Protect your credit cards ...
Did you know:
By law, once you report the loss or theft of a credit card, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card. That is why it is sometimes better to use credit cards than debit cards.
Did you know:
Skimming is the practice of capturing credit card track data (the information on the black magnetic stripe of the card). Once a person has track data they can easily make a duplicate card. Credit card skimming has become a worldwide problem. Card losses due to skimming exceed $1 billion a year.
Did you know:
By law, once you report the loss or theft of a credit card, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card. That is why it is sometimes better to use credit cards than debit cards.
Did you know:
Skimming is the practice of capturing credit card track data (the information on the black magnetic stripe of the card). Once a person has track data they can easily make a duplicate card. Credit card skimming has become a worldwide problem. Card losses due to skimming exceed $1 billion a year.
MoreCreditCardInfo.com is a comprehensive site providing information about the credit card industry. Our goal is to be more than a site that recommends credit cards for a consumer, but rather a site that provides useful information about credit cards and their use.
Credit cards, when used properly, can be valuable financial tools. For example, they can help establish good credit, they can offer protection when purchasing goods and services, and they can provide easy payment options when traveling locally or abroad.
The credit card industry is rapidly changing especially in the areas of security, always trying to stay one step ahead of people trying to commit theft and fraud. Major networks like MasterCard and Visa are changing standards on a regular basis. Cards such as chip cards are now being issued by many banks in Europe.
Here at MoreCreditCardInfo.com we also want to provide information about why a consumer may want a prepaid card, a cash back card, an airline card, or another type of rewards card.
Credit cards, when used properly, can be valuable financial tools. For example, they can help establish good credit, they can offer protection when purchasing goods and services, and they can provide easy payment options when traveling locally or abroad.
The credit card industry is rapidly changing especially in the areas of security, always trying to stay one step ahead of people trying to commit theft and fraud. Major networks like MasterCard and Visa are changing standards on a regular basis. Cards such as chip cards are now being issued by many banks in Europe.
Here at MoreCreditCardInfo.com we also want to provide information about why a consumer may want a prepaid card, a cash back card, an airline card, or another type of rewards card.
Did you know:
One of the easiest tools to watch for identity theft is your credit report. You are entitled to one free credit report per year. Sites such as freecreditreport.com allow you to obtain your credit report. You should review your credit report periodically to make sure you recognize all your accounts.
Quick facts:
- There are over 1300 types or brands of credit cards issued by banks in the United States.
- About half the people in the United States have at least 2 credit cards.
One of the easiest tools to watch for identity theft is your credit report. You are entitled to one free credit report per year. Sites such as freecreditreport.com allow you to obtain your credit report. You should review your credit report periodically to make sure you recognize all your accounts.
Quick facts:
- There are over 1300 types or brands of credit cards issued by banks in the United States.
- About half the people in the United States have at least 2 credit cards.
Balance Transfer/Low Rate Credit Cards
Balance transfer cards are can be a valuable asset in debt management. With strong competition in the credit card industry, many banks are offering very competitive rates and terms in this area.
For example, many banks routinely offer 12 months of no interest on balance transfers and purchases as well as no balance transfer fees. However, one of the things to be cautious about is falling into the trap of not paying down your balance while continuing to make purchases. The goal of such a card should be to transfer balances or make necessary purchases and then focus on paying them off. Another important goal should be to never allow the balance to extend past the no interest timeline. Allow yourself enough time to find another credit card to transfer the remaining balance. If you think you may extend your balance past the point of the no interest time period, be sure to look for a card with a favorable APR (annual percentage rate). If you the cardholder has a decent credit score, it should be reasonable to find a credit card with an annual percentage rate in the 10% range.
Important things to consider with these cards are balance transfer fees and the time period where there is no interest. Annual fees should be a consideration, but the majority of cards in this area will not have an annual fee.
Balance transfer cards are can be a valuable asset in debt management. With strong competition in the credit card industry, many banks are offering very competitive rates and terms in this area.
For example, many banks routinely offer 12 months of no interest on balance transfers and purchases as well as no balance transfer fees. However, one of the things to be cautious about is falling into the trap of not paying down your balance while continuing to make purchases. The goal of such a card should be to transfer balances or make necessary purchases and then focus on paying them off. Another important goal should be to never allow the balance to extend past the no interest timeline. Allow yourself enough time to find another credit card to transfer the remaining balance. If you think you may extend your balance past the point of the no interest time period, be sure to look for a card with a favorable APR (annual percentage rate). If you the cardholder has a decent credit score, it should be reasonable to find a credit card with an annual percentage rate in the 10% range.
Important things to consider with these cards are balance transfer fees and the time period where there is no interest. Annual fees should be a consideration, but the majority of cards in this area will not have an annual fee.
A great card in this category is the DISCOVER MORE CARD - apply online
- 0% introductory rate on purchases for 6 mos with customers with good credit
- 5% Cashback Bonus in categories that change four times a year (such as travel, restaurants, etc)
- 5% to 20% Cashback Bonus at top retailers through Discover exclusive online shopping site
- Variable purchase APR from 10.24% - 18.24%
- No Annual Fee (should have good credit when applying)
- 5% Cashback Bonus in categories that change four times a year (such as travel, restaurants, etc)
- 5% to 20% Cashback Bonus at top retailers through Discover exclusive online shopping site
- Variable purchase APR from 10.24% - 18.24%
- No Annual Fee (should have good credit when applying)
Rewards and Rebate Credit Cards
This is a hugely popular area in the credit card industry. It is easy to find some type of rewards card in almost any category imaginable. Categories ranging from free groceries and merchandise or free nights in a hotel or frequent flyer miles are most common. If rewards are not your goal, a rebate card for something such as gas or even cash may be a better option.
The key to these cards is to determine what is valuable to you the consumer. For example, if you have the flexibility and time to travel, an airline frequent flyer card or a hotel rewards card may be a viable option. If you are not as inclined to travel, a point card that you can redeem for merchandise may be more valuable to you. And as they say, cash is always king, so if you are uncertain about what type of card to get, the popular route to take is the cash back card. One recommendation for cards in this category is to be aware of industry trends in the area you are trying to accumulate points. For example, the option of airline frequent flyer miles has always been a staple for cardholders who love to travel, but is becoming increasing difficult to use frequent flyer miles, especially during certain times of the year.
Important things to consider with these cards are the APR and also the annual fees. A common practice of cards in this area is to waive the annual fee for the first year.
This is a hugely popular area in the credit card industry. It is easy to find some type of rewards card in almost any category imaginable. Categories ranging from free groceries and merchandise or free nights in a hotel or frequent flyer miles are most common. If rewards are not your goal, a rebate card for something such as gas or even cash may be a better option.
The key to these cards is to determine what is valuable to you the consumer. For example, if you have the flexibility and time to travel, an airline frequent flyer card or a hotel rewards card may be a viable option. If you are not as inclined to travel, a point card that you can redeem for merchandise may be more valuable to you. And as they say, cash is always king, so if you are uncertain about what type of card to get, the popular route to take is the cash back card. One recommendation for cards in this category is to be aware of industry trends in the area you are trying to accumulate points. For example, the option of airline frequent flyer miles has always been a staple for cardholders who love to travel, but is becoming increasing difficult to use frequent flyer miles, especially during certain times of the year.
Important things to consider with these cards are the APR and also the annual fees. A common practice of cards in this area is to waive the annual fee for the first year.
Business Credit Cards
Regardless of the size of your business, sole proprietorship or large corporation, business credit cards can be a valuable tool in the day to day operation of your business.
First, they can lend credibility to your business. If you are out with clients and want to buy dinner, paying with a business credit card that has your name on the front makes a statement.
Also, business credit cards can be used to help track and catorgorize expenses. Many business credit card issuers offer this service.
Finally, many business credit cards offer some form of rewards programs that can be an additional asset to your business.
Regardless of the size of your business, sole proprietorship or large corporation, business credit cards can be a valuable tool in the day to day operation of your business.
First, they can lend credibility to your business. If you are out with clients and want to buy dinner, paying with a business credit card that has your name on the front makes a statement.
Also, business credit cards can be used to help track and catorgorize expenses. Many business credit card issuers offer this service.
Finally, many business credit cards offer some form of rewards programs that can be an additional asset to your business.
Prepaid cards and Student Credit Cards
Prepaid cards are becoming more popular for several reasons. With the acceptance of credit cards in so many countries and locations, they are an alternative to travelers cheques. Also, they are a great gift idea and provide an alternative to cash that does not seem so impersonal.
An important thing to consider about these cards are the fees associated with the card and the expiration of the card. Many of these cards carry a one time fee to load the card, a month fee or both. Also, the cards may expire or start losing value after a predetermined period of time following activation.
Prepaid cards are becoming more popular for several reasons. With the acceptance of credit cards in so many countries and locations, they are an alternative to travelers cheques. Also, they are a great gift idea and provide an alternative to cash that does not seem so impersonal.
An important thing to consider about these cards are the fees associated with the card and the expiration of the card. Many of these cards carry a one time fee to load the card, a month fee or both. Also, the cards may expire or start losing value after a predetermined period of time following activation.
Please also visit our sister site BasicMoneyTips.Com for some great ideas on how to save money and budget ideas!