Credit Cards

Credit Cards

Authorized User vs Joint Account Holder

If you're planning to add someone, like a spouse or child, to your credit card account, you'll need to first decide whether you want to add the individual as a joint account holder or an authorized user. While this can be a confusing topic for many people, the key difference between the two is actually quite simple - one is responsible for paying the bill, and the other is not.

Updated by Joshua Heckathorn on Sun, 2009-08-02 17:00

Under 21? New Rules Limit Access to Credit

New credit card regulations set to take effect in early 2010 will make it more difficult for young adults to gain access to credit. This is an important issue for those moving out of the house for the first time or heading off to college without their own solid credit history.

Updated by Joshua Heckathorn on Sun, 2009-07-19 17:00

Shop Credit Cards the Smart Way - Compare and Apply Online

The days of just applying for whatever credit card offer you received in the mail are long gone. And that's a good thing, because it wasn't a smart way to shop in the first place. If you were in the market for a new TV, would you buy the first offer that arrived in the mail without checking online to compare other products and prices? Of course not, and choosing a new credit card should be considered an even more important financial decision.

Updated by Joshua Heckathorn on Sun, 2009-06-14 17:00

Bid Double-Cycle Billing Goodbye

While the Credit Card Act of 2009 may not be perfect, it will put an end to some of the more egregious practices that have plagued the credit card industry for decades. Among the major changes the law will enact, double-cycle billing is one that consumer activists are especially excited to bid goodbye.

Updated by Joshua Heckathorn on Sun, 2009-06-07 17:00

Reward Yourself with the Citi Forward Card

Looking for a new rewards credit card that's forward thinking? Do you pay your credit card bill on time and stay within your credit limit each month? And do you happen to spend most of your entertainment budget on books, movies, music, and eating out? If so, you may be the perfect candidate for the new Citi Forward card, which aims to help you make wise credit decisions by consistently rewarding your responsible financial behavior.

Updated by Joshua Heckathorn on Sun, 2009-05-31 17:00

Is a Prepaid Debit Card Right For You?

Prepaid debit cards have become increasingly popular as credit markets tighten and consumers search for alternative ways to manage their budgets. While prepaid debit cards provide all the flexibility of paying with plastic, there are some major differences you must take into consideration.

Unlike traditional credit cards, prepaid debit cards require a cash deposit into an account, much like a deposit you would make to a regular checking or savings account. And when the money is spent, there's nothing more to spend until you make another cash deposit.

Updated by Joshua Heckathorn on Sun, 2009-05-10 17:00

What is a Default Interest Rate?

Has your credit card's interest rate jumped from 12% to 30% in just one month? If so, you have most likely fallen victim to the dreaded Default Interest Rate.

Generally looming in the 25% to 30% range, a default rate is significantly higher than the standard interest rate and is the new percentage to which the credit card's interest rate adjusts when the terms of the credit card agreement are broken.

Updated by Joshua Heckathorn on Sun, 2009-03-22 17:00

Don't Ignore the "Schumer Box"

The Federal Truth in Lending Act (TILA) requires credit card companies to disclose certain information in any offer they make to you. In addition, the "Schumer Box", named after Sen. Charles E. Schumer who sponsored the provision to the TILA that requires it, ensures that credit issuers disclose this important information to you in a tabular form that is easy to read and understand.

Updated by Joshua Heckathorn on Sun, 2009-03-15 17:00

Beware of Hefty Over-the-limit Fees

There are few things worse than getting slapped with a hefty $35 fee for spending a few dollars more than your credit limit. However, it can easily happen to the best of us, and the fact is most consumers aren't even aware of the fees until they eventually show up on their credit card statements.

Updated by Joshua Heckathorn on Sun, 2009-03-08 17:00

Understand Your Credit Card's Grace Period

The average credit card provides a 20 to 30 day grace period. What that means is your credit issuer will not charge interest on your new purchases during this time period. It's probably as close to an interest-free loan as you will ever get. However, grace periods don't work the same on all credit cards, so it's important to read and understand your credit card's billing statement.

Updated by Joshua Heckathorn on Tue, 2008-12-30 16:00

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