Thinking Money | Free Financial Advice and Tips

Where can I Apply for a Visa Credit Card?

Posted on 31. Aug, 2010.

If you would like to have a Visa credit card, there are any number of places you can apply for one. If you have a checking or savings account, sometimes the best place to apply is at the bank where your account is. Often, local banks have surprisingly good credit card deals because of their lower overhead spending compared to large national banks.

If you don’t have a savings or checking account, you should start one. Credit card issuers often require that you have a bank account before they will issue you a credit card. There are “no bank account” cards that are pre-funded. That means that you re-load the card with money in order to use it. These are good for people who want to control their spending and don’t want the temptation of having an open credit line, this is the easiest way to apply for a credit card.

Some issuers will issue a guaranteed credit card in which you must start an account with the same amount of money as your card’s spending limit. For example, if you want a card with a £500 credit limit, then you have to open up a savings account and put £500 in it. With this type of card, called a “secured” credit card, you can use a good payment history to establish or re-establish your credit history. After several months of paying on time, you can improve your credit standing.

If you aren’t happy with the credit cards you can apply for from your local bank, there are dozens of credit cards you can apply for online. The website creditcards.com has several methods of comparing different credit cards based on a number of factors. For example, you can make a comparison of credit cards based on interest rates, annual fees, cash back, reward programs, or just about any other variable.

In many cases, you can go to an issuing bank’s website and apply online. Sometimes – particularly if you have very good to excellent credit – you can get an acceptance within minutes. If you don’t get instantly accepted, it doesn’t necessarily mean you were rejected. Some issuers don’t give out instant acceptance. And in some cases, if your credit history is borderline, they may want to review it more closely before giving you an answer.

There are more places than ever that you can apply for a Visa credit card. You have more options than ever in terms of rewards, interest rates, and fees. The better your credit, the more choices you will have.

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How to Recognize the Best Credit Card Deals for You

Posted on 22. May, 2010.

We all get them in the mail: those offers that claim you’ve been pre-approved for a credit card. They often have 0% written all over them. Zero fees, zero interest for a certain amount of time and sometimes they promise cash back and other perks just for owning and using the card. With all of the credit card offers that come in, how can you recognize the best credit card deals for you?

The first thing you should do is read the fine print. Find out what the company’s really offering. Are they offering an initial special that will soon expire? What kind of interest rate are they offering? These are major questions you need to consider before you sign up for any credit card. If you do your homework, however, and you really examine each card offer that comes in, you’ll soon find the credit card deal that suits you best.
Introductory Rates and Specials
Most of the credit card offers you get in the mail have introductory rates and other specials designed to lure you into signing up. What most people don’t realize is that those offers will expire at some future date. That’s why you must read the fine print. Too many people get into trouble because they sign up for the cards without knowing that their interest rate is going to double or even triple in a few months. Don’t get into this trap. Read the fine print and make sure the introductory rates and specials last for as long as possible. And if they do end, make sure the new rates are such that you’ll be able to afford them.

Do Your Homework
The best way to find the best credit card offers for you is to do your homework. Get online and start searching the various credit card companies and offers. You don’t have to rely on the card offers you get in the mail; you can find your own card by doing a little searching. One good way to go about finding the best credit card deals for you is to check with your bank. Your bank will usually have credit card offers just for you, and applying through your bank is a great way to get a good interest rate; provided you’ve been a good customer.
If you do your homework and remain picky about the credit card offers that come your way, and you read all the fine print, you should be able to find a credit card deal that’s perfect for you. Once you have that card, be careful to only use it when you need it. Use it and then pay it off. Don’t get in over your head like so many tend to do these days.
There’s no point in finding the best credit card deal for you if you’re only going to rack up a bunch of debt. If you choose a good deal, and you use the card only when you have to, you’ll be able to responsibly manage your cards; which is advice everyone should heed if they ever hope to remain debt free.

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Easy Tips for Finding the Best Credit Card Offer

Posted on 18. May, 2010.

If you have ever opened your mailbox and been swamped with credit card offers then you are likely not alone. While the passage of the CARD Act in the United States and the recent economic recession and subsequent tightening of consumer credit availability almost worldwide has caused many credit card companies to cut back on their credit card marketing efforts there are still many different credit card promotions. Here are some quick and easy tips to follow for sorting through all of the various credit card offers and finding the card that is best for you.

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Update on the Credit Card Scene

Posted on 12. May, 2010.

This is a guest post by Mr Credit Card from www.askmrcreditcard.com. Today, he is going to update us the latest developments in credit card products and marketing strategy since the CARD Act. Please check his best credit card deals section if you are looking for a new card

The CARD Act in the US has cleaned up a lot of bad practices that credit card issuers used to practice. But that does not mean that consumers are off the hook. When you are applying for a credit card or already have one, you still have to be careful of the following things.

Balance Transfer Deals – In the good old days of easy credit, credit card issuers were falling all over themselves offering 0% balance transfer credit cards for 12 months and they waived their balance transfer fees. But when the carpet got pulled from underneath, they started charging balance transfer fees and reduced their introductory period.

But the good old times seems to be back. Credit Card issuers are offering balance transfer deals again for longer periods. But now, consumers have to be aware of how they are offering them. There are basically two types of offers. The first type will offer you for a set introductory period – for example, 0% for 12 months. Such deals are clear in the sense that if you get approved, you get the 0% rate for 12 months.

But there is another type of balance transfer deal. And that is issuers offering 0% balance transfer deals for up to a certain time period. Using this language, credit card issuers entice consumers with what appears to be an attracting teaser deal. But for those who do not have stellar credit, they are likely to get an introductory period that is less than what is advertised. They did not do anything wrong. It is just that consumers tend not to really read and question a deal when they see one and ask if there is any catch. The reason this can be frustrating for consumers is that whether they get a balance transfer deal for 6 months or 12 months, they still have to pay a fixed balance transfer fee. Hence, in most cases, a longer introductory period always works out better.

Gas Rewards Changes – There have been changes in the way gas credit cards offer their rewards as well. When oil prices skyrocketed in, gas rewards started changing. Rather than paying a flat percentage (like 3% rebates for gas purchases), some cards have instead started to pay rebates in the form of getting a couple of cents rebates per gallon of gasoline purchased! This was to protect themselves from escalating oil prices.

Meanwhile, many gas credit cards started reducing their payouts on gas rebates. While many offered 5% rebates in the past, many have now reduced them to about 3%.

These changes are something that folks who are thinking of getting gas rewards should consider.

Subprime Issuers Get Hit – The new CARD Act has reined in on the fees that sub prime credit card issuers are allowed to charge consumers. They are now limited to charging only 25% of the credit limits given. As a result, we have actually seen many sub prime issuers stop issuing cards altogether! This is probably a great thing for the public as a whole as many of these cards should have never been issued in the first place.

More Focus on People with Good Credit – As the sub prime market becomes less profitable due to higher defaults and the CARD Act, credit card issuers are increasingly coming up with new credit cards for people with excellent credit. Chase has revamped their reward cards with a new Chase Sapphire Card. American Express has introduced a new Premier Rewards Gold card that lets you earn triple points when you buy airline tickets. So while may folks who carry a balance may have their credit limits slashed, those who pay in full every month have more rewards cards to choose from!

To sum up – I think the CARD Act has changed many practices of credit card issuers. The economic environment has also changed the behavior of credit card issuers and the types of cards they offer. These are just some of the changes we have seen. There will be many more and perhaps I’ll highlight them in another post.

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When Is It Time to Get A New Credit Card?

Posted on 03. May, 2010.

Holding on to your credit cards may mean that you are not getting the best deal. This would be especially true if you have a balance on them. There probably are a number of better choices available and here are some things that you could get with a new credit card.

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How To Get The Most Out Of Your Credit Cards

Posted on 19. Apr, 2010.

What is wrong in using your credit cards for regular household purchases only? There is nothing actually wrong with it, except that you may be missing out on fantastic benefits that accompany a smarter way to use your credit card. You do not have to go in for a fancy platinum card to qualify for benefits, or pay a yearly fee, there are plenty of cards out there that have all the benefits of a ‘prestigious’ credit card, but dont end up costing you dearly in the long run.

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A Few Ways to Consolidate Your Credit Card Debt

Posted on 19. Jan, 2010.

Americans love to carry credit cards or plastic money in their wallets. On average almost 14% of Americans carry 10 or more cards. Some may argue this is not sensible as having that many credit cards can be detrimental to your finances.

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Step by Step Process to Reduce your Credit Card Interest Rates

Posted on 27. Nov, 2009.

Are your credit card interest rates making it challenging to pay your minimum payments? If so, it is time to proactively work to reduce them. Contrary to what many consumers believe, there are proven methods that you can employ to reduce the interest rates you are currently paying on your credit cards.

1. 1.Call Your Credit Card Company - While this may seem like common sense, many consumers fail to take this important step. Ask for a customer service representative or department manager and let them know that you are currently shopping for lower credit card offers. Ask what their current, best interest rate offer for you is. Once they provide you with a number, let them know that you will be back in touch with them. You will often be surprised at how much lower your current credit card company will go with your interest rate just with a simple phone call.
2. 2. Shop Interest Rates - Now that you know what your current credit card companies are willing to offer you in terms of interest rates, begin to shop around with other companies to see what they will offer. Search for 0% introductory interest rate offers, begin to collect any promotional credit card offers in the mail and even speak with your current banking professional to see what kind of credit card interest rate offer they may be able to offer you. Compare the interest rate offers that you have collected to determine whether or not they are lower than what your current credit card companies are willing to offer you. But, before you make a switch, also consider a consolidation loan.
3. 3. Consider a Consolidation Loan - The next step in the process is to review your options for a consolidation loan. These loans are often offered through your current financial institution. Set aside some time to speak with your current bank officer and communicate your desire to consolidate your current credit cards into a single loan at a lower interest rate, in order to pay off the consumer debt off quicker.
4. 4. Compare and Contrast - Now that you have collected information about all of your available options, you can compare and contrast the interest rates and the offers. In addition to the interest rates, you also want to take time to review how long the promotional or lower interest rates are offered. Also review whether new purchases will qualify for the reduced interest rates or whether they only apply to balance transfers. With all of this information, you can make the best financial decision regarding your current credit card interest rates.

Working through these steps will not only help you to lower your current credit card interest rates, but will also lower your monthly minimum payment amounts and the total amount of time it takes you to repay your consumer debts.

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Bank of America to test annual fee charges on credit cards

Posted on 22. Oct, 2009.

Bank of America announced plans to pilot an annual fee charge of $29 to $99 on a few of its credit card customers worldwide (about 1 percent) beginning in 2010.

Bank of America is the third-largest credit card company in the US. (more…)

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New Credit Card Rewards

Posted on 30. Sep, 2009.

Traditionally, credit card company reward programs have featured airline mileage, gift certificates, and cash back for customers who spend more on their cards to get top ups. However, today card companies are offering new sets of incentives perhaps in response to the implementation of the first set of rules by credit card bill last week. (more…)

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