The Ultimate Guide to Credit Cards
Tuesday, March 19, 2024

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How Do Credit Cards Get Hacked?

How Do Credit Cards Get Hacked?

If you’ve ever gotten an unfamiliar alert from your credit card company or you’ve seen a transaction on your credit statement that you don’t recognize, there’s a possibility that your credit card account has been compromised. In clearer terms, your account may have been hacked by a fraudster. First things first, don’t panic. If you’ve been the victim of credit card fraud, then you’re now a member of a very large and non-exclusive club of credit card holders. According... read more »

7 Financial Tasks to Automate Now

7 Financial Tasks to Automate Now

If you're like most people, life is busy with everything from work to family to fun. That’s why even important chores that involve money and credit management can fall by the wayside. When that happens, certain accounts may be penalized with added fees, spending may escalate out of control, and you may not have enough saved for all the things you want or need. What to do? Set and (almost forget) as many financial tasks as possible. Here are seven financial tasks to automate now. ... read more »

How to Opt Out of Prescreened Credit Card Offers

How to Opt Out of Prescreened Credit Card Offers

You get home from a long day at work or a weeklong vacation and you find your mailbox is filled with credit card offers from credit card companies. Does this sound familiar? If so, you are not alone.   Billions — yes, billions — of credit card offers are sent to US consumers every year. Many consumers simply toss or shred the mail, but you actually have a considerably more effective option if you’d like to limit or eliminate the offers altogether. How Prescreening... read more »

15 Top Resources to Achieve Your Financial Resolutions

15 Top Resources to Achieve Your Financial Resolutions

Did you keep your New Year's resolutions last year? Or the year before? Or the year before that? Or have your January 1 goals repeatedly fallen by the wayside by March or April? For many people, New Year's resolutions, though made with the best of intentions, tend not to be fulfilled. It doesn't have to be this way. Whether your resolutions feature more savings, less debt, or smarter investments, good habits can help, and so can smart resources. Check out our list of five books,... read more »

How to Read Your Monthly Credit Card Statement

How to Read Your Monthly Credit Card Statement

Credit card statements contain a wealth of information about your cards and how you use them. Delivered monthly, these statements explain how much you owe, how much interest you've been charged, and when your payment is due, among other relevant information.  In fact, almost everything you'll ever need to know about your cards is packed into these important financial documents. Responsible card users read their statements closely and carefully. Card companies aren't required... read more »

What is a Bad Credit Score?

What is a Bad Credit Score?

Your credit scores are calculated and delivered to lenders almost 25 billion times each year. For the sake of comparison, 25 billion is more than three times the earth’s population. Lenders heavily rely on your credit scores as part of their decision-making process, and it’s in your best interest to avoid having bad scores.  But what exactly is a “bad” credit score? Scores Below 650 Are Generally Considered Bad Commonly used credit scores, primarily those built by... read more »

8 Times Not to Use Your Credit Card

8 Times Not to Use Your Credit Card

You opened a credit card so you could use it, not for it to gather dust. You can use it to make safe and secure transactions for the things you want and need. Even better, you can earn benefits while you charge if your credit card has a rewards program.  But there are a number of circumstances when you may be better off restricting your own access to the account. Here are eight times to keep your plastic in your pocket. 1. Making the minimum payment will be a struggle. ... read more »

April Is Financial Literacy Month — Here Are 7 Ways to Take Action

April Is Financial Literacy Month — Here Are 7 Ways to Take Action

April is "Financial Literacy Month." While the origins of this celebration may be a bit murky, its purpose is clear: to encourage people of all ages, genders, backgrounds, occupations, and beliefs to beef up their financial literacy. Financial literacy refers to an individual's knowledge of concepts related to personal finances. The most significant of these include budgeting, saving, investing, and borrowing. Understanding these and other areas of personal finance can help you... read more »

What Is Credit Card Refinancing? 6 Ways to Lower Rates (March 2024)

What Is Credit Card Refinancing? 6 Ways to Lower Rates (March 2024)

Carrying over credit card obligations from one month to the next can be an expensive burden, especially as interest rates creep ever higher. The current average interest rates for all new card offers are between 21.10% and 27% and can go even higher for certain types of cards or if you’ve made late payments.  If you can’t pay off an expensive debt, the financing fees will add up quickly. For this reason, you may want to pursue refinancing. There are several ways to do it, but... read more »

Credit Cards After Death: Here’s What Happens

Credit Cards After Death: Here’s What Happens

There are many myths surrounding credit card debt, and a fair number concern what happens to a balance after the person who borrowed the money dies. Some people think the obligation will be automatically wiped clean, while others believe the debt is transferred to relatives.  The truth is that it all depends on the situation. Here's the real story about what happens to a person’s credit card debt after they die. Navigate This Article: ... read more »

50 Important Credit Card Terms You’ll Find in a Cardholder Agreement

50 Important Credit Card Terms You’ll Find in a Cardholder Agreement

If you’ve ever read through a cardmember agreement, you may have thought the bank was speaking a foreign language. The credit industry has its own nomenclature and tends to speak in acronyms.  And while you may not fully understand everything you’re reading, I can assure you that it’s very important to your financial health. What follows is a guide to many of the credit-related terms and acronyms that you will likely see in a credit card’s terms and conditions. Terms... read more »

Can You Have Good Credit With Credit Card Debt? 

Can You Have Good Credit With Credit Card Debt? 

There’s no question that being in credit card debt is a bad deal financially. Credit card debt, especially if it’s too close to your credit limits, can damage your credit score. Having made that point, it’s not entirely impossible to still have respectable credit even if you have balances on one or more of your credit card accounts.  If you’re working to pay down your credit card debt, which you should, you may be wondering just how serious your situation is in terms of... read more »

20 Things You Didn’t Know Your Credit Card Could Do

20 Things You Didn’t Know Your Credit Card Could Do

The most basic function of a credit card is that it allows you to purchase things using the issuer’s funds. Each time you charge, you borrow the amount of that purchase.  At the end of the month, you'll get the bill for everything you bought and are given the option to pay in any increment above the minimum amount due. Your credit card can do plenty of other things for you, too. Depending on the card, yours may entitle you to all or some of the following perks.  1.... read more »

How to Use a Credit Card

How to Use a Credit Card

Credit cards are an essential financial tool that many Americans rely on every day, whether to pay for daily essentials, monthly utilities, or unexpected bills.  There are many good reasons to choose a credit card when deciding how to pay for goods and services, including convenience, multiple layers of protection, and even rewards. But credit cards come with real financial risks you need to consider before you open an account and start charging.  One of the most... read more »

How to Get a Free Credit Score From Your Credit Card Company

How to Get a Free Credit Score From Your Credit Card Company

Checking your credit score is a smart financial habit. While your score isn’t the only criteria for whether you’ll be approved for new cards or other forms of credit, it typically is one of the most important factors that card issuers and other lenders consider. By checking your score, you can determine whether it reflects your own perception of your creditworthiness. If your score is higher than you thought, well done! If it’s lower than you had expected or hoped, you can... read more »

Is Capital One a Good Credit Card?

Is Capital One a Good Credit Card?

We get it. After years of watching ads about the contents of your wallet, you're finally asking, "Is Capital One a good credit card company?" OK, we'll field that softball and introduce you to all the company's cards.  But we'll also devote time to answering other burning questions about Capital One credit cards. By the end of this article, you'll know enough about the company to make your own commercial. Or just sit back and watch Mr. Samuel L. Jackson make his irresistible... read more »

6 Great Reasons to Use a 0% APR Deal (March 2024)

6 Great Reasons to Use a 0% APR Deal (March 2024)

Credit cards that offer 0% APR deals to new cardholders can be compelling. There are two basic types — one for new purchases and the other for balance transfers. Some even offer a 0% APR on new purchases and balance transfers. They work like this:  New purchases: When you open the account, you may have a year or longer to use the credit card for purchases without financing fees on any debt you carry over from month to month.  Balance transfers: You can open a credit... read more »

How Many Credit Cards Is Too Many?

How Many Credit Cards Is Too Many?

Many people love having lots of credit cards. One for cash back, one for travel, and a third for business expenses. More for other reasons, or just because, why not?  For these card-loving folks, no specific number of cards reaches the point of "too many." On the other hand, other people may have concerns that dozens of cards could facilitate overspending or result in missed payments and impaired credit. With good arguments on both sides of the "How many cards is too many?"... read more »

3 Credit Cards For Kids & Ways to Help Them Build Credit (Feb. 2024)

3 Credit Cards For Kids & Ways to Help Them Build Credit (Feb. 2024)

Children often want to feel more grown-up than they actually are, and that includes craving a certain amount of financial autonomy. Yet as much as kids may want to have their own credit card, minors cannot legally sign a contract.  You must be at least 18 years old to get a credit card as the primary cardholder. Prepaid cards can bridge the gap. They let kids enjoy spending freedom without the risk of amassing credit card debt or credit damage. They can also help children... read more »

What Are the Different FICO Scores Used in Lending Decisions?

What Are the Different FICO Scores Used in Lending Decisions?

In 1989, a credit score with the brand-name Beacon was made commercially available by Equifax in partnership with a little-known company based in San Rafael, California, called Fair, Isaac and Company. Thirty-plus years, a name change, and hundreds of billions of scores later, checking your FICO (the acronym for the Fair Isaac Corporation) credit scores remains standard operating procedure by thousands of lenders in the United States. One small but important point has to be made... read more »

What Is a Schumer Box?

What Is a Schumer Box?

Credit card agreements contain a lot of information that can be challenging for the average person to digest. In fact, did you even read all of that fine print when you applied for and opened your last credit card account?  The same may be true about the details in your monthly credit card statements. Most consumers don't take the time to read through pages upon pages of fine print. And even those who do may not fully understand what it is they are reading.  One such... read more »

When Do Credit Cards Get Reported to the Credit Bureaus?

When Do Credit Cards Get Reported to the Credit Bureaus?

Your credit reports are not static objects frozen in time. Instead, the information on credit reports tends to change often. In fact, your credit reports change anytime a creditor sends an update about one of your accounts to one of the credit bureaus. This tends to occur multiple times each month, depending on how many open and active accounts you currently maintain.  If you're in the habit of actively checking your credit reports or you have signed up for a service that monitors... read more »

Which Credit Card Should I Pay Off First? (March 2024)

Which Credit Card Should I Pay Off First? (March 2024)

Unwanted credit card debt can feel overwhelming. Having a plan to pay it off and knowing which card you should pay off first can help you feel more in control of your finances and improve your financial situation. The first step is to make a list of your cards with your current balances and the annual percentage rates (APRs) you're currently paying. If you don't know your APRs, check your most recent monthly statements or contact your card companies for this information. You may be... read more »

5 Best Starter Credit Cards by Experts (March 2024)

5 Best Starter Credit Cards by Experts (March 2024)

Folks regularly ask us, “What is the best starter credit card?” These cards represent the means to build credit history, which is an important consideration for young people starting their work or academic careers and not-so-young folks who are reluctant to use any type of credit.  That’s why we’ve assembled a list of our highest-rated cards that welcome new cardmembers who have little or no credit history. Read on to see which one works best for you. ... read more »

When Does Interest On a Credit Card Start? (March 2024)

When Does Interest On a Credit Card Start? (March 2024)

Interest charges for credit card purchases don't have to cost an arm and a leg — or even a finger or toe. With its relatively high interest rates, credit card debt can be among the most expensive debt you'll ever experience. But a few smart habits can set you up to never pay a penny of credit card interest, which can save you hundreds or thousands of dollars that you can reallocate to higher priorities, such as living expenses, savings, and investments. The first thing you need... read more »

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