The Ultimate Guide to Credit Cards
Tuesday, July 23, 2024

All articles tagged Payments (23)

What is the Credit Card Competition Act of 2023?

What is the Credit Card Competition Act of 2023?

The Credit Card Competition Act (CCCA) is a proposed federal law that would change the way most credit card transactions are processed in the U.S. Currently, almost all transactions can be processed on only one card network.  Visa card transactions are processed only via the Visa network; Mastercard card transactions are processed only via the Mastercard network; American Express cards are processed only via the American Express network, and Discover card transactions are processed... read more »

Buy Now, Pay Later: More than 1 in 4 Americans Currently Using BNPL Services

Buy Now, Pay Later: More than 1 in 4 Americans Currently Using BNPL Services

The growing popularity of Buy Now, Pay Later (BNPL) services has revolutionized online shopping. BNPL allows consumers to split the cost of a purchase into smaller installments, typically interest-free, and pay it off over a set period.  While many appreciate the budgeting benefits and convenience, a sizable number also worry about the potential financial risks. We surveyed 1,000 American consumers to better understand how Americans are using BNPL services, current purchase and... read more »

Credit Cards vs. BNPL Services: What to Know in 2024

Credit Cards vs. BNPL Services: What to Know in 2024

Payment options for consumer goods and services abound. Credit cards are most common. According to data collected by the Federal Reserve, roughly 69% of Americans had such an account in the second quarter of 2023. But buy now, pay later (BNPL) plans are also becoming popular. A Morning Consult survey found that 1 in 5 U.S. adults said they made a purchase with one of these short-term loans in August 2023.  So should you use a credit card or a BNPL to get what you want?... read more »

25 Fascinating Credit Card vs. Cash Spending Statistics (2024)

25 Fascinating Credit Card vs. Cash Spending Statistics (2024)

Credit cards and cash are two of the most popular payment methods consumers use to purchase goods and services. Both types of payments offer consumers benefits. Whether a consumer reaches for their credit card or cash to complete a particular transaction can depend on personal preferences and circumstances. Even as new forms of payment become available, Americans continue to reach for their credit cards or cash to pay for goods and services. Here are 25 fascinating statistics that... read more »

25 Shocking Credit Card Processing Statistics (2024)

25 Shocking Credit Card Processing Statistics (2024)

When you use your credit card to pay for purchases online or in a store, or to transfer and receive money, a sort of technical magic takes place. A lot is happening on the backend to make sure those transactions are seamless, accurate, and fast.  You will not generally notice the processing fees because they are often embedded in the cost of doing business. Sometimes, however, the merchant directly passes those costs onto the consumer.  Here are 25 credit card... read more »

What Happens If You Miss a Credit Card Payment?

What Happens If You Miss a Credit Card Payment?

One of the cardinal rules of having a credit card is to always pay your bill on time, if not earlier than the due date. If you miss your due date by even a single day, bad things can start to happen. And they get worse the later your card issuer receives your payment.  But there are also some misconceptions about how missing a credit card payment may impact your credit history and credit scores. In truth, there’s a small window after the due date that gives you the... read more »

5 Bank of America Contactless Credit Cards (Aug. 2024)

5 Bank of America Contactless Credit Cards (Aug. 2024)

Bank of America offers a wide variety of credit cards to suit different needs, credit score categories (i.e., from excellent to bad credit), and lifestyles, and all are contactless. That’s important because using contactless cards significantly reduces fraud costs for banks, financial institutions, and consumers.  According to a report by Visa, the adoption of contactless cards in Europe led to a 30% reduction in fraud compared with the incidence of fraud using traditional... read more »

How to Pay Bills With a Credit Card (Feb. 2024)

How to Pay Bills With a Credit Card (Feb. 2024)

Credit cards offer many perks to consumers these days, including robust reward programs, purchase protection, exclusive retail discounts, and free travel insurance, to name a few. The most notable is the ease of payment these plastic cards offer, especially when making reservations online or booking travel.  It may come as no surprise that 83% of Americans own at least one credit card. Among the most common items to charge on a credit card are daily expenses such as groceries and... read more »

Can I Change Missed Payments on My Credit Reports?

Can I Change Missed Payments on My Credit Reports?

There are many details that go into the calculation of your credit scores. But nothing is more important from a credit scoring standpoint than your payment history. Making or missing payments can make or break your credit scores. Case in point, your payment history accounts for 35% of your FICO credit scores. Payment history is worth 40-41% of your VantageScore credit scores, depending on the VantageScore version (3.0 or 4.0) used.  So when a late payment or late payments... read more »

6 Ways to Pay Student Loans With a Credit Card (Aug. 2024)

6 Ways to Pay Student Loans With a Credit Card (Aug. 2024)

If you have significant student loan debt, you’re in good company. According to EducationData.org’s 2023 report, the average federal student loan borrower owes $37,574, and the private student loan borrower is hanging on to $54,921. Because the payments for these obligations can be tough to manage, you may be wondering if you can charge them. In some cases, yes. Although the U.S. Department of the Treasury doesn’t permit federal student loan lenders to accept credit cards,... read more »

Clearing The Confusion About Buy Now, Pay Later & Credit Reporting

Clearing The Confusion About Buy Now, Pay Later & Credit Reporting

In late 2021, Equifax issued a press release indicating it would be the first of the credit bureaus to allow Buy Now, Pay Later accounts to be added to its credit reports. That set off a flurry of articles by bloggers and reputable websites seeking to capitalize on the news regarding this relatively new method of payment.  Unfortunately, many of the articles published before and after the Equifax release contain factual errors and assumptions about Buy Now, Pay Later and their... read more »

How to Pay Your Credit Card Bill in 2024

How to Pay Your Credit Card Bill in 2024

After using your credit card to make a purchase or to withdraw cash, you will need to make at least the minimum requested payment in about 30 days to keep the account in good standing.  The fastest way to pay your bill is online or in person. You won't have to wait on the phone and go through the recorded prompts or speak to a customer service agent, both of which can take a long time.  Payment Information For Every Major Card Issuer You have several payment options... read more »

Comparing Buy Now Pay Later Services vs. Credit Cards

Comparing Buy Now Pay Later Services vs. Credit Cards

Buy Now Pay Later (BNPL) sounds simple: You get what you want now. You pay for it later. Great! Right? Well, maybe. The answer isn't as simple as the concept. If you're thinking about using a BNPL service — or maybe you already have -- you may have some questions. And we have the answers. What Is BNPL? BNPL is a short-term financing arrangement that allows you to split a purchase price into multiple payments known as installments. The first installment is typically due... read more »

Hardship Accommodations By Credit Card Issuer in 2024

Hardship Accommodations By Credit Card Issuer in 2024

There may come a time when you can’t manage even the minimum monthly payment for your credit card account. After exploring different methods to keep the account in good standing, you may still come up short. In that case, contacting the issuer to ask for assistance is the best course of action. A modification of the terms of the agreement may be available.  Here is what each of the major U.S. credit card issuers recommends you do when experiencing financial hardship and... read more »

Credit Card & Electronic Payment Processors by Market Share

Credit Card & Electronic Payment Processors by Market Share

You probably don't think about how your credit or debit card transactions are completed. You just swipe, tap, or wave your card at point-of-sale terminals, or submit the account information to an e-commerce website to make a purchase. After that, the retailer supplies you with the item or service -- and you either get the bill or the money is deducted from your checking account. But there is a lot going on behind the scenes during these transactions. Enter the card processor. These... read more »

9 Strategies for Managing Bill Payments During the Coronavirus Pandemic

9 Strategies for Managing Bill Payments During the Coronavirus Pandemic

The coronavirus lockdown has flipped our world upside down. In addition to the health threat this virus poses, people are also suffering financially with millions losing their jobs or experiencing reduced hours and cut wages. In fact, a recent online poll from Fortune and SurveyMonkey found that 63% of U.S. consumers are worried they won't have enough money to pay their monthly bills. Managing your budget in the wake of this pandemic comes down to planning. Mapping out which bills to... read more »

What if I Can’t Make My Credit Card Payment?

What if I Can’t Make My Credit Card Payment?

If you're worried about making your credit card payment this month, you're not alone. With the U.S. economy in a steep downturn and applications for unemployment benefits spiking, many people who can usually pay their bills without difficulty are struggling. Though you won't be able to pay your card with another card, you can take other steps to manage your situation. Here are four to consider: 1. Take Advantage of Your Card’s Grace Period If you usually make your payment as... read more »

Can You Pay Rent with a Credit Card?

Can You Pay Rent with a Credit Card?

The traditional way to pay rent is with a paper check that you mail to your landlord, and the money is withdrawn directly from your checking account. However, in some circumstances, you can pay rent with a credit card instead. There are pros and cons to charging such an important recurring expense. Prior to pursuing this option, learn what they are -- and proceed prudently. Yes, But Not All Landlords Will Accept Credit Cards Merchants have to pay interchange fees when accepting credit... read more »

7 Best Credit Cards for Tax Payments (Feb. 2024)

7 Best Credit Cards for Tax Payments (Feb. 2024)

Sometimes, tax payments are due, but the cash isn’t there. Even if you have the cash, you may want to use one of the best credit cards for tax payments to reap a signup bonus. On the other hand, if you need an extended period to pay, you can choose a card with 0% financing. In either case, you’ll need a new credit card to grab the introductory perks. Read on to discover the 10 best credit cards for tax payments -- one or more may suit you perfectly. Overall | Signup Bonus | 0%... read more »

7 Best Contactless Credit Cards (Aug. 2024)

7 Best Contactless Credit Cards (Aug. 2024)

Imagine you’ve just arrived at your favorite coffee shop on a Monday morning. The line is long and you wish there was a way for you to speed up the purchase process so you’re not late for work. With a contactless credit card, you may be able to do just that. You won’t have to insert it into the card reader and wait for the approval. Instead, you can simply tap it at the terminal and complete your coffee purchase in mere seconds. So, where can you find contactless credit cards?... read more »

Can You Pay a Credit Card with a Credit Card? 3 Ways Explained (Aug. 2024)

Can You Pay a Credit Card with a Credit Card? 3 Ways Explained (Aug. 2024)

Perhaps your credit card bills are beginning to pile up, and staying ahead of the payments each month is becoming a struggle. You may be wondering, "Can you pay a credit card with a credit card?" Keep reading to learn more about this common quandary. Whenever a member of my social group starts thinking about getting their first tattoo, they turn to Alan, our group's resident expert with over two dozen of his own. Alan, well used to such queries, always gives the same advice: Be... read more »

How to Calculate APR on a Credit Card (Aug. 2024)

How to Calculate APR on a Credit Card (Aug. 2024)

Banks are notorious for making numbers complicated. Even something as seemingly simple as your credit card’s annual percentage rate (APR) becomes complex when trying to calculate how banks get that number. But not to fear — learning how to calculate APR on a credit card is possible, and we'll show you how. As a responsible consumer, you're rightfully concerned as to how this perplexing number determines what you’re paying in interest charges. We've broken it all down for you as... read more »

3 Reasons to Never Miss a Monthly Payment

3 Reasons to Never Miss a Monthly Payment

For better or worse, your credit card tells the world a lot about you. It can tell a happy story when you make your payments on time — you're someone who can handle your current credit debt and probably more if you need it. However, miss a payment and the story sours. Your costs can go up and your access to further credit is threatened. Credit counselors often point out the wisdom of paying back more than the monthly minimum amounts on your credit cards, because otherwise it... read more »