Credit cards are one of the most important tools society has today. With it, you will be able to purchase the things you need even if you don’t have the cash for it just yet. In fact, many people even consider credit cards as very essential for their everyday lives.
One credit card company that provides great benefits to their card holders and also one of the most reputable and secured credit cards available is Visa. It is a known fact that Visa offers great benefits to their card holders as well as security. There may be some competition, such as American Express and MasterCard, but Visa still remains strong in the credit card business.
If you plan on getting a credit card, your best bet would be applying for a Visa credit card. Many banks and credit card issuers today offer Visa credit cards to their client. Besides, it is both reliable and secured in terms of identity theft. Also, they ensure great quality services to their clients where they offer hundreds of partners all around the world. This means that you will be able to use the credit card almost anywhere you are in the world.
Because Visa is so popular, you have to consider that applying for one can be very hard. Try to remember that Visa is one of the most reputable credit card companies in the world. The company just don’t give out their cards to just anyone. They need to trust the person who applies for their card in order to make sure that they pay for their monthly bills for their purchases.
When you do decide to apply for a Visa credit card, the most convenient way to do so is through the internet. Online application for credit cards is now one of the most popular and also the most convenient ways to get a credit card. It's fast, it's easy and it is very convenient.
You have to admit the fact that applying for a credit card can be very frustrating, especially if you have to wait for hours in a long line just to fill out an application form. It would even be more frustrating if your application was rejected because of some errors in the application form and then you have to do the whole thing all over again just to apply for a credit card.
Through online application, you will never have to experience long lines again. Many Visa credit card issuers are now using the internet for online application process. Online application is very convenient because you don’t have to visit the office of the issuer, and you don’t have to wait in long lines just to fill out an application form. All you need to do is visit the website of the Visa credit card issuer and choose the Visa credit card that's right for you.
However, before you apply online, there are certain things you have to keep in mind, such as your credit history plus your computer's security. Your credit history is one of the most important factors in applying for a credit card. You have to make sure that when you are applying for a credit card, especially for Visa, you have to have a good credit score in order to get approval for your application.
You also need to make sure that you apply online in your own computer and you have to have the necessary security software installed in order to prevent identity theft. Install an antispyware device to ensure privacy in your computer.
These are the things you have to remember when applying for a Visa credit card. Just make sure that you have a good credit score and install an antispyware device in your computer before you apply.
By: Mario Churchill -
Wednesday, April 18, 2007
* Applying For A Visa Credit Card Online By : Mario Churchill -
Credit cards are one of the most important tools society has today. With it, you will be able to purchase the things you need even if you don’t have the cash for it just yet. In fact, many people even consider credit cards as very essential for their everyday lives.
One credit card company that provides great benefits to their card holders and also one of the most reputable and secured credit cards available is Visa. It is a known fact that Visa offers great benefits to t...
* Second Chances for Credit: Self Help Credit Repair By : Deanna Mascle
The point is that a few mistakes on your credit may not ruin it forever. Don't give up and think that you will never be a homeowner, you will be forever uninsured, and you will always be riding the bus. You can choose to try and fix your mistakes, or you can simply inquire about the possibility that a creditor may look at your recent history, and forgive you.
* Credit Card: Do It Yourself Credit Repair For Credit Problems By : Deanna Mascle
Try to prevent bad credit by staying on top of your bills and spending wisely and economically. Even though it is better to deal with credit repair yourself, it would be great to not have to deal with it at all.
* Using A Corporate Credit Card To Better Your Business By : Mario Churchill -
There have been a lot of horror stories involving employees that scam their own company. A number of them have successfully stolen tens to hundreds of thousands and even millions of dollars undetected by using complicated yet illegal expenses that may be over-priced or just plain fraud.
While a number of corporations wont even feel the difference, there are many corporations that may sink over its head because of this. Also, even though you may have a multi-billion dollar ...
* Benefits Of Using Credit Cards By : Criss Lee -
In this day and age, with the credit card market growing as large as it now has, it is no wonder that credit card companies have started trying to entice buyers by offering incentive programs on their cards. These programs come in many different forms and offer a variety of different products and services
One of the most common incentive programs offered by many credit card companies is the cash back program. In this program a certain amount of the total purchases made usi...
* How Can I Repair My Credit Rating? By : Hugh Harris-Evans
"How can I repair my credit rating?" Before you can start to answer this question, you need to ask another "How is my credit score calculated?" The article provides the answers to these two questions.
* Tricks Credit Card Companies Use To Ramp Up Your Bills By : Michael D. Strauss
Credit card companies are notorious for squeezing every last drop of profit out of their customers. Find out the ways they do this and how to keep in front.
* How Important Is A Good Credit Score? By : Eric Hector
With no concrete decision regarding a ‘good credit score’, more and more borrowers are facing loan rejections. It has been seen that a borrower’s credit history has more impact when he wants to take out a loan without pledging any collateral.
* Apply For A Credit Card The Hassle-free Way, Through The Internet! By : Mario Churchill -
Why people apply for credit cards online has the same reasoning as to why people shop, research and do various commercial activities online, they are convenient, fast and very easy. You get rid of all the hassles of having to travel, deal with rude people and go through a lot of red tape. With the Internet, you can do a number of things at the same time and get it done in the privacy of your own home with the aid of a computer and an active internet connection.
Also, one o...
* 3 Easy Steps To Apply For A Credit Card Online By : Mario Churchill -
The proliferation of credit cards can be attributed to a lot of things, as a matter of fact; most Americans own more than one credit card. Its convenience of use, fast and easy application has produced more credit card owners in our society compared to the previous generation.
Having websites that offer online applications for credit cards have also been great swaying factors in making more Americans think about getting a credit card. And why not? This innovation in credi...
* Some Credit Repair And Control Tips By : Sarah Dinkins
Repairing your credit is not an easy task. The first thing you need to understand is that if your credit is bottom low, it will take some time before you can obtain a good credit score again. Yet, don’t think it’s not feasible because many have achieved such goal without too many hassles. Following are some credit repair and credit control tips you should put into practice.
* Why Do People Apply For Credit Cards By : Mario R. Churchill -
People acquire credit cards for different purposes. There are lots of uses a credit card could have a use for, so almost all people have credit cards.
Some will apply because it is a very convenient way of shopping goods anytime even without the cash.
To others, they apply credit cards simply because of the customer reward they get after purchases.
Some people would apply for a credit card because of the famous and juicy offerings by a certain credit card company,...
* Bad Credit Credit Cards - Avoid Hurting Your Credit Further By : Arthor Pens
When you have bad credit, the last thing you want to do is make it worse. If you have not learned your lesson, you might just do that if you obtain bad credit credit cards. Before you receive your credit cards for bad credit you want to make sure that you are financially and mentally ready.
* Using A Credit Repair Service - For And Against. By : Hugh Harris-Evans
Using a credit report repair service company can be the answer for someone who is looking for help in rebuilding a bad credit record, but there are a number of factors to consider before taking this course.
* Cash Back Credit Cards - Are They Worth It? By : Joseph Kenny -
There are a lot of people trying to get a cash back credit card - but are they for real? The lure of getting cash back has a lasting appeal, especially in days when people are feeling a financial pinch. But are they really worth what they promise? Here are some ways you can make sure that you get a real deal when you apply for yours, plus some tips on things to watch out for.
Know How To Use Them
Credit cards are of the most value to those who know how to use them. Thi...
* How To Consolidate Credit Card Debt By : Peter Kenny -
It is so easy to get heavily into debt on credit cards that you within a few months or even weeks you could find yourself not being able to keep up with the repayments. If this is the case, then you should think about consolidating your credit card debt. Consolidating your debt can make it easier to manage your money problems as well as helping you to save money. Here are some useful hints about consolidating credit card debt.
What is consolidation?
Consolidation is whe...
* Apply For A Business Credit Card Online, The Convenient Way By : Mario Churchill -
Finally, your dream of becoming a business owner has come true. You have your business plan ready, you have worked everything out, contacts with the suppliers has been made, deals and agreements are looming, but you still don’t have a business credit card. So what? Is it really that important?
As a matter of fact, yes! Business credit cards have been rising in popularity these days because of the many conveniences and benefits they offer. You get to hold on to your cash un...
* Credit Card Debt – Getting Out from Underneath By : George Anderson
One of the biggest debt problems people face currently is credit card debt. This debt can be difficult if not seemingly impossible to get out from underneath. Minimum monthly payments, exorbitant interest rates, not to mention high late fees and over limit fees can make it getting ahead and paying the balance down a difficult task. Luckily, there are a number of companies out there that can help you to pay off those high interest credit cards and get out from underneath your credit card debt
* Credit Repair – A Guide to Starting to Repair your Credit By : George Anderson
Has this happened to you? You walk into a bank, or you apply for a credit card and you were denied a loan or a card or you are not able to finance a car because of a bad credit rating. There are many different things you can do to do credit repair on your financial statement. The first thing to do is gather all your bills, both home and credit card bills and lay them out. If you want, create a spreadsheet or some other record and mark down each bill, the amount of each bill and when that bill is
* Debt Help – Various Ways You Can Fix your Credit By : George Anderson
One thing that most people face today is debt. It could be something as simple as your home or car or something more complex like credit cards and student loans. With all the options available, you might be wondering which is the best to take when it comes to lowering your debt and eventually becoming debt free
* Debt Help – Credit Cards Getting Out of Debt with High Interest Credit Cards By : George Anderson
Credit cards are for many the biggest problem they have with debt. High interest rate, late charges, over limit charges, finance charges and fees all add up and can make paying off even a small balance difficult. If you are struggling with credit card, debt there is debt help
* How Poor Credit Affects You By : Chane Steiner
Very few things in life can have a more devastating effect on your lifestyle than a poor credit score. Having low credit scores can cost you hundreds or even thousands of dollars per month.
* Credit Card Debt Solutions: Begin Before It Is Too Late By : Deanna Mascle -
Are you looking for a credit card debt solution? If you in desperate need of a credit card debt solution, but do not want to spend big dollars or hours to get the job done, here are a few pointers to help get you started.
In the world of credit cards, credit debt is all too common. Debt from credit cards can be very stressful, and lead to a very crippling situation. No one is immune to credit card debt, as even students can experience debt with their credit cards as well...
* Credit Card Processing Security Concerns By : Debbie Dragon -
As an online merchant accepting credit card payments, you have numerous security issues that you must be aware of for the safety of your business and your consumers. At this time, there are two main aspects of credit card security for credit card processing, including “AVS” and “CVV”. Both allow credit card transactions to be completed anonymously over the internet, and any merchant accepting credit cards online should require both forms of information of your customers.
...
* Visa Credit Card Offers: A Look at the Best By : Edward Vegliante
Visa claims to be the nation’s leading payment brand. And rightly so: more than 500 million Visa credit cards circulate in the United States. For every $100 that consumers spend, approximately $14.60 is spent with a Visa-branded product. Visa offers a large variety of credit cards for both consumers and businesses.
* How To Protect Your Credit History By : Emma Vasquez -
In the United States today, it can be argued that a person’s most important asset, is their Credit Rating, more important even than their income. You might think that you don’t need a good credit rating, as you are not contemplating large loans, but a credit rating affects many parts of life. Getting a new job, renting a new apartment, changing or getting a new mortgage, applying for a credit card all depend on your credit rating. That is why your credit rating is importa...
* Credit Card Theft Hurts Retailers And Credit Card Consumers By : Debbie Dragon -
Thanks to the zero liability policy offered by most credit card issuers, if your credit card is stolen you’re typically only liable for a very small portion of the unauthorized purchases- if any. Even if a thief charges thousands of dollars on your credit card, a zero liability policy means you don’t pay for it.
You’re not the only one affected by your stolen credit card, though. The retailers who accepted the stolen credit card (not knowing it was stolen, of course) los...
* Am I a Victim of Identity Theft? By : davet
With hundreds of thousands of credit card transactions going through the internet on a daily basis and hackers becoming increasingly knowledgeable, it is getting to the point where it is risky to shop online.
* Starting And Maintaining Your Business With A Business Credit Card By : Mario Churchill -
Owning a credit card has meant so much more than it was when the concept started more than half a decade ago. Although the basic principle has remained somewhat the same, the benefits have been growing leaps and bounds each year. Although credit cards are seen to be more for personal use, many business owners have discovered its potential for the business world and have experienced its vast uses.
Starting a business can be very costly, not all of us have the finances to co...
* Self Help Credit Repair: Second Chance Credit By : Deanna Mascle -
Many times when people feel that their credit is ruined, they give up all hope of ever trying to apply for anything again. What these people may not know is there are still programs available to help them achieve the things they want without having to worry about credit issues.
Each creditor will set their own standards for deciding whether or not you are eligible to be approved, and their views on your credit history will vary. There are some that will only look at your r...
[1] [2] [3] [4] [5] [6] [7] [8] [9] [10]»
Credit cards are one of the most important tools society has today. With it, you will be able to purchase the things you need even if you don’t have the cash for it just yet. In fact, many people even consider credit cards as very essential for their everyday lives.
One credit card company that provides great benefits to their card holders and also one of the most reputable and secured credit cards available is Visa. It is a known fact that Visa offers great benefits to t...
* Second Chances for Credit: Self Help Credit Repair By : Deanna Mascle
The point is that a few mistakes on your credit may not ruin it forever. Don't give up and think that you will never be a homeowner, you will be forever uninsured, and you will always be riding the bus. You can choose to try and fix your mistakes, or you can simply inquire about the possibility that a creditor may look at your recent history, and forgive you.
* Credit Card: Do It Yourself Credit Repair For Credit Problems By : Deanna Mascle
Try to prevent bad credit by staying on top of your bills and spending wisely and economically. Even though it is better to deal with credit repair yourself, it would be great to not have to deal with it at all.
* Using A Corporate Credit Card To Better Your Business By : Mario Churchill -
There have been a lot of horror stories involving employees that scam their own company. A number of them have successfully stolen tens to hundreds of thousands and even millions of dollars undetected by using complicated yet illegal expenses that may be over-priced or just plain fraud.
While a number of corporations wont even feel the difference, there are many corporations that may sink over its head because of this. Also, even though you may have a multi-billion dollar ...
* Benefits Of Using Credit Cards By : Criss Lee -
In this day and age, with the credit card market growing as large as it now has, it is no wonder that credit card companies have started trying to entice buyers by offering incentive programs on their cards. These programs come in many different forms and offer a variety of different products and services
One of the most common incentive programs offered by many credit card companies is the cash back program. In this program a certain amount of the total purchases made usi...
* How Can I Repair My Credit Rating? By : Hugh Harris-Evans
"How can I repair my credit rating?" Before you can start to answer this question, you need to ask another "How is my credit score calculated?" The article provides the answers to these two questions.
* Tricks Credit Card Companies Use To Ramp Up Your Bills By : Michael D. Strauss
Credit card companies are notorious for squeezing every last drop of profit out of their customers. Find out the ways they do this and how to keep in front.
* How Important Is A Good Credit Score? By : Eric Hector
With no concrete decision regarding a ‘good credit score’, more and more borrowers are facing loan rejections. It has been seen that a borrower’s credit history has more impact when he wants to take out a loan without pledging any collateral.
* Apply For A Credit Card The Hassle-free Way, Through The Internet! By : Mario Churchill -
Why people apply for credit cards online has the same reasoning as to why people shop, research and do various commercial activities online, they are convenient, fast and very easy. You get rid of all the hassles of having to travel, deal with rude people and go through a lot of red tape. With the Internet, you can do a number of things at the same time and get it done in the privacy of your own home with the aid of a computer and an active internet connection.
Also, one o...
* 3 Easy Steps To Apply For A Credit Card Online By : Mario Churchill -
The proliferation of credit cards can be attributed to a lot of things, as a matter of fact; most Americans own more than one credit card. Its convenience of use, fast and easy application has produced more credit card owners in our society compared to the previous generation.
Having websites that offer online applications for credit cards have also been great swaying factors in making more Americans think about getting a credit card. And why not? This innovation in credi...
* Some Credit Repair And Control Tips By : Sarah Dinkins
Repairing your credit is not an easy task. The first thing you need to understand is that if your credit is bottom low, it will take some time before you can obtain a good credit score again. Yet, don’t think it’s not feasible because many have achieved such goal without too many hassles. Following are some credit repair and credit control tips you should put into practice.
* Why Do People Apply For Credit Cards By : Mario R. Churchill -
People acquire credit cards for different purposes. There are lots of uses a credit card could have a use for, so almost all people have credit cards.
Some will apply because it is a very convenient way of shopping goods anytime even without the cash.
To others, they apply credit cards simply because of the customer reward they get after purchases.
Some people would apply for a credit card because of the famous and juicy offerings by a certain credit card company,...
* Bad Credit Credit Cards - Avoid Hurting Your Credit Further By : Arthor Pens
When you have bad credit, the last thing you want to do is make it worse. If you have not learned your lesson, you might just do that if you obtain bad credit credit cards. Before you receive your credit cards for bad credit you want to make sure that you are financially and mentally ready.
* Using A Credit Repair Service - For And Against. By : Hugh Harris-Evans
Using a credit report repair service company can be the answer for someone who is looking for help in rebuilding a bad credit record, but there are a number of factors to consider before taking this course.
* Cash Back Credit Cards - Are They Worth It? By : Joseph Kenny -
There are a lot of people trying to get a cash back credit card - but are they for real? The lure of getting cash back has a lasting appeal, especially in days when people are feeling a financial pinch. But are they really worth what they promise? Here are some ways you can make sure that you get a real deal when you apply for yours, plus some tips on things to watch out for.
Know How To Use Them
Credit cards are of the most value to those who know how to use them. Thi...
* How To Consolidate Credit Card Debt By : Peter Kenny -
It is so easy to get heavily into debt on credit cards that you within a few months or even weeks you could find yourself not being able to keep up with the repayments. If this is the case, then you should think about consolidating your credit card debt. Consolidating your debt can make it easier to manage your money problems as well as helping you to save money. Here are some useful hints about consolidating credit card debt.
What is consolidation?
Consolidation is whe...
* Apply For A Business Credit Card Online, The Convenient Way By : Mario Churchill -
Finally, your dream of becoming a business owner has come true. You have your business plan ready, you have worked everything out, contacts with the suppliers has been made, deals and agreements are looming, but you still don’t have a business credit card. So what? Is it really that important?
As a matter of fact, yes! Business credit cards have been rising in popularity these days because of the many conveniences and benefits they offer. You get to hold on to your cash un...
* Credit Card Debt – Getting Out from Underneath By : George Anderson
One of the biggest debt problems people face currently is credit card debt. This debt can be difficult if not seemingly impossible to get out from underneath. Minimum monthly payments, exorbitant interest rates, not to mention high late fees and over limit fees can make it getting ahead and paying the balance down a difficult task. Luckily, there are a number of companies out there that can help you to pay off those high interest credit cards and get out from underneath your credit card debt
* Credit Repair – A Guide to Starting to Repair your Credit By : George Anderson
Has this happened to you? You walk into a bank, or you apply for a credit card and you were denied a loan or a card or you are not able to finance a car because of a bad credit rating. There are many different things you can do to do credit repair on your financial statement. The first thing to do is gather all your bills, both home and credit card bills and lay them out. If you want, create a spreadsheet or some other record and mark down each bill, the amount of each bill and when that bill is
* Debt Help – Various Ways You Can Fix your Credit By : George Anderson
One thing that most people face today is debt. It could be something as simple as your home or car or something more complex like credit cards and student loans. With all the options available, you might be wondering which is the best to take when it comes to lowering your debt and eventually becoming debt free
* Debt Help – Credit Cards Getting Out of Debt with High Interest Credit Cards By : George Anderson
Credit cards are for many the biggest problem they have with debt. High interest rate, late charges, over limit charges, finance charges and fees all add up and can make paying off even a small balance difficult. If you are struggling with credit card, debt there is debt help
* How Poor Credit Affects You By : Chane Steiner
Very few things in life can have a more devastating effect on your lifestyle than a poor credit score. Having low credit scores can cost you hundreds or even thousands of dollars per month.
* Credit Card Debt Solutions: Begin Before It Is Too Late By : Deanna Mascle -
Are you looking for a credit card debt solution? If you in desperate need of a credit card debt solution, but do not want to spend big dollars or hours to get the job done, here are a few pointers to help get you started.
In the world of credit cards, credit debt is all too common. Debt from credit cards can be very stressful, and lead to a very crippling situation. No one is immune to credit card debt, as even students can experience debt with their credit cards as well...
* Credit Card Processing Security Concerns By : Debbie Dragon -
As an online merchant accepting credit card payments, you have numerous security issues that you must be aware of for the safety of your business and your consumers. At this time, there are two main aspects of credit card security for credit card processing, including “AVS” and “CVV”. Both allow credit card transactions to be completed anonymously over the internet, and any merchant accepting credit cards online should require both forms of information of your customers.
...
* Visa Credit Card Offers: A Look at the Best By : Edward Vegliante
Visa claims to be the nation’s leading payment brand. And rightly so: more than 500 million Visa credit cards circulate in the United States. For every $100 that consumers spend, approximately $14.60 is spent with a Visa-branded product. Visa offers a large variety of credit cards for both consumers and businesses.
* How To Protect Your Credit History By : Emma Vasquez -
In the United States today, it can be argued that a person’s most important asset, is their Credit Rating, more important even than their income. You might think that you don’t need a good credit rating, as you are not contemplating large loans, but a credit rating affects many parts of life. Getting a new job, renting a new apartment, changing or getting a new mortgage, applying for a credit card all depend on your credit rating. That is why your credit rating is importa...
* Credit Card Theft Hurts Retailers And Credit Card Consumers By : Debbie Dragon -
Thanks to the zero liability policy offered by most credit card issuers, if your credit card is stolen you’re typically only liable for a very small portion of the unauthorized purchases- if any. Even if a thief charges thousands of dollars on your credit card, a zero liability policy means you don’t pay for it.
You’re not the only one affected by your stolen credit card, though. The retailers who accepted the stolen credit card (not knowing it was stolen, of course) los...
* Am I a Victim of Identity Theft? By : davet
With hundreds of thousands of credit card transactions going through the internet on a daily basis and hackers becoming increasingly knowledgeable, it is getting to the point where it is risky to shop online.
* Starting And Maintaining Your Business With A Business Credit Card By : Mario Churchill -
Owning a credit card has meant so much more than it was when the concept started more than half a decade ago. Although the basic principle has remained somewhat the same, the benefits have been growing leaps and bounds each year. Although credit cards are seen to be more for personal use, many business owners have discovered its potential for the business world and have experienced its vast uses.
Starting a business can be very costly, not all of us have the finances to co...
* Self Help Credit Repair: Second Chance Credit By : Deanna Mascle -
Many times when people feel that their credit is ruined, they give up all hope of ever trying to apply for anything again. What these people may not know is there are still programs available to help them achieve the things they want without having to worry about credit issues.
Each creditor will set their own standards for deciding whether or not you are eligible to be approved, and their views on your credit history will vary. There are some that will only look at your r...
[1] [2] [3] [4] [5] [6] [7] [8] [9] [10]»
Friday, March 23, 2007
Credit Card Offers: Navigating Through The Choices
Credit card offers aren't exactly a rare occurence. In fact, many people are bombarded by multiple credit card offers each and every day. The question is, how do you know which credit card offers are the good ones and which ones should be thrown in the trash (after being shredded of course)? Follow these seven bits of advice.
1. What Does "Pre-Qualified" Really Mean?
First things first -- when you get those credit card offers in the mail that say you're "pre-qualified," it does not mean that you've been approved for the credit card that is being offered. You still have to apply for the card (and have your credit history run) before you'll actually be approved.
Many people have gotten frustrated because they respond to a "pre-qualified" offer only to find out they're not really approved.
Don't take it personally. "Pre-qualified" credit card offers are nothing more than a marketing gimmick.
2. The Razzle, The Dazzle and Then The Punch
When you see credit card offers touting very low interest rates (or even no interest at all), try to remember that these are "teaser" rates that will eventually go up (and may go up drastically). The credit card offer may still be a good deal, but that all really depends on what the interest goes up to after the introductory period.
Before jumping to apply for a low-interest credit card offer, see what the interest rate is really going to be after the introductory period is over.
3. Keep The Perks In Perspective
Many credit card offers include perks such as points or cash back that can be earned with each purchase. Remember, these perks may not be as great as they first appear.
A credit card with rewards attached also usually has a higher interest rate attached as well. If you carry a high balance on your credit cards, those perks are going to cost you big time.
4. It's Not About the Prize
Some of the credit card offers we receive don't even come by mail -- they come during checkout at the local store. Oftentimes, these credit card offers have a one-time discount attached, such as 10 to 15 percent off your total purchase if you apply on the spot (and approval is instant as well).
If you think it's a good idea to open a credit card to get the discount and then close the account afterwards, that's really not such a great concept. A part of your credit score is determined by how long you keep relationships with your creditors. If you have a history of opening accounts and then quickly closing them, it's going to impact your creditworthiness in the eyes of lenders.
5. What You Shouldn't Settle For
The credit card industry is definitely competitive. Because of this, you should never respond to credit card offers that require an annual fee or a "processing" fee (unless you have problems with your credit history).
If a credit card company requires an annual fee or charges you for processing your application, go elsewhere for your credit card needs. There are a number of credit card companies who will welcome your business (and won't make you pay extra for the privilege).
6. Seek Them Out
If you're not happy with the credit card offers you're being solicited with, it doesn't mean there isn't a credit card out there to meet your needs. You may just need to look a little harder.
There are hundreds of different credit cards available and finding the one that is right for you may just be a matter of doing a little online research. Many consumers turn to the web to find the credit card offers that are perfect for them.
7. Seek and Destroy
After you have reviewed a credit card offer, what do you do with it? I'll tell you what you should be doing.
Make sure you shred each of the credit card offers you receive before throwing them in the trash or you may find yourself becoming the next victim of identity theft.
Those credit card offers that infest your mailbox are also an identity theft criminal's best friend. If you don't want those credit card offers falling into the wrong hands, make sure you dispose of them properly.
By taking the above advice into consideration when dealing with credit card offers, not only will you be able to find the credit card that's right for you, but you'll also be able to avoid making a mistake due to credit card confusion.
By: Max Anderson
1. What Does "Pre-Qualified" Really Mean?
First things first -- when you get those credit card offers in the mail that say you're "pre-qualified," it does not mean that you've been approved for the credit card that is being offered. You still have to apply for the card (and have your credit history run) before you'll actually be approved.
Many people have gotten frustrated because they respond to a "pre-qualified" offer only to find out they're not really approved.
Don't take it personally. "Pre-qualified" credit card offers are nothing more than a marketing gimmick.
2. The Razzle, The Dazzle and Then The Punch
When you see credit card offers touting very low interest rates (or even no interest at all), try to remember that these are "teaser" rates that will eventually go up (and may go up drastically). The credit card offer may still be a good deal, but that all really depends on what the interest goes up to after the introductory period.
Before jumping to apply for a low-interest credit card offer, see what the interest rate is really going to be after the introductory period is over.
3. Keep The Perks In Perspective
Many credit card offers include perks such as points or cash back that can be earned with each purchase. Remember, these perks may not be as great as they first appear.
A credit card with rewards attached also usually has a higher interest rate attached as well. If you carry a high balance on your credit cards, those perks are going to cost you big time.
4. It's Not About the Prize
Some of the credit card offers we receive don't even come by mail -- they come during checkout at the local store. Oftentimes, these credit card offers have a one-time discount attached, such as 10 to 15 percent off your total purchase if you apply on the spot (and approval is instant as well).
If you think it's a good idea to open a credit card to get the discount and then close the account afterwards, that's really not such a great concept. A part of your credit score is determined by how long you keep relationships with your creditors. If you have a history of opening accounts and then quickly closing them, it's going to impact your creditworthiness in the eyes of lenders.
5. What You Shouldn't Settle For
The credit card industry is definitely competitive. Because of this, you should never respond to credit card offers that require an annual fee or a "processing" fee (unless you have problems with your credit history).
If a credit card company requires an annual fee or charges you for processing your application, go elsewhere for your credit card needs. There are a number of credit card companies who will welcome your business (and won't make you pay extra for the privilege).
6. Seek Them Out
If you're not happy with the credit card offers you're being solicited with, it doesn't mean there isn't a credit card out there to meet your needs. You may just need to look a little harder.
There are hundreds of different credit cards available and finding the one that is right for you may just be a matter of doing a little online research. Many consumers turn to the web to find the credit card offers that are perfect for them.
7. Seek and Destroy
After you have reviewed a credit card offer, what do you do with it? I'll tell you what you should be doing.
Make sure you shred each of the credit card offers you receive before throwing them in the trash or you may find yourself becoming the next victim of identity theft.
Those credit card offers that infest your mailbox are also an identity theft criminal's best friend. If you don't want those credit card offers falling into the wrong hands, make sure you dispose of them properly.
By taking the above advice into consideration when dealing with credit card offers, not only will you be able to find the credit card that's right for you, but you'll also be able to avoid making a mistake due to credit card confusion.
By: Max Anderson
Friday, March 9, 2007
What Are Charity Credit Cards?
You’ve heard the term “charity credit cards” but you may not have known what it meant. In short, a charity credit card is an affinity card that makes a small contribution to the charity of your choice every time that you use the card. Affinity cards aren’t just for stores, hotels, or airlines anymore. Today, many charities are joining in and reaping the benefits of these types of relationships.
Just so you know, an affinity card is one that is part of either the MasterCard or VISA network, but also bears the brand name of a store, hotel, airline, or other organization. You have seen the “Delta Air Miles” card and the “Disney Rewards Card” which allow you to accumulate points toward airline miles or kingdom stays respectively. Today, several charities are getting onboard and while you do get some rewards for yourself, you also reward the charity every time you charge.
Many charities are taking advantage of the affinity relationship including the following organizations:
World Wildlife Federation
Make-A-Wish Foundation
American Humane Society
American Cancer Society
National Audubon Society
Heart and Stroke Foundation of Canada
Mothers Against Drunk Driving
Scouts Canada
Muscular Dystrophy Canada
Each time you use your affinity card, the charity of your choice is a winner. However, please keep in mind several things before deciding whether to use an affinity card including:
--Avoid a card charging an annual fee. You’d be better off making a direct donation to the charity of your choice then putting up with an annual fee.
--Watch out for a higher than normal APR. Pay off your balance every month to avoid charges.
--In some cases your personal rewards for using the card are severely diminished when selecting an affinity card. If this doesn’t bother you, then continue as planned with the card of your choice.
Some charities are raking in millions of dollars per year with their affinity card, monies that are sorely needed to keep some organizations afloat. Check with your charity to make certain that they are satisfied with their affinity card.
Yes, an affinity card can be beneficial to you as well as to the charity of your choice. By charging most of your purchases on your card and paying off the card every month you can get the most out of your card and benefit an organization that helps others make a difference too.
By: Adam J. Heist
Just so you know, an affinity card is one that is part of either the MasterCard or VISA network, but also bears the brand name of a store, hotel, airline, or other organization. You have seen the “Delta Air Miles” card and the “Disney Rewards Card” which allow you to accumulate points toward airline miles or kingdom stays respectively. Today, several charities are getting onboard and while you do get some rewards for yourself, you also reward the charity every time you charge.
Many charities are taking advantage of the affinity relationship including the following organizations:
World Wildlife Federation
Make-A-Wish Foundation
American Humane Society
American Cancer Society
National Audubon Society
Heart and Stroke Foundation of Canada
Mothers Against Drunk Driving
Scouts Canada
Muscular Dystrophy Canada
Each time you use your affinity card, the charity of your choice is a winner. However, please keep in mind several things before deciding whether to use an affinity card including:
--Avoid a card charging an annual fee. You’d be better off making a direct donation to the charity of your choice then putting up with an annual fee.
--Watch out for a higher than normal APR. Pay off your balance every month to avoid charges.
--In some cases your personal rewards for using the card are severely diminished when selecting an affinity card. If this doesn’t bother you, then continue as planned with the card of your choice.
Some charities are raking in millions of dollars per year with their affinity card, monies that are sorely needed to keep some organizations afloat. Check with your charity to make certain that they are satisfied with their affinity card.
Yes, an affinity card can be beneficial to you as well as to the charity of your choice. By charging most of your purchases on your card and paying off the card every month you can get the most out of your card and benefit an organization that helps others make a difference too.
By: Adam J. Heist
Wednesday, February 21, 2007
Credit scores explained
Research has recently suggested that consumers who apply for loans and other forms of credit too often through comparison websites may risk damaging their credit rating.
It is estimated that 8.7 million people have bought financial products such as loans, credit cards and insurance through using comparison websites over the past year.
However, research shows that the sites could be leading consumers to adversely affect their credit rating as many of the comparison, or aggregator, sites concentrate on price rather than quality of service or suitability of a product.
As a result, consumers are drawn in to applying for unsuitable products and are therefore continuously rejected.
Although rejections are not held on a person's credit record, applications for credit do show up as "footprints".
Consumer affairs manager at credit rating company Experian, said: "All the applications you have made for credit over the past 12 months will show up on your credit report.
"When a lender carries out a credit check they will see those applications and if there are a large number of them it may make them think that you are desperate for credit, or it may even look as though someone has been fraudulently trying to apply for credit in your name," he said.
The financial comparison site that commission the report, MoneyExpert.com, states on their website that 2.8 million people have made applications for 3.5 million financial products over the past year. Around 6 per cent of people have been rejected when applying for credit cards, mortgages and loans.
MoneyExpert.com has launched a credit profiling service that allows consumers to tailor their search so that only those credit providers whose lending criteria suits their credit rating appear on the list.
The profile is based on the consumer's answers to questions about their history and no footprint is left on the consumer's credit record.
Professionals in the financial industry are now calling on all comparison sites to offer a similar service. Customers must also be warned about the potential damage to credit rating that could be done by making too many applications.
Website's should also improve their offer to consumers by being more transparent on fees and charges imposed by providers. They also need to broaden the focus of sites to include service and features other than price.
No one has an automatic right to credit, but if you are refused on the basis of your credit rating you can tackle the problem.
If the decision to refuse you credit was made by a computerised credit scoring system, you have the right to ask the lender to review the decision.
Most High Street lenders will make a decision on whether or not to grant you credit on the basis of information supplied by the UK's two leading credit reference agencies - Experian and Equifax.
These two firms compile credit histories from a host of different sources such as:
· Data held by the agencies · Electoral register · County Court judgments · Bankruptcy and administration orders · Credit payment history · House repossessions
Your record will be highlighted if you have had a large number of credit checks carried out. Everything from buying a freezer on an interest-free deal to opening a new credit card will leave an electronic footprint on your credit history.
However, the decision to refuse credit will be made by the lenders, based on their own criteria, but if you are refused credit you could check your credit history to make sure no mistakes have been made.
Within 28 days of your last contact about a credit deal, ask the lender for the name and address of the agency which provided the information. You can then write to the agency yourself and ask to see your information on their files.
To do this you will need to send a £2 fee, give your full name, address and postcode, as well as the details of your addresses over the past six years.
If you are a sole trader or partnership, give your business name and address in case your information is held under those details. The agency must then reply within seven days.
If you find the decision to refuse your credit was unjustified or wrong, and there is further relevant information which may change the lender's mind, you can ask the lender how to go about having the decision reviewed.
You can ask for your credit history to be changed if it is incorrect or includes details about people with whom you no longer have financial connections with.
You can also have notes attached to explain certain periods in your history. However, you can't get information removed just because you might find it embarrassing.
Most national newspapers advertise companies claiming they will repair your credit rating. However, these firms offer will charge a high fee.
You have the right to ask credit companies in writing, at any time, for a copy of your file. The Information Commissioner can provide consumer guidance leaflets with further
by Michael Challiner
It is estimated that 8.7 million people have bought financial products such as loans, credit cards and insurance through using comparison websites over the past year.
However, research shows that the sites could be leading consumers to adversely affect their credit rating as many of the comparison, or aggregator, sites concentrate on price rather than quality of service or suitability of a product.
As a result, consumers are drawn in to applying for unsuitable products and are therefore continuously rejected.
Although rejections are not held on a person's credit record, applications for credit do show up as "footprints".
Consumer affairs manager at credit rating company Experian, said: "All the applications you have made for credit over the past 12 months will show up on your credit report.
"When a lender carries out a credit check they will see those applications and if there are a large number of them it may make them think that you are desperate for credit, or it may even look as though someone has been fraudulently trying to apply for credit in your name," he said.
The financial comparison site that commission the report, MoneyExpert.com, states on their website that 2.8 million people have made applications for 3.5 million financial products over the past year. Around 6 per cent of people have been rejected when applying for credit cards, mortgages and loans.
MoneyExpert.com has launched a credit profiling service that allows consumers to tailor their search so that only those credit providers whose lending criteria suits their credit rating appear on the list.
The profile is based on the consumer's answers to questions about their history and no footprint is left on the consumer's credit record.
Professionals in the financial industry are now calling on all comparison sites to offer a similar service. Customers must also be warned about the potential damage to credit rating that could be done by making too many applications.
Website's should also improve their offer to consumers by being more transparent on fees and charges imposed by providers. They also need to broaden the focus of sites to include service and features other than price.
No one has an automatic right to credit, but if you are refused on the basis of your credit rating you can tackle the problem.
If the decision to refuse you credit was made by a computerised credit scoring system, you have the right to ask the lender to review the decision.
Most High Street lenders will make a decision on whether or not to grant you credit on the basis of information supplied by the UK's two leading credit reference agencies - Experian and Equifax.
These two firms compile credit histories from a host of different sources such as:
· Data held by the agencies · Electoral register · County Court judgments · Bankruptcy and administration orders · Credit payment history · House repossessions
Your record will be highlighted if you have had a large number of credit checks carried out. Everything from buying a freezer on an interest-free deal to opening a new credit card will leave an electronic footprint on your credit history.
However, the decision to refuse credit will be made by the lenders, based on their own criteria, but if you are refused credit you could check your credit history to make sure no mistakes have been made.
Within 28 days of your last contact about a credit deal, ask the lender for the name and address of the agency which provided the information. You can then write to the agency yourself and ask to see your information on their files.
To do this you will need to send a £2 fee, give your full name, address and postcode, as well as the details of your addresses over the past six years.
If you are a sole trader or partnership, give your business name and address in case your information is held under those details. The agency must then reply within seven days.
If you find the decision to refuse your credit was unjustified or wrong, and there is further relevant information which may change the lender's mind, you can ask the lender how to go about having the decision reviewed.
You can ask for your credit history to be changed if it is incorrect or includes details about people with whom you no longer have financial connections with.
You can also have notes attached to explain certain periods in your history. However, you can't get information removed just because you might find it embarrassing.
Most national newspapers advertise companies claiming they will repair your credit rating. However, these firms offer will charge a high fee.
You have the right to ask credit companies in writing, at any time, for a copy of your file. The Information Commissioner can provide consumer guidance leaflets with further
by Michael Challiner
Tuesday, February 6, 2007
How To Combat Credit Card Fraud
Mail Order companies and E-Commerce Web operators are constantly faced with a higher chance of incurring a fraudulent credit card transaction than are merchants who operate physical storefronts.
Because neither the Cardholder nor the card is physically present during the transaction, the merchant has no real way of easily determining whether or not they are dealing with a legitimate customer.
According to a report recently issued by the U.S. Federal Bureau of Investigation (F.B.I.) in conjunction with the Internet Crime Complaint Center (IC3):
"Credit and debit card fraud comprised 6.3% of all complaints received in 2006."
This represents over $60 Billion (.U.S.) in lost revenue to merchants that accept credit and debit cards for on-line transactions. While some of those losses are covered by the Issuing Bank, who may often reimburse the merchant's if all of the bank's card acceptance and processing rules were followed exactly, some of that loss may still be passed back to the merchants in the form of charge backs.
You can help reduce your risk of experiencing credit card fraud by following these tips:
1. Review all Orders Carefully. Ensure that the customer filled in all of the appropriate fields on the order form. Check to make sure that the order passed your credit card processor's Address Verification Check (AVS). Most fraudulent credit card transactions fail to pass AVS.
2. Be suspicious of orders with a different Ship To and Bill To address unless the order is from an existing customer and this is part of their normal ordering process. Even so, stay alert if the customer has entered a different Ship To address from the one that they normally use.
3. Be alert for the use of Free Email Addresses. The majority of credit card scammers use free e-mail addresses from HotMail, Yahoo and other free e-mail providers.
4. Keep all transaction documentation. Make sure that your shopping cart stores the I.P. address that the customer used when visiting your site as well as the date and time of the visit. This information will be helpful if you are involved in a fraud investigation. If you have telephone contact with the customer, add their Caller ID information to the order record.
5. Be Suspicious of first-time high order amounts. If your first contact with a new customer is for an unusually high dollar amount, especially if they are requesting overnight delivery services, phone the customer to verify their contact information.
6. Verify customer telephone numbers and addresses using any of the free White pages web sites such as Whitepages.com.
7. If in doubt, call the customer. You can usually avoid being scammed by simply getting the customer on the phone at the telephone number they provided on the order form. If you are unable to reach the customer, or if the person at that number has no idea who the customer is, cancel the order. It's better to be safe than sorry.
8. Make sure that your order form requires the customer to enter the Card Verification Value (CVV) number that is printed on their credit card. And make sure that your software passes this value along to your credit card processor. Knowing the CVV usually means that the cardholder is in physical possession of the credit card and not just using a stolen number that they got from somewhere.
While there is no guarantee that following these 8 steps will reduce your credit card fraud experience completely, there's every chance that you can cut it back dramatically by simply being alert and following up on your suspicions
by Debbie Dragon
Because neither the Cardholder nor the card is physically present during the transaction, the merchant has no real way of easily determining whether or not they are dealing with a legitimate customer.
According to a report recently issued by the U.S. Federal Bureau of Investigation (F.B.I.) in conjunction with the Internet Crime Complaint Center (IC3):
"Credit and debit card fraud comprised 6.3% of all complaints received in 2006."
This represents over $60 Billion (.U.S.) in lost revenue to merchants that accept credit and debit cards for on-line transactions. While some of those losses are covered by the Issuing Bank, who may often reimburse the merchant's if all of the bank's card acceptance and processing rules were followed exactly, some of that loss may still be passed back to the merchants in the form of charge backs.
You can help reduce your risk of experiencing credit card fraud by following these tips:
1. Review all Orders Carefully. Ensure that the customer filled in all of the appropriate fields on the order form. Check to make sure that the order passed your credit card processor's Address Verification Check (AVS). Most fraudulent credit card transactions fail to pass AVS.
2. Be suspicious of orders with a different Ship To and Bill To address unless the order is from an existing customer and this is part of their normal ordering process. Even so, stay alert if the customer has entered a different Ship To address from the one that they normally use.
3. Be alert for the use of Free Email Addresses. The majority of credit card scammers use free e-mail addresses from HotMail, Yahoo and other free e-mail providers.
4. Keep all transaction documentation. Make sure that your shopping cart stores the I.P. address that the customer used when visiting your site as well as the date and time of the visit. This information will be helpful if you are involved in a fraud investigation. If you have telephone contact with the customer, add their Caller ID information to the order record.
5. Be Suspicious of first-time high order amounts. If your first contact with a new customer is for an unusually high dollar amount, especially if they are requesting overnight delivery services, phone the customer to verify their contact information.
6. Verify customer telephone numbers and addresses using any of the free White pages web sites such as Whitepages.com.
7. If in doubt, call the customer. You can usually avoid being scammed by simply getting the customer on the phone at the telephone number they provided on the order form. If you are unable to reach the customer, or if the person at that number has no idea who the customer is, cancel the order. It's better to be safe than sorry.
8. Make sure that your order form requires the customer to enter the Card Verification Value (CVV) number that is printed on their credit card. And make sure that your software passes this value along to your credit card processor. Knowing the CVV usually means that the cardholder is in physical possession of the credit card and not just using a stolen number that they got from somewhere.
While there is no guarantee that following these 8 steps will reduce your credit card fraud experience completely, there's every chance that you can cut it back dramatically by simply being alert and following up on your suspicions
by Debbie Dragon
Saturday, February 3, 2007
High Volume Merchant - Do You Need One?
When your business grows to the point where it is ready to move into the electronic age, you should give some thought to opening a high volume merchant account to expand your company’s potential. A merchant account will allow you to partner with a local bank or another financial institution to provide credit card processing payment options to online customers through the company Website.
Creating a high volume merchant account will let you increase operating capacity to process exponential numbers of customers and credit transactions. You won’t have to worry about keeping correct change on hand at all times, nor will you have as many bad checks to chase after. Your customers won’t have to look for an ATM and pay extra usage fees to get cash when they wish to shop at your company’s physical location or online Website. You can hire fewer people to accept payments since your electronic equipment will be able to do that for you. In a short time your profits may soar as operating costs dwindle.
To apply for your high volume merchant account, first find a bank that offers this service. It need not be in your area, as you can now do most banking tasks online via the Internet. You will probably want to open your merchant account in a country that is economically stable. One with U.S. bank branches might be particularly useful in helping you open a high volume merchant account, since many U.S. banks enjoy a highly esteemed international reputation. Whether you apply online or in person, you will need to show proof of your citizenship and your company’s country of operation. You must show that your business does not involve illegal, and in some cases, immoral activities like pornography, gambling, pharmacy, and telemarketing initiatives. Generally, there are no limits on volume, so even if your credit card processing unit brings in far more profit than anticipated, you need not worry about being charged extra fees, although you will have to clarify this up front.
Your application for a merchant account could be approved in a day or two, which means you could start accepting credit card payments in a couple of days. Of course, you will need to select the type of credit card processor that you want to use either at a physical location or via your online Website. You may want to use a wireless processor for employees who travel from one site to another. Your high volume merchant account will be ready for business promptly to ensure that payments can be processed right away for your customers’ convenience and your company’s profit.
Many entrepreneurs, company owners, and managers find it exciting to expand their operations to include credit card processing options so that customers can shop night and day, 24/7. Start browsing online banking sites or community financial institutions that can provide this opportunity, and carefully read the conditions and terms for each institution before you choose one and apply for your high volume merchant account.
About the author:
Shane Penrod is the founder of Merchant-Acount-Quotes.com Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to http://www.merchant-account-quotes.co
by: Shane Penrod
Creating a high volume merchant account will let you increase operating capacity to process exponential numbers of customers and credit transactions. You won’t have to worry about keeping correct change on hand at all times, nor will you have as many bad checks to chase after. Your customers won’t have to look for an ATM and pay extra usage fees to get cash when they wish to shop at your company’s physical location or online Website. You can hire fewer people to accept payments since your electronic equipment will be able to do that for you. In a short time your profits may soar as operating costs dwindle.
To apply for your high volume merchant account, first find a bank that offers this service. It need not be in your area, as you can now do most banking tasks online via the Internet. You will probably want to open your merchant account in a country that is economically stable. One with U.S. bank branches might be particularly useful in helping you open a high volume merchant account, since many U.S. banks enjoy a highly esteemed international reputation. Whether you apply online or in person, you will need to show proof of your citizenship and your company’s country of operation. You must show that your business does not involve illegal, and in some cases, immoral activities like pornography, gambling, pharmacy, and telemarketing initiatives. Generally, there are no limits on volume, so even if your credit card processing unit brings in far more profit than anticipated, you need not worry about being charged extra fees, although you will have to clarify this up front.
Your application for a merchant account could be approved in a day or two, which means you could start accepting credit card payments in a couple of days. Of course, you will need to select the type of credit card processor that you want to use either at a physical location or via your online Website. You may want to use a wireless processor for employees who travel from one site to another. Your high volume merchant account will be ready for business promptly to ensure that payments can be processed right away for your customers’ convenience and your company’s profit.
Many entrepreneurs, company owners, and managers find it exciting to expand their operations to include credit card processing options so that customers can shop night and day, 24/7. Start browsing online banking sites or community financial institutions that can provide this opportunity, and carefully read the conditions and terms for each institution before you choose one and apply for your high volume merchant account.
About the author:
Shane Penrod is the founder of Merchant-Acount-Quotes.com Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to http://www.merchant-account-quotes.co
by: Shane Penrod
Saturday, January 27, 2007
Credit Damage: Getting Compensated for Your Loss
Until recently lawyers for victims of credit damage had little possibility to collect for damages beyond medical treatment, lost wages and property loss. Insurance companies threw up their hands in sympathy, claiming victims can only be compensated for what can be measured - tangible goods and services. But, what happens when the victim has lost considerable time from work, the family bank is broke and monthly payments on mortgages, car loans and credit cards payments are missed? Regardless of the haggling between lawyers and insurance companies, it's the credit victim who ends up having to live with a bad credit rating.
Today, there are legally accepted means for measuring loss of credit through the procedure of Credit Damage Measurement (CDM). CDM is fast becoming a potent tool for recoverable credit damage awards when the damage is not self-inflicted. Previously, both judge and jury, and especially the insurance companies, refused to acknowledge CDM claiming it was speculative because they could not define it as tangible damage.
However, in case after case, victims of credit damage who use the CDM method are getting compensation for credit loss. Many factors are changing the old mindset including credit bureau technology improvements, the application of the Fair Credit Reporting Act (FCRA), risk scoring sophistication, and the development of CDM as an objective, repeatable method that measures out-of-pocket damage reliably.
Credit Ratings and Recovery
The impact of a bad credit rating is much more significant than most people think. Consider what poorly rated consumers face when they want to lease or buy vehicles, obtain credit cards, buy or lease or refinance their residence. In most cases, it's an easy decision for the creditor: the credit application is simply turned down or the borrower is charged a much higher down payment - maybe thousands of dollars more with monthly payments that are typically several hundred dollars more.
"A person with bad credit is viewed with suspicion and is charged significantly more for future extension of credit because the lender feels the need to protect against a greater risk or default," says Tom Key, a civil litigator practicing in Tustin, CA.
"Over the years I have heard reports of financial damages from clients who have been wrongfully terminated, defrauded, injured in an accident or suffered losses from breach of contract," Key says. "These victims were especially distraught over the fact that their prime credit reputation, carefully nurtured for years, is destroyed overnight. It seemed to me that there must be a way to compensate victims for that type of loss."
Key has witnessed the reactions of many jurors who failed to award a victim of credit damage their rightful compensation simply because they could not quantify the damages. "Jurors want a specific loss that they can count, hold and see," says Key. "Their reasoning is that they need to know that it is genuine. They have a tough time awarding damages based on sympathy. In order for them to confirm authenticity of a claim, they want to see its quantification."
Measuring Loss of Creditworthiness
Assuring authenticity has been a sticky situation when it concerns measuring out-of-pocket loss for victims of credit damage - until now. Attorneys who represent victims of credit damage are now utilizing the Credit Damage Measurement method to recover out-of-pocket losses for their clients.
"CDM measures the actual out-of-pocket dollars reasonably expected from loss of creditworthiness, which includes higher down payments, higher points and costs on loans, higher interest rates, higher monthly payments, or outright denial of credit," says Key. "In addition, the CDM method also calculates the rates, costs and other terms applicable to the resulting credit rating by lenders and projects the results over the relevant number of years for the types of loans the client is likely to seek."
Key continues, "For example, if a client's credit was near perfect before a triggering event, and is subsequently damaged by the event, the CDM procedure can illustrate before and after analyses, calculating the cost of the same loans with the two different credit reports, Pre- injury credit compared to Post-injury credit." In many cases, CDM clients have already realized significant compensation. In one such case CDM was instrumental in recovering $56,000 for damaged credit reputation. "That calculation is the difference between what refinancing a $140,000 loan would have cost my client with their prior rating, and what it will cost them out-of-pocket with their damaged credit rating -measured over a seven-year period."
Isolated Compensation vs. Repeatable Compensation
The CDM method of measuring intangible credit loss is increasingly becoming the basis of recovery for victims of credit damage. It's changing the way judges and juries measure recoverable out-of-pocket loss, and then can compensate for loss of credit expectancy. Certainly there are still some skeptics, mostly defendants. Technically, credit damage measurement is intangible. However, CDM has proven an objective and practical procedure to calculate out-of-pocket damage for companies or families to compensate for their credit damage.
"To have this kind of measurement is an exciting complexity in our society," says Key. "CDM is very understandable and a rather simple way to come to a conclusion of loss for the victim. If you understand the math and are an expert at reading credit reports, the calculations and recovery are undeniable. It's a method of turning isolated compensation into repeatable compensation. It's changing the way jurors rule on these damaging cases. Because of this method, victims of credit damage can be more fairly and more completely compensated for out-of-pocket damage."
Georg Finder, president of CM Financial Services of Fullerton, California, wrote and presents the first State Bar accepted continuing legal education seminar on credit reports and credit damage. He can be reached at gfinder@creditdamage.com (714) 441-0900 or at http://www.creditdamage.com
Today, there are legally accepted means for measuring loss of credit through the procedure of Credit Damage Measurement (CDM). CDM is fast becoming a potent tool for recoverable credit damage awards when the damage is not self-inflicted. Previously, both judge and jury, and especially the insurance companies, refused to acknowledge CDM claiming it was speculative because they could not define it as tangible damage.
However, in case after case, victims of credit damage who use the CDM method are getting compensation for credit loss. Many factors are changing the old mindset including credit bureau technology improvements, the application of the Fair Credit Reporting Act (FCRA), risk scoring sophistication, and the development of CDM as an objective, repeatable method that measures out-of-pocket damage reliably.
Credit Ratings and Recovery
The impact of a bad credit rating is much more significant than most people think. Consider what poorly rated consumers face when they want to lease or buy vehicles, obtain credit cards, buy or lease or refinance their residence. In most cases, it's an easy decision for the creditor: the credit application is simply turned down or the borrower is charged a much higher down payment - maybe thousands of dollars more with monthly payments that are typically several hundred dollars more.
"A person with bad credit is viewed with suspicion and is charged significantly more for future extension of credit because the lender feels the need to protect against a greater risk or default," says Tom Key, a civil litigator practicing in Tustin, CA.
"Over the years I have heard reports of financial damages from clients who have been wrongfully terminated, defrauded, injured in an accident or suffered losses from breach of contract," Key says. "These victims were especially distraught over the fact that their prime credit reputation, carefully nurtured for years, is destroyed overnight. It seemed to me that there must be a way to compensate victims for that type of loss."
Key has witnessed the reactions of many jurors who failed to award a victim of credit damage their rightful compensation simply because they could not quantify the damages. "Jurors want a specific loss that they can count, hold and see," says Key. "Their reasoning is that they need to know that it is genuine. They have a tough time awarding damages based on sympathy. In order for them to confirm authenticity of a claim, they want to see its quantification."
Measuring Loss of Creditworthiness
Assuring authenticity has been a sticky situation when it concerns measuring out-of-pocket loss for victims of credit damage - until now. Attorneys who represent victims of credit damage are now utilizing the Credit Damage Measurement method to recover out-of-pocket losses for their clients.
"CDM measures the actual out-of-pocket dollars reasonably expected from loss of creditworthiness, which includes higher down payments, higher points and costs on loans, higher interest rates, higher monthly payments, or outright denial of credit," says Key. "In addition, the CDM method also calculates the rates, costs and other terms applicable to the resulting credit rating by lenders and projects the results over the relevant number of years for the types of loans the client is likely to seek."
Key continues, "For example, if a client's credit was near perfect before a triggering event, and is subsequently damaged by the event, the CDM procedure can illustrate before and after analyses, calculating the cost of the same loans with the two different credit reports, Pre- injury credit compared to Post-injury credit." In many cases, CDM clients have already realized significant compensation. In one such case CDM was instrumental in recovering $56,000 for damaged credit reputation. "That calculation is the difference between what refinancing a $140,000 loan would have cost my client with their prior rating, and what it will cost them out-of-pocket with their damaged credit rating -measured over a seven-year period."
Isolated Compensation vs. Repeatable Compensation
The CDM method of measuring intangible credit loss is increasingly becoming the basis of recovery for victims of credit damage. It's changing the way judges and juries measure recoverable out-of-pocket loss, and then can compensate for loss of credit expectancy. Certainly there are still some skeptics, mostly defendants. Technically, credit damage measurement is intangible. However, CDM has proven an objective and practical procedure to calculate out-of-pocket damage for companies or families to compensate for their credit damage.
"To have this kind of measurement is an exciting complexity in our society," says Key. "CDM is very understandable and a rather simple way to come to a conclusion of loss for the victim. If you understand the math and are an expert at reading credit reports, the calculations and recovery are undeniable. It's a method of turning isolated compensation into repeatable compensation. It's changing the way jurors rule on these damaging cases. Because of this method, victims of credit damage can be more fairly and more completely compensated for out-of-pocket damage."
Georg Finder, president of CM Financial Services of Fullerton, California, wrote and presents the first State Bar accepted continuing legal education seminar on credit reports and credit damage. He can be reached at gfinder@creditdamage.com (714) 441-0900 or at http://www.creditdamage.com
Tuesday, January 23, 2007
Alternatives to Credit Cards
Are you one of those people who only ever got a credit card for the convenience of being able to pay without cash, or because you weren’t aware of any other easy way to borrow money? Millions of us are, thanks to the unavoidable advertising of the credit card industry, and few people realise just how many alternatives to credit cards there are. Let’s take a look at a few.
Debit Cards.
Debit cards are often used in many European countries, but are relatively unheard of elsewhere. Basically, they’re just like credit cards and are accepted everywhere credit cards are accepted - the only difference is that they take any money you spend directly from your
bank account, instead of you getting a bill at the end of the month. You should be aware,though, that you aren’t as well-protected from fraud with a debit card as you would be with a credit card.
Pre-Paid Credit Cards.
These are cards that work just like credit cards, except that you can’t have a negative balance - you have to put money on the card before you can spend it. That means that you ‘top-up’ the card, like you would a mobile phone. This is good if you want to know how much you’re spending, not to mention that you can even give the cards to children. They’re also safer than debit cards, since someone who stole the card could only spend whatever money was on it at the time.
Bank Overdrafts.
A good bank overdraft, used together with a credit card, can be a far better way of borrowing money than using a credit card. Your overdraft limit is set by the bank according to how much you gets paid into your account each month, and you don’t need to pay it off until you want to.
Basically, it just gives your account the facility to go into minus numbers, if you want it to. Many banks charge relatively high interest rates for overdrafts, but rarely as high as a credit card - and they will give much better rates for good customers.
Real Loans.
When you’re buying one big thing at a fixed price (like a car), or you’re going to spend all the money on one type of thing (home improvements, for example), it’s worth budgeting it all out and going to a bank or another loan company. They’ll be able to lend you the money at a much better rate than a credit card would, simply because they know why you’re taking the loan and can set regular monthly payments for you to repay it.
Credit Unions.
Credit unions are like banks, only more local. They are co-operative, owned by their members and run by the community, and are a great place to borrow money. This is because there are limits in law on how much interest credit unions can charge, and they don’t need to make a profit for owners or shareholders, because they don’t have any. It’s well worth checking if there’s one in your area.
About the author:
Gordon Goh is the owner of www.Easy-Credit-Card-Guide.comoffering free credit card information for everyone. You can receive a free credit card at http://www.easy-credt-card-guide.comand free Credt Debt Repair Guide at http://credit-debt-repair.cogia.net
by: Gordon Goh
Circulated by Article Emporium
Debit Cards.
Debit cards are often used in many European countries, but are relatively unheard of elsewhere. Basically, they’re just like credit cards and are accepted everywhere credit cards are accepted - the only difference is that they take any money you spend directly from your
bank account, instead of you getting a bill at the end of the month. You should be aware,though, that you aren’t as well-protected from fraud with a debit card as you would be with a credit card.
Pre-Paid Credit Cards.
These are cards that work just like credit cards, except that you can’t have a negative balance - you have to put money on the card before you can spend it. That means that you ‘top-up’ the card, like you would a mobile phone. This is good if you want to know how much you’re spending, not to mention that you can even give the cards to children. They’re also safer than debit cards, since someone who stole the card could only spend whatever money was on it at the time.
Bank Overdrafts.
A good bank overdraft, used together with a credit card, can be a far better way of borrowing money than using a credit card. Your overdraft limit is set by the bank according to how much you gets paid into your account each month, and you don’t need to pay it off until you want to.
Basically, it just gives your account the facility to go into minus numbers, if you want it to. Many banks charge relatively high interest rates for overdrafts, but rarely as high as a credit card - and they will give much better rates for good customers.
Real Loans.
When you’re buying one big thing at a fixed price (like a car), or you’re going to spend all the money on one type of thing (home improvements, for example), it’s worth budgeting it all out and going to a bank or another loan company. They’ll be able to lend you the money at a much better rate than a credit card would, simply because they know why you’re taking the loan and can set regular monthly payments for you to repay it.
Credit Unions.
Credit unions are like banks, only more local. They are co-operative, owned by their members and run by the community, and are a great place to borrow money. This is because there are limits in law on how much interest credit unions can charge, and they don’t need to make a profit for owners or shareholders, because they don’t have any. It’s well worth checking if there’s one in your area.
About the author:
Gordon Goh is the owner of www.Easy-Credit-Card-Guide.comoffering free credit card information for everyone. You can receive a free credit card at http://www.easy-credt-card-guide.comand free Credt Debt Repair Guide at http://credit-debt-repair.cogia.net
by: Gordon Goh
Circulated by Article Emporium
Friday, January 19, 2007
Improving Your Financial Situation With Investments and Business Ideas
With financial information and virtual business transactions just a click away, people are finding themselves more financially savvy and in the know on how to fatten up their financial portfolios.
While most people rely on banks and properties to secure their retirement days, others who are smart enough and worldly enough with the affairs of the green buck opt for more lucrative financing opportunities. They do not just let their money sit idly inside a bank vault and wait for the interest to add up. A few actually roll their money and invest them in the high stakes of stocks, bonds and currency.
Stocks can be very risky but if you start small and give yourself time to get the hang of it, you may enjoy it and may even discover that you have the gift of foresight. Watch for stocks that are just on the rise. These are often companies that are very promising. Their value will still be relatively small compared to blue chips so you really don’t have to shell out much. If you want to risk more, you can actually buy blue chips or those stocks that established companies offer to the public. Examples are Microsoft and Dell.
Bonds on the other hand may have modest returns but they are probably the best and most secure of financial investments. Bonds come highly recommended and should not be absent in any financial portfolio.
Currencies are trickier to deal with as their value are affected by so many forces, local or within the country involved, regional and global. Though banks also offer currencies, most have high exchange rates. Others just buy but they do not sell, choosing to keep the currencies within the financing institution.
Debt is perhaps the single worst thing that you can do to damage your financial portfolio. Do not get the wrong idea, debt can be good when used the right way. In fact, successful businessmen have debts too. This is because they have their money tied up in other ventures that have a higher return of investments than the interest of the loans. After all, you cannot make money without having some money to begin with. So, if you feel that you can yield more money using the money that you got from a loan, then by all means, get a loan!
What should be avoided are debts that come from credit cards. Credit cards hold the highest interest rates in debts perhaps because the whole debt business is risky. Getting into deep credit card debt can mean paying a lifetime for the interest without even touching the principal. It is important that when you use the credit card, make sure that you pay on time and that you pay for the whole amount. Otherwise, you would find yourself slowly falling into a financial trap.
It will be risky but the fastest way you can earn big money is to venture on a business. Even something as small as operating a cafeteria in a factory or school or engage in buying and selling of goods over the Internet, can be a great start. With the advent of technology, it is even easier now than before, not to mention faster, to conduct financing and business transactions. You don’t even have to meet face to face. You just have to learn to communicate through emails and mobile phones.
This is not intended to give financial advice and professional advice is suggested before investing.
by: David Arn�ld Livingston
About the author:
David Arnold Livingston is an entrepreneur with many years of successful business experience. For financing options, he recommends you visit: http://www.financingltd.com/
While most people rely on banks and properties to secure their retirement days, others who are smart enough and worldly enough with the affairs of the green buck opt for more lucrative financing opportunities. They do not just let their money sit idly inside a bank vault and wait for the interest to add up. A few actually roll their money and invest them in the high stakes of stocks, bonds and currency.
Stocks can be very risky but if you start small and give yourself time to get the hang of it, you may enjoy it and may even discover that you have the gift of foresight. Watch for stocks that are just on the rise. These are often companies that are very promising. Their value will still be relatively small compared to blue chips so you really don’t have to shell out much. If you want to risk more, you can actually buy blue chips or those stocks that established companies offer to the public. Examples are Microsoft and Dell.
Bonds on the other hand may have modest returns but they are probably the best and most secure of financial investments. Bonds come highly recommended and should not be absent in any financial portfolio.
Currencies are trickier to deal with as their value are affected by so many forces, local or within the country involved, regional and global. Though banks also offer currencies, most have high exchange rates. Others just buy but they do not sell, choosing to keep the currencies within the financing institution.
Debt is perhaps the single worst thing that you can do to damage your financial portfolio. Do not get the wrong idea, debt can be good when used the right way. In fact, successful businessmen have debts too. This is because they have their money tied up in other ventures that have a higher return of investments than the interest of the loans. After all, you cannot make money without having some money to begin with. So, if you feel that you can yield more money using the money that you got from a loan, then by all means, get a loan!
What should be avoided are debts that come from credit cards. Credit cards hold the highest interest rates in debts perhaps because the whole debt business is risky. Getting into deep credit card debt can mean paying a lifetime for the interest without even touching the principal. It is important that when you use the credit card, make sure that you pay on time and that you pay for the whole amount. Otherwise, you would find yourself slowly falling into a financial trap.
It will be risky but the fastest way you can earn big money is to venture on a business. Even something as small as operating a cafeteria in a factory or school or engage in buying and selling of goods over the Internet, can be a great start. With the advent of technology, it is even easier now than before, not to mention faster, to conduct financing and business transactions. You don’t even have to meet face to face. You just have to learn to communicate through emails and mobile phones.
This is not intended to give financial advice and professional advice is suggested before investing.
by: David Arn�ld Livingston
About the author:
David Arnold Livingston is an entrepreneur with many years of successful business experience. For financing options, he recommends you visit: http://www.financingltd.com/
Tuesday, January 16, 2007
Do You Need Bad Credit Help
? Are you one of thousands with no
credit and no collateral to help secure approval, or you just
have extremely bad credit and no one wants to help you, and all
you hear is stories and more stories?
Bad credit is a term used to describe a poor credit rating.
Common practices that can damage a credit rating include making
late payments, skipping payments, exceeding card limits or
declaring bankruptcy. Bad Credit can result in being denied
credit.
Bad credit can result in a negative rating from the credit
reporting agencies. Many factors can contribute to someone
getting a "bad credit" rating, among these are non-payment of an
account or late payments over an extended length of time.
Whether non-payment of an account is willful or due to financial
hardship, the result can be the same, a negative rating which
will result in a low credit score. However, lenders are more
willing to work with individuals if the person contacts the
lender to let them know they are having problems meeting their
commitment to pay. 100% Online Debt Relief! No Phone Calls! You
must have at least $2,500 of total debt over two or more
accounts to qualify for our Help. Name, email, and Zip Code are
required. US Residents only. No phone call required - all
customer interaction is done online!
Christian Debt Consolidation Services Professional Debt
Consolidation with a Christian perspective. Lower monthly
payments. Reduce or Eliminate High interest rates. Apply now for
a FREE NO-OBLIGATION QUOTE!
Fast Loans Online by DrCredit We are currently able to provide
auto loans, mortgage loans, debt counseling, home equity,
refinance loans, debt consolidation loans, personal loans and
much more...
A credit score is defined as a statistical method of assessing
an applicant's credit worthiness. An applicant's credit card
history; amount of outstanding debt; the type of credit used;
negative information such as bankruptcies or late payments;
collection accounts and judgments; too little credit history,
and too many credit lines with the maximum amount borrowed are
all included in credit-scoring models to determine the credit
score.
Raising your credit score is possible. It's a well known fact
that lenders will give people with higher credit scores lower
interest rates on mortgages, car loans and credit cards. If your
credit score falls under 620 just getting loans and credit cards
with reasonable terms is difficult.
Here are five things that you can use to raise credit score.
1. Correct obvious mistakes.
Your credit score is what shows up in your credit report. Review
your reports from all three credit bureaus for accuracy once a
year as well as several months before applying for a loan.
Changing a mistake on your report can take 30 days to three
months, or more. Get Your credit report from the three major
bureaus: Experian, Trans Union and Equifax.
2. Pay Your Bills On Time
Your payment history makes up 35% of your total credit score.
Your recent payment history will c�rry much more weight than
what happened five years ago.
Missing just one payment on anything can knock 50 to 100 points
off of your credit score.
Paying your bills on time is the best way to get started
rebuilding your credit rating and raising your credit score.
3. Reduce your credit card balances.
A heavily weighted factor in your FICO score is how much money
you owe on your credit cards relative to your total credit
limit. Generally, it's good to keep your balances at or below 25
percent of your credit card limit, said Jeanne Kelly, founder of
The Kelly Group in Brookfield, Conn., which helps clients
improve their credit scores.
4. Don’t Close Old Accounts
In the past people were told to close old accounts they weren’t
using. But with today's current scoring methods that could
actually hurt your credit score.
Closing old or paid off credit accounts lowers the total credit
available to you and makes any balances you have appear larger
in credit score calculations. Closing your oldest accounts can
actually shorten the length of your credit history and to a
lender it makes you less credit worthy.
If you are trying to minimize identity theft and it's worth the
peace of mind for you to close your old or paid off accounts,
the good news is it will only lower you score a minimal amount.
But just by keeping those old accounts open you can raise credit
score for you.
5. Avoid Bankruptcy
Bankruptcy is the single worst thing you can do to your credit
score. Bankruptcy will lower your credit score by 200 points or
more and is very difficult to come back from.
Once your credit score falls below 620, any loan you get will be
far more expensive. A bankruptcy on your credit record is
reported for up to 10 years.
The reality of a bankruptcy is it will limit you to
high-interest lenders that will squeeze out high interest rate
payments from you for years.
It is better to get credit counseling to help you with your
bills and avoid bankruptcy at all costs. By getting credit
counseling instead of declaring bankruptcy you can raise credit
score over a much shorter period of time.
by: Jeff Schuman
credit and no collateral to help secure approval, or you just
have extremely bad credit and no one wants to help you, and all
you hear is stories and more stories?
Bad credit is a term used to describe a poor credit rating.
Common practices that can damage a credit rating include making
late payments, skipping payments, exceeding card limits or
declaring bankruptcy. Bad Credit can result in being denied
credit.
Bad credit can result in a negative rating from the credit
reporting agencies. Many factors can contribute to someone
getting a "bad credit" rating, among these are non-payment of an
account or late payments over an extended length of time.
Whether non-payment of an account is willful or due to financial
hardship, the result can be the same, a negative rating which
will result in a low credit score. However, lenders are more
willing to work with individuals if the person contacts the
lender to let them know they are having problems meeting their
commitment to pay. 100% Online Debt Relief! No Phone Calls! You
must have at least $2,500 of total debt over two or more
accounts to qualify for our Help. Name, email, and Zip Code are
required. US Residents only. No phone call required - all
customer interaction is done online!
Christian Debt Consolidation Services Professional Debt
Consolidation with a Christian perspective. Lower monthly
payments. Reduce or Eliminate High interest rates. Apply now for
a FREE NO-OBLIGATION QUOTE!
Fast Loans Online by DrCredit We are currently able to provide
auto loans, mortgage loans, debt counseling, home equity,
refinance loans, debt consolidation loans, personal loans and
much more...
A credit score is defined as a statistical method of assessing
an applicant's credit worthiness. An applicant's credit card
history; amount of outstanding debt; the type of credit used;
negative information such as bankruptcies or late payments;
collection accounts and judgments; too little credit history,
and too many credit lines with the maximum amount borrowed are
all included in credit-scoring models to determine the credit
score.
Raising your credit score is possible. It's a well known fact
that lenders will give people with higher credit scores lower
interest rates on mortgages, car loans and credit cards. If your
credit score falls under 620 just getting loans and credit cards
with reasonable terms is difficult.
Here are five things that you can use to raise credit score.
1. Correct obvious mistakes.
Your credit score is what shows up in your credit report. Review
your reports from all three credit bureaus for accuracy once a
year as well as several months before applying for a loan.
Changing a mistake on your report can take 30 days to three
months, or more. Get Your credit report from the three major
bureaus: Experian, Trans Union and Equifax.
2. Pay Your Bills On Time
Your payment history makes up 35% of your total credit score.
Your recent payment history will c�rry much more weight than
what happened five years ago.
Missing just one payment on anything can knock 50 to 100 points
off of your credit score.
Paying your bills on time is the best way to get started
rebuilding your credit rating and raising your credit score.
3. Reduce your credit card balances.
A heavily weighted factor in your FICO score is how much money
you owe on your credit cards relative to your total credit
limit. Generally, it's good to keep your balances at or below 25
percent of your credit card limit, said Jeanne Kelly, founder of
The Kelly Group in Brookfield, Conn., which helps clients
improve their credit scores.
4. Don’t Close Old Accounts
In the past people were told to close old accounts they weren’t
using. But with today's current scoring methods that could
actually hurt your credit score.
Closing old or paid off credit accounts lowers the total credit
available to you and makes any balances you have appear larger
in credit score calculations. Closing your oldest accounts can
actually shorten the length of your credit history and to a
lender it makes you less credit worthy.
If you are trying to minimize identity theft and it's worth the
peace of mind for you to close your old or paid off accounts,
the good news is it will only lower you score a minimal amount.
But just by keeping those old accounts open you can raise credit
score for you.
5. Avoid Bankruptcy
Bankruptcy is the single worst thing you can do to your credit
score. Bankruptcy will lower your credit score by 200 points or
more and is very difficult to come back from.
Once your credit score falls below 620, any loan you get will be
far more expensive. A bankruptcy on your credit record is
reported for up to 10 years.
The reality of a bankruptcy is it will limit you to
high-interest lenders that will squeeze out high interest rate
payments from you for years.
It is better to get credit counseling to help you with your
bills and avoid bankruptcy at all costs. By getting credit
counseling instead of declaring bankruptcy you can raise credit
score over a much shorter period of time.
by: Jeff Schuman
Sunday, January 14, 2007
Consumer Advice: Unwanted credit cards
If you receive a credit card in the mail that you didn't order, here, according to information on Industry Canada's Consumer Information Gateway website, is what you should do:
Consumers are not liable for a credit card they did not request. However, you should destroy any unsolicited credit cards immediately. Using the credit card constitutes acceptance of the card. If you use the card, you will have to pay the bill. Similarly, do not cash small cheques that are sent to you without reading the small print. Doing so often locks you into paying for products or services you may not wish to buy.
For more information on unwanted credit cards, and other questionable marketing practices, visit ConsumerInformation.ca . It's a Web site created by federal, provincial, territorial governments and their partners specifically to provide Canadians with convenient, one-stop access to hundreds of objective, reliable, current consumer information sources.
- News Canada
Consumers are not liable for a credit card they did not request. However, you should destroy any unsolicited credit cards immediately. Using the credit card constitutes acceptance of the card. If you use the card, you will have to pay the bill. Similarly, do not cash small cheques that are sent to you without reading the small print. Doing so often locks you into paying for products or services you may not wish to buy.
For more information on unwanted credit cards, and other questionable marketing practices, visit ConsumerInformation.ca . It's a Web site created by federal, provincial, territorial governments and their partners specifically to provide Canadians with convenient, one-stop access to hundreds of objective, reliable, current consumer information sources.
- News Canada
Wednesday, January 3, 2007
Enjoy interest-free credit cards -- but carefully
0% credit cards are useful, but read the fine print with a magnifying glass
Last Update: 9:08 PM ET Jan 2, 2007
LOS ANGELES (MarketWatch) -- Holiday sales for 2006 are projected to total about $435.3 billion, according to the National Retail Federation. Most of those purchases will be via credit cards.
November and December are your hottest spending months. You are running up charges for gifts, entertainment, travel to see families, going on vacations and more. Your credit card is especially active during the week after Christmas buying up all the electronic equipment and supplies for your business at drastically reduced sale prices (after all, you want to take advantage of that special year-end tax window: buy on credit card now, take the deduction now, and pay later!).
Soon, you'll be sitting there, in stunned silence, looking at those credit card statements with balances much higher than you expected. Unfortunately, all those charges are your own. You can't blame identity theft.
So what's a good consumer to do? Reach for your trusty 0% credit card, of course.
What's nothing good for?
Interest-free credit cards are really handy offers to help you manage your finances in a variety of ways. For instance, you can use them for the short-term to avoid paying interest on your holiday purchases.
Also, interest-free loans are a wise move for larger purchases that you know you can pay off during the no-interest offer period. For instance, equipment or expansions for your business, which you'll be able to pay off from business income over the coming year; purchasing a vehicle after an accident, when you're expecting an insurance settlement in a few months; or home improvements that you know you'll be able to pay off over the nine to 15 months of the offer, from your monthly income stream.
For those who have access to safe, lucrative returns on your money, this is a great way to get some quick cash for investments. A 12-month CD at 5% could net you an easy $1,000 with no risk. Beware: If you use that money to invest in anything risky and you lose it, this could become an expensive loan.
Read the fine print
There are basically three types of 0% offers:
1. 0% on all purchases for a specified period of time. Use these offers to make new charges while you pay off your other, interest-bearing credit cards.
2. 0% on all transfers during a specified period of time. If you use this, don't make any other purchases on the card. They will be subject to the regular interest rate.
3. 0% on all transfers and purchases during a specified period of time. Look for this among your offers. This is the best offer of all.
Interest-free may be expensive
There's always a catch. To ensure that you really pay 0% for that money, or as little as possible, you're going to have to do some fine-print reading. It's apt to require a magnifying glass.
You're looking for the following information:
1. The fee charged for transfers or cash advances. They come in three flavors:
* No fee at all. Often, this will be offered by a credit card you already have; rarely will you get this from a new card solicitation.
* A percentage, up to a maximum dollar amount. They tend to range from 2% to 5% of the money drawn, with ceilings of $35 to $100.
* A percentage, with no maximum dollar amount. They tend to range from 2% to 5% of the money drawn. Without a limit, they can end up being quite expensive. After all, 5% of $20,000 is $1,000.
2. The length of time 0% is in effect on your account. When the offer has no advance fee, they'll display that prominently. When there is a fee, it's generally hidden in the fine print. You'll really have to search for this information.
The offer may end on a specific date, regardless of when you sign up, so be careful not to draw money on an offer that will run out in two or three statements. Imagine if you had to pay a 5% advance fee of $1,000 and suddenly learned the rate expires in two months because you forgot to check. That 0% card has now cost you 30% per annum.
Or the 0% may be for a specific number of months (or statements). Look for those that will run for at least nine months. Odds are, if you do a little searching, you're going to find offers for 15 months.
3. The interest rate you'll be charged if you miss a payment or you're late. Typically, those rates are in the 14% to 22% range on new card offers. Your existing cards will have rates closer to 10% or prime plus 1% to 3%. You will usually find this in the disclosure box on the back of the offer.
4. Beware! Even if you faithfully make all payments on time, the fine print may include a note that your 0% offer will end -- and the high interest rate will go into effect -- if you miss payments on other credit cards.
Don't use the card again
Once you've drawn money on a 0% card, don't use it for anything else. Put the card away where you won't accidentally pull it out and drop it into your wallet or purse.
Why? Because, unless the card provides for a 0% rate on all purchases during this offer period, you'll be charged the top rate for all your purchases.
That doesn't apply to you, you say? You pay off all the new charges as soon as you get the bill? Of course you do! But if you read the very fine print, you'll learn that the credit card company will apply all your payments to the cash advance first, not to your purchases. So, as you use your card, you'll be building up a balance of charges subject to interest.
Imagine you've drawn $15,000 on a 15-month interest-free offer. If you only run up $250 per month in charges, by the end of the year, even if you pay the $250 and $1,000 per month, you will have accumulated a balance of $3,000 at 10% to 22% (depending on the card) alongside your $3,000 balance at 0%, still good for another three months.
So, don't use these cards again once you've drawn the cash advance or transfer.
Mark your calendar
The expiration dates on these offers come up sooner than you expect, even when you have 15 months. So put reminder notes on your calendar 60 days and 30 days before it expires. Either have the money on hand to pay off the rest of the balance before the interest jumps high, or have another 0% offer handy to replace the first.
A final tip
If you don't use the offers coming in your mail, don't just throw them in the trash. Your trash is fair game for anyone who wants to root around in your trashcan. The courts have confirmed this repeatedly.
Be sure to shred them completely. Purchase a cross-cut shredder you can keep handy to shred all offers and catalogs with your name and credit line information in them. End of Story
Eva Rosenberg is the founder of TaxMama.com and an enrolled agent licensed to represent taxpayers before the IRS. She is the author of the book "Small Business Taxes Made Easy."
By Eva Rosenberg, MarketWatch
Last Update: 9:08 PM ET Jan 2, 2007
LOS ANGELES (MarketWatch) -- Holiday sales for 2006 are projected to total about $435.3 billion, according to the National Retail Federation. Most of those purchases will be via credit cards.
November and December are your hottest spending months. You are running up charges for gifts, entertainment, travel to see families, going on vacations and more. Your credit card is especially active during the week after Christmas buying up all the electronic equipment and supplies for your business at drastically reduced sale prices (after all, you want to take advantage of that special year-end tax window: buy on credit card now, take the deduction now, and pay later!).
Soon, you'll be sitting there, in stunned silence, looking at those credit card statements with balances much higher than you expected. Unfortunately, all those charges are your own. You can't blame identity theft.
So what's a good consumer to do? Reach for your trusty 0% credit card, of course.
What's nothing good for?
Interest-free credit cards are really handy offers to help you manage your finances in a variety of ways. For instance, you can use them for the short-term to avoid paying interest on your holiday purchases.
Also, interest-free loans are a wise move for larger purchases that you know you can pay off during the no-interest offer period. For instance, equipment or expansions for your business, which you'll be able to pay off from business income over the coming year; purchasing a vehicle after an accident, when you're expecting an insurance settlement in a few months; or home improvements that you know you'll be able to pay off over the nine to 15 months of the offer, from your monthly income stream.
For those who have access to safe, lucrative returns on your money, this is a great way to get some quick cash for investments. A 12-month CD at 5% could net you an easy $1,000 with no risk. Beware: If you use that money to invest in anything risky and you lose it, this could become an expensive loan.
Read the fine print
There are basically three types of 0% offers:
1. 0% on all purchases for a specified period of time. Use these offers to make new charges while you pay off your other, interest-bearing credit cards.
2. 0% on all transfers during a specified period of time. If you use this, don't make any other purchases on the card. They will be subject to the regular interest rate.
3. 0% on all transfers and purchases during a specified period of time. Look for this among your offers. This is the best offer of all.
Interest-free may be expensive
There's always a catch. To ensure that you really pay 0% for that money, or as little as possible, you're going to have to do some fine-print reading. It's apt to require a magnifying glass.
You're looking for the following information:
1. The fee charged for transfers or cash advances. They come in three flavors:
* No fee at all. Often, this will be offered by a credit card you already have; rarely will you get this from a new card solicitation.
* A percentage, up to a maximum dollar amount. They tend to range from 2% to 5% of the money drawn, with ceilings of $35 to $100.
* A percentage, with no maximum dollar amount. They tend to range from 2% to 5% of the money drawn. Without a limit, they can end up being quite expensive. After all, 5% of $20,000 is $1,000.
2. The length of time 0% is in effect on your account. When the offer has no advance fee, they'll display that prominently. When there is a fee, it's generally hidden in the fine print. You'll really have to search for this information.
The offer may end on a specific date, regardless of when you sign up, so be careful not to draw money on an offer that will run out in two or three statements. Imagine if you had to pay a 5% advance fee of $1,000 and suddenly learned the rate expires in two months because you forgot to check. That 0% card has now cost you 30% per annum.
Or the 0% may be for a specific number of months (or statements). Look for those that will run for at least nine months. Odds are, if you do a little searching, you're going to find offers for 15 months.
3. The interest rate you'll be charged if you miss a payment or you're late. Typically, those rates are in the 14% to 22% range on new card offers. Your existing cards will have rates closer to 10% or prime plus 1% to 3%. You will usually find this in the disclosure box on the back of the offer.
4. Beware! Even if you faithfully make all payments on time, the fine print may include a note that your 0% offer will end -- and the high interest rate will go into effect -- if you miss payments on other credit cards.
Don't use the card again
Once you've drawn money on a 0% card, don't use it for anything else. Put the card away where you won't accidentally pull it out and drop it into your wallet or purse.
Why? Because, unless the card provides for a 0% rate on all purchases during this offer period, you'll be charged the top rate for all your purchases.
That doesn't apply to you, you say? You pay off all the new charges as soon as you get the bill? Of course you do! But if you read the very fine print, you'll learn that the credit card company will apply all your payments to the cash advance first, not to your purchases. So, as you use your card, you'll be building up a balance of charges subject to interest.
Imagine you've drawn $15,000 on a 15-month interest-free offer. If you only run up $250 per month in charges, by the end of the year, even if you pay the $250 and $1,000 per month, you will have accumulated a balance of $3,000 at 10% to 22% (depending on the card) alongside your $3,000 balance at 0%, still good for another three months.
So, don't use these cards again once you've drawn the cash advance or transfer.
Mark your calendar
The expiration dates on these offers come up sooner than you expect, even when you have 15 months. So put reminder notes on your calendar 60 days and 30 days before it expires. Either have the money on hand to pay off the rest of the balance before the interest jumps high, or have another 0% offer handy to replace the first.
A final tip
If you don't use the offers coming in your mail, don't just throw them in the trash. Your trash is fair game for anyone who wants to root around in your trashcan. The courts have confirmed this repeatedly.
Be sure to shred them completely. Purchase a cross-cut shredder you can keep handy to shred all offers and catalogs with your name and credit line information in them. End of Story
Eva Rosenberg is the founder of TaxMama.com and an enrolled agent licensed to represent taxpayers before the IRS. She is the author of the book "Small Business Taxes Made Easy."
By Eva Rosenberg, MarketWatch
The Key To Increasing Your Customer Base: Accept Credit Cards
Here is a tactic you should heed for your online business… accept credit cards. Whether you’re selling digital products or tangible goods through online channels, your business should be able to accept credit cards to ensure the widest customer base possible. The importance of the ability to accept credit cards cannot be denied. Being able to accept credit cards makes your online business more accessible to a greater number of potential clients and customers.
World Of Benefits When Your Online Business Accepts Credit Cards
Credit cards have been tagged as plastic money because they have become accepted as a good alternative to actual cash. A lot of people actually prefer real world establishments who accept credit cards. They would rather shop in stores that accept credit cards rather than those that don’t accept credit cards.
The same principle applies in online transactions. People would look for eCommerce sites that accept credit cards, particularly those that accept credit cards which they own. I you would be able to accommodate these people by designing your online business to accept credit cards, you’d be able to increase the number of potential customers you could gain.
Additionally, by building an online enterprise that could accept credit cards, you will be able to secure payment in a more convenient and safe manner. If your online business would accept credit cards from paying customers, you’d be empowering them to spend for your products.
Overcoming An Important Hump When You Accept Credit Cards Online
Sad to say, however, that there are quite a number of people who are afraid of online transactions, even if your business would accept credit cards. There have been tales of so many scams and fraudulent dealings on the Internet, and legitimate businesses which accept credit cards are the ones that have to suffer such stigma.
To help stem the tide of this fear, businesses that accept credit cards should ensure the following things:
* A business that would accept credit cards should make sure that its payment processing page is embedded with Secure Socket Layers (SSL) of at least 128 bit.
* A business that would accept credit cards should also make sure that such SSL encryption appears on the lower right side of the user’s browser window, in the form of a lock icon.
* A business that would accept credit cards should establish a responsive customer support system that would answer the needs of your clients when it comes to transactions involving the acceptance of credit cards.
Allowing your online business to accept credit cards could only expand your customer base and provide good profits for you for many years to come.
by: Jeff Usher
World Of Benefits When Your Online Business Accepts Credit Cards
Credit cards have been tagged as plastic money because they have become accepted as a good alternative to actual cash. A lot of people actually prefer real world establishments who accept credit cards. They would rather shop in stores that accept credit cards rather than those that don’t accept credit cards.
The same principle applies in online transactions. People would look for eCommerce sites that accept credit cards, particularly those that accept credit cards which they own. I you would be able to accommodate these people by designing your online business to accept credit cards, you’d be able to increase the number of potential customers you could gain.
Additionally, by building an online enterprise that could accept credit cards, you will be able to secure payment in a more convenient and safe manner. If your online business would accept credit cards from paying customers, you’d be empowering them to spend for your products.
Overcoming An Important Hump When You Accept Credit Cards Online
Sad to say, however, that there are quite a number of people who are afraid of online transactions, even if your business would accept credit cards. There have been tales of so many scams and fraudulent dealings on the Internet, and legitimate businesses which accept credit cards are the ones that have to suffer such stigma.
To help stem the tide of this fear, businesses that accept credit cards should ensure the following things:
* A business that would accept credit cards should make sure that its payment processing page is embedded with Secure Socket Layers (SSL) of at least 128 bit.
* A business that would accept credit cards should also make sure that such SSL encryption appears on the lower right side of the user’s browser window, in the form of a lock icon.
* A business that would accept credit cards should establish a responsive customer support system that would answer the needs of your clients when it comes to transactions involving the acceptance of credit cards.
Allowing your online business to accept credit cards could only expand your customer base and provide good profits for you for many years to come.
by: Jeff Usher
Monday, January 1, 2007
How to Find the Best Low APR Credit Cards
Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.
Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.
Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.
Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.
Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.
Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.
by: Morgan Hamilton
Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.
Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.
Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.
Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.
Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.
by: Morgan Hamilton
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