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Now that you have an idea how many types of credit card there is, it is now time to review your goals before applying for one. Some of the things you should consider is how will you spend with the credit card monthly, if you plan to carry a balance at the end of the month, how much are you willing to pay in annual fees, if you have a strong credit history and is does your credit in need of rehabilitation. Once you have an idea of what you are looking for choose the right credit card for you by researching the information you need that will fit your basic needs. You may also review the credit cards you’ve research and compare them. Shopping for a credit card?Regardless of the type of credit card you choose, be sure to discuss your specific financial needs with your financial advisor or accountant before applying for any credit card. It is a must that you understand the benefits of having a credit card like safety, valuable consumer protections under the law, and the accessibility and availability of services. The most popular credit cards include Chase Manhattan Bank, Citibank, Bank of America, BankOne, American Express, Discover® Card, First Premier Bank, Advanta, HSBC Bank, and MasterCard Credit Cards. Although having a credit card is synonymous to invincibility, this may also trigger a person’s thirst for material things and may lead into the temptation of buying something they don’t really need. A credit card bearer should always have in min that having a credit card is a big responsibility. If they don’t use it carefully, these may owe more than they can repay. It can also damage their credit report, and create credit problems that are quite difficult to repair.
Some credit card companies went to extraordinary lengths to cause cardholder payments to be late. For example,Guest Posting some companies set the date to August 5, but also set the cutoff time to 1:00 pm so that if they received the payment on August 5 at 1:05 pm, they could consider the payment late. Some companies mailed statements out to their cardholders just days before the payment due date so cardholders wouldn’t have enough time to mail in a payment. As soon as one of these tactics worked, the credit card company would slap the cardholder with a $35 late fee and hike their APR to the default interest rate. People saw their interest rates go from a reasonable 9.99 percent to as high as 39.99 percent overnight just because of these and similar tricks of the credit card trade.The new rules state that credit card companies cannot consider a payment late for any reason "unless consumers have been provided a reasonable amount of time to make the payment." They also state that credit companies can comply with this requirement by "adopting reasonable procedures designed to ensure that periodic statements are mailed or delivered at least 21 days before the payment due date." However, credit card companies cannot set cutoff times earlier than 5 pm and if creditors set due dates that coincide with dates on which the US Postal Service does not deliver mail, the creditor must accept the payment as on-time if they receive it on the following business day.
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This rule mostly impacts cardholders who often pay their bill on the due date instead of a little early. If you fall into this category, then you will want to pay close attention to the postmarked date on your credit card statements to make sure they were sent at least 21 days before the due date. Of course, you should still strive to make your payments on time, but you should also insist that credit card companies consider on-time payments as being on time. Furthermore, these rules do not go into effect until 2010, so be on the lookout for an increase in late-payment-inducing tricks during 2009.Allocation of Payments Did you know that your credit card account likely has more than one interest rate? Your statement only shows one balance, but the credit card companies divide your balance into different types of charges, such as balance transfers, purchases and cash advances.Here's an example: They lure you with a zero or low percent balance transfer for several months. After you get comfortable with your card, you charge a purchase or two and make all your payments on time. However, purchases are assessed an 18 percent APR, so that portion of your balance is costing you the most -- and the credit card companies know it and are counting on it. So, when you send in your payment, they apply all of your payment to the zero or low percent portion of your balance and let the higher interest portion sit there untouched, racking up interest charges until all of the balance transfer portion of the balance is paid off (and this could take a long time because balance transfers are typically larger than purchases because they consist of multiple, previous purchases). Essentially, the credit card companies were rigging their payment system to maximize its profits -- all at the expense of your financial wellbeing.
The new rules state that the amount paid above the minimum monthly payment must be distributed across the different portions of the balance, not just to the lowest interest portion. This reduces the amount of interest charges cardholders pay by reducing higher-interest portions sooner. It may also reduce the amount of time it takes to pay off balances.This rule will only affect cardholders who pay more than the minimum monthly payment. If you only make the minimum monthly payment, then you will still likely end up taking years, possibly decades, to pay off your balances. However, if you adopt a policy of always paying more than the minimum, then this new rule will directly benefit you. Of course, paying more than the minimum is always a good idea, so don't wait until 2010 to start.Universal DefaultUniversal default is one of the most controversial practices of the credit card industry. Universal default is when Bank A raises your credit card account's APR when you are late paying Bank B, even if you're not or have never been late paying Bank A. The practice gets more interesting when Bank A gives itself the right, through contractual disclosures, to increase your APR for any event impacting your credit worthiness. So, if your credit score lowers by one point, say "Goodbye" to your low, introductory APR. To make matters worse, this APR increase will be applied to your entire balance, not just on new purchases. So, that new pair of shoes you bought at 9.99 percent APR is now costing you 29.99 percent.
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The new rules require credit card companies "to disclose at account opening the rates that will apply to the account" and prohibit increases unless "expressly permitted." Credit card companies can increase interest rates for new transactions as long as they provide 45 days advanced notice of the new rate. Variable rates can increase when based on an index that increases (for example, if you have a variable rate that is prime plus two percent, and the prime rate increase one percent, then your APR will increase with it). Credit card companies can increase an account's interest rate when the cardholder is "more than 30 days delinquent." This new rule impacts cardholders who make payments on time because, from what the rule says, if a cardholder is more than 30 days late in paying, all bets are off. So, as long as you pay on time and don't open an account in which the credit card company discloses every possible interest rate to give itself permission to charge whatever APR it wants, you should benefit from this new rule. You should also pay close attention to notices from your credit card company and keep in mind that this new rule does not take effect until 2010, giving the credit card industry all of 2009 to hike interest rates for whatever reasons they can dream up.Two-Cycle Billing Interest rate charges are based on the average daily balance on the account for the billing period (one month). You carry a balance everyday and the balance might be different on some days. The amount of interest the credit card company charges is not based on the ending balance for the month, but the average of every day's ending balance.
So, if you charge $5000 at the first of the month and pay off $4999 on the 15th, the company takes your daily balances and divides them by the number of days in that month and then multiplies it by the applicable APR. In this case, your daily average balance would be $2,333.87 and your finance charge on a 15% APR account would be $350.08. Now, imagine that you paid off that extra $1 on the first of the following month. You would think that you should owe nothing on the next month's bill, right? Wrong. You'd get a bill for $175.04 because the credit card company charges interest on your daily average balance for 60 days, not 30 days. It is essentially reaching back into the past to drum-up more interest charges (the only industry that can legally travel time, at least until 2010). This is two-cycle (or double-cycle) billing.The new rule expressly prohibits credit card companies from reaching back into previous billing cycles to calculate interest charges. Period. Gone… and good riddance! High Fees on Low Limit Accounts
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You may have seen the credit card advertisements claiming that you can open an account with a credit limit of "up to" $5000. The operative term is "up to" because the credit card company will issue you a credit limit based on your credit rating and income and often issues much lower credit limits than the "up to" amount. But what happens when the credit limit is a lot lower -- I mean A LOT lower -- than the advertised "up to" amount? College students and subprime consumers (those with low credit scores) often found that the "up to" account they applied for came back with credit limits in the low hundreds, not thousands. To make things worse, the credit card company charged an account opening fee that swallowed up a large portion of the issued credit limit on the account. So, all the cardholder was getting was just a little more credit than he or she needed to pay for opening the account (is your head spinning yet?) and sometimes ended up charging a purchase (not knowing about the large setup fee already charged to the account) that triggered over-limit penalties -- causing the cardholder to incur more debt than justified.
The new rules place restrictions on how much credit card companies can charge for these account setup or membership fees and requires that they spread out these fees over at least a six-month period if these fees consume more than 25 percent of the account's credit limit.What now?It's 2009 and these rules don't take effect until 2010. So, credit card companies have one year to wreck havoc on consumers (not that they haven't been doing so over the past 30 years). So, you'll need to keep your eyes open for an increase in tricks designed to plummet you into more debt and make a habit of insisting that these companies abide by the new rules of the game once they kick into action in 2010. However, there are three universal points to live by to get the most out of these new rules: always read your cardholder agreement and notices, always pay on time and always pay more (much more) than the minimum monthly payment. Time to Get Out of DebtThese new rules may also have other side effects. Some credit card companies are already lowering credit limits and increasing the minimum monthly payment amount from around two percent of the outstanding balance to as much as five percent. So, some cardholders may see their payments double and this could cause a lot of problems for cash-strapped consumers. This just means that there is no better time than now to start getting yourself out of debt and out from under the thumbs of the credit card banks.
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There are a few ways to get out of debt. Bankruptcy is often an obvious option for people financially pinned against the wall, but the 2005 bankruptcy law revision made it more difficult for many consumers. Consumer credit counseling is another option that's popular, but it involves more organizational relief than financial relief. Debt settlement is growing in popularity because it provides financial relief through negotiated reduction in the amount owed, but people looking to enroll with a debt settlement company should make sure they are dealing with a well-established, reputable company. Alternatively, some people trying to get out of debt can negotiate their own debt-reduction settlements with the help of do-it-yourself debt settlement kits. Do-it-yourself debt settlement kits are available online and are less expensive than a professional, third-party debt settlement program.Credits cards are a ... not a ... cards are a great way to make ... and record tothe penny your ... They also provide a way ... payment on items and thereby earnCredits cards are a convenience,Guest Posting not a crutch.Credit cards are a great way to make purchases and record tothe penny your spending. They also provide a way to postpone payment on items and thereby earn more interest on your money.
For example, if you have a money market account that givesyou 5% annual interest and you spend $1000 a month through your credit card, you can keep that $1000 in your money market account for an additional month. At the end of ay ear you would have earned an additional $51.16 for doingno thing. Now $51 may not be much but it's free! Also you can use your credit card statements to keep trackof exactly how much you are spending and where your money goes. With some credit cards you can use personal finance software to download your credit card transactions from the Internet right to your home computer. Credit cards may actually save you money. Some people avoidmaking purchases if they do not have cash. Cash seems to"burn a hole" in our pockets, it just disappears. It is so easy to spend and it is right there. But a credit card takes more effort and you know that you have to pay the bill later that month.Your credit card may also offer a rewards program where you get cash back, frequent flyer miles or discounts on services and merchandise.Credit cards are convenient. Some purchases, especiallythose on the Internet, will only accept credit card payment.Also you don't have to continually go to the bank or ATM to get cash.A credit card also provides a measure of safety. You don'thave to carry large amounts of cash for large purchases.Even if your card or credit card number is stolen, you are not responsible for the thief's use of your card.
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But credit cards can also be a crutch. Too many people seet heir credit limit not as the maximum amount of debt they can go into, but as an account full of money that they can spend.Average household consumer credit balances have now topped$7000. The monthly interest charge for a credit card charging 18% interest is over $100. More than $1200 a yearjust in interest. And this interest is not like home mortgage interest thatyou can deduct from your taxes. You are paying an additional 15-36% on top of the $1200 for taxes on the interest you are charged. That brings your interest charge total up to $1400-1600 each year. Even more if your balance or interest rate is higher. What is silly is that many people who are paying 18% interest rates on credit are also investing in a stock market that only averages 11%. Or worse, keeping money in money market, savings accounts or CDs that only pay .5-3%.Want an investment that returns over 20%? Invest in paying down your debts. In the above example you can save over 20% with taxes factored in.Many people have developed the habit of using their creditcards to buy what they want now and paying for it later.They then make only the minimum payments required. Often the minimum payment is set so that you only pay the monthly finance charge (interest) or just a small amount above it.This will keep people paying that 18% rate for years. $1000 purchase can end up costing $1500 when paid off after 5 years. Ironically many of these same people will wait months for a sale so that the item's price goes down 10-20% and then make a purchase on their credit card and end up giving the savings to the credit card company instead. Sometimes the credit card can lead a person into living lifestyle that is beyond their means.
If a person gets in the habit of dining out two to three times a week and these meals are paid for by credit card, the card balance increases quickly. Often the additional expense was not planned or budgeted. People can even end up spending more each month than the actually earn.This can continue as long as the credit card balance is below the limit and the person makes their regular monthly payments. But as soon as the credit limit is reached, many credit companies will increase the credit limit and give the person more room to get into debt. I have personally seen a credit card limit expanded by $10,000 within three months.This cycle can continue until the person is required to make a minimum payment that is more than they can afford. Now not only do they have to cut back on the lifestyle they have grown accustomed to over the years, but they also have to either increase their income or cut out things they enjoyed before increasing their lifestyle with their credit card. Also what happens if the person is suddenly out of work or has to take a pay cut or lower paying job. That's right, the credit card bills keep coming. And many people rely on the remainder of their credit limit to supplement their income until they are working again or can find a better paying job. We have seen this cycle in America increase average credit card balances each year and eat up the equity in many people's homes. Home equity loans are used as credit cards to live a lifestyle that is beyond people's means. Or to purchase toys they really can't afford to buy let alone keep and use. Or the home equity money is used to "pay off high interest credit card debt" as the ads suggest. But then people continue the habit of living off their credit cards and get right back into debt again.So what is the answer to America's growing debt problem?
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Abolish credit cards? Nationally imposed credit limits? How about a little old fashioned self-discipline? I know is not in style anymore but it is still the best policy.Bottom line: pay off your credit card balance each month. Don't buy something now and expect the big end of year bonus to pay off your credit card. Even if you do get it, you will probably spend it on something else. Don't fall into the habit of living off your credit cards. If you have $1000 of disposable income to spend each month, whether through a credit card or in cash, only spend the $1000. Don't try to make up for extra expense this month by assuming you can catch up on your credit card payment nex month. It won't happen. If you have developed bad credit habits, cut up your credit cards, or only keep one for emergencies and resolve to pay off the balance each month. Then create a plan to get yourself out of debt and stick to it. You can relieve stress, avoid family conflicts and sleep better at night knowing that there are no credit card wolves howling at your door.
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