Credit Card Quick

Why a Credit Card Can be Your Best Friend When Traveling Outside of the Country

Introduction

A credit card is never as useful, perhaps, as when you travel outside of the country. If you have plans to travel outside of the country for any amount of time, whether for pleasure or business, it pays to have a solid credit card in your back pocket. And here’s why:

• If your credit card is lost or stolen, it can be replaced almost immediately. If your card has been stolen, for example, it is best to first contact the local authorities and then contact your credit card company, who can often replace your card in a very short period of time, thereby allowing you to continue your travels without much interruption. Consider, on the other hand, a stolen credit card, which can take some time for the bank to get that money back into your bank account, thereby leaving you high and dry.
• A credit card can help you receive prompt medical treatment if you become sick or injured. Because foreign countries don’t recognize your U.S. health insurance, you are most often expected to pay in cash for any treatment you receive. If you don’t have access to that much cash (and who does?), a credit card can cover your medical expenses.
• A credit card can handle your foreign exchange rates so you won’t have to. Although most credit cards charge a foreign transaction fee for overseas purchases (although there are many credit cards that have dropped this fee), it is still the best way to go because you won’t dampen your budget by converting your American dollars into foreign currency.
• A credit card can take care of paying the proper amount for every purchase. Although you think your foreign currency knowledge is accurate, the truth of the matter is that many Americans are duped out of their cash while traveling because they are not completely familiar with the currency in the foreign country. A credit card, on the other hand, gets it right every time.
• Your rewards points can go the extra mile when traveling. From airline miles to rental car costs, using your credit card while traveling can mean great rewards points for you.

How Many Credit Cards do you Need?

Introduction

You may have heard the question: How many credit cards should I have?

Well, the short answer to this question is: It all depends.

Now that we’ve thoroughly confused you, here’s a little better explanation.

The fact of the matter is that what’s good for one person in terms of credit cards may not be best for another person. Typically, however, having more than one credit card in your back pocket may help you in a number of ways:

• You have another card in case one of your cards is rejected – Perhaps you forgot to pay your credit card bill on time, or you hit your credit card limit and you really need the security of another credit card. A second credit card can really come in handy in case of these scenarios. Sure, in a perfect world you would never reach your credit card limit or forget to pay your bill, but having another credit card for the “what ifs” is never a bad idea.
• Your main credit card is lost or stolen – If you have trouble with your main credit card and you are unable to use it because it has been lost or stolen (and your credit card account has been compromised), it is always a good thing to have another credit card to use.
• You need access to a large credit line – Often times, an extra credit card is kept by many consumers who want access to another line of credit in case of a financial emergency.
• You want to increase your available credit for credit score purposes – Part of your credit score is determined by something called your “debt to income ratio.” What this basically means is that about a third of your credit score is based on how much available credit you have at any given time. If you have a couple credit cards, chances are your available credit will increase, along with your credit score.
• You want to have spending options – You may have a couple credit cards that you use for different reasons. You may keep one and use it strictly for business expenses and keep another because you can rack up rewards on certain types of purchases. Because there are so many credit card hybrids out there now, you may have more than one card to take advantage of the many features and rewards being offered.

How to Best Protect your Identity while Vacationing this Summer

Identity Theft

Summertime is upon us, and so is travel. If you are heading out for a long weekend or a dream vacation this summer, you will likely utilize your credit cards in one way or another.

With credit card usage, however, comes the risk of identity theft. One thing’s for certain: you don’t want to get caught in a financial pickle while enjoying your summer vacation, so here’s what you can do to protect yourself and your identity:

1. Take the majority of your credit cards out of your wallet or purse and carry only one or two credit cards that you plan on using during your holiday. If your purse or wallet should be stolen it will make your life a whole lot easier to call just one or two credit card companies than a dozen. While you’re at it: take your social security card out of your wallet and store it in a safe, secure place, as there is never any reason to carry it around.
2. Before embarking on your vacation, contact your creditors and let them know about your travel. If you let your creditors know the dates you will be traveling, it will avoid the frustration and confusion that comes along when they detect charges that are out of the ordinary for you and freeze your credit card.
3. Don’t let your mail sit in your mailbox for an extended period. The last thing you need is someone gaining access to your personal credit card statements because you didn’t collect your mail for days. Instead, ask a trusted neighbor or friend to collect your mail while you are away or contact the post office and put a stop on your mail until you return.
4. Keep all receipts from your credit card expenditures while you are away so that you can check your bill for discrepancies or errors.
5. Put away the debit card while vacationing and instead use your credit card. If an identity thief gets a hold of your debit card, your checking account can be drained in a matter of minutes. Although you will likely be protected from unauthorized charges on your debit card, it would pose a lot more of a problem to have your bank account money stolen than it would be to have unauthorized charges on your credit card.

Credit Cards and Traveling: What you need to Know

Introduction

Many Americans turn to their credit cards when traveling, as they can provide a truly convenient and practical means of paying for everything from airline travel and hotels to restaurant meals and entertainment.

Best of all, credit cards, unlike cash, can be easily and quickly replaced if lost or stolen. It is no wonder, then, that so many credit card customers bring their credit cards along for the ride when they take a vacation. Credit cards, in fact, have all but replaced cash and travelers’ checks for traveling; their convenience simply can’t be beat!

Before you embark upon your next holiday, there are a few things you should take care of regarding your credit card:

• Contact your credit card company to check on your credit limit. If necessary, ask for a credit limit increase to handle all of the expenses associated with your travel plans. With the new credit card legislation credit card companies cannot charge you for over-the-limit fees, but they can decline your card if you exceed your credit limit. It is therefore important to make sure you have enough spending room on your credit card to handle all of your travel and vacation expenses.
• Bring along the contact information for your credit card and store it separately from your credit card in case your wallet or purse is lost or stolen. It is important to contact your credit card company immediately upon learning that your card is missing, so keep the phone number handy at all times so you can take care of business and get a new card issued and sent your way sooner than later.
• Consider bringing along a second card in case there are problems with your primary credit card. A second credit card is a bit like an insurance policy. If there are issues with your main credit card, you will still need a way to make purchases and cover expenses while away, so it is always best to have a backup credit card in your wallet, just in case.

RevolutionCard Brings Change to Credit Card Industry

Identity Theft

RevolutionMoney has finally launched its highly anticipated RevolutionCard, which is a secure alternative to standard credit cards.

Why the RevolutionCard is Different

Examples include the fact that the RevolutionCard has no account number, name, or signature line on it. The payments are therefore authorized by entering a PIN number, similar to that of a debit card. To make purchases online or by phone, customers can simply use their PIN number.  In other words, the cardholder does not have to provide an online retailer with a credit card number, thereby making the transaction more secure.

The RevolutionCard may act like a debit card, but customers receive the same rewards offered by standard credit cards. In fact, customers of the RevolutionCard are afforded plenty of loyalty programs, which include exclusive offers and discounts on many types of purchases.

Benefits of the RevolutionCard

The RevolutionCard was designed to combat identity theft that has plagued so many millions of Americans. Many consumers are looking for alternatives to traditional credit cards out of fear of credit card theft, and the RevolutionCard fits the bill nicely.

The RevolutionCard is offered by RevolutionMoney, which is a part of Revolution LLC, a company founded by Steve Chase, the founder of America Online.

The RevolutionCard is the first of its kind in the industry, and is the first new credit card brand since the introduction of the Discover card in 1985. It is the first card that is activated and used by entering a four-digit PIN code.

Because there are no credit card numbers on the RevolutionCard, the chances of the card being stolen and used by credit card thieves is greatly reduced. The card also encrypts all transactions and activities, thereby providing an added level of security.

The processing involved with the RevolutionCard is also reduced, thereby offering retailers reduced fees and merchant incentives.

The RevolutionCard is currently accepted at over 650,000 retailers across the United States. In addition, 85 percent of ATMs now accept the RevolutionCard.

The RevolutionCard may become a growing trend in the credit card industry, as many traditional credit card companies hike up interest charges and related fees for their cards. As a result, many customers are looking for other options in an effort to avoid the skyrocketing charges associated with traditional credit cards.

Cash versus Credit: Which is Best for Holiday Shopping?

Choosing Credit Card

We all want to watch our pennies and avoid overspending in today’s economy; and this is all the more evident when it comes to holiday shopping. Because of this, we may be inclined to keep the credit cards at home and use cash instead. But is this the best solution?

Perhaps not. Although the concept of only purchasing what you can afford to pay off within a month or two is an excellent idea, it may not be beneficial to pay for your holiday purchases with cash, and here’s why:

• Cash can be stolen – Yes, so can credit cards, but the biggest difference is that the answer to a stolen credit card is a simple phone call to your creditor to have the account frozen and the card replaced in a matter of days. Once cash is stolen, however, you can all but forget having it returned to you. In other words, a wallet full of cash may just be too risky.
• Cash can’t provide you with proof of purchase – If you lose a receipt and pay cash for the item, there is no evidence that you purchased it in the first place. However, a credit card statement is proof of your purchase, which may provide you with an extra insurance policy in case you lose a receipt. In addition, you may also have rights as a cardholder if you have a dispute with the retailer.
• Cash can’t offer you rewards – Many of today’s credit cards offer great rewards for doing what we do anyway: shop! So why not take advantage of these rewards programs and use your credit card to do your holiday shopping?
• Cash is often not convenient – Let’s face it: fumbling around in our purses and wallets for cash and loose change can be a bit of an inconvenience. A credit card transaction is therefore generally smoother and more convenient than a cash or check transaction.
• You can’t use cash online – There are many, great online deals to be had this holiday season, so it may pay to take advantage of them. However, you must have a credit card to complete most online transactions.

How to Prepare for a Lost or Stolen Credit Card

Identity Theft

If your credit card was lost or stolen tomorrow, would you know what to do?

Quick: what is the name of your credit card company and what is their contact information?

If you don’t know the answer to this question, you’re not alone. Many consumers simply don’t know who to call or what to do if their credit card was lost or stolen. And, unfortunately, not having this information on hand can end up costing you much more than a credit card.

Here are the steps to take if you simply can’t locate your credit card:

1. Before you find yourself with a lost or stolen credit card, keep a list of all your credit cards, along with their numbers and contact information, in a safe place so that you have a reference to turn to.
2. Take a deep breath and try to remember the last time you used your credit card and where you used it. Often times, we may misplace our card during a particularly hectic day and end up panicking when we can’t find it.
3. If you have checked your home, your car and your personal property thoroughly and you are convinced that the card has either been lost or stolen, you will need to take immediate action and contact your credit card company. You must report your credit card missing or stolen so that you won’t be held responsible for all of the charges placed on your card.
4. Get in the habit of carrying only one card with you at any given time to reduce the damage done by a credit card thief. If you are the victim of a pickpocket or mugging, you won’t have to deal with reporting multiple cards.
5. Remain knowledgeable and know that credit card thieves may be able to steal your credit card information, even without stealing the card itself. Keep your credit card close at hand while shopping and only shop on trusted websites with secure servers.
6. Check your credit report on an annual or semi-annual basis so that you can check for anything out of the ordinary on your credit report.

Fighting Credit Card Fraud: What you need to Know

Identity Theft

A sobering fact in today’s technology-driven society is that fraud – particularly credit card fraud – is an increasingly serious problem that many of us will fall victim to at one point or another.

From stealing your credit numbers to your identity, credit card thieves are craftier than ever, which can cost you big.

The following are the most frequent types of credit card fraud, and what you can do to prevent it:

Skimming –

• What is it – Skimming is a fairly new type of credit card fraud that happens when you hand your credit card over to make a purchase. The thief takes your credit card and, in a matter of seconds, steals your credit card numbers using a small, handheld device called a “skimmer.”
• What you can do – Pay close attention to anyone that takes your card for a purchase, particularly those individuals that must walk away in order to complete your transaction.

Phishing –

• What it is – Phishing is credit card fraud that happens via email. Phishing are usually bulk emails that are sent to consumers. These emails, which usually disguise themselves as the individual’s bank or credit card company, ask consumers to provide their personal information. They may appear to be legitimate, even possessing the company’s logo or replicating the company’s web site.
• What you can do – Never, ever respond to an unsolicited email requesting your personal information. Banks and credit card companies will never ask for your personal information via an email message. If in doubt, contact your credit card company or bank directly to inquire about the validity of the email. In addition, make sure you type your bank’s address so that you aren’t re-routed to a fake website who can gain access to your credit card number or other personal information.

It is important to understand that, although credit card thieves are finding new ways to steal consumers’ identities every day, you can protect yourself by never responding to emails, by never providing your personal credit card information to anyone over the phone unless you have initiated the call, and by always paying close attention whenever you pass off your credit card to anyone.