When the new credit card rules go into effect on February 22 (Credit Card Bill of Rights), perhaps one of the most exciting changes will be the way payments are allocated.
In the past, credit card issuers applied payments over the minimum payment to balances with the lowest APR because it worked in their favor.
Let’s look [...]
Most of us don’t know the true cost of credit, we simply pay attention to what we’re paying in fees and finance charges.
But the cost of goods and services increases as a result of credit card use, as merchants need to pay fees to banks, credit card issuers, and other companies for the infrastructure, equipment, [...]
I like American Express a lot, I don’t hide that fact. Their customer service is stellar, it’s easy to dispute fraudulent/bogus charges, and the rewards tend to be the best in the industry.
Their credit cards also look cool, and who doesn’t like to look cool?
At the same time, a number of American Express credit [...]
Consumer credit question: “Are credit cards bad?”
Well, an article in the Baltimore Sun pointed out that consumers who use credit cards instead of cash spend more.
Specifically, the paper highlighted a recent study of fast-food restaurants, which revealed that customers using credit cards spent 50-100% more than those paying with cash.
While the general idea isn’t a [...]
Credit Q&A: “What stores sell prepaid credit cards?’
If you’re in the market for a prepaid credit card, they’re certainly not hard to find these days.
A number of stores carry Visa, MasterCard, and American Express prepaid credit cards, from the local drugstore to the supermarket.
In fact, if you visit your neighborhood gas station, you’ll likely find [...]
Credit crunch Q&A: “Does a short sale hurt your credit?”
Short sales, where properties are sold for less than the existing mortgage balance, have become increasingly popular in the past year.
While short sales are a foreclosure alternative, there’s a good chance they’ll still adversely affect your credit pretty substantially.
Straight from the horse’s mouth: Fair Isaac, creator [...]
Credit Q&A: “What credit score do you need to rent an apartment?”
Like all things credit, nothing is written in stone here, but obviously the higher the credit score the better (what is a good credit score?).
Apartment shoppers should realize that not all landlords pull credit, and even if they do, they don’t necessarily have a [...]
More fundamental credit Q&A: “What credit score do you need to buy a car?”
When it comes to buying or leasing a car, good credit (what is a good credit score) is often a necessity, as most of us can’t just mosey down to the car dealership and buy outright.
But there isn’t a specific credit score [...]
So far this year, newly issued credit cards have increasingly been going to consumers with the highest credit scores.
According to credit bureau Equifax, two in five new credit cards issued in 2009 went to consumers with credit scores of 760 or higher (what is a good credit score).
That’s up from one in five new cards [...]
If you’re looking for an “absolutely free credit report with no trial required,” there’s really only one place to go.
The federal government offers this type of free credit report with absolutely no strings at Annualcreditreport.com.
While it is absolutely free, no trial, no sign-up, no nonsense, it doesn’t include a free credit score, so it may [...]