt management that can only help you in a short while, going after this kind of way is definitely much better than the rest. Here are some important tips you need to know about consolidating your credit card debt.

Since debt consolidation is all about combining all your existing credit card debts and putting them altogether in just one monthly payment, you’ll definitely be able to cut down on excruciating interest fees that further add even more debt to your credit and to your name. You can even make the payment methods much faster through this kind of method so you will also be able to make the most out of your debt as well as your credit score.

The best thing to learn about consolidating credit card debt is it has various forms to do it to maximize its benefit. Therefore there isn’t any strict approach on how to do it and it is as flexible as you can possibly ever imagine. For example, there are several zero or low interest options available, or equity loans that you can use as a homeowner, or you can also go after obtaining a personal loan, which ever you consider will benefit and help you most.

If you are seriously thinking about consolidating credit card debt and you have already made up your mind as to which of these types of debt consolidation choices to go after, then its now time for you to call your creditor to go over other options that you might have. It is important that you will settle all your debts on time, but more than that, you also need to make sure that you can maintain your credit rating as a credit card holder of the company.

If you can follow all of these tips, then you can be assured of that you won’t experience any problems in your future expenses.