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How to Reduce Your Exposure to Credit Card Theft
What criminals do to perform fraudulent transactions? They steal credit card information from different bills, report new addresses, and request additional credit cards. They obtain personal data through Internet information brokers who steal it from voter registration rolls, tax records, public filings, etc. Criminals may also hack business sites to steal credit card information or restore it from discarded computer hard drives. Read more... 
by www.pirg.org
A PIRG Fact Sheet for College Students
Thinking about filling out one of those easy credit card applications at a campus table this week? Before you do it read this. A free Frisbee, T-shirt, freebie or bottle of soda isn't worth 7 years of bad credit, is it?
A good credit record is a critical part of getting ahead. Having good credit will help you obtain car loans and home mortgages and even employment, since many employers now check credit reports as part of their employment decisions.
How to build your credit report: A regular record of on-time bill payments to a national creditor can build your credit report. If you have a national credit card (Mastercard, Visa, Discover, Optima) (it can't be co-signed, it must be in your own name) your regular monthly payments are reported to the credit bureau, even if you're smart enough to never carry an unpaid balance.
How to wreck your credit report: Pay your credit cards late, or worse, don't pay them at all. Late payments or account charge-offs or bankruptcies stay on your credit report for 7 years or more, wrecking your chances of obtaining more credit down the line.
Credit Cards Security Features
Due to fact that no security features were introduced in the design of credit cards, consequently, in a short period of time, counterfeit credit cards that were an extremely good imitation of the genuine items were manufactured and being widely used all over the world. Read more... College students are special to the credit card companies: Believe it or not, credit card companies want your business so badly they're offering much more than trinkets and soda. While you're a student, they'll let you apply for credit cards without jobs or income! You can apply for credit cards even with a blank credit reports, even without getting a loan co-signer.
No other consumers can get cards this way, only college students. (For example, recent graduates who don't have jobs yet and messed up their credit reports by not paying their bills while they were in college have very little chance of getting a new card, unless they get a co-signer or secure the card with a deposit.). So if you take advantage of their limited special offer, be smart!
What is a credit card?
A credit card is an open-ended loan card that allows you to borrow money up to a certain credit limit and carry over an unpaid balance, with no fixed time to re-pay, as long as you make the minimum payment due, usually 2-3% of the outstanding balance, each month.
What's good about credit cards?
Credit cards are convenient when you don't have cash. Credit cards are great for emergencies. National credit cards help you build a credit report. Some local department store and gas cards may not.
What are debit cards and charge cards, then?
Banks now offer many customers enhanced ATM cards, called Visa Check or Mastermoney debit cards. They look and act a lot like credit cards. These ATM "debit" cards, however, simply allow you to take your own money out of your checking or savings account. You can use them without a secret PIN code, either over the phone or at most merchants that accept credit cards. (Although not always, since some purchases, such as a car rental, still require a credit card.) IMPORTANT: Because an ATM debit card can be used like a credit card, without a secret PIN code, be very careful you don't lose it, and always check your bank balance anyway. You could lose all the money in your checking account to a fraudster who uses your card or simply copies your account information off a mislaid receipt. It may be difficult to get all your money back from the bank if you don't follow the rules.
A charge card, like an American Express card, offers credit card convenience, too, but you must pay off your charges each month -- you usually cannot carry over a balance.
Types of Credit Cards
There are 4 major credit card types: bank debit and credit cards, travel and entertainment cards (T&E cards), retail store cards, oil company cards (gasoline cards). Interest rates, fees and applications are different for each type of card. Applying for a credit card, the consumer agrees to the terms and conditions of a credit card company that issues his card. Read these terms and conditions very carefully to understand it before using the card for purchases, cash advances or balance transfers. Read more... Questions to ask yourself before applying for a credit card
(1) Ask, do I need it?
(2) Next, can I afford it?
(3) Am I good enough with personal finances to at least pay off the minimum every month?
(4) Even better, will I pay off the full balance every month?
Decided to get that card?
(1) Shop around. Beware of sleazy "teaser rate deals" that jump way way up after 3 months. Look for the best offer around. Remember, the interest rate (APR) doesn't matter if you always pay off the full balance. But if you carry an unpaid balance, it matters a lot more than the annual fee.
(2) One card: One national credit card is all you need to help you build a credit record, if you pay it off on time. Remember, you can build a credit record without carrying an unpaid balance. Don't get into the card shuffling habit, use just one card.
(3) Pay off the full balance: If you must carry a balance, always pay as much as you can afford, every month. Never pay only the minimum balance, or you'll never pay down the card. (Hint: See hypothetical real-life situation above.)
(4) Pay on time Mail checks early. Late credit card payments hurt you 3 ways: (1) You know about the bad credit reports. (2) Banks also charge late fees of about $20-25 bucks. (3) Finally, 1-2 late payments in a year can put you in the penalty box-- your interest rate could jump to a penalty rate of 24% or more.
(5) Keep a low limit: If you make timely payments, your bank will automatically raise your credit limit without asking you and other banks will send you offers for more "pre-approved" cards. Don't take the bait. Decline the increases! Keep your balances low! Don't max out your card! Throw away the offers!
(6) Avoid cash advances: Don't use your credit card like an ATM card for cash withdrawals-- the interest rate on advances is at least 2% higher than on purchases and interest accrues immediately.
(7) Need more help? Check out PIRG (http://www.pirg.org) or the Federal Trade Commission or the Federal Reserve Boardon the web for unbiased consumer education materials. [Call your folks if you think you're falling into the credit card trap, before you get in too deep.] Check with your college financial aid office for other helpful credit and debt advice. In deep? Consider non-profit Consumer Credit Counseling or the Debt Counselors of America. And, it's ok to call your bank when you think a payment might be late, or if you have a question. They may not always be sympathetic, but they don't like surprises.
Click here for online application for student credit card
Credit Card Rewards: Close Scrutiny
Offering different rewards is quite regular in the credit card industry. It is for this reason why most credit card companies offer different credit card rewards. They know that people will apply for a credit card not just because they need credit but also because they are eager to receive rewards. Read more... |
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