Next to payment history and your credit utilization ratio, "length of credit history" is the most important factor in determining your FICO credit scores.  In fact, it accounts for approximately 15% of your overall credit score, so it's definitely something you can't ignore. So what does this have to do with choosing your first credit card?  A lot!   You see, your length of credit history is primarily determined by the amount of time that's passed since your first credit card was opened, which means you want to keep your very first credit card open for as long as possible. That may sound easy in theory, but it's actually quite difficult for many credit card users.

A few weeks ago I wrote about Amex giving away $10 complimentary gift cards to cardholders who signed up for a new Amex Prepaid Card in July and loaded it with $50. Well, we recently received word that Amex has just upped the ante in August for those who are willing to load their new prepaid card with $200 at the time of order. Here's how the new deal works:

We've seen some great credit card sign-up bonuses hit the market so far this year. In fact, some have been worth more than $500 to new cardholders.  Hopefully you've been able to take advantage of at least one and are expecting either a big cash back check or a free holiday vacation using all the rewards points you've banked. If you are expecting a large cash back check from your credit card company, you may also be wondering if Uncle Sam will want his piece of it next tax season too.  After all, if there's anything the government claims it needs more of these days, it would be tax revenues!  So, does the IRS actually consider your credit card rewards to be taxable income?

Many credit issuers really push the sale of credit card protection plans on their customers.  Why?  Because they're extremely beneficial to the credit card companies' bottom lines. These plans basically claim they will help guard against an unexpected illness or job loss by paying off your credit card balance for you.  However, while the marketing spiel may sound good to your ears, the reality is that they are expensive and provide little value in return for most cardholders.