Which Credit Card to Pay Off First?

And now the age old question. “Which credit card to pay off first?” Pay the Credit Card with the Highest APR First Well, the short and obvious answer would be to pay the credit card with the highest interest rate (APR). After all, your credit card with 21.99% APR is costing you more than your … Continue reading “Which Credit Card to Pay Off First?”

Are Credit Card Cash Rewards Taxable?

Another frequently asked question that comes up in the credit world: “Are credit card cash rewards taxable?” Often, this question heats up around April, right before taxes are due. And with all the cash back rewards credit cards around these days, it’s no wonder consumers are concerned that they may be taxed for things like … Continue reading “Are Credit Card Cash Rewards Taxable?”

Should I Close My Credit Card?

More credit Q&A: “Should I close my credit card?” So you’ve decided you don’t want your credit card anymore. You don’t use it and it just sits around in your wallet. Either that, or you’ve got spending habits that are out of control and you just want to pay off the credit card and close … Continue reading “Should I Close My Credit Card?”

How Are Credit Card Minimum Payments Calculated?

Let’s address the following timely question: “How are credit card minimum payments calculated?” Since the credit crunch hit, credit card minimum payment requirements have been going up as card issuers attempt to tighten their grip on borrowers’ spending habits. Instead of letting them run up hefty credit card balances, they’re requiring card holders to pay … Continue reading “How Are Credit Card Minimum Payments Calculated?”

What Is an Excellent Credit Score?

For those obsessed with their credit score, I’ll attempt to answer the age old question, “What is an excellent credit score?” For the record, we’re talking about FICO scores, which are far and away the most common and widely used by creditors. The FICO score ranges from 300-850, with higher scores representing a lower risk … Continue reading “What Is an Excellent Credit Score?”

Does a Credit Check Lower Your Credit Score?

Credit Q&A:”Does a Credit Check Lower Your Credit Score?” I get this question all the time, and like all things in the credit score realm, it depends.  Sigh… There are a number of different reasons to run a credit check, and thus the confusion, but we’ll get to the bottom of it. I promise. Checking … Continue reading “Does a Credit Check Lower Your Credit Score?”

What Credit Score Do You Need to Get a Credit Card?

A frequently asked question in the consumer credit realm tends to be, “what credit score do you need to get a credit card?” Unfortunately, the answer to this question isn’t one simple three-digit number, but rather a variable answer dependent on a number of factors. Though a numerical credit score is used in the decisioning … Continue reading “What Credit Score Do You Need to Get a Credit Card?”

Is ID Required for a Credit Card Purchase?

Credit card Q&A: “Is ID required for a credit card purchase?” Credit card rules are often gray, what with the fact that multiple companies are operating in the same space. Then you’ve got the merchants’ own rules, which sometimes don’t coincide with the terms of Visa, MasterCard, or American Express, whether they are contractually acceptable … Continue reading “Is ID Required for a Credit Card Purchase?”

Paying Your Taxes with a Credit Card

Tax season is upon us once more, and time is running out to get those completed returns to the IRS. For those of us who actually have to make a payment, as opposed to simply receiving a refund, that April 15th deadline couldn’t seem any closer. And with all the recent economic turmoil, I’m sure … Continue reading “Paying Your Taxes with a Credit Card”

Credit Card Comparison by Company

I’ve already talked about the general pros and cons of credit cards, but now let’s look at some of the positive and negative attributes of individual card issuers and their related credit cards. American Express When I think about American Express, I think convenience.  They truly have the best customer service out there, which can … Continue reading “Credit Card Comparison by Company”