Wednesday, November 01, 2006
Credit Card Offers and How To Deal With Credit Card Debt
Do you have too much credit card debt?
You spend too much one month and you put it all on your credit card account. You can’t pay it all off so you leave it until next month but you can’t pay it off next month either. Before you know it your bill has grown into something that you can’t manage and you are going to have to do something dramatic if you are ever going to get the debt under control. Why not make your credit card account work for you instead.
Credit card offers available
0% APR credit card offers are readily available but they only give you zero interest for a limited time and often have some catches. They may give you zero interest on the balance you transferred onto the card but not on new purchases for instance. You should also make sure that you understand what happens after the introductory offer period. Will the interest rate go sky high in 6 months time?
You can use the 0% APR credit card offers to slow down your accumulation of debt and give you a chance to start paying it off. It's a lot easier to reduce the balance if they aren't forever adding interest to it. Be ready at the end of the introductory period however because the interest will start piling up again. When you get close to the end look around for another 0% APR credit card that you can transfer your balance to. This is called 'surfing' your credit cards.
Here are some things to look a=out for when hunting for credit cards.
APR or Annual Percentage Rate
This can vary a lot and will make a huge difference to your monthly repayments.
Interest Free Period
Most cards charge interest from the date of the statement but some calculate your interest from the date of your transactions. In most cases the maximum interest free period is 56 days.
Cash Withdrawals
Be careful when drawing cash from a credit card. The interest rate can be much higher than it is for purchases or transfers. They also start charging you interest from the moment you withdraw the cash with no interest free period.
Annual Fee
Make sure that there isn't one.
Consumer Protection
This can give you protection in the event of goods not received or faulty or even stolen. There is often a minimum value transaction that allows you to benefit from this protection so make sure you know what it is.
Travel Insurance
Travel insurance when you purchase by credit card can be useful especially if you commute to work. Check the terms and conditions before you take the credit card though.
Cash Back
Some cards will give you 1% or more of every transaction back. This doesn't sound much but it can add up over the course of a year.
Reward Schemes
Some cards offer air miles or reward points for large stores. This might interest you if you are a frequent flyer.
Charitable Donations
This can be a painless way to donate a little of what you spend to charity. Often you won't notice it because other cards may have given it back to you in the way of cash back.
Online fraud guarantee
Having a guarantee that you won't lose money due fraud when you use your credit card on line can be a very comforting thought.
Gold and Platinum Cards
They only give these cards to people that they think will be able to pay back larger debts accrued on them. Think very seriously about taking one of these credit cards.
I hope that this information has been helpful to you in making an informed decision about using credit cards to manage your debt.
Car Reward Credit Cards - Earn a New Vehicle Now
With a car reward credit card, your credit card spending could be earning points towards a new car or vehicle related rewards. What reward is better than a brand new car? Here is a comparison of some of the top car reward credit cards.
GM Flex Card - 1% Cash Back or 3% Towards a New GM
•A full 1% cash back option
•Earn a full 1% toward any new vehicle
•Triple your Earnings to 3% toward an eligible, new GM vehicle
•No Annual Fee
The GM Flex Card has a name that speaks for itself. It has the flexibility of either cash back on all purchases or a vehicle rebate. You can use the rebate as 1% towards any non-GM vehicle, or 3% towards any eligible new GM vehicle.
GM Business Card from Chase - up to 3% cash back & rebates on GM vehicles
•0% Introductory APR for up to 12 Months*
•No Annual Fee
•3% Earnings on fuel purchases, restaurants, office supply stores, and authorized GM dealers on
•GM parts and service
•1% earnings on all other purchases
•No caps or limits
•Free cards for employees
•$600 statement credit with every purchase or lease of new GM vehicle through GM Business Choice program
The GM Business Card from Chase is aimed at businesses that require company vehicles. Even if your business doesn’t plan to buy a GM vehicle, this credit card could be used to save on gas, office supplies or meals.
The Subaru® Platinum MasterCard® from Chase - Earn SubaruBucks
•0% Introductory APR on purchases and balance transfers for up to 6 months
•No annual fee
•3% Rewards on all purchases (up to $500/yr)
•Redeem for Subaru merchandise and services
The Subaru® Platinum MasterCard® from Chase can used to save towards a new Subaru or Subaru parts & service. The annual reward limit of $500 is still high as that is over $16000 in annual credit card purchases. The rewards program is restrictive unless you plan to purchase a Subaru or if you actually go to the dealership for service.
Volkswagen Platinum Visa® Card with Rewards - Flexible Car Reward Credit Card
•0% Introductory APR for up to twelve months
•No Annual Fee
•2 points for every dollar on VW purchases
•1 point for every dollar spent on all other purchases
•Redeem points for VW cars, gear, service, and other rewards
The Volkswagen Platinum Visa® Card with Rewards allows you to earn points towards a new VW, parts & service or even non-VW rewards. Other rewards include airline travel, hotel rebates, car rentals or gift certificates. You can even use your points towards an existing VW lease or loan.
Car Reward Credit Cards Comparison
The GM Flex Card is probably the best car reward credit card. It lets you choose cash back or vehicle rebates. Plus it has the lowest APR rate among these consumer credit cards. The Volkswagen Platinum Visa® Card with Rewards is a close second with a rewards program that might be even more flexible than GM’s. It just didn’t offer as high a vehicle cash rebate percentage. The Subaru® Platinum MasterCard® from Chase offered up to 3% rebates, but the rewards are restricted to Subaru related purchases. The Subaru credit card only has a 6 month 0% introductory rate compared to 12 months for VW or GM. For businesses, the GM Business Card from Chase is a good deal, especially if you purchase GM vehicles.
Most car reward credit cards are very good deals. Ideally a rewards credit card offers rewards relating to your interests. So if the vehicle you drive or plan to drive offers its own credit card, why not apply? If you’re proud of your vehicle, show it with your credit card. It could earn you special discounts, cash back and other perks. Most car reward credit cards have no annual fee either. So apply online today.
Credit Cards in an Instant: Getting an Online Approval for Your Credit Card Application
Credit cards offer the ultimate ease and convenience in shopping and purchases. With just a swipe, you get to buy even the most lucrative items on the shopping rack. They're the prolific things these days; these miniature cards people use to buy things - from shoes to dresses, to food, to cars and appliances. What makes them so prolific? It's the fact that they can now be easily acquired with the help of the Internet. Anyone can now apply for a credit card online. And more importantly, anyone can have their applications approved in just a matter of seconds - this is what one calls instant credit card approval online.
Instant credit card approval means that applications are approved in a matter of minutes after sending the application. The common misconception here is that with instant approval, the person can now print out the card and start shopping. This is not the case, as you still have to wait for your approved card, which may take five to seven days as it has to be sent through snail mail. A few years ago, Instant Credit was developed. With instant approval, the credit holder is given a temporary card number which allows him to make online purchases. But due to losses from fraudulent uses of instant credit, the feature was scrapped away by banks and credit card companies.
The good thing with instant credit card approvals online is that you get to see in just a couple of minutes if the application was 'worth' the try. There's no need to wait 'in vain.' With traditional snail mail, one has to wait for days or weeks for the credit card company to process it and another week more for them to send out the card.
Instant credit card approvals are usually targeted to people with good credit standing or records. But don't despair. Even with a bad credit history, there are companies approving credit card applications mainly due to the competition between credit card companies. In some cases, banks have to defer the approval or decline of an application until enough back-work has been done, especially for applications with a not so good credit history.
So as not to get your hopes up, try to learn more about your personal credit report. If you know that you have a good credit rating, you can be pretty sure that your online application will be approved in no time at all. But if you think and know that you have had problems with your credit, your application wont be as fast, but you will be given notices and updates from time to time.
With online banking and online shopping, it's no wonder that there are also online credit card applications and online credit card approvals. With the Internet, there's ease and flexibility and convenience in practically everything. You apply for a credit card online, your application gets approved in just a matter of minutes, you get to purchase and shop things online and consequently, you get to pay for these purchases online with the same credit card you applied for through the web. What could be easier, more flexible and more convenient than this? You don't even need to leave the comforts of your home and join the throng of shoppers waiting in the line at the cashier's counter.
Tuesday, October 31, 2006
Home Loans When You Have Bad Credit
There are a number of mortgage lenders that will work with people who have bad credit. When it comes to obtaining a low mortgage rate, the information on your credit report will play a pivotal role in the interest rates you are given. In most cases, those with less than desirable credit will be given mortgages that have much higher interest rates than applicants who have good credit. In addition to this, most lenders will provide more favorable terms to those that have good credit. To get an excellent interest rate on your mortgage, you will at least want to have a credit score of 720 or higher. Fortunately, there is a sizeable market of potential homeowners who do not have good credit, and there a number of lenders who cater to these people.
To get a 30 year mortgage that has a fixed rate, you will want to have a minimum credit score of 620. If you have bad credit, statistics shows that you will have a credit score that is lower than this amount. There are two things you can do if you want to get a mortgage but are concerned with your credit rating. You can either wait and improve your credit before applying for a mortgage, or you can look at some of the mortgage options available for those who have less than desirable credit. Depending on your credit situation, it may take you years to repair you credit if you have had to file for bankruptcy. There are a number of reputable lenders that can help those with bad credit obtain mortgages for decent rates.
When you apply for a mortgage, the lender will want to look at your personal history, especially in the area of your finances. While everyone wants to get a low interest rate, there are a number of factors that are taken into consideration when the lender decides what the rate will be. One of the most obvious things that will be taken into consideration is your credit history. In addition to this, lenders will look at your debt to income ratio. This is basically of fraction of how your income compares to the amount of debt you have. The amount of the mortgage loan is also considered as well. Before you decide what type of loan you want to get, it is important to look around for the best options. There are a number of lenders available that can assist those that have low interest rates.
Should You Get an American Express Credit Card
Having a visa card is almost indispensable in today’s day and age. Why, since I obtained my American Express credit card, I have been able to partake of a wide variety of goods and services, and that is no joke. Without that American express credit card, I was unable to join the local gym, to order t-shirts off of the Internet, to reserve a plane ticket online – and that is just a few of the basics. It seemed like only a few years ago that cash was the preferred way to purchase things, but those days are now long gone now. All across the country and the world, people are using their Visa, Mastercard card, or American Express credit card to make purchases with money that they do not have for goods which they may not need. Although American Express credit cards are a really convenient way to make a purchase – get it now and worry about it tomorrow – it does come at a heavy cost. Credit card debt is mounting everywhere.
It is true that credit debt is one of the biggest problems that is facing America today, and it is no laughing matter. That is one of the main reasons why I had to cancel my American Express credit card in the first place. Once I had the power to purchase items without parting with my money immediately, I was almost unstoppable spending machine. I would charge everything and anything on my American Express credit card, and soon the costs would spiral out of control. I was dealing with a debt that I could not possibly pay for, and I was literally in a state of panic. I actually had to go through a debt refinancing service to get my credit card debt into some form of a manageable form where I could hope to pay it. The whole situation was a nightmare.
Now, thank goodness, I have gotten my debt paid off and canceled my American Express credit card. A lot of people would think that it is incorrect to blame it on the American Express credit card, but I think that they do not understand something about human psychology. When I had to pay with everything in cash, I would know just what I had at any given time. But like I said before, the American Express credit card made everything way too easy. I could spend money like water, and before I knew it, it was all gone. No American Express credit card, no problem.
Putting Business Credit Cards To Work For You
A small business owner should look into business credit cards. Business credit cards allow a business owner to keep personal and business expenses separate, making record keeping easier in the end. Business credit cards offer some additional perks also that can be quite helpful to a small business owner. Additionally, a business credit card adds to the professionalism of the company and helps to establish the business credit separate from the owners personal credit.
There are, no doubt, many perks to getting a business credit card. The biggest is being able to separate business and personal expenses. This is key to establishing the business as an entity separate from the owner. In the beginning all small business credit is based on the owners personal credit. This can cause problems, especially if the business owner has less than perfect credit. By establishing business credit the owner has the chance to build a good credit history that will help them in the future if the need arises for loans or other credit needs.
Business credit cards also allow the business owner to get additional credit cards for other key figures in the business. This is helpful so that if a purchase needs to be made the owner can send someone else without worrying about hassles. Many business credit cards also offer reward programs where the business owner can earn free air travel, merchandise or even gas rebates just for making purchases with their card. This can all add up to some big money savings for the business.
Being able to have a record of business expenses is also helpful. A business owner can make all purchases with their business credit card and the statement they get every month can act as their monthly expense records. This makes record keeping easy and is especially helpful at tax time. It is also helpful for tracking purchases and budgeting.
The bottom line about business credit cards is that they can be a really good thing for a small business. They offer plenty of perks and can really help make things easier for the business owner. However, just like a personal credit card, a business credit card has to managed to ensure that payments are made regularly and that debt doe not get out of control. As long as they are used responsibly, a business owner will find that having a business credit card will be quite beneficial to their business.
Business Credit Cards Can Offer Business Solutions
It would be to your advantage to look into business credit cards if you are a small business owner. These credit cards will allow you to keep personal and business expenses separate. This will make it easier to keep records of your business transactions. You will also benefit from the additional perks that these cards offer. In addition, this credit card can add to the professionalism of your company and will help you to establish the business credit separate from your personal credit.
The biggest perk in getting business credit cards is being able to separate your business and personal expenses. This is an important factor in establishing the business as an entity separate from the owner. In the past, all small business credit is based on the owner’s personal credit. However, this can cause problems, especially if the business owner has bad credit. You need to establish business credit so that you will have a chance to build a good credit history that will help you to get loans or other credit needs.
You will also be able to have a record of business expenses with the help of business credit cards. When you make purchases with business credit cards, you will receive a statement every month that can act as your monthly expense records. Record keeping for your business will be easy. You will really appreciate this perk during tax time. You can also be able keep tract of your purchases and budget.
These credit cards will also allow you to get additional credit cards for other key figures in your business. This is means that if a purchase needs to be made, you can send someone else to do it without worrying about hassles. Many business credit cards also offer reward programs that allows you to earn free air travel, merchandise or even gas rebates for making purchases with your card.
Business credit cards can be a really good thing for a small business. These cards offer perks and can really help make things easier for you. But, you will still have to carefully manage these credit cards by making sure that payments are made regularly, and that your debt does not get out of control. You will find that having business credit cards will be quite beneficial to your business if you use these cards responsibly.
How smart are smart cards?
Sometimes it's not so bad being the little guy. It's good to sit back and let the biggest players in the financial services industry figure out whether there is any practical use for some of technology's flashy offerings. Consider smart cards. For years, I have heard the little plastic card with a computer chip on it would revolutionize the payments system. While the cards are popular in Europe, the truth is they are a flop in this country. That is, so far. Perhaps they will become an important part of the payments system someday, but let the biggest players in the industry spend billions of dollars to try to get us to that point. If American consumers ever decide they really want smart cards, then community bankers can begin to offer them.
I was intrigued by an announcement from Target Corp., the big retailer, that it would start putting computer chips on its Target Visa cards. Card readers will be installed at all of its stores and consumers will be able to use electronic coupons they download onto the cards from the Internet. It's a nice gimmick but it will take more than a fancy discount coupon to convince most people they need a smart card.
Monday, October 30, 2006
Arrow aims for credit card business
Arrow Electronics has openedup credit card ordering fromits main Internet site [www. arrow.com] to worldwide users. Previously the site had only taken US orders.
The Internet site is primarily aimed at engineers requiring parts for prototype orders and others requiring only small quantity delivery.
Tom Hallam, president of Arrow's Internet business group, said: "Design engineers and purchasing professionals from outside North America want to purchase the prototype parts and the small quantities they need, while having access to the industry's largest online inventory.
"With this new service they will be able to get the components they require, shipped to anywhere in the world, at anytime."
The site - operational 24 hours a day, seven days a week - takes orders from cards in the American Express, Visa and MasterCard families. The broadline inventory available runs to 1.8 million components.
ClearCommerce aims to squelch international credit card fraud
AUSTIN, TEXAS - ClearCommerce has upgraded its online credit card fraud prevention software to better evaluate risks associated with accepting credit cards at e-commerce sites from shoppers outside the U.S.
There is no silver bullet to prevent online credit card fraud, but e-commerce merchants typically try to automate fraud detection and prevention through homegrown or vendor software that evaluates risk according to dozens of variables, such as checking stolen card lists and the customer purchasing history.
ClearCommerce has added what it calls "GeoLocator" to its fraud-prevention software, the ClearCommerce Engine, to pinpoint purchaser location and check the purchase order for known high-risk problems.
"Fraudsters always use free e-mail accounts,"says Julie Ferguson,vice president of emerging technologies and cofounder of ClearCommerce, which has 43,000 merchant users, including Sony and Apple Computer. GeoLocator adds a way for the ClearCommerce Engine, which runs on Windows NT or Unix behind the Web storefront, to identify the country where the purchasers browser is located by analyzing the purchaser's IP address, she noted.
Someone placing an order internationally using a U.S. delivery address presents a high risk of fraud,based on the experiences of several thousand ClearCommerce merchants, Ferguson says. ClearCommerce surveyed a sample 1,137 merchants, which provided insight on fraud patterns observed in 6 million Internet transactions over an 18-month period, to develop GeoLocator ClearCommerce rates each purchase order on a scale of 1 to 100 in terms of low or high risk, advising rejecting or acceptance by the merchant.
Now Barclays wants to give children credit cards
THE head of Barclays has revealed that the bank is keen to extend credit cards to children - despite fears that it could land youngsters with thousands of pounds of debt.
Chief executive Matthew Barratt told a committee of MPs today: "The net present value of the baby in the cradle is quite attractive."
Asked whether it would be a good idea to offer credit cards to young people, who might not understand the financial implications, Mr Barratt said he wanted to provide "low-level credit card capability" on a "controlled basis". He did, however, admit: "It is a safety issue. You would exclude anyone without the ability to pay ... you would have to be very careful."
But he added: "We are interested in the youth market. If you can recruit the whole family, it is very attractive."
Mr Barratt, an outspoken American, directly contradicted Fred Goodwin, Goodwin, chief executive of the Royal Bank of Scotland group, who said: "It doesn't make any sense to advance credit to any group of young people where there is a high level of credit risk."
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