Personal Finance and Money Management

Debt Consolidation, PayDay Loans, Mortgages and Foreclosures, Credit Cards

Archive for the ‘Credit Cards’ Category

Shut off Pre-approved Credit Card Offers and Other Solicitations

May 22nd, 2010

Ryan Parker

No Comments »

Ryan Guina is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the USAF. He writes about money management and small business topics at Cash Money Life and military money topics at Military Finance Network. You can follow his twitter feed.

I lead a busy life. I have a full-time job, run a couple websites, and I have a newborn daughter. I’m sure most of the people reading this have similarly busy lives. As I am sure it is in your home, time is a precious commodity in my household and it isn’t something I like to waste. More importantly, I don’t like it when companies waste my time.

Full Article

How Many Credit Cards Should a Person Have?

May 19th, 2010

Ryan Parker

No Comments »

There are three types of people when it comes to credit card use. The first type abstains from any and all cards. The second type has so many cards their wallet is the size of a cinder block. The third type have a few credit cards, but sometimes wonder if they have too many or too few. So what is the “right” number of credit cards?

For starters, there is no right amount. How many credit cards you should have is related to your ability to manage debt and make payments. If you are a responsible card user, the amount of cards in your wallet is more or less irrelevant.

Second, the amount of credit cards you have will affect your credit score, but not necessarily in the way you think. The amount of cards you have is more informational than anything. If

Full Article

Tags: Cards, Cards Should

American Express offers Nectar points to new customers

May 16th, 2010

Ryan Parker

No Comments »

A new Amex credit card has been launched, which offers 5,000 free Nectar points worth up to GBP50 for new customers who take out its Nectar credit card and who spend GBP500 in the first three months. The reward credit card also gives Nectar points for purchases made on the card, equivalent to 1 per cent cashback on spending at Nectar retailers, and 0.5 per cent elsewhere.

The Amex card allows customers to collect Nectar points for every GBP1 spent on it, with the credit card company saying that 5,000 points are worth between GBP25 and GBP50, depending on which retailers they spend the money with. Full Article

Tags: Customers, Nectar Points, New Customers

Post Office reduces fee on credit card

May 14th, 2010

Ryan Parker

No Comments »

The UK Post Office has cut the standard 2.5 per cent cash advance fee that it normally charges for those purchasing purchase foreign currency from one of its outlets. Those using their credit card to purchase travel money will now pay no currency exchange fee, helping people travelling abroad to save on their costs.

There will be 0 per cent charge on balance transfers for the first 12 months and 0 per cent on new purchases for the first three months, making the Post Office one of the few providers that do not add commission for any overseas purchases.

Az Alibhai, who is head of cards at the Post Office, said: “Our customers love the fact that we dont charge commission when they use their card overseas, so we are now saving them even more money by removing the cash advance fee when they use their Post Office Credit Card to purchase great value travel money from the Post Office.

“With many people still feeling the pinch this will give them a bit of extra cash in their pockets to enjoy on holiday. Full Article

Tags: Card, Credit Card, Post Office

Clydesdale Bank launch 0 per cent credit card

May 11th, 2010

Ryan Parker

No Comments »

A new credit card, the Clydesdale and Yorkshire Bank Gold Mastercard, has been launched, offering 0 per cent interest for 16 months on credit card balance transfers, as well as 3 months of 0 per cent interest on all new purchases. At the end of the offer, the interest rate on the card goes up to 16.9 per cent.

This interest period is the longest of any UK credit card, and it also allows those who pay off their bills in full each month to benefit from the interest-free deal to make only the minimum repayment during the 0 per cent period.

Although there is a one-off 3 per cent handling fee for transferring debt balances from other credit cards, which is about that of most other cards, the card carries no annual fee .

The new card also allows you to repay over a longer term at no extra cost if you have expensive purchases to make, which can be more profitable than the cashback on spending offered by other cards.

With increasing competition, there are a huge amount of credit cards that offer the opportunity to move over to a 0 per cent rate, and many that offer this rate for periods of a year or more. H Full Article

Tags: Card, Credit Card

Ask Creditnet: Best Hotel Rewards Card for Newbies?

May 8th, 2010

Ryan Parker

No Comments »

Dear Creditnet: My fiancé and I are new to credit cards (we’ve only used debit cards in the past), and we’re looking to get one that will give us hotel reward points.

Any idea which card would help us better our credit scores while banking hotel points as well?

Answer: This is a tough question to answer without knowing your respective credit scores. However, since you mention you’re both new to credit cards, let’s assume you have limited credit histories and thus credit scores that fall on the lower end of the spectrum.

If your FICO scores are 599 and below, what you should be most concerned about is finding a card that you’ll not only get approved for but will also report your monthly payments to the major Credit Bureaus. In essence

Full Article

Tags: Card, Card Newbies

What Type of Credit Card Should I Get? (Infographic)

May 5th, 2010

Ryan Parker

No Comments »

There are so many types of credit cards available these days that it’s hard to know how to pick between them all. How do you choose one feature over another when both are important to you, and is there a card that has it all? Take a look at the flow chart and answer the questions to see which card is perfect for you.

Click Here for Full Size Flowchart

We took into consideration the following types of credit cards: