Credit Cards Review

What exaxtly is a finance charge?

The finance charge on a credit card is the amount of money that you are paying to your crdedit card company to borrow their money. Credit Card Finance charges usually are decided upon by on how much money you have borrowed on that credit card and what your Annual percentage rate is.

It is most common for credit card companies to use one of many methods to calculate the outstanding balance on your card. The method each bank uses can make a big difference in the finance charge you’ll pay. Your outstanding balance may be calculated in some of these ways:

1.) Excluding or including new purchases in the balance

2.) Over one credit billing cycle or two credit billing cycles

3.) Using the adjusted balance/ average daily balance/ or the previous balance

4.) The average daily balance method excluding new purchases/ The adjusted balance method/ The previous balance method.

Also, depending on the amount of money that you owe on each credit card and the timing of your credit card purchases and card payments, you’ll usually have a lower finance charge with one-cycle billing. Steer clear of credit cards that charge you a finance charge based on two billing cycles.

What is the Minimum finance charge?

Some credit cards have a minimum finance charge. These charges usually applies only when you carry over a balance from one billing cycle to the next. So if you can pay off the amount owed before your next billing cycle begins… this is best to avoid paying a finance charge. This also helps you to not fall into the buy now and pay later trap… where you keep borrowing aand borrowing and not paying anything off!

With the amount of people that have credit cards today it is wise to stay in the know of how to protect your credit cards and yourself! Here are some simple and easy to follow rules for limiting the chances of credit card fraud happening to you.

The moment you get your new credit credit card in the mail… SIGN IT. Even once you sign your name to the back of the credit card also add SEE ID to the strip with your signature. This will make sure that everytime your credit card is used that the place of purchase will be required to see your picture ID along with the matching of signatures.

Be careful when making electronic cash withdrawels. When taking money out of an ATM or using your debit card for purchases anywhere make sure that you enter your PIN in such a way that no one can see it and so noone can chart the strokes of your keys. You wouldnt believe how many times people openly punch in their secret pin numbers so that anyone and everyone can see. This makes you a walking target for identity theft and credit card fraud.

NEVER EVER walk away from an ATM with your money but without your receipt. These receipts contain your bank account number, name, even amount of money in your account. You should also never throw away your receipts inside a public trash can, especially one right beside the ATM machine used.

Never tell someone your credit card information over the phone unless you are the one making the call. If it is an incoming call DO NOT disclose any personal information. Too many times this is a credit card scam and is simply someone phishing for your account numbers and personal information.

Even if you initiated a previous telephone call having to do with your credit card, make sure you always practice credit card safety. There are too many scams out there! One such scam is when your phone will immediately call you “back” and someone on the other end will be claiming to be from the merchant you just hung up with. They will frequently say something along the lines of that there was a random problem with your credit card number and they will then ask you to repeat the credit card number once more to confirm they have the correct card number. No matter how convincing they appear…hang up. If you would like after ending that phone call you can then call the merchant back again to establish if this claim is legitimate or not.

When making purchases make sure you pay attention and never leave your credit card behind. Stay focused when making purchases and never take your eyes off of your credit card. Leaving a card behind for someone else to find could be highly costly to you and your finances.

Always know exactly how many credit cards you have at one time. Have their card numbers written down and stored safely at home and always monitor how much of a balance you owe on each card.

Never discard your credit card statments without shredding first. This is another reason why on-line bill pay is great. No paper trail.

Always review your monthly statements in order to make sure that no surprise charges occur and that you have actually made all of the charges that you are being billed for. If anything seems out of the norm or if you do not recognize even one charge- call your credit card company immediately. Noticing something as small as one odd purchase could stop a chain reaction before it even begins.

With todays advances in technology you can obtain instant credit approval by applying for your new credit card via the Internet. No more waiting for snail mail credit card applications to arrive on your door step. No more filling out long and lengthy credit applications and no more stamps!

Applying for a credit card online is quick, easy, and safe. No longer do you have to bother with tons of paperwork and excrutiating long wait times. Applying for a credit card through the internet allows you to research several different credit card companies and make your own decision about which credit card is right for you. When applying for a credit card over the internet, your application is received immediately and your credit approval begins!

It is not uncommon for credit seekers to naturally be concerned about the safety and security of online websites and worry that they might be handing their personal information over to the wrong person. With todays security technology this problem becomes less and less of an issue. Make sure that your home computer is armed with the latest and most up-to-date spyware and and anti-virus protections. Make sure that the website that you are applying on is well known and a secure websites. Most online websites that require personal information will have certain features that notify web browsers of their legitimacy.

Today, on-line credit card approval is definitely a convenience because it is fast and easy. Online credit applications, these days, are just as safe if not safer than mailing your personal information through regular snail-mail where. Applying for a credit card online will allow saver exchange of personal information because now your application will not be passed amongst an uncountable number of hands. The paper trail is cut down by a great number, allowing for less chances of credit card fraud. However, it’s also very important to remember to carefully review all of the terms and conditions of the credit offer prior to applying for and accepting it. Reading the fine print can save you money and hassle!

Sadly today in the US your credit score dictates alot of what you can and cant do not only in your financial life but in your personal life. Having a low credit score can stop you from buying a car, obtaining a mortgage, getting into an apartment, and even sometimes makes a difference in who will and will not employ you. These days employers are even looking into your credit score as a means to find out how trustworthy and reliable you are.

When it comes to buying houses, cars, furniture or just about anything having a lower credit score will automatically result in your having a higher interest rate and you paying MORE money where as someone with a higher credit score would have a lower interest rate and a lower payment.

One of the best ideas for someone with a low credit score is to begin trying to repair their credit before trying to buy a house or car. Most people believe that the best way to do this would be to pay OFF their credit cards, but actually this is incorrect. First, you want to keep your credit cards open, but you want to try to keep them right around having a debt of 33% on them. When you close the account out then the card will no longer appear on your credit score as an open trade line. Most banks want to see no less than three open trades lines.

Another way to repair your credit is to pay OFF any outstanding collections of any sort. Once these are paid off, after a certain number of years they will fall off your report aand no longer appear.

Having a mishap that results in your credit score or FICO being damaged isnt the end of the world. But it can feel like it sometimes. One of the most important things to NOT do is to file bankruptcy. This option is only for those that see no light at the end of the tunnel, such as someone whos business has gone under or someone that engaged in a bad business deal. Once you file for bankruptcy it becomes basically impossible to obtain a mortgage or loan from anyone for the next seven years.

Chase Platinum Visa APPY ONLINE TODAY!

One of the best credit cards that is available today is the Chase Platinum Visa.

This is by far one of the best cards for a variety of reasons. First off, there is no annual fee that you have to pay in order to simply obtain the credit card.

Secondly, this card allows new card holders to have an annual ppercentage rate of ZERO percent for the first TWELVE months, this being said if your credit is reviewed and approved by Chase.

The Chase Platinum Visa also offers the same rewards program that all of their cards offer where you earn one point for every dollar amount spent and these point can then be used for travel, merchandise, gift cards, or even cash back. This card also lets customers that pay off their balances in full every month remain with zero percent interest added to their card each month the amount is paid off. However, if a balance remains then the accurate interest percentage will be added onto the next months bill cycle.

Free travel services are also another benefit of the Chase Platinum and gives card holders Auto Rental Collision Damage Wavier and World Wide Accident Insurance.

START SAVING TODAY BY APPLYING ONLINE NOW!

What does credit card APR mean?

The APR is a credit cards annual percentage rate and is the way of stating the interest rate you will pay on your card if you carry over a balance, take out a cash advance, and/or transfer a balance from another card. The APR states the interest rate as a yearly rate that you as a credit holder will pay.

Each credit card you use will have one APR for purchases.

They will also have different APRS for cash advances, and for balance transfers. These cash advances and balance transfers APRS are generally a bit higher than the APR for purchases.

There are also what are generally referred to as “Tiered APRs.” These are different rates that are applied to different levels of the outstanding balance. The higher the balance the higher the tiered APR.

Penalty APR’s are what happens if you become late in making payments. The later the payment being made the higher the APR will be, which is why a credit card holder always wants to make their card payments ON TIME.

Introductory APR are often lowered rates that are given at the beginning stages of credit. After the introductory rate expires the APR will increase to a set APR amount.

Delayed APR is a different rate that will apply in the future. This occurs when a card is opened that hold some sort of special such as no interest til following year or several months down the road. When that special discounted APR is over, a new APR will be set.

Credit cards also differ in regards to if they have a fixed APR or a variable APR. It is up to the customer to decide which is best for themselves. However, fixed APR cards are generally more stable where as variable APRS will adjust according to the treasury bill rate.

The finance charge is the amount of money that you are paying to your crdedit card company to borrow their money, and it usually depends on how much money you have borrowed on that credit card and what your APR is.

Credit card companies use one of many methods to calculate the outstanding balance on your card. The method can make a big difference in the finance charge you’ll pay. Your outstanding balance may be calculated in some of these ways:

Over one credit billing cycle or two credit billing cycles

Using the adjusted balance/ average daily balance/ or the previous balance

Excluding or including new purchases in the balance.

Depending on the amount of the balance you carry and the timing of your credit card purchases and card payments, you’ll usually have a lower finance charge with one-cycle billing and either

The average daily balance method excluding new purchases/ The adjusted balance method/ The previous balance method.

Minimum finance charge

Some credit cards have a minimum finance charge that you will be charged even if the calculated amount of your finance charge is less. These charges usually applies only when you carry over a balance from one billing cycle to the next. So if you can pay off the amount owed before your next billing cycle begins… this is best to avoid accruing a finance charge.

Yes, credit card companies do check your credit before issuing you a pre-approved credit card. However, these types of credit checks do not hurt your personal credit score in any way. Nor does the pre-approved credit card search appear on your credit report. Only credit cards that YOU apply for will make a slight drop in your credit score appear. So if you decide in the end to actually take a pre-approved credit card up on their offer and agree to sign up with them, THEN will your credit score be affected by applying for their card.

If pre-approved credit card inquiries still scare you and you dont particularly enjoy having your mail box full of them you can call You can stpop these mailings and inquiries by calling (888) 5-OPT-OUT or (888) 567-8688.

Even though most establishments in the US and all over the world accept credit cards there are still some places thaat refuse to join the credit card world for many reasons.

Everytime a credit card purchase is made anywhere the business receiving the payment will be charged anywhere between a quarter of a percent and 5 percent. These are what are referred to as interchange fees. Merchant banks will pay these to card issuing banks and in the end, the merchant pays them back. These fees vary by which credit card the buyer has and what they rates are.

Another reason why some merchants refuse is because of the amount of money that is spent each year on maintaining credit card machines and often say that they do not do enough credit card sales to warrant the added fees and expenses.

And one final reason that some establishments refuse to take payment via credit card is because the use of credit cards leaves a very long paper trail. With large and easibly attainable papertrails it makes it far harder for merchants to hide all income from the eyes of the IRS.

One of Chase’s hottest new credit cards on the maarket is the Chase Student Flexible Rewards Card.

This new favorite of college students around the country allows card holders to take advantage of a significant reward program.

The Chase Student Flex Reward Card gives the cardholder one point back for every american dollar they spend with the credit card. So everytime a student uses their Reward Card for purchases of any kind they immediately ear one point towards the amazing 60,000 point that each student is allowed to earn for each fiscal year!

Now you might be asking what can I trade these point in for? Students can use these point to shop at popular mechandise stores, online shopping, or whatever they see fit to spend them on.

The Chase Student Flex Reward Card has no annual fee, a 0% introductory rate for purchases and balances tranfers for the first six months that the credit card account is open. The only bad side to this student card is that the annual percentage rate is a bit higher than your older credit card owners APR.

Another difference with the student card is that as opposed to having a finance charge based on the average daily balance on the card, the student card uses the average daily balance for TWO cycles, which will result in a finance charge that is twicw what a regular card would have.

In addition to the reward program, the student card offers their cardholder some great benefits provided by Chase. Some of these excellent added bonuses include travel, car and accident insurance, care rental insurance, and many forms of travel and emergency assistance services.

This card is best suited for the student that can afford to pay off their monthly balances in full at the end of each month and for those who intend to use the excellent rewards program.

Identity Theft - Protect Yourself

Identity theft can be a major issue if your personal banking information falls into the hands of the wrong person. It has been estimated that it can take up to sixty hours of work to recover a stolen identity, and in the worst cases, cost thousands of dollars to correct.

However, Identity theft can be easily avoidable if you take the right precautions that ensure their identity and cards are as safe as possible.

Look after your cards
Card holders should always know where ALL of their credit cards are. It is also best advised to carry as few credit cards as possible, preferably one. Never let a card out of your sight in a restaurant or shop or where there are alot of people and alot of activity. If you are traveling abroad only take one with you and also be sure to notify your bank or credit card company that you will be traveling overseas. Keep the others safely at home.

PIN numbers
Every chip and PIN card comes with a PIN number, sent under separate cover. Memorize this number immediately, and destroy the original letter. PIN numbers should never ever be kept together with the credit card. Upon getting your new pin number it is easy to change your new pin number to something that you personally prefer and can easily remember.

Who is watching you?
One large problem in the US with all of the self debit machines is that they have little to NO shielding, so anyone can see the code being entered. If possible, cover these machines as well as possible entering the PIN. One of the best methods to keeping your PIN secret is to use as many fingers as possible to enter the code and do it as fast as possible. Potential thieves will find it harder to follow rapid movements that consist of many fingers.

Stolen cards
If you happen to lose your credit card are are unlucky enough to have one stolen report the theft immediately and cancel the card before doing anything else. You dont want to risk hundreds or thousands of dollars being racked up in your name.

Phishing
One of the newest and most clever ways for thieves to obtain you personal information is by a technique called Phishing.
Theives are constantly trying to extract credit card details from unsuspecting people by sending out mass SPAM emails. These emails will look as though they are coming from reputable banks. The email will claim to be from the Support or Service department, and often will have some request for information in the subject line.

One of the first warning signs is if you have many emails from the same address or similiar address and if there are typographical errors in the headings. DO NOT OPEN THESE EMAILS and DELETE!

Credit card companies NEVER request full passwords, PIN codes or complete account information via email or phone.

For card holders who administer their card online or pay their monthly bills via online banking, any messages pertaining to their account will be accessible via the official bank or credit card web site. And always check to make sure the website youre visiting is a secure website. A padlock symbol should appear, and the letters “https:” appear at the start of the URL.