You Can Rebuild Your Credit

UPDATE 2-US judge won't end credit card antitrust case

2012-02-10T04:54:00.000-08:00

Feb 8 (Reuters) - A federal judge refused to dismiss an antitrust lawsuit accusing Citigroup Inc and Discover Financial Services of conspiring to force credit card holders to agree to mandatory arbitration clauses in their cardholder agreements, and refusing to issue cards to people who did not agree.

Citigroup and Discover are the final defendants facing claims over arbitration clauses in the decade-old, nationwide case overseen by U.S. District Judge William Pauley in Manhattan.

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Scam watch: Credit cards, auto repairs, phone cards

2012-02-07T22:55:00.000-08:00

Here is a roundup of alleged cons, frauds and schemes to watch out for.

Credit cards – At the request of the Federal Trade Commission, a federal judge has halted a telemarketing campaign that allegedly sold bogus credit cards and drained money from victims’ bank accounts. Operating as Platinum Trust Card and Express Platinum Card, the businesses offered credit cards with a limit of up to $9,500 for an advance fee of $99 and a monthly charge of $19. The company said the cards could be used at any business that accepted Visa or MasterCard, but they actually could only be used at an online store the business promoted.

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Credit cards drive household debt

2012-01-25T17:35:00.000-08:00

Credit card debt is poised to reach a new peak as Koreans are trying to cope with stagnant wages and fund the rising cost of living, official figures show.

Household credit card spending, including transactions, loans and cash withdrawals, topped 540 trillion won (about $478 billion) in 2011, according to estimates by the Bank of Korea (BOK) and the Credit Finance Association.

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Unsecured Credit Cards for Bad Credit

Credit Card Processing: Don’t Be Seduced by Teaser Rates

2012-01-12T18:26:00.000-08:00

In "Durbin Amendment May Foster Deceptive Credit, Debit Processing Fees," my June 2011 article, I predicted an abundance of deceptive sales and marketing tactics by some merchant account providers as a result of the Durbin Amendment, which lowers the interchange rate for many debit card transactions. Well, I have never seen more deception and trickery in the industry than I’m seeing now.

Beware of Teaser Rates

Unknowing merchants are seduced by teaser rates every day. Teaser rates are not new to the card processing industry. They have just become more absurd. I have seen marketing materials promising processing for as low as 0.39 percent. That is not 0.39 percent over interchange and pass-through fees.

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Credit cards: When in a hole, stop digging

2012-01-10T22:59:00.000-08:00

Here's my situation. I am single (divorced) and 61. I have a decent-paying job but plan to work only about three to five more years. I have saved about $150,000 in my 401(k) account. I have a small pension (about $400 a month) with a prior retirement plan.

Here's my problem: Over time, I have stupidly and carelessly maxed out three high-interest credit cards. I have a combined credit card debt of about $40,000. I have a monthly mortgage of $1,850. I have a car that's paid for, but I have no emergency savings. Although I clear about $5,200 a month at my job, I find that I routinely pay minimum payments on my credit cards. This is causing me enormous stress.

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Citibank credit card defaults rise sharply in November, rate of late payments edges higher

2011-12-19T06:05:00.000-08:00

NEW YORK — Citibank on Thursday reported a significant jump in the rate its customers defaulted on credit cards in November and said late payments also rose.

The rates for both measures for the credit card division of New York-based Citigroup Inc. remain well below where they were a year ago.

DEFAULT: Citibank wrote off 6.36 percent of balances on an annualized basis in November. That was up from 5.66 percent of balances in October. The rate remains much lower than the 9. 4 percent charge-off rate of November last year, however.

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Swipely Expands Credit Card-Based Loyalty Service

2011-12-16T00:17:00.000-08:00

Small businesses are looking at an increasing number of digital loyalty programs, which replace the traditional paper punch card and help merchants reward their repeat customers.

Swipely, which has been testing its credit card based loyalty service in Rhode Island, is expanding into Boston, launching with 150 local merchants there.

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Rewards Credit Cards That Give Back The Most

2011-12-13T00:07:00.000-08:00

If credit cards are used conservatively, they can be a great tool for holiday shopping. When you use them, the goal is not to create additional debt for yourself, but to have a strategy that involves using the credit cards to collect points and cash back while paying off the balances before they accrue interest. If you neglect the part of the strategy devoted to paying off the debt to prevent interest charges, then your interest will offset any rewards you earn making the strategy not very strategic.

Not every rewards credit card is created the same, so pay attention to the value of the rewards. Some of the most popular rewards cards choices include

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Police: Man Stole Credit Cards From Wes Dorms for Crack

2011-11-29T08:01:00.000-08:00

A North Haven teen is facing burglary and identity theft charges after Middletown Police say he stole electronics, cash and credit cards from a Wesleyan University dormitory.

On Nov. 25, a Wesleyan student called police to report his dorm at Foss Hill had been burglarized while he was showering. Missing was an Apple computer worth $1,600, a leather wallet with $60 inside, a cell phone valued at $600, a credit and debit card, the report says.

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10 Ways to Avoid Holiday Credit Card Debt

2011-11-09T21:52:00.000-08:00

NEW YORK (LowCards.com) -- The kids are still eating their trick-or-treat candy, and Christmas has probably not even entered their minds. But according to the National Retail Federation, nearly 40% of consumers had already started their Christmas shopping before Halloween.

The most wonderful time of the year has crept into October and November, but Christmas must be celebrated with a budget and a spending plan. A survey by Consumer Reports showed that 14.1 million Americans, or 6% of the country, are still paying off credit card purchases from last holiday season, up from 13.6 million in 2009.

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Coins to Credit Cards, a Short History of Money: Neil MacGregor

2011-10-25T20:39:00.000-07:00

(This is an excerpt from Neil MacGregor’s new book, “A History of the World in 100 Objects,” just published by Penguin.)

Oct. 26 (Bloomberg) -- We’ve all grown so accustomed to using little round pieces of metal to buy things, it’s easy to forget that coins arrived quite late in the history of the world. For more than 2,000 years, states ran complex economies and international-trading networks without a coin to hand.

The Egyptians, for example, used a sophisticated system that measured value against standard weights of copper and gold. But as new states and new ways of organizing trade emerged about 3,000 years ago, coinage began to make an appearance. Paper money would not arrive for another couple of millenniums and credit cards, not until the 20th century.

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US Credit Cards add Chip and PIN Security

2011-10-23T19:04:00.000-07:00

he days of the credit card's magnetic stripe appear numbered, with so-called chip and PIN, or EMV-enabled, credit cards poised to immigrate onto America's payments landscape.

EMV-enabled cards, named for developers Europay, MasterCard and Visa, have an embedded microprocessor chip that encrypts transaction data differently for each purchase. The chip and PIN name has been adopted by banks in Ireland and the United Kingdom to refer to these smart cards. EMV is widely used in Europe and Asia and is steadily being adopted as the standard type of credit card worldwide. Everywhere, that is, except the U.S.

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Citigroup Takes The Credit Card Business Out of the Trash

2011-10-17T21:02:00.000-07:00

Citigroup previously said it planned to get rid of its private-label credit card business, which issues credit cards under the names of retailers. Today, as it reported better-than-expected earnings numbers, Citigroup said it will hold onto the private-label operation.

“Boosted by an improving credit environment and strong management, the business has earned $2.2 billion pre-tax so far this year,” CEO Vikram Pandit said in a memo to employees. “Looking forward, the portfolio not only fits the current credit environment but also our strategy of building and strengthening relationships with our corporate clients.”

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The ultimate dilemma of bad credit

2011-10-16T19:24:00.000-07:00

Credit: It’s a double-edged sword, which can either help or hinder a young person’s financial growth in a dwindling economy.

Suppose you are in an entry-level job, hired upon graduation, with a slew of student loan bills coming in the mail.

Then there’s rent, utilities, car loans, credit cards, groceries, not to mention extracurricular expenditures.

You start paying them off, confidently, with the budget you accustomed to your entry-level salary.

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Taxi Company Accepting Debit or Credit Cards

2011-10-14T01:29:00.000-07:00

Drivers of a Wilkes-Barre-based taxi company will soon be asking customers if they are paying in cash or credit.

Friday all Posten Taxi cabs will be up and running with credit and debit card machines.

The owner of Posten Taxi said this is the first company in northeastern Pennsylvania that will accept anything other than cash.

It's being done for a number of reasons, and so far, reaction is positive.

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Paying off credit cards could put house at risk

2011-10-10T19:42:00.000-07:00

Dear Debt Adviser,

I am considering refinancing my mortgage. My plan is to take cash out to pay off my credit card debt. I owe $80,000 on credit cards, which is actually more than the $63,000 I owe on the house. Would this be a well-advised move, in your opinion? I can very easily handle the new monthly payment. With the savings from not making credit card payments, I can make additional payments on the mortgage principal. My current mortgage has 11 years remaining, and the new mortgage would be for 15 years. So in other words, I’d be paying my house off in about the same time frame, anyway. I appreciate your advice.

— Robert

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Credit card fraud charges for former Portsmouth restaurant owner

2011-10-04T23:33:00.000-07:00

PORTSMOUTH — The owner of the now closed Bella Sol restaurant has been arrested, after police said he may be involved in fraudulently charging of credit cards.

Police have been investigating reports that allege Brian Pearson, 28, defrauded customers and former customers by placing charges on their credit cards without their authorization. The investigation indicated the fraudulent credit card charges were conducted between Aug. 27, 2010 to May 26, 2011.

While many of the charges were relatively small, the aggregate total amount charged was $2,437.87.

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Judge grants reprieve on credit card regulations

2011-09-28T23:02:00.000-07:00

A judge has sided with First Premier Bank and Premier Bankcard in the first step of a lawsuit against the federal government regarding a new credit card regulation that company officials say could cost them more than $1 million a month.

U.S. District Judge Karen Schreier granted Premier a preliminary injunction that will stop the enforcement of a new rule regarding limits to upfront fees charged on credit cards until after the court makes a final decision.

"First Premier has sufficiently demonstrated that it is 'likely' to succeed on the merits of its claim because the board acted in excess of its statutory authority," Schreier wrote.

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Credit Card Charge-Off, Delinquency Rates Fell in August — Moody's

2011-09-27T01:53:00.000-07:00

The U.S. average credit card charge-off rate declined in August, resuming the general downward trend of the past two years following a slight uptick in July, according to a new Moody's Investors Service report issued Sept. 23.

The charge-off rate during August declined 7 basis points to 6.02% from 6.09% a month earlier as fewer consumers defaulted on their card loans, the firm said.

The latest results reverse a "technical spike" in the average charge-off rate during July caused primarily by a change in Bank of America Corp.'s policy for recognizing credit card charge-offs, Moody's said.

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Be clever with credit cards to earn yourself top points

2011-09-25T22:57:00.000-07:00

Recently I had an epiphany. Not the kind that will result in me volunteering at the local soup kitchen or nursing injured animals back to life, but rather one that might get me travelling sooner or acquiring small appliances, all for free!

My revelation was that I was not using my credit card enough, meaning that I was potentially leaving tens of thousands of loyalty reward points by the wayside.

I have always been of the view that a credit card should be used for "special" purchases such as a new suit or a dinner out.

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Credit card abuse rampant, audits show

2011-09-19T08:01:00.000-07:00

SECRET internal audits have found ''unacceptably high levels'' of credit card abuse by officials in the federal transport agency, including one bureaucrat who made cash withdrawals of up to $7000 at a time.

A confidential inquiry into taxpayer-funded credit cards three years ago, obtained by Fairfax, urged immediate action to address ''the seriousness of [the] findings and the quantity of expenditure involved''

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Credit Card Tips for International Travelers

2011-09-14T08:26:00.000-07:00

NEW YORK (LowCards.com) -- Credit cards can be a convenient way to pay when traveling overseas, but using the wrong card can add fees and complications to your purchase.

Many credit cards charge as much as a 3% transaction fee for international purchases.

In addition, some issuers charge a fee if a purchase is processed by a bank outside the United States, even if you never leave your home. If you buy something online from another country or buy an airline ticket or hotel room with a foreign company, you could be charged that same foreign transaction fee of up to 3%.

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New Tool Uses Webcams to ‘Read’ Credit Cards

2011-09-06T22:02:00.000-07:00

There’s been a lot of buzz lately about mobile payments technologies like Square, a little white box that plugs into an iPhone and essentially turns it into a credit card processing tool. Small business owners and entrepreneurs like these technologies because it lets them bypass the high costs of processing credit card payments through traditional payment networks. Now, a Silicon Valley tech firm named Jumio has rolled out a program called Netswipe that lets anyone with a webcam — including bloggers, thanks to a new WordPress plug-in that was just introduced — accept credit cards.

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Principal Charged $17K on CPS Credit Card: Report

2011-09-02T03:59:00.000-07:00

As Chicago Public Schools struggle to close a multimillion dollar budget deficit, a Near Northwest Side Principal is under fire for racking up $17,000 on his school credit card to travel overseas.

Between January of 2009 and June of 2010, Ogden International School Principal Kenneth Staral used the credit card to pay for trips to Europe, the Middle East, Central America, and Asia, records obtained by Fox Chicago and the Better Government Association show.

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IRS New Credit Card Rules Problematic, Report Says

2011-08-23T20:27:00.000-07:00

The Internal Revenue Service’s plans to implement new rules for reporting credit card transactions could create burdens for taxpayers and problems for the IRS, a Treasury Department audit says.

The Treasury Inspector General for Tax Administration conducted the report, issued July 26 and released Thursday.

Under the 2008 Housing and Economic Recovery Act, banks and merchant services, such as PayPal, are required to report annual gross payments processed by credit or debit cards to the IRS and to merchants.

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Citi renews credit card deal with Shell

2011-08-18T18:09:00.000-07:00

ATLANTA (AP) - Citi said Thursday it has inked a multi-year renewal of its U.S. credit card deal with Shell Oil.

Citi has issued Shell branded credit cards since 1999. Shell has more than 14,000 Shell-branded stations in the U.S., more than any other company.

Stocks of both companies tumbled in a broader market sell-off. Citi shares fell 7.9 percent, or $2.37, to $27.48. Royal Dutch Shell shares dropped $2.19, or 3.3 percent, to $63.78.

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DeMarrais: Redeeming credit-card flier perks is tougher

2011-08-15T05:22:00.000-07:00

It comes too late to help us with summer travel plans, but the recent surge in competition among travel reward credit cards could mean more amenities for travelers in the future.

Delta Air Lines is promoting its SkyMiles card, issued by American Express, while Continental and United airlines are pushing separate OnePass Plus and MileagePlus cards issued by Chase, even though the carriers are merging.

Unfortunately, none seems to make it easier to cash in frequent-flier miles, but they are adding some nice touches that should make your trip more enjoyable.

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Don't let credit-card grinch strike while on vacation

2011-08-02T00:50:00.000-07:00

Nothing puts a damper on your vacation like having your credit card rejected. Your kids start crying. Other tourists eye you with suspicion. The bartender takes away your beer.

This can happen even if you always pay your bills on time and are nowhere near your credit limit. Two reasons your credit card may not work:

Your credit-card company suspects fraud. Credit-card companies use sophisticated software to detect deviations from your normal spending patterns, such as a series of large purchases or transactions in exotic locales. In some cases, the credit-card company will shut down your account until it confirms that you’re making the purchases.

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County Budget and Finance Employee Charged with Credit Card Theft

2011-07-29T00:51:00.000-07:00

UPDATED (3:22 p.m.)—An employee of the Baltimore County Office of Budget and Finance, who has a history of financial problems, faces charges related to credit card theft.

Santrel Goodwin -- an account clerk who earned $37,747, county records show -- was arrested by Baltimore County police at her office in the Old Courthouse in Towson, according to Elise Armacost, a police spokeswoman.

Goodwin, who was hired in December 2008, worked in the county's purchasing department, according to Ellen Kobler, a county spokeswoman

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New Consumer Bureau Wants Your Credit Card Complaints

2011-07-25T08:05:00.000-07:00

The new federal Consumer Financial Protection Bureau is officially open for business … and is taking your complaints about credit cards.

The bureau’s Web site offers an easy-to-navigate feature to file your complaints. To do so, you enter your name and contact information and describe the problem, both in your own words and by using simple pull-down menus. The menus, for instance, help you explain the nature of your complaint — late fees, billing disputes, interest rate, etc. — and what, if anything, you’ve done so far to resolve it.

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Credit Card Perks for Summer Vacations

2011-07-21T05:34:00.000-07:00

ORLANDO, Fla. (Fox 35 WOFL) - Most of us agree, summer is the best time to get away, but with a slow economy and rising costs, a lot of us are finding it difficult to take a vacation. Now you can put your credit cards to work, earning rewards to put towards that much-needed getaway.

“I would love to go on vacation,” says Sheila Dunn. “I need a vacation, but no, I'm not going on vacation. I have to work.”

Dunn is a hard working woman who can't catch a break.
We asked her to name some things that would keep her financially from going on vacation.

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Sign-ups for college-affiliated credit cards drop

2011-07-17T23:24:00.000-07:00

WASHINGTON —The number of credit cards issued through colleges and alumni associations declined 17% last year, according to a survey released last week by the Federal Reserve.

Consumer advocates say the decline reflects a 2009 law that limits the marketing of credit cards to undergraduates.

The Fed survey also showed that the number of marketing agreements between credit card companies and colleges, universities and alumni associations declined by 41 to 1,004, a 4% drop from 2009.

The 2009 Credit Card Act bars students under 21 from obtaining a credit card unless they prove they can make payments or they get a cosigner. The law also prohibits gifts for opening accounts.

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Credit Cards Stage a Comeback! Time to Worry?

2011-07-14T00:56:00.000-07:00

On Friday, everyone was so consumed by the ugly unemployment numbers that another economic report went mostly unnoticed. Credit card balances in May rose at the annualized rate of 5.1%. That's the fastest they've grown in three years. Unfortunately, this is likely more bad news.

To see the significance of May's increase in credit card balances, here's some history from the Federal Reserve's data:

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Options, Strategies for Negotiating a Lower Credit Card Rate Read more: http://www.foxbusiness.com/personal-finance/2011/07/07/options-strategies-for

2011-07-11T19:59:00.000-07:00

Dear New Frugal You,
I was a bit surprised to hear my credit card company representative tell me that because of the Credit CARD Act of 2009, she was not able to negotiate an interest rate reduction on my credit card. What are your thoughts on this? Is this accurate? Are consumers no longer able to negotiate interest rates with credit companies? What alternative strategies can you offer?
-Brian

Dear Brian,
Good question! The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 was intended to curtail unfair rate hikes and hidden fees. Before the act it was common for banks to raise your interest rate on existing balances if you were late on any of your payments to any creditor.

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Citi Renews Private Label Card Partnership with Office Depot

2011-07-07T17:17:00.000-07:00

ATLANTA, Jul 07, 2011 (BUSINESS WIRE) -- Today, Citi announced a multi-year renewal of its long-standing U.S. private label credit card partnership with Office Depot, celebrating 25 years as a leading global provider of office supplies and services.

"For more than two decades, Citi has provided financing for Office Depot business and personal accounts," said Craig Vallorano, Executive Vice President, Partnership Management, Citi Retail Partner Cards. "We look forward to providing Office Depot customers with quick and efficient credit processing and flexible payment options for years to come."

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Regions closes buyout of $1B credit card portfolio

2011-07-06T01:21:00.000-07:00

BIRMINGHAM -- Regions Bank has completed the buyout of a $1 billion portfolio of its branded credit cards from a subsidiary of Bank of America, the company said Tuesday.

Terms were not disclosed for the deal, which was originally announced last month.

The portfolio consists of 500,000 existing consumer accounts held by Regions customers and 40,000 business credit cards accounts. Together the two portfolios total more than $1 billion.

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Best credit cards when traveling the world

2011-07-03T22:42:00.000-07:00

Is world travel on your horizon this year? Bringing the right credit card is as fundamental as packing the right wardrobe. While there are great benefits to using plastic abroad – such as travel assistance and fraud protection – the cards’ foreign transaction fees can eat into your travel budget. And traditional magnetic strip credit cards aren't universally accepted overseas anymore. Picking the right card for a foreign trip depends on the perks you’re looking for, the fees you’re willing to pay, and the kind of credit you have. Here are Credit Karma’s Top 5 credit cards for world travel:

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Budget airlines warned over 'hidden' debit card charges

2011-06-29T18:12:00.000-07:00

UK consumer watchdogs are threatening enforcement action against airlines and other travel firms over allegedly misleading debit and credit card surcharging practices.

The Office of Fair Trading said it was considering action under consumer protection laws in response to a complaint by consumer rights magazine Which?, which carried a detailed investigation into the practice of tacking on high plastic card surcharges at the end of transactions.

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Best Credit Cards for Major Phases of Life

2011-06-28T00:31:00.000-07:00

ARLINGTON, Va. (TheStreet) -- As you mature, your financial needs grow and evolve along with your personal life, tastes and values. You most likely wear different clothes than you did in high school or college, for example, and you should be using a different credit card.

Having a card that meets your specific financial needs is important to maximizing your savings. Some cards provide initial bonuses lucrative enough to get you a free hotel stay, airline ticket or as much as $250 in cash, while others offer 0% interest rates for 21 months or ongoing benefits such as 6% cash back on major spending categories. In short, it pays to have the right one.

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Why You Should Get A Second Credit Card Read more: http://www.businessinsider.com/why-you-should-get-a-second-credit-card-2011-6#ixzz1Py1iSPMr

2011-06-21T19:15:00.000-07:00

It's a bad idea to rely on only one credit card for all of your spending, especially if you travel, as my recent credit line slashing experience has proven.

I recommend you get a credit card with a different bank or issuer from the one that gave you the first card. (Our card offers portal is a great place to start.)
Consider the reasons why a back-up credit card is a necessity, especially if you travel frequently:

1) As I learned the other day, your credit card issuer can drastically reduce your credit line without any advance warning, putting you in an awkward situation if you don't have a back-up method of payment in your wallet.

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Five Money Lessons My Father Taught Me

2011-06-21T01:38:00.000-07:00

Some of my earliest memories revolve around my father’s small grocery store in the South of France. As a young boy, I would play behind the counter while my father worked. As I grew older, I learned to stock the fruit and vegetable sections and eventually grew to manage the ordering and inventory. I always respected my father’s work ethic, but only now that I am older can I truly appreciate all of the gifts he’s given me

In particular, watching his strategies for running his business gave me a great understanding of how to manage my own finances. Here are a few of the wisest financial tips my father taught me:

1) Comparison shop. When making a decision it’s easy to take the option that is right in front of you, but it is definitely not always the best one. The margins in the grocery world are very thin, so my father was relentlessly focused on getting the best-quality products at the most competitive prices for his store. He would often switch vendors when a new supplier was able to offer him a better bargain. So, whether I’m choosing a contractor to remodel my kitchen or a vendor for my company, I always take the time to research whether a supplier’s rates are competitive before making a firm commitment.

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Four Safer Ways to Pay Online

2011-06-19T18:33:00.000-07:00

Who has your private info? Who knows, given how common security breaches have become. And credit card information is one of the most common types of personal data we volunteer online. So what can you do to minimize credit card fraud? Well, you can't stop the break-ins, but here are four ways to keep your funds out of the hands of the bad guys.

Disposable credit card numbers: Why share your 16-digit number with online merchants, particularly those you've never heard of? Many major banks let you create a unique, temporary card number for each online purchase.

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Bank of America credit cards getting higher penalty rate

2011-06-16T17:30:00.000-07:00

Missing a credit card payment may soon be a lot more expensive. Customers at Bank of America should take note that starting next week, they could be subject to penalty rates as high as 29.99% if they're late with a payment.

Bank of America began notifying cardholders of the change in April. The company said that starting June 25, a single late payment could result in the higher penalty rates.

A late payment won't automatically trigger a higher rate. But the bank says the account will be flagged for review and the rate could be hiked depending on the cardholder's payment track record.

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Capital One Click credit card

2011-06-15T23:12:00.000-07:00

Capital One has launched the Click Card, aimed at rewarding those who spend a lot of time shopping online.

The launch marks a departure from its typical credit builder cards for borrowers with financial problems or poor credit histories.

Compare top credit cards today

What's good about it?
If you shop at the retailers associated with the Click Card, the discounts are undeniably impressive.

By using the card, you could receive a 50% discount on selected events through ticket website Viagogo, 30% with Zavvi.com and 20% at Tedbaker.com. And if you're planning a holiday, you could use the card to save 25% on holiday packages through Travelpack.

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Your CLUE Report Can Affect Insurance Costs

2011-06-15T04:49:00.000-07:00

Most consumers know that the credit bureaus maintain detailed credit reports of their personal and confidential activity in their credit and loan accounts. But did you know that there’s a report that includes detailed information about the losses and insurance claims reported by you on the property you own? That’s right, and the report is called a CLUE Report.

Folks need to know about their CLUE Report and how the information on these reports is used. They also need to know how they can access and use these reports before they consider important transactions such as buying or selling a home or changing home or auto insurance.

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Teach Your Kids About Interest Rates

2011-06-13T18:24:00.000-07:00

One of the most valuable financial lessons you can share with your kids before they leave the nest is to explain what interest rates are and how they work. The important financial transactions they'll conduct as adults will likely be affected in some way by interest rates, whether as a lender or a borrower.

Here's some background information that can help you guide those conversations:

Interest rates for lenders. Anyone who has a savings account or owns government or business bonds is, in effect, lending money to those institutions and earning interest on the loan. Unless you buy tax-free municipal bonds, however, this interest income is probably taxable, so shop around for favorable rates to maximize your earnings and help offset inflation.

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Credit Q&A: Will Getting a Credit Card Improve My Score?

2011-06-12T19:59:00.000-07:00

Q: I have subpar credit. Will getting a credit card improve it?

A: It could, but the increase you experience probably won’t be a big one and it probably won’t happen overnight.

According to John Ulzheimer, president of consumer education for SmartCredit.com, while credit scores are highly affected by the “bad stuff” that appears on your credit report, such as bankruptcies, delinquent bills or foreclosure, they are also influenced by the “good stuff” that appears on them.

This means that, all things being equal, someone with one or two blemishes on their credit report who also has a credit card with a solid payment history is likely to have a higher credit score than someone with the same blemishes, but not line of credit to their name.

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5 Ways to Keep Your Kids’ Identity Safe

2011-06-08T01:07:00.000-07:00

Loving parents will do anything to protect their children. Unfortunately, many of them are unaware of the risk to their kids’ identities.

But parents can take steps to protect against identity theft. They can follow the tips below and seek out expert fraud services like ours through their insurance carrier, bank, credit union or employer.

Identity fraud is a serious risk for children. The Federal Trade Commission reports that victims aged 19 and younger accounted for 8 percent of all identity theft complaints in 2010, up from 7 percent the previous year.

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Credit card charges costing Missoula meter

2011-06-07T04:52:00.000-07:00

High credit card charges could sink the new parking meters in downtown Missoula.
Last year, the Missoula Parking Commission installed 36 new meters as an experiment in new technology. The meters take credit cards, but the related fees translate into an estimated 68 percent revenue loss, according to data from the parking commission.
And just a fraction - 6 percent - of the income from those meters is coming from credit card charges. Parking director Anne Guest said she is disappointed at the low credit card use, but also surprised to see that some people are putting as little as 35 cents on plastic.

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Our view: Credit reports stacked against consumers

2011-06-05T20:12:00.000-07:00

The nation's three credit reporting companies have quite a grip on consumers' lives.

Credit scores can determine whether you get a mortgage and what the rate is; whether you qualify for a car loan, a credit card, a rental apartment or insurance; and, in recent years, even whether you get a job. About 60% of employers check credit histories when people apply for jobs; with the latest unemployment rate edging up to 9.1%, this alone makes credit reports pivotal in job-seekers' lives.

Because credit scores have taken on such outsized influence, it's essential that there be a fair system for addressing errors. That's not now the case.
How often mistakes occur is a matter of heated dispute between consumer advocates and the industry. But this much is clear: Correcting a serious error can be a nightmare.

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Lawmakers Ban Most Employer Credit Checks

2011-06-03T09:32:00.000-07:00

Imagine being unemployed for nine months and finally a job offer comes your way. Great you’re ready to pop the champagne cork. But wait not so fast. First you have to pass a background check. That could mean pulling your credit score. What if it’s not great? Will that affect your chances of getting the final nod?

We all know that our personal credit history affects our ability to secure a home loan or open an account at a department store. But most Americans are unaware that bad credit could cost them a job. Now, Congress and states are stepping up with new protections.

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Nine tips to keep your credit score healthy

2011-05-31T03:55:00.000-07:00

Only 53.3% of credit-active consumers in South Africa are in good standing, according to the Credit Bureau Monitor's 2010 fourth-quarter report. What does this mean?

Well, if you're hoping to secure a home loan, it's bad news if you're one of those not in good standing. Banks want to know that you're a safe investment so they're unlikely to lend to you unless you have a clear credit record.

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Why are Credit Scores Such a Mystery?

2011-05-29T23:26:00.000-07:00

Do you know how your credit score is calculated?

Most people don’t because it’s a trade secret, and the private firms that collect credit data are poorly regulated. You have better chance of reading classified U.S. State Department cables on Wikileaks.

It’s troubling that your so-called “FICO” score, which measures your ability to pay back loans and maintain credit, is such a black box. This one number can determine not only your ability to get a mortgage or installment loan, but how much interest you’ll pay over time.

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Tips to keep your credit score high

2011-05-26T16:42:00.000-07:00

More than ever before, people are watching their credit scores and being cautious about how many times they swipe their plastic every month. But, taking care of your finances goes beyond paying your bills.

How you apply for credit and how often can make or break your score.

"You pay the biggest price for not paying on time and having the biggest credit balances," said investment adviser David Anderson.

Pay your bills and don't max out your credit cards. Two good rules of thumb, but add applying for credit too many times to that list.

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Target's Credit-Card Unit Shows Improvement

2011-05-25T17:32:00.000-07:00

Target Corp.'s first-quarter profit rose 2.7% as the retailer saw a steep drop in expenses for bad debt in its credit-card business. That improvement helped offset weaker profits from retail sales.

The company's shares slipped 1.81% in Wednesday trading, though, as executives warned that it might not meet Wall Street's expectations for the second quarter.

Like its larger rival Wal-Mart Stores Inc., Target is battling the impact of higher gasoline prices and food costs that have hurt lower-income shoppers' ability to spend. Target's comparable-store sales rose 2% for the April quarter, but the gain was driven primarily by profit-eroding initiatives

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4 charged in credit card scam

2011-05-25T02:09:00.000-07:00

Four men have been charged in an alleged scam that involved using a skimming device to steal credit card information at a Naperville restaurant.

They are scheduled to be arraigned Wednesday in U.S. District Court.

The alleged thefts occurred between June 2005 and May 2006 and involved losses totally more than $213,000, according to a federal indictment.

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Credit card delinquencies dropped once again in first quarter

2011-05-23T19:35:00.000-07:00

The number of consumers who are trying to reduce debt but still facing severely delinquent accounts fell once again in the first quarter of the year.

The rate at which consumers fell 90 days or more behind in paying at least one of their credit card accounts slipped once again, to 0.74 percent in the first three months of the year, according to the latest quarterly figures from the credit bureau TransUnion. This was down from 0.88 percent in the previous quarter, and 1.11 percent from the same period in 2010. Further, it was the lowest rate seen since the third quarter of 1996.

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How credit card lenders can trip up when chasing debts

2011-05-22T17:11:00.000-07:00

Some courts are siding with people in debt, if their lenders, such as credit card companies, have failed to abide by the strict requirements of the consumer credit laws.

Typically these borrowers have not denied running up debts on their cards.

But they have challenged their lenders to prove they have jumped through all the hoops necessary to get their money back.

Section 78 of the Consumer Credit Act demands a credit card lender supplies what is known as a "true copy" of its original loan agreement if the borrower asks for one.

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Debt and Statute of Limitations – What You Should Know
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Scam Alert: Check your credit report three times a year

2011-05-19T20:39:00.000-07:00

If you rented a DVD from Hollywood Video in the months leading up to its demise, turned the disc in late or forgot to return the video altogether, you might be in for a frustrating surprise.

According to the Idaho attorney general’s office, the problems started after Hollywood Video and Movie Gallery filed for Chapter 11 bankruptcy in 2010. Hollywood’s approved plan created a liquidating trust to collect an estimated $244 million in outstanding debts reportedly owed by 3.3 million customers. The trust contracted with Credit Control Services Inc., in Massachusetts, which subcontracted its collection responsibilities to National Credit Solutions of Oklahoma.

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Free Identity Theft Monitoring? Yes!

2011-05-18T19:56:00.000-07:00

GREENVILLE, S.C. -- For the 11th year in a row, identity theft was the No. 1 consumer complaint in the United States in 2010, according to the Federal Trade Commission.
Identity theft was also the top complaint in South Carolina, with 2,726 complaints filed.

Now, a company that provides identity theft protection to businesses and government agencies is offering free monitoring for consumers.

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Pair charged in credit card theft case

2011-05-17T19:19:00.000-07:00

CINNAMINSON - Two California residents were charged Saturday after they were found in possession of 180 counterfeit credit cards and more than $13,000 in cash, police said Monday.

Angel Angulo, 21, of Riverside, and Crystal L. Baneulos, 23, of Bloomington, were charged with possession of more than 50 counterfeit credit cards, credit card theft, and attempted credit card theft. They were placed in Burlington County jails on $135,000 bail each.

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Recovery Seen in Rising Use of Credit Cards

2011-05-15T16:39:00.000-07:00

Ever since the United States emerged from the recession, economists have been watching for signs that Americans are spending again.

This year, evidence is building that they are — with every swipe of their credit cards.

In the most recent quarter, covering January to March, American Express, MasterCard and Visa all reported increases in card spending. Business and consumer spending in the United States helped propel that growth, along with global growth and an increase in merchants that accept cards.

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Credit Card Theft Suspects Caught At

2011-05-12T12:57:00.000-07:00

OKLAHOMA CITY -- Oklahoma City police used credit card transactions to track down three burglary suspects. Police arrested three men at the Walmart at Pennsylvania Avenue and Memorial Road early Thursday morning.

Police said the men broke into a woman's home through a doggie door and took computers and the woman's credit cards.

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5 Ways to Keep Emergencies Off Your Credit and Avoid Penalty Rates

2011-05-11T15:30:00.000-07:00

Since one of the biggest reasons people have credit cards is for those "emergencies" that pop up from time to time, let me offer some suggestions about how to get creative when you have no credit cards to fall back on but need cash fast. Even if you're not willing to go "credit card free," these tips can help you keep some of those new expenses off your credit card -- and keep the penalty rate as close to "zero" as possible.

1. The Appliance Emergency

We've all had them: those major appliance breakdowns that always seem to happen right before a holiday or right after we've just sent out our mortgage payment, gas bill and bought groceries for the month. It's an emergency, yes?

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Credit Repair Tips – Disputing Credit Report Errors

2011-05-10T17:36:00.000-07:00

As you no doubt realize, your credit report contains a great deal of personal information about you. For example it has a history of your addresses over the past several years, if you pay your bills on time, any lawsuits you may have been involved in, arrests and if you have filed bankruptcy in the past. All of this information is collected and then sold by the 3 major credit companies to many different places if you allow it and they make the request. If any of this information is incorrect, you may need to use the credit repair tips – disputing credit report errors.

One of my first credit repair tips in this article is, do not authorize people or companies to pull your credit report unless you have very good reason for doing so. If you are applying for credit, this is a good reason. This would include things like opening a credit card account applying for an auto loan or mortgage etc. The information is needed for your creditor to make a decision and determine your interest rate.

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Don't be afraid of a pre-wedding credit check

2011-05-03T15:40:00.000-07:00

Kate and Will’s nuptials kicked off the wedding season in fine, albeit expensive style. If you’re thinking of following suit — even if you can’t afford the dress — you will, no doubt, have a long To Do list.

One item at the top should be, wait for it, checking out each other’s credit report. I suggested this recently at a women’s conference. “That is sooo intimate!” declared one attendee. “Too intimate!” agreed another.

True enough. Exposing this side of your life — especially if there’s an underbelly to it — is the ultimate test of a relationship. But knowing each other’s credit score and history avoids unpleasant surprises.

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Credit Card Cos: Who’s Doing What in Mobile Payments?

2011-04-27T20:03:00.000-07:00

Visa is making a strategic investment in mobile payment provider Square, providing the start-up with an undisclosed sum of money as well as a new advisory board member. It’s a nice boost for Square, which is on a roll as it tries to ramp up payments via a smartphone. But it also highlights the growing role of credit card companies as they try to prepare for the growing mobile payments boom.

As more and more transactions flow through a mobile phone, Visa, Mastercard and American Express have been making moves to position themselves in different ways to take advantage of this trend. It’s not just a passing interest for these companies. In many ways, they need to be actively involved in the rise of mobile payments, which can threaten to cut them and their cards out of the process. Here’s a look at what some of the biggest players are doing in the field:

* Unsecured Credit Cards

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Get Out Of Bad Debt in 2011…

2011-04-26T23:01:00.001-07:00

(ThyBlackMan.com) Are you stuck in a bad debt situation? If yes, don’t feel hopeless. As long as you know the right steps toward credit repair, you can get yourself out of bad debt. This article shows you what to do to get out of debt starting today.

Know your debts. You need to know the exact status of your debts. Begin by ordering a copy of your credit report from the three major credit bureaus. If you haven’t received your free report for this year, you can request for it from http://Annualcreditreport.com.

Once you have credit report, examine it closely. See to it that all information and charges in all your accounts are correct. In case of errors, send a dispute letter to the credit bureau that issued your report. Upon receipt of your letter, the bureau will conduct a 30-day investigation and if your dispute is valid, you will also receive updated copy of your report for free.

Read more Get Out Of Bad Debt in 2011…

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5 Smart Ways to Spend Your Tax Refund

2011-04-19T18:01:00.000-07:00

Roughly three quarters of Americans will get a tax refund this year averaging about $3,000. Not a bad payday for most of us!

If you’re going to receive a refund this year, spend it wisely. If visions of shopping sprees have been dancing in your head, I strongly suggest you put those fantasies on hold until you’ve answered the following questions:

1) Have you paid off the balances on your credit card(s)? If you answered no, I can’t emphasize this enough: use your refund to pay off as much of that debt as possible; this is by far the best financial investment you can make. If your card interest rate is 12%, you are in essence guaranteeing a 12% return on your investment. As lame and boring as it might seem to use your refund for this, do it. Now. You’ll be much better off financially.

2) Do you have at least three months of living expenses tucked away?Experts recommend having three to six months worth of living expenses in liquid savings to cover “just-in-case” issues like a major car repair, a medical problem or an unexpected job loss. This “emergency” or “rainy day” fund will protect you from unexpected financial issues. So if you answered no, dump that refund into your savings or money-market account and build up your emergency fund--the peace of mind is worth missing out on the shopping spree.

Read more: 5 Smart Ways to Spend Your Tax Refund

* Credit Cards for People with Bad Credit

http://www.cardtrak.com/news/2011/04/14/how_many_credit_cards_is_too_many

2011-04-14T18:06:00.001-07:00

With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it's no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?

"There are two ways to look at this, depending on your objective," says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. "A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn't really matter since they will never carry a balance from month-to-month.

Read more How Many Credit Cards Is Too Many?

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The Truth About Credit Cards & Car Rentals

2011-04-13T20:29:00.001-07:00

Most of us have been told it’s a waste of money to buy the optional insurance coverage when we rent a car. At up to $25 or more per day, it’s definitely not cheap! Furthermore, it has been instilled in us that our credit card or personal auto insurance will have our back if something happens. But can we really count on them?

Not too long ago, through my site Credit Card Forum, I received an email from a man named Harry. He wrote, “I rented a car in Madrid, Spain. In a tight parking garage I scraped the side—net damage about 649 euros." His rental company assured him that his credit card would cover all of the expenses, but then, after he filed the claim, it was denied. The card issuer told him that coverage applies only in the United States.

Read more The Truth About Credit Cards & Car Rentals

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What's the best way to spend your credit card reward points?

2011-04-12T18:19:00.000-07:00

Millions of people who use credit cards earn reward points for every charge they make. In addition to airline tickets, you can get merchandise, hotels , even tickets to the rodeo! What's the best way to spend your points? Consumer Reports Money Adviser says that the best value by far is to get an airline ticket. Consumer Reports Money Adviser calculated the value by comparing the miles you spend to the actual cost of the item.

For instance, the average price of a domestic flight is about $350. That divided by the 25,000 miles it can take to get a ticket, and each mile is worth about 1.4 cents. Even if you have to use 35,000 miles, the value of the mile is still a penny.

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Card Debtors Study Cites 'Economic Shocks'

2011-04-12T04:18:00.000-07:00

A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.

The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.

For survey respondents who met the criteria for the "indebted" group, the average amount owed was $9,799, and 52% said they had the same or more debt than three years before. More than half of the indebted households said they had been late or had missed a credit card payment, and 37% were still paying off a credit card they had cancelled.

Read more Card Debtors Study Cites 'Economic Shocks'

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Smartphones: The Credit Cards of the Future

2011-04-06T18:31:00.000-07:00

Like many other wireless companies, Spring Nextel Corp. is planning a program to allow users to make purchases with their mobile phones, reports the Washington Post.

This project would allow users to make purchases using their smartphones by tapping or waving them in front of electronic readers in stores. The purchases would be billed through users’ regular credit card statements. Sprint could share in revenue from sales of coupons or advertising rather than taking a percentage of each transaction.

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Federal Reserve Must Face Bank Suit Over Credit Card Fee Rules

2011-04-05T20:39:00.000-07:00

April 5 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke lost a bid to end a bank lawsuit challenging the legality of forthcoming rules limiting the amount of money the largest U.S. banks can collect for debit card transactions.

U.S. District Judge Lawrence L. Piersol in Sioux Falls, South Dakota, yesterday denied the U.S. government’s request to throw out the case filed last year by TCF National Bank. He also rejected the bank’s request to block the regulations and allowed the case to move forward while Congress debates the issue.

“People should know where they stand,” the judge said, announcing the ruling after almost three hours of argument over the bank’s claim that the rules, which still aren’t final, are unconstitutionally confiscatory.

Credit cards better than debit cards – sometimes

2011-04-03T20:19:00.000-07:00

Credit cards have been an easy target for Congressional grandstanding and regulations but beneath the widely-criticized rates and fees lie many good benefits that are usually hidden in the fine print. Credit cards can provide valuable purchase protections and insurance that are unmatched by cash and debit cards.

Yet, more consumers are forgoing these benefits and choosing debit cards instead of credit cards for payments. Total payment volume for debit cards surpassed credit-card volume for the first time in 2009 and will continue to expand.

Consumers should understand their payment options before cutting up the credit card. There are times when using a credit card is your best choice for payment, especially for tickets and large purchases. However, insurance and purchase protections vary by card and issuer, so it is a good idea to research these when comparing credit cards.

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Understanding Bad Credit Card Debt Consolidation

2011-03-13T21:14:00.000-07:00

Bad credit standing and negative financial position are seen to be limiting an individual in availing of a loan. Though there are some cases where the loan is approved, still, the conditions on the loan are modified to match the risk that the company is facing with the individual.

Credit card debt consolidation can be facilitated through guaranteed and unsecured consolidation loans. The former uses the collateral of the home as a guarantee for the loan quantity and this only charges low interest. The latter, on the other hand, does not involve any collateral and charges high interest rates with strict requirements because of the risk involved.

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Credit Cards For Bad Credit - Avoiding the Over Limit Fee Trap

2011-02-24T17:21:00.001-08:00

In order to remain competitive in the world of credit cards for bad credit, banks have expanded and increased their schedule of fees. Though legislation is underway to regulate unfair practices, it still pays for you to understand the terms of your secured card. Falling into the pit of continual over-limit fees can make you a slave to never ending debt.

Killer Over-Limit Fees

If you haven't reviewed the limit on your cards, now may be a good time to do so. Whenever you exceed your limit, most banks ding you with over-limit fees. Unfortunately, like late payment penalties, over-limit fees have steadily increased over the years from under $15 in 1995 to as high as $39 in today's market. Some card issuers even structure their over-limit fees to increase on that portion of your balance exceeding $1,000.

How can I Start Building My Credit History?

2011-02-17T23:57:00.001-08:00

People with no credit history often find it frustrating and very difficult to get approved for credit cards and loans. After all, most lenders and credit organizations today are somewhat hesitant to offer their credit programs to those who do not possess credit.

Despite this fact, you need to persevere and be diligent enough to search for lenders that offer bad credit credit cards and bad credit accounts. Why? This is because you can only launch and successfully build your credit history by applying and getting approved for a certain type of credit or card program.

To help you in your quest of finding and securing a credit card for bad credit or a bad credit loan, we have enumerated several tips that we encourage you to employ. Through them you can be allowed to use a particular credit or card program which will help you attain your goal of establishing your credit profile.

Tips for Consumers who Want to Build Credit History

1.Understand the common requirements of lenders. Since you do not have a credit report to present to a prospective lender, be sure that you are well aware of the other application requirements that you need to submit to your chosen credit company. This way you can increase your likelihood of getting approved for the bad credit loan or bad credit-credit card you are applying for. What are some of these credit requirements? These are:

- A Bank Account. - Some lenders require their applicants to have a checking or savings account. They use your bank account history in evaluating the merits of your bad credit account application. So the way you manage your bank account can have an impact on whether or not you will be approved for a bad credit-credit card or for a loan program.

A Review on Bad Credit Cards

2011-01-17T21:25:00.000-08:00

The recent economic recession has led many companies drastically down suffering huge losses. The result some of the companies are at the brink of closure and some had to lay off their employees. Being put in such a situation, people are not able to repay their loans and credit card bills. This resulted in considerable number of problems regarding credit reports. Not to mention, the general trend of the credit sector was going downhill and credit card companies were forced to offer people services like bad cards to improve their credit rating.

In today's financial world, it is pretty well understood the necessity of having a credit card. There are many reasons, whether good or bad for having plastic in your pocket. These bad credit cards come with many features.

Nowadays, bad ones are easily available because of the continuous offers flashed by the credit card companies. One of them is credit card for bad credit with high limit. People who have the lowest credit rating of 500 have an opportunity to rebuild or repair by having this type of cards.

Fix your bad credit with secured refinance

2010-09-07T23:02:00.000-07:00

Struggling with bad credit is highly stressful and extremely demanding. It is truly much more easier getting into bad credit than getting out and you can truly feel like there's no way out or you can just only not see any light at the end of the tunnel. This is a very usual problem when people want to clear their bad credit, they can really not find the right solution, and are unsure about where to start. In case you feel like that now, read on for some easy steps to eliminate your bad credit misery.

Taking this into consideration you need to tell your lenders about your consolidation plans, too. This is a good method that has been successfully used by others before because the lender is going to be more likely to offer you a finance for consolidation than topping up your existing bad looking credit. So you need to indicate the consolidation purpose in the beginning of the application well, because you can be certain the bank will see your existing credit on your file, there is no way to hide it.

Resources for you: Secured Credit Cards

Credit Cards For Bad Credit - What Are My Options?

2010-09-06T04:21:00.001-07:00

Are there credit cards for bad credit? The answer is yes. If you have been over 30 days late on loan, charge card, or mortgage payments, if you have unpaid medical bills, or if you have legal judgments against you such as child support or other lawsuits, you may have "bad credit". There are many of us who have been unable to keep up with our monthly bills and have fallen behind in the last 12-24 months.

You may be thinking there are no options or bad credit credit cards. That is not true. Access to a credit card is almost required in this age of technology we live in. This increasing need for consumers to make credit card purchases creates the demand for more and more credit cards for bad credit.

Read more Credit Cards For Bad Credit - What Are My Options?

Best Unsecured Credit Cards For Bad Credit

2010-08-09T17:15:00.000-07:00

When you have bad credit, you may think that it is the end of the world. It isn't! There are so many options that you can take, when you're looking to rebuild your credit. If you're looking for an unsecured credit card for bad credit, I wanted to tell you why it's going to be hard to find one.

When you want a credit card that's not going to require a lot of collateral, or any at all, you're going to find that these card companies are going to want you to have a good credit score, history, as well as payments. If you don't meet any of these, you're going to most likely have to look into a secured credit card.

Why should I consider a secured credit card?

#1 Everyone gets approved - You will find that as long as you supply the deposit, you're going to start building your credit. Just make sure that the card reports to the major bureaus. As long as it does, you will find that you won't have anything to worry about.

Remember, when you give them your deposit, you're going to always have that money, unless you don't pay your bills.

Credit Card Companies That Offer You Bad Credit Credit Cards

2010-07-19T00:19:00.000-07:00

Credit cards come in all types of different packages and no matter who you are, you should be able to find one to suit your needs. As well as the leading credit card companies MasterCard and Visa, there are also smaller companies that offer credit cards for those who have poor credit. So if you are interested in applying for a bad credit credit card then read on to find out about some of the best lenders to apply to.

Some of the Best Bad Credit Credit Card Companies

Credit card lenders are not always fussy about who they lend their cards to. This means that even if you do have a poor credit history, you will still be able to get your hands on a credit card to suit your needs.

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10 Important Tips on Using Business Credit Cards

2010-07-12T06:29:00.001-07:00

We often hear the advantages of using business credit cards. But the benefits you earn also depend on how well you use them. This article contains useful card tips that are especially meant for business owners like you:

1. Apply from your personal bank. Getting a card from your personal bank can give you a faster approval with your application. If you haven't yet established your business credit, your personal credit history will be used instead. Applying with bank who has had you as client for a long time will work well in your favor.

2. Don't get too many credit cards. One or two should be enough for you to use with your business. Not only does managing multiple cards difficult, it also puts you at a greater risk of bad credit.

The Credit Card Shoppers and What Awaits Them

2010-06-03T03:19:00.000-07:00

The fact that millions of consumers all over the world are still facing serious debt problems should make each one of us become more aware of our own spending habits. If you own a credit card or two, you should be particularly extra careful in how and where you use the cards you own. Have you paid attention on how you used your credit cards last holiday season?

According to Michelle Jun, Staff Attorney for Consumers Union, "Too many credit cards are designed to get you in debt and keep you there." Surveys conducted by the Consumers Union show that credit card holders are at risk of getting stuck in debts because of soaring interest rates and penalty fees of credit cards. Here are the unwanted elements that you should watch out for from credit cards:

Changes in terms. Read your credit card terms and conditions. Somewhere in the middle or in the end of your contract, you may find a disclosure stating that your credit card issuer has the “right to change terms at any time” they wish. This means, your fixed interest rate can suddenly change into an adjustable-rate or your low annual fee can unexpectedly increase after you’ve signed up for the credit card.

Continue reading The Credit Card Shoppers and What Awaits Them

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How You Can Benefit from the New Credit Card Law

2010-05-18T02:10:00.000-07:00

The new Credit CARD (Card Accountability, Responsibility and Disclosure) law was approved on May 22, 2009 and since then, modifications has been made to protect consumers and credit cardholders. In this post, let us discuss how consumers can benefit from the changes made:

1. Rules on Credit Card Fees. Credit card companies are now prohibited from imposing additional fees from their cardholders who want to send in payment through telephone banking of through the internet.

2. No Double-cycle Billing. In the past, some credit card issuers use the double-cycle method of billing where the cardholder’s rate of interest is based upon the current and previous balances. Under the new Credit CARD, double-cycle has completely been eliminated.

Continue reading How You Can Benefit from the New Credit Card Law

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How to Avoid Unfair Bad Credit Credit Card Deals

2010-04-15T20:00:00.000-07:00

Those who cannot get approved for a regular credit card can still apply for a bad credit credit card despite having bad credit or no credit history. However, it’s important to understand that not all credit cards for bad credit offer a reasonable deal. Today, let’s talk about how you can find the right credit card for bad credit and how you can avoid unfair deals.

Why Diligence Pays Off

Some consumers may eagerly sign up for a credit card offer without first checking other options. Nevertheless, even though the offer may sound amazing, it is still recommended that you study your choices first before submitting your application.

Continue reading How to Avoid Unfair Bad Credit Credit Card Deals

Bad Credit Credit Cards - Simple Facts

2010-03-23T20:07:00.001-07:00

These types of programs are especially designed for people that have a poor financial history and do not qualify for a regular card. If you are a young consumer just starting to build credit, or if you have had delinquencies that have damaged your credit history, you probably can still qualify for credit cards for bad credit that are geared to your situation.

Bad Credit Programs

Credit card programs for bad credit are available online with secure applications, First Premier Bank and Orchard Bank are two of the most popular. These programs are often divided into "secured" cards that do need a deposit and sometimes "unsecured" credit cards are available, an unsecured bad credit credit card probably will come with much higher interest rates, sometimes 15 to 30 percent and much higher participation fees.

Getting Credit Cards With Bad Credit

2010-03-02T17:11:00.000-08:00

Needing credit cards for bad credit can be a real pain. It can really take a toll on your life and make you feel like you will never rise above it, that will always be a part of your life and gone are the days of loans, credit cards, and other forms of credit. This does not have to be true. Many companies in the world today understand that sometimes things beyond our control happen and we all need a second chance at rebuilding our lives. This is why some companies are now offering credit cards for bad credit.

These credit cards for bad credit are specific to those who have a tarnished credit history for one reason or another. Your credit score might be low because of bad decisions, loss of employment, reduction in wages, injury, or a host of many other things. However, everyone deserves a second change to prove themselves credit worthy once again. This is where credit cards for bad credit come in handy.

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Credit Cards For Bad Credit - Might Be Helpful

2010-02-23T09:07:00.000-08:00

Applying for and getting credit cards for bad credit can actually end up being quite helpful to consumers if they are used correctly. The following are a couple of great reasons why getting a credit card especially for those with bad credit can be a wise idea.

Credit cards for bad credit can help people keep track of their spending habits. Most credit cards designed for consumers with not so healthy credit send detailed reports of what is being purchased with the credit card. This is really a fantastic way to find out exactly what you are spending your money on each month and then decide what can be cut out. More responsible spending habits are a great practice for consumers no matter what their credit history may be.

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A Guide to Bad Credit Credit Cards

2010-02-18T10:17:00.000-08:00

Having less than perfect credit can hurt you and your financial future. One way to get yourself out of the dark hole of credit is by responsibly using a credit card. If you have bad credit and are looking for a credit card, you may want to stick with the bad credit credit cards. Bad credit credit cards are just like regular credit cards, but they are specifically for high risk cardholders.

Since your credit score is low, you are considered high risk to the credit card companies. Bad credit credit cards should be used responsibly however or your situation will just worsen. If you think there is even a possibility of you defaulting on the card, simply don't even apply. Before applying for bad credit credit cards, be sure to check out the common terms for bad credit credit
cards.

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Improve Poor Credit Rating with Bad Credit Credit Cards

2010-02-16T09:34:00.000-08:00

Credit card companies offer their best deals (low rate, low fees, high credit limit, big rewards) to customers with good or excellent credit history. For those with imperfect credit rating, finding a reasonable deal can prove to be a challenge.

Use a Credit Card to Recover from Bad Credit
It is a relief that you can actually get a good credit card despite having a poor credit rating. Add to this, it can be used to rebuild your damaged credit. Yes, getting approved is easy but don’t forget to spend time comparing your options.

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Getting the Best Credit Card for Bad Credit

2010-02-11T07:46:00.000-08:00

Finding the right credit card for bad credit - one with reasonable fees and conditions is possible through extensive research. In this article, let’s talk about how you can shop around for a bad credit credit card that can truly help you rebuild credit history.

The Hunt for the Right Bad Credit Credit Card
Search the web and you can find a lot of credit card offers for people with poor credit scores. However, most of these cards come with high interest, high fees, and high deposits. Although Issuers of subprime cards understandably charge higher rates and fees than standard cards, you should not settle with a credit card that will put you at greater risk of having bad credit.

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How the New Credit Card Law Can Help You

2010-02-08T10:57:00.000-08:00

The New Credit Card Law was signed by President Barack Obama on May 22, 2009. As a credit card holder, you’ll be glad to know that the major changes can help you cut back your costs and stay away from bad credit.

The first batch of changes already took effect last August 2009 while the rest of the provisions will be effective starting February 22, 2010. In this article, let’s talk about the highlights of the new Credit Card Law and how it can affect you:

Controlled Interest Rate Hike. The increase of interest rate will only be allowed under certain conditions: when a promotional rate expires, when the Index Rate rises, and when the cardholder defaults payment for 60 days or more.

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Advantages of the New Credit Card Law

2010-02-05T12:02:00.001-08:00

On May 22,2009 the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD Act of 2009 was passed into a law. Why should you be interested to learn the changes brought about by the New Credit Card Law? Can these changes help cardholders stay out of debt problems?

Let’s take a look at the highlights of the new law and consider the advantages:
No sudden rate increases. In the past years, many cardholders have found themselves stuck in bad debt due to the sudden increase in their interest rates. Missing your deadline with any creditor could mean an increase in your credit card rate even if you’re on time paying off your balances. Thankfully, the dreaded “Universal Default Clause” has now been abolished.

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Bad Credit Credit Cards

Help! - Which Credit Card Should I Get?

2010-02-02T08:41:00.000-08:00

For a first time credit card holder, choosing from hundreds of credit cards in the market can be confusing. If you’ll base your decision from marketing ads alone, it’s easy to be misled since all marketing campaigns highlight only the best that credit cards have to offer. So how do you know which is the right credit card to apply for? Here are comparisons you’ll want to check on before making your final choice:

The rate of APR. The annual percentage rate will be divided in 12 months which will be the interest added to your balance. If you can’t guarantee that you can pay off your monthly balance completely at all times, look for a low APR credit card. This way, even if you have to carry your balance for the next month, the interest will not be too high.

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Guaranteed Approval Credit Cards for Bad Credit

2010-01-29T23:42:00.000-08:00

You can still get guaranteed approval credit cards for bad credit even though you have poor credit history. Many credit card companies provide credit cards with guaranteed approval for bad credit to help you improve your credit rating and at the same time enjoy the benefits of the credit cards. The limit for credit cards for bad credit varies from company to company. It is generally in the range between $5,000 and $10,000.

Application for bad credit credit cards usually does not require credit check. You are approved regardless of income or credit history. Credit cards for bad credit, however, generally have higher annual interest rates than regular credit cards. This is obviously something you should consider when selecting the best credit card for bad credit. Compare some variables such as enrolment fee, APR, credit limit, and any benefits: emergency cash transfer, extended warranty protection, etc.

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Instant Approval Credit Cards for Bad Credit

2010-01-22T17:48:00.000-08:00

When applying online, most credit card companies offer instant approval. Credit cards for bad credit are designed for people who are unable to qualify for a regular credit card due to their bad credit history. Days are gone when a bad credit rating on a credit report prevented you from obtaining a credit card.

Today, you need to have a credit card for all purchases and transactions. If you have a bad credit rating, you would probably be attracted to marketing strategies, such as ‘credit cards with bad debt’ and ‘credit card for bad credit history,’ etc.

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Bad Credit Credit Cards - Useful for Improving Credit Rating

2010-01-18T06:51:00.000-08:00

Credit problems happen to people regardless of circumstances. Although some consumers are irresponsible with credit, others simply fall on hard times. Loss of employment, family problems, and illnesses may have a negative effect on our credit. Fortunately, there are ways to boost credit rating. Bad credit credit cards are intended for people hoping to rebuild their credit history.

Quickly Improve Credit Score with Bad Credit Credit Card

Numerous circumstances justify obtaining a bad credit credit card. If you have filed a recent or past bankruptcy, re-establishing credit is essential. Hence, you can take advantage of bad credit cards. Moreover, individuals with no credit history may get approved for such credit cards.

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