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?
Category: Credit Help and Tips
Master your credit card and credit score, all in one convenient place.
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?
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?
Are Credit Card Minimums Legal?
Credit card Q&A: “Are credit card minimums legal?” The other day I was walking in New York City, and because it was so blisteringly cold, I decided to grab a cup of overpriced, hot coffee. I didn’t have any cash on me at the time, just a few credit cards I typically use to make… Continue reading Are Credit Card Minimums Legal?
Beware of the H&R Block Emerald Card
So tax season is quickly approaching, and with that comes what many would call opportunistic offers for tax-related services. The most recent advertisement I’ve seen is from H&R Block, which is offering to put your tax refund on a prepaid MasterCard debit card via its “H&R Block Emerald Card.” They’ll even give you your tax… Continue reading Beware of the H&R Block Emerald Card
Watch Out for Negative Payment Hierarchy
Let’s get one thing straight. Credit card issuers aren’t your friends. They are your business partners, and they’re in business to make money by lending you money. In fact, most credit card issuers set things up so you pay off the lowest interest rate charges first, and the highest interest rate charges last. Read that… Continue reading Watch Out for Negative Payment Hierarchy
Better Have a Credit Card If You Plan to Rent a Car
If you’re thinking about taking a family trip this summer, or simply need to a rent a car for a business trip, make sure you’ve got a credit card handy. If you show up to a Hertz or an Avis without a credit card, you could find yourself walking away frustrated on foot Most, if… Continue reading Better Have a Credit Card If You Plan to Rent a Car