Credit Card Lover in a Cash-Only World

March 10th, 2010 by Joshua Heckathorn

I really dislike carrying cash. It's dirty, makes my wallet annoyingly bulky, and always seems to disappear faster than it should. What's even worse is ending up with a pocket full of change after being forced to buy something with it. The horror! I used to catch my Mom throwing away pennies when I was kid because she didn't want to carry them, but frankly, I can't bring myself to do that. I'm too cheap. So I do the next best thing...dump the change into my wife's bottomless purse to never be seen again. I guess it has basically the same effect, but mentally I can handle it much better.

Put Your Tax Refund to Good Use

If you aren't getting a tax refund this year, congrats—you successfully avoided giving the government an interest-free loan.

On the other hand, if you happen to be one of the millions entitled to a big fat refund check, then you're probably already thinking about what you'll do when the cash hits your bank account. Here are a few suggestions to help you put your refund to good use.

First, set aside a small amount to treat yourself or the family to something fun. Life needs to be more than just saving and paying the bills.

Updated by Joshua Heckathorn on Sun, 2010-03-07 16:00

Getting a New Credit Card? What to Do with Old Cards

March 4th, 2010 by Logan Abbott

Dear Creditnet: I'm thinking about applying for a new hotel rewards credit card, but I already have two other cards with high limits. One card has a $34,000 limit, and I don't even use it. Before applying for the new card, should I ask to have this account closed or the credit limit reduced to the minimum? I don't want to have my credit score dinged too bad by having a new card.

Paid Collections: Will They Go Away?

Many consumers are surprised when they find paid collection accounts still sitting on their credit reports. Unfortunately, it's a common misconception that paying off an account in collections will simply cause it to go away. The truth is that's not always the case.

Updated by Joshua Heckathorn on Mon, 2010-03-01 16:00

Some Variable Rates Only Go Up

Most credit cards currently carry variable interest rates. And while the term "variable" seems to suggest that an interest rate could vary up or down depending upon the movement of the index to which it's attached, that's not always the case.

Updated by Joshua Heckathorn on Thu, 2010-02-25 16:00

CARD Act of 2009 Takes Effect Today

February 22nd, 2010 by Joshua Heckathorn

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It's been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.

Unfortunately, there's nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn't let the day pass by without at least mentioning the significance of the new rules taking effect.

New Annual Fee: Should I Pay Up or Move On?

February 16th, 2010 by Elisabeth Chan

Credit questions

Dear Creditnet: I just received information in the mail Saturday that Citi Platinum Select will now start charging an annual fee of $60. I have had this card since 1989. Of course there are ways to avoid that fee, but should I just start looking for another credit card?

Watch Out for Minimum Finance Charges

Minimum finance charges are on the rise as credit issuers continue to search for creative ways to increase fee revenue while operating within new rules set forth by Congress.

Updated by Joshua Heckathorn on Mon, 2010-02-15 16:00

Better Safe Than Credit-Less

February 10th, 2010 by Joshua Heckathorn

[caption id="attachment_1239" align="aligncenter" width="500" caption=" "] Girl holding cards Photo by Andy Newson / FreeDigitalPhotos.net[/caption]

In spite of all the consumer-friendly changes the CARD Act of 2009 will bring to the credit card industry, there's absolutely nothing that will stop credit issuers from continuing to slash credit limits or close accounts whenever their little hearts desire.

For some changes, such as new annual fees or revamped rewards programs, they may need to provide you with 45-days' advance notice, but there's no such rule in the event of an account closure. In fact, they don't even need to give you prior notice at all.

Say No to Instant Tax Refunds

RALs, or refund anticipation loans, won't be as heavily advertised this tax season in an effort to avoid bad press. However, most major tax preparation chains will still be promoting these "instant" refunds behind the scenes.

Updated by Joshua Heckathorn on Sun, 2010-02-07 16:00