Lessons | Credit Card Topics | CardRates.com

8 Credit Mistakes You Should Always Avoid

By: Erica Sandberg, 5/26/2020

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

By: John Ulzheimer, 5/18/2020

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?

By: John Ulzheimer, 4/6/2020

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 credit... read more »

How Credit Card Companies Make Money

By: Andrea Woroch, 3/9/2020

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

By: Andrea Woroch, 1/9/2020

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 »

Variable APR vs. Fixed APR — What’s the Difference?

By: John Ulzheimer, 1/2/2020

When you’re shopping for a new credit card, you probably pay close attention to the annual percentage rates (APR) of the cards you’re considering. The APR is important because if you choose to carry a balance from one month to the next, the APR is used to determine the cost of servicing your debt. What you may not realize, however, is that your APR can possibly change over time. Whether your credit card features a fixed APR, meaning it likely won’t change, or a variable APR,... read more »

APR vs. Interest Rate: Is There a Difference?

By: Marcie Geffner, 12/9/2019

Borrowing money often involves fees. One such fee is interest, which is calculated as a percentage of the amount you owe. The percentage is the interest rate. For example, if you borrowed $1,000 for one year with an interest rate of 4%, you'd owe $40 of interest. An interest rate that's calculated on a yearly basis is known as an annualized percentage rate (APR). An APR always includes interest. It may also include other fees related to the loan. For example, if you applied for a... read more »

Understanding Credit Cards: A Beginner’s Guide

By: Marcie Geffner, 11/13/2019

Similar to your first job, car or apartment, your first credit card is an important milestone on your journey from youth into adulthood. To do adulting right, you'll want at least one card in your own name. While you can manage your personal finances without any cards, you'll find life in the grownup world is much easier with them. Cards can help you shop online, rent a car, book an airline ticket, reserve a hotel room, set up cellphone service, and more. Cards for beginners... read more »

Charlie: An AI-Based Chat Platform that Helps Consumers Save Money, Create Goals, and Make Better Financial Decisions

By: Adam West, 11/8/2019

In a Nutshell: Charlie is a chatbot-based penguin that learns the personal money habits of users and serves up advice and notifications to improve their financial well-being. The platform works via text message and through a web interface and doesn’t require an app or software download. Users submit data anonymously, and Charlie keeps track of balances, creates financial goals, and answers financial questions in a pressure-free environment. Chatbots rose to prominence several years... read more »

MoMath: The National Museum of Mathematics in NYC Helps Adults and Children Better Understand the Universal Language Behind Finance

By: Adam West, 9/26/2019

In a Nutshell: New York City’s National Museum of Mathematics (MoMath) has welcomed more than 1 million visitors since its grand opening in late 2012. The Museum provides a fun and engaging atmosphere for adults and children alike to develop a love of math. The institution hosts regular events and programs that cater to a wide variety of demographics — from toddlers to CEOs. And it fosters new ways of thinking about how math affects our everyday lives — and what it makes... read more »

What Is a Credit Card Utilization Rate?

By: John Ulzheimer, 6/11/2019

The world of credit is filled with countless terms and acronyms that you probably will not hear in normal conversation. One such term you’re likely to come across when reading about credit scores is “credit card utilization rate” or, more formally, “revolving utilization ratio.” For the purposes of this article, let’s agree to refer to it as your utilization ratio. Although utilization ratio may sound confusing on the surface, it’s actually not at all difficult to... read more »

6 Smart Money Moves for Couples

By: Andrea Woroch, 11/27/2018

Money and romance don’t always mesh. In fact, fights over finances are often the main cause of tension in a partnership and can lead to resentment and breakups. Considering most people find managing their own personal finances stressful, it’s no surprise that throwing another person into the mix can make things more emotional and complicated. In fact, a survey on relationships and personal finances from LendEdu found that around 50% of individuals reported finances to be the... read more »

RBC and ACCES Prepare Immigrants for Employment and Financial Success in Canada

By: Ashley Dull, 8/16/2018

In a Nutshell: Canada is currently a top destination for employment for a globally mobile workforce. But newcomers may discover finding a job to be a bigger challenge than they may have assumed based on the employment gaps. Longtime partners Royal Bank of Canada and ACCES Employment have announced a new webinar series to help new immigrants to the country prepare for the job hunt — and for life in Canada. The interactive events will educate newcomers before and after their arrival,... read more »

The Council for Economic Education Provides Resources to US K-12 Teachers that Aim to Raise Student Financial Literacy

By: Ray FitzGerald, 1/10/2018

In a Nutshell: Only 43% of 12th-grade students tested at or above proficient on the 2017 National Assessment of Educational Progress (NAEP) economics assessment. That startling lack of financial literacy among young adults is one of the reasons the Council for Economic Education (CEE) exists. CEE was founded shortly after World War II and has spent nearly seven decades providing US K-12 teachers with professional development opportunities and classroom resources designed to help... read more »

From Games and Comics to Financial Literacy Guides, Visa’s Practical Money Skills Program Educates Canadians of All Ages

By: Kristine Crane, 11/15/2017

In a Nutshell: Taking advantage of modern technology, popular credit card network, Visa, is working to make learning about money more accessible and interactive. With its Practical Money Skills program, Visa offers a range of financial education resources designed to motivate and inspire, from adult-geared guides and tools for key topics, including budgeting and mortgages, to its child-friendly comics and video games, like FIFA World Cup™ Financial Soccer and Peter Pig’s Money... read more »

Transcendental Meditation May Help Reduce Impulse Spending and Promote Healthier Financial Habits and Lives

By: Mike Randall, 11/14/2017

In a Nutshell: Everyone knows stress can kill, but it can also leave your finances on life support when tension turns to impulse shopping. Practitioners of Transcendental Meditation (TM) have long touted the technique's health benefits, which include lower blood pressure and reduced stress, anger, and anxiety. Founded by the director and writer known for "Twin Peaks" and "The Elephant Man," the David Lynch Foundation is a non-profit organization working to bring TM programs to... read more »

Star One Credit Union’s ‘Using Credit Cards Wisely’ Educational Workshops and Podcasts Primes Consumers for Good Credit Habits

By: Kristine Crane, 10/11/2017

In a Nutshell: Credit cards are valuable tools in building your credit profile, however common traps exist that can allow these pieces of plastic to damage your financial reputation. To further the cause of financial literacy education among members and non-members alike, Silicon Valley-based Star One Credit Union partnered with nonprofit BALANCE in 2013 to offer a series of free workshops and podcasts that cover the essentials of personal finance and how to choose credit cards... read more »

Valley National Bank’s Free Educational Seminars Lead to Better Financial Decisions

By: Mike Randall, 9/21/2017

In a Nutshell: Valley National Bank takes an active role in the communities it serves, which include areas of New Jersey, metropolitan New York, and Florida. This means recognizing the special banking and financial needs within each area — and striving to meet those needs. As a part of this commitment, Valley offers free financial education events and seminars aimed at helping residents make more informed financial decisions on topics like personal finance, building good credit, and... read more »

What is a Credit Card Balance? — Top 0% Transfer Offers

By: Ashley Dull, 9/6/2017

The word “balance” generally represents stability, whether referring to an equal distribution of weight or your mental well-being. This, of course, doesn't have quite the same meaning in regards to your credit card. So, what is a credit card balance? When you get a new credit card, you’ll receive a monthly statement summarizing the previous month’s purchases, even if there were none. In bold letters, usually somewhere near the top of the statement, you’ll see the word... read more »

What is the Minimum Age for a Credit Card? 9 Best Beginner Cards

By: Ashley Dull, 4/14/2017

If you're wondering about the minimum age for credit card ownership, well, the answer isn't exactly clearcut. It depends on several factors which we will explore below. I got my first credit card when I was 18 years old. I can’t quite recall the terms associated with it -- 18 was nearly half my life ago -- but I do know that it wasn’t the best card I could have gotten at the time. That’s because a) I excitedly applied for the first offer I received and b) this was pre-Credit... read more »

3 Key Differences — Charge Card vs. Credit Card

By: Eric Bank, 3/9/2017

It's easy to think that "charge card" is just another way to say "credit card," but the two actually have very different meanings. Charge cards were once widely used, but the market for them has been largely conceded to American Express (Amex). Nowadays, consumers mainly turn to credit cards for their spending needs, as the rewards and perks can be very similar. In this article, we’ll discuss the major differences and characteristics of a charge card vs. credit card, and take a... read more »

How to Calculate Credit Card Interest: 3 Steps to Find Your Rate

By: Eric Bank, 2/28/2017

One of the most important factors in choosing a credit card is its interest rate, and it's also important to know how to calculate credit card interest. All credit cards must disclose their annual percentage rate, or APR, which expresses their interest rates in a single annual number. Almost all credit cards charge interest only on balances that you don’t fully pay off in the most current billing cycle. But how does APR translate into the amount of interest you’ll actually pay? ... read more »

Education for the Modern Era: Transform Your Financial Life with Online Classes from Coursera and 149 of the World’s Best Universities

By: Brittney Mayer, 2/27/2017

In a Nutshell: While on-the-job training was once standard across many industries, the majority of the most in-demand skills are now being hired -- not trained. Additionally, an increasing number of workers are choosing to do it themselves, becoming freelancers and entrepreneurs. To obtain the skills necessary to reach new career goals, including the business and financial know-how to (successfully) work for themselves, millions of people are turning to Coursera.org. A leading provider... read more »

From Accounting to Tax Prep (and All the Math In Between): How Wyzant’s Network of 80,000+ Tutors Can Help You Learn Key Finance Skills

By: Brittney Mayer, 2/24/2017

In a Nutshell: While formal schooling may end at graduation, no one is ever done learning. But, be it to meet professional educational goals or personal ones, learning a new skill -- or brushing up on an old one -- can be difficult without a good instructor. When dealing with a complex (and personal) topic like finance, an experienced and trustworthy instructor is even more important. Online tutoring marketplace, Wyzant.com, has helped connect students with qualified tutors for more... read more »

Visa’s Practical Money Skills Program Provides Unique & Interactive Tools to Teach People of All Ages Financial Literacy

By: Adam West, 1/17/2017

In a Nutshell: Practical Money Skills offers students and consumers of all ages a broad array of educational resources and tools for enhancing their financial literacy and money-management abilities. Providing a comprehensive collection of lesson plans, articles, mobile apps, video games, and calculators, the site is a one-stop shop for those looking to improve their overall financial wellbeing. The Practical Money Skills program — developed by Visa and a team of partners consisting... read more »

• Our Experts »	• Editorial Process »
• In the Press »	• Media Assets »

All articles tagged Lessons (page 3)