March 23, 2018

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How to Compare Credit Card Companies

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Top Consumer Reviews Articles provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Important Things to Know About Credit Cards

Creating a positive and healthy relationship with your credit card starts at the beginning. Before you apply for a new credit card make sure you understand several aspects of the card before you move forward. Understanding what you're getting into before you jump into applying for a credit card will lead you to a more successful financial future.

Card Type
Secured card, unsecured, private label and more are examples of credit card types to choose from. Some of these cards require you pay cash collateral or load a balance before using. Others allow you to use anywhere MasterCard and Visa are accepted while some must be used at specific stores. Your credit history will often determine which credit card types you're eligible for.

Interest Rates
Understanding the ins and outs of your credit card interest rate is imperative before you sign the dotted line. What is the starting rate, is it fixed or variable, what will trigger a change and how much can the rate jump at once? Keeping the lowest possible interest rate on your card will allow you to affordably use your card when needed.

Comparing Credit Cards
Comparing credit cards is important. Before you choose a secured card, interest free card or any other type of card you need to compare fees, the grace period (if one exists), credit limit, and payment options. This will help you best identify the cheapest options with the most flexibility.

Payment Due Date
Credit card companies are generally pretty flexible as long as they receive the minimum payment amount on time or early each month. We can't always pay off our entire balance or make responsible choices but paying a traditional credit card payment each month should occur without fail - make sure you understand any important due dates with the card you select.

Minimize Outstanding Credit
While it's good to have and use credit cards on a regular basis it's important not to over use credit. If your credit it good enough to qualify for several credit cards it's not always smart to open several and maintain low to zero balances. Having a large some of available credit can be worrisome to creditors that aren't sure if you'll pull the trigger and get yourself into financial trouble. Maintaining a balance of 30% or less, on any credit card, is said to have the most positive impact on your credit score - next to making credit card payments on time and avoiding overdrafts.

The point is, avoid jumping into credit cards when better options exist. Make smart choices by understanding the type of card you're considering, the respective interest rate, fees, payment due dates and more can set you up for a more positive experience with your credit card company in years to come.

How The Fed Rate Increase Impacts Credit Card Debt

That means borrowers will likely see their credit card interest rate increase within a day of the federal funds rate increase. When you hear that the Fed has increased rates by 0.25%, you can expect your credit card interest rate to increase by 0.25%.

Published:  Thu, 22 Mar 2018 10:16:00 GMT

How Federal Reserve rate hike will affect mortgages, auto loans, credit cards

For a $10,000 credit-card balance, a quarter-point hike is likely to add $25 a month in interest, Rick says ... He expects average one-year CD rates to rise from about 0.5% to 0.7% by year-end. Yet a handful of online and community banks, credit unions ...

Published:  Wed, 21 Mar 2018 04:00:07 GMT

How to lower your credit card costs before the Fed starts hiking rates

The good news is that interest rates remain historically low, so card companies are offering cards that boast long-term zero percent balance transfers. If you have balances on a number of variable-rate credit cards, consider consolidating them all to a ...

Published:  Tue, 20 Mar 2018 08:04:00 GMT

It's going to cost us: As the Fed raises interest rates, the cost of credit cards, car loans and mortgages will rise

That's because credit card companies generally offer variable interest rates that are adjusted in real ... The increase in the federal funds rate announced Wednesday - 0.25 percentage points to a range of 1.5 to 1.75 percent - won't make a huge ...

Published:  Thu, 22 Mar 2018 14:15:00 GMT

If You Insist on Paying Taxes With a Credit Card, Here's How

But if you insist on paying your tax bill with a credit card, tax pros say either of these tactics might work - if handled carefully. How it works: You use a card with a 0% introductory interest rate to pay your tax bill on time, then you pay off the ...

Published:  Thu, 22 Mar 2018 14:14:00 GMT

As Fed raises rates, look for higher costs on credit cards, car loans and home mortgages

That's because credit card companies generally offer variable interest rates that are adjusted in real ... The increase in the federal funds rate announced Wednesday - 0.25 percentage points to a range of 1.5 to 1.75 percent - won't make a huge impact ...

Published:  Thu, 22 Mar 2018 10:52:00 GMT

New app lets you use your credit card like a debit card

While there is no fee for the app, Psillas says that a profit is made by making recommendations through intelligent ads. This means users will see ads for things like cheaper, more efficient checking accounts, credit cards with a lower interest rate ...

Published:  Thu, 22 Mar 2018 13:45:00 GMT

S&P/Experian Consumer Credit Default Indices Show Bank Card Default Rates Continued To Climb In February 2018

The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate increased one basis point from January to 0.96% ... more than two years. While interest rates on bank cards are substantially higher ...

Published:  Tue, 20 Mar 2018 07:41:00 GMT

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