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When you sign up for a credit card, there’s a lot of information to review. It can be very difficult to understand everything you are signing up for. But when it comes to what you are getting from your credit card, as well as what you are paying, you need to understand.

For example, you may think you get a certain percentage back on a rewards card. Do you know if you get that for every purchase or do you get less if you only charge a small amount? When do you get your rewards? What limitations are there?

Then there’s your credit card’s interest rate. Under what conditions will it be increased? How long is that special rate good for? What will it be later?

Paying attention to the fine print can help you to choose the right credit card. It can also save you a lot of money.

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One of the most important things to know about any credit card offer is the interest rate. Even more so than an annual fee for anyone carrying a balance, this can determine how much a credit card will cost you.

Fortunately, there are ways to get lower rates even on credit cards you have already. The first thing you need to do is see what kind of rates you can get another credit card company to offer you. If you can get a 0% APR for transferring your balance to another credit card company, call your current credit card company and see if they will drop your rate. They probably don’t want to lose your business, so you should be able to get them to drop your rate at the very least.

The alternative offer can really help in this situation. Yes, you may be able to get a lower rate just by calling and asking for one, but having that competitive offer can really drive your current credit card company to give you a little bit more.

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Applying for too many credit cards can damage your credit rating by having too many inquiries on your credit report. So how do you know which card to apply for?

First of all, you need to think about what you want from your credit card. Is it a lower interest rate? Rewards? A way to track business expenses?

Next you need to be realistic about your credit score. If you haven’t done so lately, get your free credit report and make sure the report is accurate.

Now take a look at the card offers out there and decide which is the most likely to meet your needs. If the offer specifies excellent credit, but your score is only so-so, don’t bother to apply.

If you’re applying for a rewards credit card, make sure that what you will be getting, whether it be cash, points, gas, travel or something else, is worth what you will be paying. This means be sure you won’t be carrying a balance. You’ll probably pay a higher interest rate than you would otherwise. Compare the interest rate you are most likely to get with a rewards card with what you currently have or what is offered on a plain credit card you are considering and think about how much of a balance you might carry. If the interest is too high, you could be losing money. On the other hand, if you don’t carry a balance, a rewards card can be a wonderful thing. Read the rest of this entry »

Check it out! Discover is now offering a student credit card with your monogram.

Check it out, along with other great student credit card offerings!

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One of the great advantages to having a credit card is that when every other option has failed to get your money back on a problem purchase, you have one more resource to fall back on.

You can file a credit card dispute when a merchant refuses to give you your money back due to poor quality or damaged merchandise. First, however, you have to try to get the merchant to take the item back and replace it or refund your money. You cannot simply go and dispute it right away on your credit card.

Theoretically, this is only for purchases over $50 and bought within 100 miles of your home; however, in many cases the credit card company will help you even if you do not meet that criteria. With the popularity of online purchases, it is certainly to be hoped for that some time in the near future the 100 mile radius would be extended, of course.

Always keep written records of what steps you have taken prior to taking it to the credit card company. This will make it easier for them to help you. Patience in these matters also helps tremendously. Send a certified letter to the merchant if you can’t get the refund accomplished on the store level. Keep a copy for your records. Read the rest of this entry »

Now that you can get a free credit report, it’s time to see if you can legally improve your score. You can pay someone to help you with this if you want, but much of it can be done by anyone with a little time and patience.

The first thing to do is always to check your credit report for inaccuracies. Get any inaccurate items corrected or removed.

Check to see if all positive items have been reported. If you’ve paid off a loan and it isn’t appearing on your report, ask the lender to add it to your report. Positive information is always a good thing to have listed.

If your credit limits are not listed for all accounts, ask for them to be added, so that it is clear how close you are to your current credit limits. If you are too close, you become less appealing for other credit.

Look for duplicated accounts and data. If your debt goes from one lender to another, it may appear twice, harming your credit score.

Even if you pay off an old account, don’t close it unless it has an annual fee or is otherwise costing you money to keep it open. Old and open credit accounts make your credit history longer, so it is clear that you have been a good risk for a long time. Read the rest of this entry »

In a way, it is possible for you to be too good with your credit. If you do so little with your credit that you completely lack a credit history, it can be hard to get a good rate when you really need credit, such as when purchasing a car or a house.

Even if you’ve had great credit in the past, you can undo it by not using your credit enough. The good as well as the bad fade away over time, and the companies that issue credit do prefer recent activity as an indicator to old activity.

It may go against the grain, but occasionally using your credit cards instead of cash, checks or debit cards can help. Just pay them off promptly so that you aren’t having to pay high interest rates.

Even if you’re trying to live a debt-free lifestyle, there are good reasons to keep a healthy credit card score. The simplest reason is that no one knows what their future holds. A loss of a job, a medical emergency not sufficiently covered by insurance, and suddenly you need credit desperately.

Lacking a credit score can do more than just cause you to pay higher interest should the time come that you do need credit. Insurance companies also are known to consider your credit score when setting your rates. They say there is a relationship between credit score and risky behavior, which justifies that check. Read the rest of this entry »

It sounds like such a great idea, but is it really? That depends on how you use your money. If you don’t change the habits that got you into credit card debt already, you might just be digging a bigger hole for yourself.

The idea behind refinancing is that you can get your credit card debt to have a lower interest rate. However, what many people forget is that they are trading unsecured debt for secured – that is, risking their home to pay off their credit cards.

The danger in this is that many people go back and charge up the credit cards, restarting the cycle of credit card debt. Their debt load becomes higher and more difficult to be rid of.

If you want to refinance your home to cover your credit card debt, it may not be a bad idea, but review your spending habits first and put those credit cards somewhere that they won’t be such a temptation. Healthier spending habits will help you and your family tremendously in the long run.

College is a great time to get into trouble with credit cards. It’s just so easy to apply for them, sometimes even on campus. But it’s also very easy to get into trouble with credit cards while you’re that young.

There’s nothing wrong with getting a credit card when you’re in college. It may even be helpful if you need just a little time to pay for you books and necessities. But many students just can’t handle it.

Credit card companies often have relaxed requirements for students. This is because they know that if they can get you as a customer as a college student, they can probably keep you for many years. They also know that many students run up high balances, and so will be paying for a long time.

In other words, it can be a bit risky getting a credit card while you’re still a student. There will be temptations to abuse it. But this is one of the best times to establish your credit, when the requirements in order to get a card aren’t quite so high as they may be later in life. The trick is remembering not to abuse your card. Read the rest of this entry »