The Ultimate Guide to Credit Cards
Saturday, September 26, 2020

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The BusyKid App and Card Help Parents Teach Money Management Skills

The BusyKid App and Card Help Parents Teach Money Management Skills

In a Nutshell: Today's kids tend to experience money as plastic, not as physical cash, which makes it harder to teach them that money must be earned and managed for the future. The BusyKid app is fixing that. BusyKid lets parents assign chores to their children and compensate them every week as if they were receiving a paycheck, automatically allocating portions of the funds for saving, sharing, and spending. BusyKid, and the BusyKid debit card, are convenient ways for parents to... read more »

How Many Credit Cards Does the Average American Have?

How Many Credit Cards Does the Average American Have?

Even in the era of touchless pay, the credit card remains one of the most popular methods of payment in the United States consumer credit environment. In fact, many, if not most, touchless pay options are tied to a credit card account. So, while there is no physical plastic being exchanged, a credit card is still being used to buy goods and services. You're not at all atypical if you use several credit cards. In fact, you should consider yourself to be an average Joe. Credit card... read more »

How the CARES Act Impacts How Credit Cards Are Reported

How the CARES Act Impacts How Credit Cards Are Reported

The Coronavirus pandemic and subsequent nationwide containment efforts have affected the livelihoods of millions of Americans. In fact, it would be hard to say that anyone has been spared some form of disruption to their lives as a result of the global pandemic. At the beginning of June 2020, the number of unemployed workers in the country exceeded 20 million, according to the Bureau of Labor Statistics. In response to the pandemic, Congress passed the Coronavirus Aid, Relief and... read more »

4 Misconceptions About Credit Card Rates

4 Misconceptions About Credit Card Rates

Misconceptions can be maddening. You think you know something, but it turns out that what you thought you knew wasn't true. In the case of credit card rates, misconceptions can not only be maddening, but they can also be costly. What you think you know isn't just wrong — it's also potentially expensive. With that in mind, here are four misconceptions about credit card rates and the facts you should know instead. Misconception #1: The Federal Reserve Sets Card Rates The... read more »

How to Check Your Credit Reports

How to Check Your Credit Reports

Your credit reports and credit scores have a tremendous influence over your financial life. Good credit can open doors to competitive financing, inexpensive insurance premiums, and even job opportunities. Bad credit, on the other hand, can make it difficult for you to qualify for even the most expensive extensions of credit. Even if you do qualify for financing or services with existing credit problems, you’re going to pay more. It is critical that you check all three of your... read more »

8 Credit Mistakes You Should Always Avoid

8 Credit Mistakes You Should Always Avoid

No one is born knowing how to manage credit, and the topic is rarely taught in high schools and colleges. If you didn’t learn about it at home, odds are you did through trial and error. But why not avoid problems before they happen? Here are eight of the most common credit mistakes that you should — and can — avoid. 1. Pursuing the Wrong Account Excellent credit use begins with getting the right card for your circumstances, but many people apply for credit cards randomly. If... read more »

3 Ways to Protect Your Credit Scores

3 Ways to Protect Your Credit Scores

Lower interest rates, better loan terms, and more affordable insurance premiums — these are just a few of the perks you may earn when you have good or great credit scores. A solid credit score can save you money and simplify your financial life in many other ways, in addition to paying less to finance your purchases. If you have put in the effort to earn good credit, kudos on a job well done. But your work certainly isn’t done yet. In addition to earning good credit scores,... read more »

Soft Inquiry vs. Hard Inquiry — What is the Difference?

Soft Inquiry vs. Hard Inquiry — What is the Difference?

When you apply for credit, a lender is almost always going to access one or more of your credit reports. Lenders do this as part of their risk assessment and underwriting procedures. This process is formally referred to as a credit inquiry, which is actually both a noun and a verb. Differences | Exceptions | Credit Score Impacts What is a Credit Inquiry? Before we dive into the specifics of the different types of credit inquiries, it helps to understand more about them. A... read more »

How Credit Card Companies Make Money

How Credit Card Companies Make Money

Americans love credit cards — why pay now if you can pay later and earn rewards for doing so? Unfortunately, poorly managed accounts can quickly deflate your bank account and end up costing you more than you charged to the card in the first place. That’s because credit card companies charge interest on the balance you carry every month. But this isn’t the only way card companies make money. In addition to the fee you pay for borrowing their digital dollars, you may be on the... read more »

How to Build Credit as an Authorized User

How to Build Credit as an Authorized User

Wouldn’t it be nice if people were just born with excellent credit?  Unfortunately, credit is something you must establish, build, and maintain over time. And, if you believe you don’t need credit, think again. A healthy credit score is your ticket to reaching many life goals — whether that’s buying your dream home or starting a business. Even if you just want to rent an apartment, own and insure a car, or open a credit card that offers a cool travel rewards program, you... read more »