Credit cards provide great convenience and plenty of solid loyalty point perks, especially when you first sign up for one. But, there are some pitfalls that are important to take note of when your wallet is full of cards. Consider each of these the next time you are looking through your wallet, and don’t make these big mistakes.
5 Things Everyone Should Know About Credit Card Numbers
Whenever you get a new credit card, you might be a little baffled by the long string of numbers. Yes, there are a lot of people with credit cards, and the issuers need to have a variety of numbers in order to make sure every person gets a unique identifying number. But that’s not the only reason. Every one of those numbers on the front of your card (and the three or four on the back) serve a purpose.
Should I Apply for a Store Credit Card?
A store credit card, also commonly referred to as a co-branded credit card, is a credit card that is sponsored by both a retailer and a credit issuer. Aside from providing shoppers with an additional payment method, store cards are commonly intended to enhance the user’s shopping experience while promoting customer loyalty. But should you get one?
Introductory Credit Card Offers Come With Pitfalls
The credit card market is very competitive. Card issuers are in heavy competition for your business. As a result, credit card companies are quick to offer perks to win consumers over.
However, not all perks are created equal. In fact, consumers need to take certain steps to ensure those perks don’t turn into expensive financial headaches that cause damage to one’s financial life for years to come.
Don’t Make These 4 Credit Card Mistakes
Managing your credit cards can be time consuming, especially if you are in debt. There are a host of moving parts with credit cards, from the interest rate to the due date and annual fees. It can be easy to stumble and miss a payment or be tempted to take out a cash advance in a pinch.
Why You Shouldn’t Close an Unused Credit Card
Closing down a credit card will usually hurt your credit score, especially if you’ve had the credit card open for many years. If you no longer want to use a particular credit card, you don’t have to close it down. There are other options out there to prevent you from using the card and accumulating high balances.
Let’s explore why it’s a bad idea to close down your credit card.
4 New Year’s Resolutions for Personal Finances
It’s that time of year where everyone is talking about the goals they plan to set for the new year. There’s a lot of talk about getting to the gym more and eating less junk food
While all this is well and good there is a three-digit number that may be getting sadly ignored. Not your weight. Your credit score. While you are going to want to keep that number on the scale low you are going to want to get that credit score to gain as much as possible.
How to Add a Credit Card to your iPhone Using iCloud and Apple Pay
It’s no secret that the invention of credit cards completely revolutionized the shopping experience. Now the payment experience is under a revolution of its own. Services such as Apple Pay allow shoppers to save their credit information on their iPhone and use it a payment method. You’ll find that with the availability of services such as Apple Pay and the iCloud keychain, the only thing anyone needs to shop is an iPhone.
This is How a Balance Transfer Card Can Help You Eliminate Your Credit Card Debt
If you’re in credit card debt, you are probably all too familiar with how interest works. Any time you leave a balance on a credit card, the credit card issuer charges interest. The interest rate on credit cards can be as high as 15%, so a credit card balance of $500 can easily turn into $1,000 or even higher over time. Before you know it, the debt balance is so high that achieving debt-free status can seem hopeless.
Why Money Orders Bought With Credit Cards Are Littered With Fees
Credit cards can be used for cash just like an ATM. This isn’t what credit cards are traditionally used for though. They allow consumers to buy now and pay later, so many people use them as a line of credit. You can spend as much as you would like on the card, staying within the card’s credit limit, and then must pay back the entire balance in full by a due date established by the credit card company. If you pay anything less than the full balance, interest charges will start to accrue.
This Is Why You Shouldn’t Withdraw Cash From Your Credit Card
Credit cards should not be viewed as a way to access cold hard cash like an ATM. The goal of a credit card is as follows: a bank issues you a line of credit (also known as the card’s credit limit) and you are allowed to use the card to finance various expenditures up to the credit limit. You must pay back all of your expenditures in full on a due date set by the credit card issuer.
This is What You Need to Do if Your Credit Card is Stolen
It’s a scary feeling when your credit card is stolen. Think about how much could go wrong. A thief now has the opportunity to charge whatever they want on your card and leave you responsible for footing the bill. It’s a thief’s dream, but a consumer’s worst nightmare.
As soon as you realize your credit card is missing, there are a few actions you should take immediately to limit your liability from any unauthorized purchases that may result from your card falling into the hands of the wrong person.
Top Tips When Applying for a New Credit Card
Applying for a credit card isn’t a difficult process. The major credit card issuers have online applications that can sometimes inform you within minutes if you’ve been approved for the card. But there are some factors to keep in mind when applying to ensure that your credit score doesn’t suffer unnecessarily.
5 Lessons to Teach Kids About Credit
What have you taught your children about credit? Even if you think you have never given them a lesson, you probably have. The way you spend your money, talk about money and live your life in general are absorbed by your little ones. Has your child ever asked you for something and you had to tell them you could not currently afford it. They might even suggest using a credit card as they have likely seen them used to buy things. Your child may be under the impression that a credit card is like free money if you haven’t explained how they work.
6 Facts About CreditWise from Capital One
It seems like every few months we’re hearing about a new data breach that has compromised our personal information. The Equifax breach from a few years ago, for example, affected nearly half the United States population.
Even though we’d like to think our information is secure, vigilance is crucial. It’s important that you always have a good understanding of what’s on your credit report.
Capital One is making it easy for everyone to stay in the know with CreditWise from Capital One. This service, which is included for free with every Capital One card, you’ll be notified if there are any changes to your credit report. It’s an easy and free way to keep your credit safe.
Here’s How Charge Cards Differ From Credit Cards
You’ve probably heard about charge cards and credit cards. While the two terms sound similar, there are plenty of differences. Depending on your financial goals, it’s important to understand these products so you can properly decide which card to select.
Let’s explore the differences and similarities between charge cards and credit cards.
Here Is What You Need to Know About Credit Card Interest
Have you ever wondered what credit card APRs are? APR stands for annual percentage rate. Understanding the mathematics behind that rate will help illustrate how dangerous and expensive credit card debt can be. It’ll also give you extra motivation to pay off your credit card balances in full every month so you don’t have to worry about interest.
Here Is What You Need to Know About Balance Transfer Cards
One of the most cost-effective ways to pay down credit card debt is to transfer the balance to a low interest credit card, also known as a balance transfer card.
Consumers who are merely paying the minimum payment on their credit card balances are on the road to a lifetime of debt. The minimum payment is usually so low, that it keeps consumers in debt for decades.
5 Things You May Not Know About Credit Cards
For example, credit cards can be completely free if you use them properly. But credit cards are never free for merchants, who must pay a fee to the credit card issuer each time a consumer swipes the card.
What You Need to Know About Credit Card Balances
Far too many consumers have credit card balances. This isn’t something to be proud of as a credit card balance is another term for having debt. Remember, when charging items on a credit card, those expenditures must be paid back in full.
Let’s explore some of the ins and outs of credit card balances, including what they are and how they can snowball into a major financial problem that affects your life for years to come.