Apply For Student Credit Card
Before a college students make decision to apply for student credit card, they better know the basic information about credit and how credit card system works. Credit should be taken very seriously and not applied because somebody at college campus is offering Frisbee or T-shirt after you apply for credit card. Read more... 
by J. McKenna and C. Makela
Lost or Stolen Credit and Debit Cards
Notify the credit card issuer immediately if your credit card is lost or stolen. You will be charged up to a maximum of $50 of unauthorized purchases that occurs per card before the card company is notified of the loss. If you lose five credit cards, you may be responsible for up to five times $50 or $250. (Some homeowners insurance policies cover up to $500 in charges on stolen credit cards.) As soon as the credit card issuer has been informed that a card has been lost or stolen, the credit card holder is no longer responsible for even $50 of unauthorized purchases.
Avoid the Campus Credit Card Trap
If you are thinking about filling an application for one of `easy` credit cards found at a campus? Read this article before doing it. A free Frisbee, T-shirt or a bottle of soda isn`t worth years of bad credit, is it? Read more... You should be informed about your $50 liability for unauthorized use of credit cards when you receive requested cards. Prepare for the possibility of lost cards by listing credit card account and phone numbers, and addresses for notification. Keep this information separate from your cards and leave it with a relative or friend.
Lost or stolen debit cards can cost more to their owners than lost or stolen credit cards. Debit card holders are liable for the first $50 of charges even if the loss is reported before the card is used. If the loss is not reported, the debit card holder is liable for up to $500 of unauthorized use.
You should also contact the Fraud Units for the credit reporting agencies if cards are lost are stolen.
Equifax 1-888-766-0008
Experian 1-888-397-3742
Trans Union 1-800-680-7289
Credit Card Billing Problems
Credit account users encounter two types of problems: 1) insufficent notice before a bill is due, and 2) errors on the bill.
Insufficient notice. If your account allows you to avoid a finance charge by paying your account in full by a certain date, the company must mail its statement at least 14 days before the due date. Check the postmark if you are receiving your statements shortly before payment is due and complain to the card issuer.
Your payments should be credited the day they are received. Delays may cost you money in finance charges. If you note a consistent and unreasonable time lag, check with the company to see whether the problem lies with the mail, the company posting procedure, or other reasons. You can also pay your credit card bill by debiting your checking account and sending funds electronically to your credit card company.
Errors. The Fair Credit Billing Act provides specific protection for consumers who have billing problems. It defines billing errors as:
Use Your Cash Advance Wisely
Using your credit card for purchasing new clothes or latest DVDs - these products are yours to keep. You can use it for years to come and pay for them over a few months if you wish. But using your credit card for taking cash advance to pay for daily purchases like food and gasoline you will pay much more for that after. And you better give it all back as soon as possible. Read more... 1. Charges made by someone not authorized to use your credit card.
2. Purchases that you question.
3. An incorrect amount charged for a service or an item or a charge for something that you did not accept.
4. Failure to credit a payment to your account (or the correct amount).
5. Other mistakes made by the company's credit department.
6. Finance charges added to your bill for late payment when your bill was not sent to your current address (provided you notify the company of your change of address at least ten days prior to the end of the billing period).
What Should You Do if You Find an Error?
- Send a letter to the creditor within 60 days of finding the error. Give your name, account number, problem and the amount involved.
- Pay the part of the bill that is not disputed. You will not have to pay finance charges on the amount in dispute unless it is discovered that the bill was truly yours. If you are responsible for the amount, you must pay the finance charges that accumulated during the time the complaint was being resolved.
- A creditor must respond to your letter within 30 days or correct the bill. Your bill must be corrected within two billing periods or 90 days or you should receive a statement saying why the bill is correct.
- If the bill is still disputed after the negotiation period is over, the creditor may report your delinquency to the credit bureau. Check your credit file. You have the right to add your statement to your file, which will be included in response to all future inquiries.
- Most credit card companies have toll-free numbers, others accept collect calls. Always note the name of the person you talk to. Follow up your call with a letter to document your case to preserve your billing rights. You may wish to send a certified letter with a return receipt requested, which will show you have fulfilled your side of the credit agreement. Keep copies or records of all correspondence, documents and calls.
- If you have taken the above steps in the complaint process and the creditor does not follow the rules, you will not be required to pay the amount in question (up to $50 and finance charges), even if the bill turns out to be correct. You also may sue for actual damages plus twice the amount of finance charges, not less than $100 or more than $1,000 and reasonable attorney fees.
Quick Facts About Credit Cards
Credit cards are widely used as a convenient source of credit purchases in hotels, on-line shopping, gasoline stations, restaurants, mail order, grocery stores, and others as well as products advertised on telephone and television. There is a number of advantages of using credit cards if you do it in a wise way. As well you may have drastic and painful consequences if misuse your credit card. Read more... Defective or Undelivered Goods
If you have charged merchandise or a service that turns out to be defective or of poor quality, you may withhold payment on your credit card bill. Try to resolve the problem with the merchant. If you are unsuccessful in your good faith attempts to solve the problem, notify the credit card company and do not pay that portion of your credit card bill. You must, however, pay in full any amount that is not in question. Enclose a letter explaining why you are withholding payment and what steps you have taken to try to resolve the problem.
In order to withhold a credit card payment, the purchase must meet the following requirements: the amount must be more than $50, and the purchase must be made in Colorado or within 100 miles of your home. These limitations do not apply if the retail store and the creditor are the same, such as a department store. Nor do the limitations apply if the creditor mailed you an advertisement for the merchandise or services.
Because of the number of consumer complaints about shoddy auto repair, some consumers use their credit cards to charge repair work. If you find that repair work has not been done or has been done poorly or incorrectly, you can withhold payment. You must always try first to resolve the problem before withholding payment. Keep a record detailing who you talked to, when, what the problem was and what you asked to have done. Notify the credit card company of the dispute, or the company may notify the credit bureau that your account is delinquent. You also should check your file at the credit bureau. (See Fact Sheet 9.141 for more detail about credit bureaus.) Credit bureaus and phone numbers are Equifax: 1-800-685-1111, Experian: 1-888-397-3742, and/or TransUnion: 1-800-888-4213
Protect Credit Cards from Identification Theft
A thief does not need a knife to rob you. All he needs to know is your name, address, social security number), and sometimes your date of birth and mother`s maiden name. He will never wait you in the dark corner but will open an account in your name or simply access your existing credit or debit accounts. In the cases, when a thief opens a new accounts on your name - he uses bogus addresses. All major CRAs switch your contact information over to the that fictive new address, and you will never know what`s going on until it will be late. Read more... |
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