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...
It is one of the most frustrating feelings in the world. You're trying to rid yourself of your debts. You're putting more and more of your paycheck towards your credit cards. You're gradually paying them off. Finally, the day arrives when you clear the entire outstanding balance. The card is finally cleared. A huge weight has been lifted from your shoulders and you can go to sleep at night knowing that you've got one less worry in life.
Although it is strongly recommended to pay off your credit card balance each month in full, the interest rate you are charged by the terms and conditions of your credit card (known as the annual percentage rate) plays general role if you ever try to maintain a balance. The average credit card APR in the United States is 13.37 %. However, more than 50% of the states in America have no limit on the amount a credit card company can charge a credit card user. Read more...
Credit Card Company
Does your credit card company share your joy? Do they congratulate you on taking care of a pressing anxiety in your life? In fact they do the exact opposite. It's not really surprising, after all you're their customer and they're losing your business. But who would have guessed the lengths they go to stop you closing your account. Recently my wife has been closing a couple of credit card accounts and when she zeroes out the account and calls to tell them to close it, she's sometimes insisting with them for ten minutes that she doesn't want the account any longer, she doesn't need it for emergencies, she doesn't want a lower interest rate, and she doesn't want any special offers. She just wants to close the account.
Our Personal Experience
Bad as that sort of behaviour is, it's not the worst. On one of her credit cards, she had a magazine subscription. She had tried cancelling the subscription but the company involved refused to stop charging her account. So when the time finally came that she could close her account she paid them off, paid off all her other bills, and told the credit card company that she wanted to close her account. After the usual to and fro, they finally agreed to close her account for her.
Smart Cards Introduced in US
US bank system at last began issuing smart cards. This idea is not a new one - Europe used it for years. Germany, France, and UK used it for years as well. The advantage of chip-enhanced cards is in it`s ability to store more personal data, including passwords and purchasing habits. These cards are expected becom a world standard in few years. Read more...
Hey! We Cancelled!
Thinking all her accounts were closed we went on a trip. When we returned two months later, two bills were awaiting her from the company. The magazine company had not surprisingly attempted to bill her again. She thought she was free of them by closing the account they had access to. Well, the card company, without notifying her or conferring with her in any way, simply paid the magazine company, and billed my wife. When we didn't pay they that they allowed a charge from the magazine company for the next month and added a late payment charge. When we returned she owed over $100 on an account they had confirmed with her they had closed.
We're still disputing the charges but the bottom line is it's pretty hard to escape the nasty clutches of credit card companies.
There are 2 kinds of credit card debt: `good debt` and `bad debt`. Bad-debt occurs when you borrow to purchase some consumer items. Doing so you limit your future financial status. It may look like you have more, because you get it right now. But you pay interest extra, and consider a psycological factor when you`re buying more on credit card. Paying cash you`ll never do many useless purchases. Read more...
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