Credit Card Quick

How to Dispute a Credit Card Debt Mix-up

Card Security

With the sheer number of credit card users throughout the world, it only makes sense that mix-ups occur. However, what you choose to do when you are pinpointed with credit card charges that don’t belong to you will make a big difference when it comes to your credit score.

If you notice charges on your credit card that don’t belong to you, here’s what you need to do:

• Carefully review your credit card bill to make sure that the charges are correct. Often times, the name listed on the credit card bill may not look familiar because it is the name of the parent company of the business.
• If you have any doubts about the purchase, immediately contact your credit card company to confirm the charges. The credit card company can also provide you with more information regarding the charge, thereby allowing you to confirm whether the charge is yours or not.
• If the amount of the credit card purchase is in question, pull out your receipts and go back to the retailer to clear up the charges. If you get nowhere with the retailer, immediately contact your credit card company, who will then dispute the charges on your behalf.
• If you find an error or unauthorized charge on your credit card, don’t wait to set the record straight. Most credit card companies will give you just 60 days to file a credit card dispute; any longer than that and you can be sure you will end up paying the debt, whether it’s yours or not.
• Always, always, always make it a point to check your credit report, at least on an annual basis. Often times the things we don’t see have the biggest impact on our credit score. In other words, don’t let mistakes on your credit report wreak havoc on your credit score. If you notice any errors or discrepancies on your credit report, immediately contact the proper credit reporting agency so that you can file a dispute and have the matter resolved.

Money Mistakes: Avoiding Disaster

Introduction

Many women and men alike, have big hearts, good intentions and want to continue to do well financially. Unfortunately, as human beings, we often live in the moment. This is not a bad thing, however, it is not so good when it comes to money. Just because something in your life is going well in the here and now does not mean it will be the same a few months down the line. Many people make financial decisions without putting a lot of thought into the consequences and what ifs. These little mistakes could lead to a lot of hassle and financial disaster that will take time, effort and more money to unravel.

It is a much better idea to be in the know and to consider the steps you take with your money and financial future carefully before diving in head-first. Listed below are some common mistakes people tend to make. These are some of the aspects you want to think twice about.

Thinking Bankruptcy or Debt Consolidation Will Fix it All.

Yes, bankruptcy and debt consolidation are good options to help you get out from under a mountain of debt you can not possibly afford. It can relieve the financial stress immensely. However, It won;t take care of everything. You will still have bills to pay, and not all debts will always be discharged in a bankruptcy. With consolidation, you’re still going to have to pay, just at a lower rate.

If you are experiencing financial troubles, it is time to look for other resources to ease that burden. A new job, second job… increasing income can help. Go back to school if you need to. If none of these are an option, think about state aid. There’s no shame in asking for help if you have a family to care for and just can’t do it. That’s why state aid is there. Some taxpayers might put you down, but hey, they’d be singing a different tune if they were in your shoes. Also consider getting some credit counseling to help you learn about budgeting, saving and managing the money you do have.

Pooling Financial Resources with Someone Else

When you’re married, it is acceptable to pool your financial resources. However, it’s not a good idea to do this if you are in a relationship with someone you are not sure about marrying or even with a close friend. One person’s irresponsibility could hurt the other financially and could also destroy the relationship or friendship. Don;t share bank accounts or credit cards with anyone except your spouse and only after the marriage has occurred.

Emotions and Money

Never let your emotions take the lead. Make financial decisions only when you are feeling good and never run out and start spending to try and fix your mood. It’s a temporary fix, at best, and if you think you felt bad before the spending spree, just wait until you see the bill or start struggling later because of it.

When a Relationship Ends, Financial Ties Should End Too

If you have been pooling your financial resources with another, and the relationship, friendship or marriage comes to an end, do not forget to sever all financial ties. If the other party is v8indictive, you could pay for it. If they are not being responsible, you could pay for it. Get rid of all joint accounts and debts, as quickly as possible, paying anything you already owe, of course. The relationship ended for a reason. That is enough cause to end the financial links as well.

There are lots of other money mistakes that people make, however, these are so common and lead to so much financial angst that they are worth discussing in detail.

Credit Card Agreement Problems and Resolutions

Introduction

If you are unable to understand your credit card’s fine print,  you are not alone!

A recent report found that credit card agreements, in general, are written on a 12^th grade reading level, thereby making them difficult to read for four out of five adults.

Unfortunately, many adults are unable to read and understand standard credit card agreements, and some experts believe that credit card companies fully understand this and continue to write the agreements in difficult language for that very reason.

Understanding the Fine Print

As credit card consumers, we are told, time and time again, that we must carefully read our credit cards fine print so that we have a good understanding of the terms and conditions and whether they suit our budget. However, what do we do when we simply can’t fully understand the card’s fine print?

A good rule of thumb if you can’t decipher your credit card’s fine print is to simply pick up the phone and demand an explanation. If you find that the credit card company isn’t willing to take the time to explain the card’s terms and conditions in language that you can understand, it is best to move on and close the account. It just doesn’t make sense to become caught in a credit card agreement that you can’t understand.

In addition, many people are turning to credit counselors to help weave them through the complexities of credit card terms and conditions.

A Bright Spot on the Financial Horizon

For many consumers, welcome changes are on the way. A new Consumer Financial Protection Bureau, which was signed into law by President Obama as part o the Wall Street reform package, will have the power to mandate credit card contracts. What does this mean? Plain English terms and conditions that will allow the majority of credit card holders to understand them.

The main point of the Consumer Financial Protection Bureau is to allow individuals to make the choices that are best for them. And to do that, they need to understand the contracts they are entering into. The agency will help improve financial awareness for consumers across the country and help them process the information so that they can make the best, possible decisions regarding their finances.

The Perks of a Credit Card with a Higher Spending Limit

Choosing Credit Card

A credit card with a higher spending limit can be quite beneficial. Although you may never consider your card’s credit limit because you rarely charge that many purchases in any given period of time, having a card with a higher spending limit in your back pocket can be quite advantageous, and here’s why:

• A credit card with a higher spending limit give you more spending options to earn rewards – Have you ever thought about charging your everyday purchases on your credit cards and then reaping the rewards in terms of cash back programs and rewards programs? Many individuals use their credit card’s high spending limit to charge nearly everything, thereby racking up a considerable amount of rewards points. It is important to point out, however, that in order to make your rewards credit worthwhile you will need to pay off you card, in full, each month.
• A credit card with a higher spending limit can be used to finance large items – If you need a new roof and you plan on financing the purchase, it often makes much more sense to charge the purchase instead of financing the purchase through the company. If you have a good credit card with a low, fixed interest rate, or if your credit card company is offering you a fantastic balance transfer option, it simply makes sense to finance the purchase on your credit card instead of financing it through other sources.
• A credit card with a higher spending limit will do your debt-to-income ratio good – A good portion of our credit score relies on something called a debt-to-income ratio. For example, if you have a credit limit of $10,000 and you have a $9,000 balance on that card then your debt-to-income ratio will be high and ultimately affect your credit score negatively. However, if you have a credit limit of $20,000 and you have a $9,000 balance you will enjoy a lower debt-to-income ratio because you will have $11,000 in open credit.

If you have a credit card that you enjoy and you have a good credit history with them, you can ask for a spending limit increase. Use your credit limit to your advantage and reap the benefits!

What you need to know about Secured Business Credit Cards

Credit Repair

Most of us are aware of secured credit cards for consumers. However, with the recent climate of tight lending standards, many businesses are now taking advantage of secured credit cards.

Securing the Money you need for your Business

If you own a business that fell on hard times and as result your business now has poor credit and a bad credit history, your ability to obtain a line of credit may be near impossible. As such, you may have wondered if you can get the extra cash necessary to keep your business running by using a small business credit card.

However, once again, your low credit score will probably inhibit you from receiving a small business credit card.

Rebuilding your Business Credit

If you are in desperate need of a way to rebuild your business credit so that you can once again enjoy the benefits of small business credit cards and lines of credit, then you need to consider obtaining a secured business credit card.

A secured business credit card is one of the easiest ways to build your business’ credit card history back up again. In short, a business credit card may serve as a practical tool for rebuilding your credit. A secured credit card will enable you to prove to creditors that you have established disciplined financial habits. It will also give your credit score a much-needed boost.

Although it may be a bit inconvenient to use a secured credit card because it is necessary that you provide the creditor with a deposit in the amount of your credit limit, if you charge purchases and continue to make timely payments your credit score could start to improve in as little as a few months.

Don’t assume that all secured credit cards are alike, though. It is necessary to research your secured business credit card options before applying for one. There are many websites that will compare secured business credit cards, side by side, to allow you to view different secured business credit cards, as well as their APR, terms and conditions.

Survey Reveals Surprising Statistics about Credit Card Usage and Marriage

News

Are you being completely honest with your spouse regarding your credit card spending habits? If not, you’re not alone!

A surprising, recent survey of 200 Americans by a nonprofit agency, CESI Debt Solutions, revealed that 80 percent of married couples spend secretly on their credit cards. In addition, the survey found that almost 19 percent of married couples have credit cards of which their spouse is not even aware!

Most shocking, however, is that 38 percent of married people are worried that the revelation of their credit card spending would cause their spouse to seek a separation or divorce.

Secret Spending

What are married couples purchasing in secret? Nearly 35 percent of the individuals surveyed say they are buying clothing and accessories; 24 percent spend money on food and dining; nearly 20 percent buy beauty and personal care items on the sly; and almost 17 percent use their secret spending habits to buy gifts.

The survey revealed that nearly 60 percent of married couples keep their spending secret because they wanted to avoid problems in the marriage. Of the married couples spending in secret, 46 percent plan on paying off the debt before their spouse finds out and 11 percent plan on telling their spouse, but they just aren’t ready to do it yet. Finally, 27 percent of the married individuals surveyed say they will never tell their spouse about their spending.

The Consequences of Secret Spending

If you find yourself spending and keeping the purchases from your spouse, you may soon find yourself in a difficult financial situation that could jeopardize not only your credit, but your spouse’s credit, as well.

The best rule of thumb is to approach your spouse and work together to find a solution. If you think you have spending problems, it is also a good idea to contact a non-profit debt counseling service. In the end, credit card balances have a way of sneaking up on us, when we least expect it. Stopping the spending now and remaining open and honest with your spouse will help alleviate much of the financial problems experienced among married couples these days.

What your Credit Card Company must Disclose to you

Introduction

The new credit card legislation that was recently enacted by Congress is designed to protect consumers from unscrupulous practices by credit card companies. One of the requirements under the new law is that credit card companies must disclose rules for solicitations, agreements and period billing statements to consumers.

The “small print” that must be disclosed must also be disclosed in an easy-to-read, easy-to-understand format. Here are some of the highlights of the new disclosure rules:

• Credit card offers must be easy to read. The fees of the credit card, along with the credit card’s APR, must be boldly displayed on the offer. In addition, the APR of the credit card must be displayed in at least a 16-point font. Any related credit card fees must be shown in an easy-to-understand table.
• If you apply for a credit card and are approved, the credit card company must send you a one-page agreement summary detailing the card’s terms and conditions. Although you will still likely receive the lengthy credit card summary you normally receive, the key terms will be highlighted on the one-page agreement summary.
• Your credit card statement will also be much easier to read. Large boxes on the front of the credit card statement will provide you with important information, including your account activity summary and your payment information. Other information that will be displayed prominently will include your new balance, the due date, the statement closing date, you previous payments and credits, and your minimum payment information.
• Your credit card company will also be required to provide you with a minimum payment warning that will show how long, and how much it will cost, to pay off your balance if you only pay the minimum payment. This may be a vital component to your credit card statement, as it will really detail the amount of money it will cost you if you only continue to pay the minimum payment on your card. This information must also be displayed prominently on the first page of your credit card statement.

How well do you know your Cash Back Credit Card?

Choosing Credit Card

We all love our cash back rewards credit card. The mere thought of earning free money by simply using our credit cards does sound rather tempting, doesn’t it?

There are many ways in which you can use a cash back credit card to earn extra money each month. However, there are many terms and conditions that come along with these credit cards; some of which may be downright confusing.

The following tips will guide you and allow you to better understand your cash back rewards credit card:

• Introductory cash back – Many creditors lure consumers in with the excitement of 5 percent cash back. However, it is important to realize that these teaser cash back promotions apply only to very limited purchases. In other words, don’t expect this type of cash back promotion to apply to all of your credit card purchases. The categories under which you can earn additional cash back rewards will likely change throughout the year, so it is important to keep up to date on these changes so that you can best maximize your cash back rewards credit card.
• Spending caps – Many times, creditors will place caps on your rewards purchases. In other words, if your credit card company is offering a big cash back reward, expect them to place caps on the amount of cash back rewards they will offer you in any given month.
• Cash back exclusions – Many cash back creditors will only offer rewards if you shop at certain stores. In other words, their cash back rewards do not apply to every type of purchase. Pay close attention to the merchants covered under the creditor’s cash back program to determine if the credit card is right for you.
• Cash back new customer bonuses – New cardholders are often given special cash back bonuses for the first few months of owning the card. These cash back bonuses, however, are only given when you spend at least a certain amount during the first three to six months of owning the card.
• Interest rates – In short, cash back rewards are only as good as the interest rate on the card. If you pay off your card in full every month, then this may not apply to you. However, if you ever carry a balance, you need to fully understand that paying out more in finance charges each month than you earn in cash back rewards simply doesn’t make sense.

How to make the most out of your Credit Card

Introduction

Your credit card can act as a catalyst to good credit and the many perks that come along with it. However, used improperly, it can cause quite a headache and can cost you big.

Your first order of business when applying for a credit card is to make sure that you get the most out of your card. In other words, read and re-read the card’s terms and conditions so that you can be sure that you are getting the most bang for your buck, so to speak.

The Problem with Rewards Credit Cards

A good example of someone not making the most out of their credit card is an individual who hunts for the best rewards card around. After all, aren’t the rewards worth their weight in gold? However, that individual who took so much time deciding which rewards card was best for him didn’t stop to see that this particular rewards card also came with a hefty 19 percent interest rate.

In other words, any benefits he could have received in terms of rewards were wiped out the first time he had to pay finance charges on his credit card balance.

Although the new CARD Act has started holding credit card companies responsible for providing their credit card customers with easy-to-read language and fair terms and conditions, the fact of the matter is that many credit card customers still don’t take the time to carefully read the small print that comes along with a credit card offer. And their failure to do that could result in disaster.

Teaser Rates: Are they all they’re cracked up to be?

Another common mistake many credit card customers make is going for the teaser rate but not really examining the promotional rate’s terms and conditions. Sure, it sounds great when a credit card company offers you a promotional rate of 0 percent. But what does that really mean?

Does it cover balance transfers, purchases, or both? How long does the promotional rate last, and are there balance transfer fees associated with transferring your other higher interest rate debts?

If you accept a credit card promotional rate, you must closely examine the terms and conditions under which that promotion is offered to you.

In conclusion, it is ultimately up to you, the consumer, to make the most out of your credit card so that you can enjoy its benefits while also saving money.

Important Questions to ask when Applying for a Secured Credit Card

Choosing Credit Card

If you have bad credit or no credit, it may be in your best interest to apply for a secured credit card. In fact, a secured credit card may be your only option for improving your credit. Because credit cards can play a huge role in our lifestyles, it only makes sense to have a credit card on which you can rely.

Secured credit cards, however, are not fully understood and have not garnered a lot of attention in terms of their advantages. There are a number of circumstances that apply only to secured credit cards, so it is important to understand them before applying for a secured credit card.

The following set of questions will help you decide if your next secured credit card is best for you:

• Are secured credit cards tracked on my credit report? Absolutely! Because of this, secured credit cards are a great way to begin building (or rebuilding) your credit. Many secured credit cards will provide monthly reports to the major credit reporting agencies, thereby helping you repair your damaged credit in a shorter amount of time. However, some credit card companies report only yearly. Before applying for a secured credit card, ask the creditor how often they report to the credit reporting agencies.
• How much money will I need to deposit? Because secured credit cards work like a debit card, you can only spend what you have deposited. Therefore, if you want a credit limit of $500, you will need to deposit $500. This money, however, will not be used to pay your credit card; unless, of course, you fail to pay it yourself. Instead, it will be kept in an interest-bearing account.
• How much of a return can I expect on my deposit? Most secured credit card companies offer about the same return as you would get on a savings account. However, there are some creditors that will offer greater returns. It is up to you to find them!
• Will my spending limit ever increase? If you have established a history of making timely payments, chances are the credit card company will reward you with an increase in your spending limit. Your responsible credit card behavior will allow you begin spending above your deposit amount.