How to Get More from Your Credit Cards via Social Media

December 26th, 2011 by Logan Abbott

Anyone who has ever tried to choose between dozens of rewards credit cards knows just how confusing it can be. There are different amounts of points given, different types of points given, and different rewards given. Figuring out which card is best for your situation can be a time consuming, never-ending process! But what if I told you that some of the best credit card perks don't even come from the rewards program you pick? In fact, credit card companies are actually giving away some of the most valuable benefits just for being their friend.

Top Three Holiday Credit Mishaps

December 23rd, 2011 by Logan Abbott

The holiday season is in full swing, and regardless of which holiday(s) you celebrate, gift giving is exciting, expected, and expensive. While it's certainly ok to share your hard-earned cash with loved ones through gift giving this holiday season, keep in mind the three most common credit mishaps as you fit in your last-minute shopping. After all, 'tis the season to be jolly! 'Tis not the season to be tricked, scammed, or sold into destroying your holiday and your credit for years to come.

Citi ThankYou Preferred Card $500 Bonus is Back

December 21st, 2011 by Joshua Heckathorn

*Update* December 2011: This card offer is no longer available. Check out the current details of the Citi ThankYou Preferred Card instead. Citi ran a great promotion in October on a few sites, including Creditnet, which ended up only lasting a few weeks before it was pulled offline. Well, it's back! The Citi ThankYou Preferred Card is once again offering new cardholders the opportunity to earn up to 50,000 bonus points during the first year of use. If you want to read all the details about the pros and cons of this credit card, check out my original post: Citi ThankYou Preferred Card Review: 50,000 Bonus Promotion. For a brief update, read on.

Use Your Flexible Spending Accounts by 12/31

FSAs (Flexible Spending Accounts) often allow you to set aside up to $5,000 pretax for medical expenses. While this can be a great way to help reduce medical costs throughout out the year, most companies also require that you use those funds by December 31st.

Some companies may give you a grace period until March 15th, so check with your employer if you're not sure. However, if you simply forget about your FSA and fail to clear account your account by the deadline, it will reset in the new year and your hard-earned cash will be gone for good. Don't let that happen!

Updated by Joshua Heckathorn on Mon, 2011-12-19 16:00

Ask Creditnet: Do Lenders Use PRBC Credit Reports & Scores?

December 19th, 2011 by Joshua Heckathorn

Dear Creditnet: I just read Creditnet's article about the credit bureau, PRBC, and it sounds like a great thing...long overdue. My question is, when applying for a loan or credit cards, do most (or any) lenders check with PRBC along with the 3 major credit bureaus?

Also, does the PRBC report information to any of the big 3, and if not, can we request that they do so?

Answer: Since the PRBC, which now stands for "Payment Reporting Builds Credit", is another credit reporting agency, they don't actually report any information to the other big 3 credit bureaus- Equifax, Experian, and TU. What the PRBC is doing is independently verifying "nontraditional" payment data, such as rent and cell phone bills, and then providing this information in their own separate credit report that lenders can use to supplement the underwriting process when applicants have otherwise "thin" credit reports.

Americans Are Spending Smarter

December 16th, 2011 by Elisabeth Chan

While economists tend to focus their attention on the latest stock market trends and fiscal policy, there are new consumer trends developing that hit much closer to home. For example, the decisions Americans have been making about how often they reach for their credit cards has changed dramatically over the past few years. Indeed, consumers have adopted new spending habits that speak volumes about the lasting impact of the economic recession.

Here’s a quick glance at an interesting trend we've noticed and what it might say about the rest of the economy as a whole.

Always Pay in Local Currency When Shopping Overseas

If you're traveling out of the country for the holidays, here's a quick tip to help make the most of every dollar you spend abroad. No matter where you're traveling, always pay in the local currency when using your credit cards.

Updated by Joshua Heckathorn on Mon, 2011-12-12 16:00

6 Best Rewards Credit Cards for Holiday Shopping

December 12th, 2011 by Alice Bryant

Holiday shopping is in full swing, and there are certainly great deals to be found everywhere this year. However, you can save even more money if you shop for those deals with the right rewards credit cards in hand. In fact, in some instances you can even receive an additional 25% in discounts! So before you hit the shops this year, make sure you know what discounts and rewards are offered by the credit cards you already carry in your wallet. Or, consider applying for a new rewards credit card to maximize your holiday savings. Here are some of our favorites if you're already on the hunt:

Saving For College with 529 Plans

December 9th, 2011 by Joshua Heckathorn

We’ve all heard the seemingly exaggerated expectations for the cost of a college education in 20 years. “A four year college is going to cost you $500,000 (if our currency still exists then) and one hovercraft!” Seriously...hovercrafts? It seems ridiculous, and I’m certainly hoping that something is done to stem the dramatic increase in tuition costs and our future dependence upon hovercrafts as currency. But given that both of these things seem out of my hands, I wanted to be as prepared as possible to help facilitate my kids’ college education.

Ask Creditnet: Secured Credit Cards and Interest Rates

December 2nd, 2011 by Joshua Heckathorn

Dear Creditnet: I have interest in applying for a secured credit card. I found one that I really like and it says that for every 3 months I pay my bills on time my interest rate will be reduced. The confusing thing is that there is also a 7-month 0% APR period. My question to you is will my interest rate be reduced during that 7-month introductory period as I make payments on time?