Credit Cards and Debit Cards

Card of the Future

2007-11-23T01:35:00.001-08:00

Amazing perception of where credit cards could take us.

Some people still prefer carrying cash around. We have sort of phased paper money out of our lives, keeping a spare $20 around in case of emergencies. The one dangerous thing about only using a bank card is that you can lose track of your spending really quick. A futuristic design concept might change how we budget ourselves.

Using RFID technology, Designer Jacob Palmborg has conceived of this futuristic card that would have real time data for all of your existing accounts. A screen interface would display your current available balance as well as recent purchases and receipts. Biometric security features make sure that only you can access the information. Something like this also produces the possibility to have one all-encompassing card that could hold your drivers license and passport.

source | digg story

What college students must know about credit

2007-03-20T03:10:00.000-07:00

If you're a college student, chances are you've been offered more than a few credit cards. Maybe you have a friend who has already run up credit card bills on par with her student debt, and so you've steered clear of the credit card offers. Or maybe you're one of the few who have received their first credit cards and used them responsibly - so far, at least. Regardless, you probably don't realize just how important responsible use of your first credit card is to your financial future. It could have a significant impact on whether or not you'll be able to get financing for your first new car or house, and increasingly, it could even determine whether or not you get hired for your first professional job.

The Importance of Building Credit History

For many people, credit is a Catch-22: They can't get approved for credit because they don't have a credit history, but they can't build a credit history without first being approved for credit. Luckily for them, college students don't tend to have this problem. Credit card companies view them as low risk, at least compared to other young people with no credit, and so they're willing to give them a first chance. As a new cardholder, it's vitally important that you make good use of this first chance.

When you have a credit card, the issuing company reports information to each of the three major credit bureaus - Experian, Equifax, and Transunion. This information includes the amount of credit you've been approved for, how much of that credit you are currently using, and most importantly, your payment history. All payments - both late and timely - show up on your credit report, and even one late payment can hurt you rather badly when you lack a solid credit history. This is why you should always, no matter what, pay at least the minimum due on each of your credit card bills.
Always Try To Pay More Than The Minimum Due

While it's important to always pay at least the minimum due, you should never only pay this amount unless you are completely unable to pay more. In fact, it may not be a bad idea to pay the minimum immediately upon receiving your bill and then pay more later in the month when you have more money.

If you pay less than the total amount due, you will be charged interest on your next bill. Even though the credit card company holds you in higher esteem than one of your high school peers who didn't go on to college, they still regard you as a rather risky proposition - which means you'll probably be paying a very high interest rate. If you only pay the minimum due on a card with a high interest rate, it could take you several years to pay off even a modest amount of debt.

Take Advantage of Your Opportunities - But Use Your Credit Wisely

Believe it or not, it may be easier to get approved for credit while you're in college then after you get out - particularly if you don't start a professional job right away (or at all). The high interest rates you're asked to pay are just part of being a newcomer to the world of adult finance. But then again, if you always pay your credit card bills in full, interest rates will be irrelevant.

Regardless of all the cautionary tales, you should definitely open up at least one credit card account while in college to begin building a solid credit history. If you can show the credit card companies that you're responsible, you'll soon be paying much lower interest rates, and you'll be able to get that new car or house when the time is right. If you ignore or abuse your credit opportunities in college, it could be one of the worst mistakes of your life. You're an adult now - it's time to stand up, take responsibility, and enjoy your share of the American Dream. And it all begins with responsible use of credit!

To see our full listing of Student cards, simply visit:
http://ccards.ecreditdirectory.com/categories/student_credit_cards

8 Credit cards types and what you need to know about them

2007-01-16T06:50:00.000-08:00

Secured credit card: - Secured credit cards are types of card that requires a security deposit as collateral before you can get approval. Its type of card that best suit the need of people with no or poor credit who are trying to build their credit history. Your collateral must be equal or greater in value of the credit amount you are applying for.

Business credit cards: - These are the card that’s available for business owners, directors and business executives. They come with several features just like any traditional credit cards. You have to consider the terms and condition for these types of cards too before applying.

Student credit cards are another type of credit card specifically for students. These types of cards are made for students because of their lack of credit history, and if given chance they can build their credit history with such card.

Prepaid credit cards are set of cards that are just acceptable wherever the traditional credit cards are acceptable, but they are not credit card. You will have to always transfer money to your card before you can make use of the card and you may not be able to spend more than you prepaid for the card.

Presently this is almost the best card for people that want to avoid interest and other fees charged on traditional credit card. However, other little charges like monthly fees, application, overlimit and ATM fees are still applicable.

Whichever card you decide to choose make sure that you go over the terms applicable very well to avoid putting yourself in financial bondage.

Balance credit cards are unsecured standard cards designed to allow consumers to save money in interest charges by transferring higher interest credit card balance onto a lower interest rate credit card.

Low interest credit cards are other types of non secured standard credit card. They offer either low introductory APR that change to a higher rate after a certain period of time or a low fixed rate. You can take advantage of the low introductory APRs to make larger purchases for now and pay them off several months later.

Air Mile Credit cards are cards that are good for people that travel frequently or planning to go on vacation. It’s a form of reward card that allow you opportunity of obtaining a free airline ticket. You will need to accumulate specified air miles before you can be entitled to free ticket. All accumulated mile points will be based on dollar amount of your credit card purchases over a period of time based on predetermined point level.

Specialty credit cards are other set of standard non-secure cards designed specifically for individual business users and students with unique and special needs.

Make sure that you study the terms of any of the card that you pick very well to avoid risking your credit rating. Also, when you pick any of the reward cards make sure you study the forms and offers very well because credit card issuing companies do offer different reward programs and their promotional offers often change. So make sure you thoroughly look over the card’s terms and conditions of each specific card before applying.

You can find a credit card of your choice here.

Learning about Cash Back Credit Cards: good or bad Idea?

2007-01-11T02:57:00.000-08:00

Getting a credit card that offers cash back always sounds like a good idea. What could be better than getting cash back on all the purchases that you make with your credit card? It sounds too good to be true, doesn’t it?

Well, there are cards that give you free cash, but it is usually only around 1% cash back. However, free money is free money, right? Well, sometimes.

If you like to buy a lot of things in one month, this kind of credit card probably sounds great to you. However, you need to keep in mind that they are not going to give you cash back on every purchase that you make. Even if they claim to give you cash back on every purchase, they will only give you up to a certain amount per transaction. The company also has a strict limit on the amount that they will give back to their customers. If you read the little, bitty print on the form that you signed, you will see a paragraph with their limits in the terms and agreements.

This is another way to try to draw in new customers for these companies. It is a good credit card to have and sounds great in theory, but they will have to check your credit rating before they will give you their card.

Research different credit card companies to see what they are offering. You may be surprised to find a cash back credit card that offers you just what you need and want with a high cash back percentage, few limits on the amount they will give you back, and instant cash deposits when you make each purchase with their card.

Although these credit cards seem like a great thing to have, some companies will need your credit rating to be great too. However, there are credit card companies that offer these cards to people with a low credit rating to help them rebuild their credit. Research all of your options.

What should your decision be? If you have a good credit rating, then this card is a great option for you. Research different card companies – there are cards out there that offer you up to 3% cash back and impose very few limits. If, however, you have a bad credit rating, you may want to find a credit card that will help you rebuild your credit.

Tips to Apply For a Credit Card

2007-01-08T03:15:00.000-08:00

Filling out a credit card application is just like filling out a job application-everyone needs some tips to use so that they get approved.

If your credit is bad, then it may be a little more difficult to get a credit card than if you have good credit. Do not give up, because there are hundreds of companies out there that offer credit cards for people with bad credit and if you shop around, you will find the credit card that is just right for you.

If you are researching credit cards, the first place that you can get information is the Internet. The Internet has a lot of information about many different credit cards, including their rates, fees, and incentives, so that you can find the best credit card for you.

There are some credit card companies that say that they will give you a credit card with no credit check. However, keep in mind that having a credit card almost always means that you are going to go into debt. Be cautious when choosing the credit card for you. Read the fine print of their terms and agreements to make sure that there are not going to be any surprises.

Analyze your financial situation to make sure that you can handle a credit card and its payments. Even the most cautious of us go on a little shopping excursion every now and then and you do not want to be thrown into a financial tailspin when your bill comes in.

Cautiousness is very important in using your credit card. If you are not sure that you can handle a credit card, then rethink applying. You need to be sure that when the bill comes in that you can make the payments. If you are not completely sure, then don’t get a credit card until you are ready.

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2006-06-21T10:29:00.000-07:00

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