Credit Cards

You check your credit card bill on a regular basis, and keep track of your purchases. Wouldn’t it be nice to be able to pay some purchases in advance, and to avoid interest on larger purchases that will carry over from month-to-month? American Express has offered a new Pay It Plan ItTM program that allows
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Normally you are on time with your payments, but somehow you managed to miss one this month. What are the consequences of a missed payment, and how do you minimize their effects? Missing a single credit card payment may not seem like a big deal, but, as Matt Schulz, Senior Industry Analyst at CredtiCards.com observes,
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It’s tough living on the lower end of the credit score scale. If you have a credit score below 640 or so, you are generally given “subprime” lending offers for any form of credit that you request. From credit cards to auto loans and mortgages, you will be hit with higher interest rates and potentially
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With more and more information stored online, more bad guys are just a password away from our personal data. As hackers have stolen financial information from large corporations like Equifax, Yahoo and even the Internal Revenue Service, identity theft is on the rise. “Identity theft can trash your credit score because there’s the risk that
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Have you ever seen ads for “Get Rich Quick” books? We suspect the only person getting rich quickly is the author selling his book! Perhaps the first page of the book reads, “The secret to quick riches is to publish and sell a book on getting rich quick.” At MoneyTips, all of our eBooks filled
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According to the 2016 U.S. Consumer Payment Study conducted by the credit card service company TSYS, credit cards have displaced debit cards as America’s most preferred payment method. Why is credit the new king? The sheer number of credit cards plays a role, with 61% of Americans saying they have two or more credit cards
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Have you been frustrated over the last few years with an inability to get credit? A recent survey by the Federal Reserve of New York suggests that while credit may be loosening, your frustration may continue. Three times a year since October 2013, the New York Fed’s SCE Credit Access Survey assesses the state of
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Credit card usage is dropping among the millennial generation. A surprising 67% of Americans between 18 and 29 years of age have no credit cards at all, according to a recent survey. That compares to only 45% of Americans between the ages of 30 and 49, and 38% of those aged 50-64 without credit cards.
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Credit is a great convenience, but it’s a convenience that you will pay for — especially if you go over your credit limit. Traditional over-limit fees were radically changed by the Credit CARD Act of 2009, which switched credit card over-limit fees to an opt-in basis — meaning that consumers have to specifically consent to
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April is National Financial Literacy Month. Why do we dedicate this calendar page to highlighting financial skills and education? The tax deadline? Sound financial decisions are important all year long, but most Americans never learned how to manage money or save for goals, so financial security is a bigger challenge than it needs to be.
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By Tonya Rapley Debt is killing us! It’s one of the main reasons I started a community movement to #BanishTheBalance. Over 60 incredible days, more than 4,000 participants paid off more than $200,000 worth of debt. The success of the movement led to a free e-course (you can sign up here) and is open to
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Any proper discussion of methods for reducing debt load should begin with the following disclaimer: Dealing with excessive debt is, in several ways, analogous to losing weight. You did not acquire all that weight/debt quickly, and it may take you even longer to lose it — and without changes in eating/spending habits, the weight/debt will
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America may be in a continued economic recovery, but that recovery is not currently translating into more consumers paying their debts on time. At least that is the case with respect to auto loans and credit card debt in the third quarter of 2016, according to the American Bankers Association (ABA). The ABA tracks delinquency
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When checkout clerks ask, “Paper or plastic?” they are referring to the type of bags desired, but they could be asking about your preferred method of payment. In today’s digital society, cash purchases are increasingly rare, but that does not mean it is always preferable to “Charge it.” Many studies have proven that people who
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Do you prefer not to do business with banks, even when it comes to your credit card accounts? Your local credit union may be able to help with a credit card that fits your needs perfectly. Credit union credit cards operate in the same way as those provided by banks. Since credit unions are not-for-profit
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A recent survey revealed that the average consumer is unable to fully understand the terms and conditions outlined in their cardholder agreement. The survey looked at a number of different credit card user agreements and rated their reading level using the Flesch-Kincaid readability test. The average reading level for these agreements equates to that of
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When travelers use credit cards in other countries, they are generally charged a foreign transaction fee. This covers the extra costs of transferring money from a U.S. credit card company to the business in the other country, including the exchange fee. Many different credit card companies are now dropping this fee. According to a 2016
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Many businesses make use of credit cards for daily purchases, and some new small business owners even finance their entire business on credit cards in the beginning. A business can make use of various reward points and other perks to save money and build up its credit score, but there are some downsides to using
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Consumers using their credit card abroad and who then have some kind of financial problem may get help through their card’s travel insurance. While not all credit card companies provide this type of insurance to their consumers, many do. Those who need to use their card’s travel insurance may find that coverage is quite limited,
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When making a purchase using a credit card, consumers aren’t simply buying merchandise or paying for services from a merchant; instead, they are involving several third parties in the transaction. These third parties include the company that issued the credit card, the bank used by the merchant, and the network handling the transaction. All of
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Love or hate them, you cannot deny that the Consumer Finance Protection Bureau (CFPB) is doing its job with gusto. The CFPB has taken on multiple large companies and financial institutions, levying heavy fines like the nearly $800 million fine against Bank of America. We can now add Citibank to the growing list. Citigroup will
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Banks constantly look to gain the loyalty of new customers. One great place for banks to find these ideal, new customers is at colleges, universities and other post-secondary educational institutions. Students Make Easy Targets for Excessive Fees Unfortunately, students do not pay much attention to their finances, especially when it comes to the fine print
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APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn. APR and APY are financial acronyms, short for Annual Percentage
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