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Credit Card City Blog
All blogs for February, 2009
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Three Ways to Keep your Credit Card Safe
Posted on 2/23/2009 - Filed under Credit Card Theft
Stories involving a credit card being stolen, pop up on almost a weekly basis. While it may sound alarming, the fact that credit cards do get stolen is really just a fact of life. Fortunately, there are a number of things you can do to try to prevent a case like this to come your way. Try these next time you need to use a credit card.
Always know where your card is. If you go out shopping or to a restaurant, never leave your card alone. If someone has access to your purse or wallet for even a few seconds, they can grab the card or get the numbers from it. So make sure you and your card stay tight while on the go.
Take just one. You may have a stash of credit cards, and that’s okay. But when you leave the house, only take the one or ones you know you will use. Leave the rest behind in a safe place.
Keep your distance. When swiping the card at a store, make sure that there is plenty of space between you and other shoppers. You don’t want to have anyone close enough to get a good look at your credit card. If you feel that someone is too close, ask them to move. If you don’t feel comfortable, go to a different store or report the suspect to the authorities at the store.
None of us can make ourselves completely foolproof when it comes to credit cards, but you can do things like the ones listed above to lower your chances of identity theft. If your card does get stolen, the credit card company will most likely help you cover any fraudulent charges and issue you another card. You can then work hard to protect the new one.
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Reminders to help you Make Credit Card Payments on Time
Posted on 2/23/2009 - Filed under Credit Card Management
A growing number of consumers are falling behind on credit card payments. There are many reasons for late payments. The good news, however, is that there are a number of things you can do to make sure you pay on time, every time. Here are a few to try:
Set up automatic withdrawals. This is an easy way to avoid being late. You can have the amount that you need to pay taken directly out of your checking account. This saves you money in late fees, which can add up fast.
Mark it on a calendar. Take a pen and go through the entire year, marking the dates that certain payments will be due. Then set it in an obvious spot, such as your desk or in the kitchen. If you see it on a daily basis, you’ll be more likely to remember to send in the payments when they are due.
Combine due dates. If you have several payments to make each month (and really, who doesn’t?), you might consider having them all set to the same date. Call the companies and ask to have your due date changed if you need to. Most will be happy to change it. Then you can sit down on one day during the month and take care of all of the bills in one shot.
Prioritize it. Sometimes it can be hard to make a payment, even if we remember that it’s due, because we hit a bump in the road and our finances drop for a few months. If this is the case, try as hard as you can to at least make the minimum payment due on the card. This way you’ll keep the account active, and can catch up on paying the balance when you are able to.
If you have other bills to pay, try making the credit card payments a priority. Put them before other luxuries like dining out or grabbing a fancy coffee. Once you’re caught up, you’ll have more opportunities for those kinds of treats.
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What to do when you go over the Limit
Posted on 2/16/2009 - Filed under Credit Card Management
Nobody wants to go over the limit when it comes to credit cards, but it happens to many every year. Over-the-limit fees can be very costly. They can even set you back several hundred dollars a year.
But they don’t have to. One of the reasons over-the-limit fees get so expensive is that the fee is applied every month that you are over the limit. So if you carry a high balance for a few months, you might get charged $25 or $35 with each monthly statement. That can add up fast.
If you do surpass the limit on your credit card, make it a priority to get back under the set limit. Take out from savings if you have to. Then keep chipping away at the balance.
And if you aren’t sure what the limit on your card is, call the company and ask. Most cases of over-the-limit happen when an emergency comes up. So to prepare, find out what the limit is. Then try to stay well under it. You’ll give yourself some extra room should anything unexpected come your way.
If you know that you are going to go over the limit, you can contact the credit card company and ask them to raise your limit. If you have a solid credit history and a valid reason to raise the limit, there’s a good chance the company will up it for you.
Going over is not fun, and can end up costing you a lot of money. The best approach is to stay under the limit. And if you do go over, work hard to get under as soon as possible. You’ll save yourself money and build a solid credit rating at the same time.
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Interest Rates Drop on Two Types of Credit Cards
Posted on 2/13/2009 - Filed under Credit Card News
The average annual interest rates just dropped on two types of credit cards. The average APR attached to low interest rate credit cards went from 11.29 percent to 11.25 percent. The average APR for cash back cards also dropped from 13.38 percent to 13.36 percent.
For us as consumers, the lower the interest rate, the better. Even if you don’t usually carry a balance, a low interest rate can help out in tight situations. You may have an emergency come up, and have to pay for something quickly. Using a credit card and then carrying a balance for a few months will not set you back too much if you have a credit card with a low interest rate.
So if you’re on the lookout for a new credit card, the good news is that some are lowering their rates. Before you apply for a new piece of plastic, check the APR that comes with the card. If at all possible, go for the card that has a low interest rate.
And if you have more than one credit card, try to keep at least one that has a low interest rate. You can use this as your backup card. That way, when life throws you a curve ball, you’ll be ready.
Click Here For Low Interest Credit Cards
Click Here For
Cash Back Credit Cards
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Three Ways to Tackle Credit Card Debt
Posted on 2/13/2009 - Filed under Credit Card Debt
The bills that roll in at the beginning of the year can bring on big headaches. The holidays are over, but the debt racked up during them can linger on for months, or even years.
Credit card debt can be a tiring, seemingly endless cycle. But once you start tackling it, you can make it go away for good. Taking small steps is a key factor to getting out of debt. Here are a few to try:
Pay on time, every time. Each month, send in the minimum amount listed on the credit card statement. Pay on time, and you’ll avoid having to face late fees. If you can, pay more than the minimum amount on one of your cards. The extra cash will go toward the principal balance. You can chip away at one until it’s gone, and then focus your energies on the next high balance.
Plan out your purchases. Fancy shoes, dinner at a ritzy restaurant, a splurge in the electronic department…it all adds ups. Credit card debt can happen quickly; it only takes a few shopping sprees to bring in high balances. And when the shopping ends, the balances stay on. So before you whip out your card at the mall, take into consideration the consequences. If you can’t pay it off in a few months, put the item back on the shelf.
Get organized. Keep careful track of your monthly statements, and know how much you owe. Each month, take some time to sit down and pay all of your bills. Mark due dates on a calendar if you need help remembering them. By taking the time to keep your finances organized, you’ll be able to stay in the black during this year, and into the next.
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Three Ways to Help your Child Manage Credit Cards Wisely
Posted on 2/6/2009 - Filed under Student Credit Cards
Many teens and college students want to have a credit card. Unfortunately, not all of them are ready for the responsibility that comes with credit cards. That’s where your duty as a parent comes in. By teaching your child about credit management, you can help them become financial-savvy for years to come. Here’s how:
Talk to them. Before you start hunting for a card, sit down and talk to your child about how to use it. Show your son or daughter one of your credit cards, and discuss the meaning of monthly statements, interest rates, and credit limits. Point out that credit cards are not “free money,” but rather a type of loan that will need to be paid back.
Consider a student credit card. These cards are designed specifically for students, especially college students. Many of them have extra limits in place to help kids get off to a good start with the card. As a parent, you can look at the card they want to apply for and help them choose the best one for their situation.
Apply together. Fill out and send in the application with your child. Then wait for it to arrive in the mail. You can then help your child make purchases and send in payments.
By starting young, you can help your children get off to a good financial start. You’ll help them begin to build a solid credit history. And knowing how to use credit cards will benefit them for many years to come.
Click Here To View Student Credit Card Offers
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What you Need to Know about Credit Cards and Identity Theft
Posted on 2/5/2009 - Filed under Credit Card Theft
Having someone else use your credit card number or account information is a scary thought…yet it happens to many of us. Up to nine million Americans are victims of identity theft every year.
The goods news is that in the case of credit cards, you are usually well protected. Most companies will only ask that you cover up to $50 for fraudulent charges. The card company will take care of the rest. It may take some time to sort things out, but in most cases, your credit score will not be affected.
If someone should steal the numbers from your card and make a new one, or simply take your card and use it, you can call the credit card company right away. The company representatives can cancel your account and help you set up a new one. Your next card will be sent to you through the mail, and you can start using it as soon as it arrives.
There is more good news to offer. If you pay your credit card online, there is little concern that your information will be stolen. This is because companies use the latest technology to keep your account secure. You could also consider checking your annual credit report to make sure it’s accurate.
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Rewards Credit Cards Work Well with a Plan
Posted on 2/1/2009 - Filed under Credit Card Rewards
Do you have a rewards credit card? If you do, are you making the most of it?
Experts often warn that if you have a rewards credit card, but carry a high balance on it, you’ll end up losing out on the rewards. This is because you’ll have to pay interest charges, and these will often be more than the rewards you receive with the card.
This doesn’t mean, however, that you shouldn’t get a rewards card. In fact, you can come out ahead with this type of card. Just make sure your fees with a rewards card don't outweigh the rewards. Try to pay off your balance each month so you minimize the amount of interest paid. Also, try and pick a rewards credit card which doesn't charge an annual fee.
So if you want to give yourself a financial boost, you can do so with a rewards credit card. These offer various perks, ranging from free gas to airline miles to gift certificates and more. Simply use the card for your regular purchases. Then pay off the balance each month. Keep track of the rewards you receive. It will motivate you to get more.
While it’s not for everyone, the rewards credit card can really benefit those that are able to pay off the balance each month. The key to making it work is to set up a plan. Then follow it, and watch the benefits start heading your way.
Click Here To Compare Rewards Credit Cards
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