Credit Cards with Huge Interest Rates

The card Act of 2009 has been passed, but you may wonder why there are still credit cards with huge interest rates. The reason behind this is that although the Act was put in place to protect consumers, it does not look into the subject of interest rate in itself. It does, however, prohibit creditors from setting high fees and penalties for the customers. It also addresses consumer complaints regarding unexplained increase on the balances APR. 

Calculating Interest

Interest rates are among the most difficult issues that debtors face today. With the passing of time, interest rates also get higher. This makes it even more challenging for a person to repay his dues. When determining how much your interest rate will be, lenders will take into account your credit score. You will notice that your friend may not have the same APR as you do. If he has lower interest rates and even enhanced deals, you can guess that he has better credit.

The interest is calculated by your creditor each day using a simple formula. They take the outstanding day-to-day balance on every purchase you have made and add it to special balances, cash advances and other unpaid interest (if any). Then they multiply the total with the daily interest rate of the card. Daily interest is obtained by simply dividing the APR by 365.

High Interest Credit Cards

There are different types of interest. These include purchase, balance transfer, cash advance, and special interest (for promo transaction offers, transferring balances to another institution, and the like). Some cards have high APRs on cash advance but have low interest on purchase and balance transfers. Others, however, have high APRs.

Below are some credit cards with huge interest rates:

• Applied Bank® Unsecured Visa® Gold Credit Card – Aside from the hefty annual fee that hikes up to $180 for the second year of card ownership, the interest rate of Applied Bank® Unsecured Visa® Gold credit card is also very high. Conversely, the credit limit is very low with only $500. 
• Hooters MasterCard® - This is a rewards card for the loyal customers. Though you get five points for each dollar you spend, the APR and the annual fee eclipse the incentives program. 
• First Premier Bank MasterCard® - This credit card is loaded with charges. The APR is almost 60% and fees go over $120. Prior to that, the bank also issued a credit card product that had nearly 80% interest rate. After the bad press though, the sub-prime credit card was discontinued. 
• Best Buy Credit Cards – The retail credit cards issued by HSBC and Chase have high default interest rates. What’s worse is that they climb higher as time progresses. Despite that, there is a grace period so it is best that you pay off everything you owe to avoid getting smacked with huge interest rates. 
• Applied Bank® Gold Match Plus™ Visa® - This card is a combination of secured and unsecured credit card. You have to make a security deposit to open an account but Applied Bank® guarantees that you will get twice the amount you deposited as your credit limit.  The APR may not be higher than the other cards in this list but it does not have a grace period. The annual fee is enormous and there is a monthly maintenance fee as well.

      As much as possible, steer clear from credit cards with huge interest rates, especially when you are prone to emotional spending. Such cards can lead you to debt. Look, instead for cards that can help you balance your finances, such as low interest credit cards with no annual fee.

Credit Cards with Late Fees

If you signed up for credit cards with late fees, this means that you will be charged whenever you delay the repayment. In other words, if you pay after the due date, a late fee is imposed. Most repayment schedules are appointed anywhere around 21 to 25 days after the conclusion of the billing cycle. In some cases, late fees are also charged when card holders pay below the minimum payment.

How Much is a Late Fee?

Not all credit cards have late fees. Some that do even waive this charge to loyal and responsible customers. Nevertheless, every consumer has the right to know how much the card charges for delayed payments. Before signing the agreement, ensure that every important detail about the card is on the paper.

Some issuers base the late fees on the credit card balance. Usually, issuers base their computations on certain percentages. For example, if you have a balance of $500 or below, you may be required to pay $15, which is 3% of your balance. If you go over $500, you would be obliged to pay $30.

You may also find issuers that have a fixed rate on the late fee no matter how little or big your balance is. The new Credit CARD Act of 2009, however, has set a maximum late fee for the companies to follow. The maximum is $25, but it can go up to $35 if the consumer has a delayed payment record within the previous six months.

Credit Cards that Charge Late Fees

It is not to say that you should avoid cards that have late fees. As a matter of fact, they teach you how to be a conscientious card holder. If you don’t want to pay the late fees, you don’t have to, as long as you always pay your bills on time. Here are some of the credit cards that have late fees:

• American Express® Credit Cards – Blue, Gold, and Platinum Membership Rewards® all require you to pay the late fee of $25. If you make another late payment within the next six months, this will rise to $35. Note that you will not be charged more than your minimum payment due.
• Citi® Credit Cards – Citi Forward®, Platinum Select®, and Dividend are among the Citi® cards that have a late fee of $35.
• Chase Credit Cards – Both Freedom® and Slate® have a late fee of $35. Meanwhile, if you want to get a Chase SapphireSM credit card, the late fees are based on your balance. For instance, if you have a balance of $250, the late fee is $15. For those with a balance of over $250, they will be charged $25. Chase business credit cards have higher fees but have the same tiered fee arrangement as SapphireSM.

Late fees are not an attractive credit card feature, but most cards have this so you should be wary when using your card. Know your due date, allocate funds for your monthly payment, and pay on time – these are the three steps that will help you avoid late fees. Electronic transfers and mailed payments may take a few days before they are received. Remember that your payment must be obtained by your issuer before or on the deadline to avoid these fees.

Low Interest Credit Cards with Balance Transfers

The economy is slowing down, prompting people to look for ways to save money. If you have a credit card with large interest, a good method is to use a low interest balance transfer card. This allows you to repay your current balance at a much lower rate. There are also cards that do not have interest rates for this particular transaction over a predetermined period, enabling you to save more money.

If you are planning to get a new credit card that has low interest rates and is perfect for balance transfers, here are the top choices:

Citi® Diamond Preferred® Card

A simple way to save money on your balance transfer, the Citi® Diamond Preferred® Card is created for this purpose. You can transfer your existing balance to this card without paying interest for over a year. Aside from that, this card has no annual fee but comes with attractive perks. This is a rewards credit card that will give you cash bonuses each time you make a purchase.

Citi Simplicity® Card

This is another highly recommended credit card for those looking for low interest cards that accept balance transfers. One of the best things about this card is that it will not charge you with late fees. Therefore, if you are struggling to pay your bills, you do not have to worry about additional charges. This proves that this card is truly a simple way to get rid of your debts.

Discover® More® Card

For over a year, you get a stress-free life with this card. This is because it offers no interest rates on balance transfers while giving you the same offer on all purchases. This is also a rewards credit card that gives you cash rebates whenever you purchase from grocery stores, drugstores, and gas stations. This card has no annual fee as well.

U.S. Bank Visa® Platinum Card

If you need to transfer your existing balance, this is a low interest credit card to consider. This card also gives you 0% interest on all your purchases, allowing you to exploit the card whenever you wish. The variable APR once the intro offer expires is very low especially if you have excellent credit. This card has no annual fee and offers protection against fraud.

Slate® from Chase

One of the most preferred credit cards has joined the low interest with balance transfers bandwagon. Chase Slate® requires no payment when you transfer your balance for the first 2 months of card activation. Most credit cards may have low to zero interest but they have a transfer fee with respect to the balance being transferred. This card also has a Blueprint feature which helps you avoid paying more interest fees.

Chase Freedom® Visa

Sign up for this card and enjoy 0% APR for the next 15 billing cycles. Purchases do not have interest fees for six months while balance transfers are interest free for a year. This recent change has made this credit card one of the top credit cards with low interest on balance transfers and purchases.

Best Cash Back Credit Cards 2012

Cash back credit cards are a great tool if you want to earn rewards and rebates from your spending. Since the rewards are in the form of cash and not in points or miles, they are extremely flexible, letting you spend them on anything. The cash back credit cards have been ranked according to customer satisfaction and excellence in rewards. Here are the best credit cards for this year so far:

Chase Freedom® Visa

From the moment you own this card, you can start earning rewards. The required amount that you need to spend is reasonable so it is easier to gain extra incentives. Each quarter, there are rotating categories that you can sign up for. This lets you get access to huge cash back rewards. That’s not all; you can even earn cash back every time you make a purchase. There is no minimum required amount of purchase in order for you to qualify for the annual bonus. In addition, you can earn as much cash back as you want, store them for future use, and redeem them whenever you want.

Citi® Dividend Platinum Select® Visa® Card

If you are looking for a no annual fee credit card that offers stunning cash back rewards, the Citi® Diamond Preferred® Card is a great choice. Become a card holder and spend credits on your purchases to get cash back automatically. You can get a large percentage of your entire expenditures when you use your card to pay for your purchases at their partner companies. These include Old Navy, Banana Republic, and Gap. They also have rotating categories that you can sign up for to gain big rewards.

Discover® Motiva and Discover® More® Cards

These two cards do not require that you pay for an annual fee to enjoy their exceptional rewards. Each purchase you make will not go unrewarded. What’s more, you can get back a very high percentage of your expenses if you shop online via Discover.com. Aside from cash backs, they also have an introductory 0% offer on both purchases and balance transfers. The interest rates on Motiva are higher than the Discover® More® Card. However, if you are a good customer and you pay all your bills on time, you will get lower rates eventually.

Blue Cash EverydaySM Card and Blue Cash PreferredSM Card from American Express

Spend enough credits and you will get instant cash back rewards. Blue Cash PreferredSM Card offers higher cash back but Blue Cash EverydaySM Card has no annual fee. Both cards require that you have excellent credit to get approved. Cash back rewards are given in the form of dollars which you can earn unlimitedly. These two cards are straightforward with no rotating categories, just plain cash back on all purchases.

1-2-3 REWARDS® Visa® Card

This card is issued by the US Bank and it gives you unrestricted rewards at various partner stores including Kroger and City Market. Earn points and once you reach a specific number, you can get groceries for free. Furthermore, you also get to save on every gallon of fuel that you purchase at the fuel centers of Kroger Family of Stores. The APR is also lower than most cash back rewards cards.

So far, these are the best cash back credit cards of 2012 based on the review of consumers. 

Instant Approval Credit Cards

It is a known fact that not all people have the attribute known as patience. When sending out credit card application, you may have to wait a few weeks or even months just to learn that you have been denied. If you want to quickly know whether your application has been approved or turned down, go for instant approval credit cards. Usually, you will find online applications that only let you wait for 60 seconds.

A Word of Caution

It is recommended that you only apply for two to three credit cards at the same time. If you do this excessively, your credit history will be affected in a negative way. It is also helpful if you know your FICO or credit score. You may be applying for a credit card that requires excellent rating when you only have good rating. Issuers base their decisions mostly on your score.

List of Instant Approval Cards

Below are a few cards that offer instant approval. The benefits and features of each are also given to give you the opportunity to compare each of them and to make a good decision on which one will best meet your needs and your lifestyle.

Walmart MoneyCard MasterCard Prepaid Card. You can apply for this credit card online. You do not have to pay the issuance fee. There are also no overdraft fees and no minimum balance needed. If you have bad credit or you do not have a savings account, this card is perfect for you. Note that it is a prepaid card, which means that you need to deposit money on this account in order for you to use it for purchases.

DiscoverMore Card. This one has no annual fee and gives back cash rewards each time you use it for travel, and dining. Other expenses will give you rewards as well. This also has built-in protection against scams and fraudulent credit card charges.

Miles by Discover. If you are a frequent traveler, this card is perfect for you especially if you wish to know immediately if you have been approved or not. You can get thousands of bonus miles for your first year of owning the card. This has no interest fees on balance transfers for half a year and does not charge an annual fee ever.

First Progress Platinum MasterCard. A secured credit card, approval rate for this is really high. However, this may only work for you if you are a resident of the United States. You may not also be approved for this card if you live in Iowa, Arkansas, Wisconsin, and New York. The security deposit for this is refundable if you pay off your balance.

The First Progress Platinum Mastercard is great for people who have debt or those who are just starting out with building their credit history.

Apart from those listed above, there are still several instant approval credit cards that you can choose from. Most of these types of cards do not check credit history, but there may be a few that will consider your credit score. It is, therefore, imperative that you select the right card that fits your current situation. Learn about the requirements of each card first before you submit your application.

Secured vs Non Secured Credit Cards

With the popularity of credit cards nowadays, it may already be a given that you know what they are, what they are used for, and how they may affect the lives of people. However, not all people may be aware that there are different types of cards and that they may fall into two major categories: secured and unsecured.

Both secured and unsecured or non-secured credit cards may be used for the same purpose. However, they also have several differences that distinguish them apart from each other.  

The Big Difference

Both secured and unsecured credit cards can be used for purchases. They may have a rewards program for their customers and both may have rates that you need to pay yearly or monthly. However, they have a remarkable dissimilarity that most people tend to disregard. A secured card is easier to get but there’s a catch. You need to have a savings account, which will secure your line of credit before you can get this card. On the other hand, a non secured credit card does not require you to have a savings account, but is more difficult to acquire because most creditors require that you have at least fair credit rating.

Which to Choose

There are plenty of reasons why you should go for unsecured credit cards. There are also several reasons why a secured type may be the right one for you. To help you select correctly, here are some considerations that you have to think about:

• Annual Fees – Unsecured credit cards typically don’t have an annual fee. Those that charge annual fees typically have better rewards programs and perks that customers can avail of. Meanwhile, almost every secured card has an annual fee. Aside from that, most of them have an application or processing fee. You can even find a secured credit card that charges you a customer service fee.
• Quick Approval – If you want to get a card that has high approval rate and which you can get almost right away, a secured credit card is for you. The application process for this type is simple and usually, all applicants are approved regardless of their credit history. However, to be approved, you should be willing to spend a little cash on the security deposit as well as on other fees.  Unsecured cards, on the other hand, may take some time for applications to get approved. In addition, you may be required to have at least a credit score of 600 to 725 to be approved. Rewards – Years ago, secured cards didn’t offer rewards to the cardholders. Now, there are plenty of these types that offer stunning rebates and even discounts. However, if you really want a card that gives you greater benefits and incentives, an unsecured credit card is what you are looking for.
• Financial Assistance – If you are struggling with debt, it may be best to choose a secured credit card as this will help you to control your urge to buy unimportant things. With this, you will be obliged to live within your means since you will only be able to spend what money you may have in your account.

Making a major financial mistake can affect your life a great deal. A credit misstep will result to bad credit rating, which, in itself, has a lot of negative consequences. To avoid making blunders, it is important that you know which type of card to sign up for. Apart from that, you should also make an assessment on your financial ability before deciding to jump onto the credit card bandwagon. Are you a disciplined spender? Do you have good credit rating? Do you have the capacity to pay your bills on time if you are able to spend more than you originally intended? Knowing the answers to these questions can help you determine which of the major types ofcards available is right for you. It will also help you decide whether getting a card is really right for you.  

Credit Cards with Low Foreign Transaction Fees

Abroad trips are undoubtedly expensive. If you’re a frequent international traveler, it is significant that you check your card first before you use it for your expenses. There are cards that have high interest rates while others resist the trend and decide to drop foreign transaction charges. Once known as currency conversion fees, they may be favorable for those searching for big rewards in return. However, for simple and undemanding consumers, credit cards with low foreign transaction fees are much more attractive.

Facts about Foreign Transaction Fees

If you own a MasterCard or a Visa credit card, there will be a processing fee. This is applied on all foreign transactions or those that use local currencies. Though the rate is minimal, this goes up as the issuer adds its own charge. If you travel a lot for any purpose, you may want to consider a card that has low transaction fees when used overseas.

Those with cards that have high fees on such process may find it best to switch to a card that offers 1% transaction fee at the most. Remember that when you apply for a new card, this will hurt your credit score. A few inquiries will not do much damage though especially if you currently have excellent credit.

Finding the Best Credit Card for You

When applying for a new card, note that the foreign transaction fee should not be the only thing that you should reflect on. You have to balance every aspect out including interest rates, rewards programs, and annual fees. There will also be an exchange rate. Travel experts agree that using credit cards in foreign countries will help you save money because of the auspicious exchange rate.

Banks have varying charges on transaction fees. Here are some of the issuers and details about their foreign transaction fees:

·         Discover – Most of their credit cards don’t have a transaction fee. The problem however is that Discover is not accepted freely on many areas outside North America.

·        Capital One – Enjoy no transaction fees with this company. If your card is Visa or MasterCard, Capital One will take the fee for you. The Venture Rewards Card is considered as one of the best credit cards for international travelers.

·         American Express – They charge a transaction fee but if you have Platinum or Centurion card, this is not something you have to worry about. By the end of 2010, they have announced that there will be no foreign transaction fees on both cards. This became effective before the end of March 2011.

·         Chase – They apply the standard rate for overseas transactions. However, they try to give more points and rewards to customers to overshadow the fees. One of the favorite credit cards here is the Chase Sapphire Preferred which is quite ideal for travelers. This does not only provide perks but it also lets you gain huge bonus points each year. The foreign transaction fee is waived for the first year of card ownership.

Foreign transaction fees are among the most confusing elements in a credit card agreement. It is important that you check the conditions that apply on the card regarding your purchases overseas.

0% APR Balance Transfer Credit Card

Many banks and credit card companies are now offering balance transfers with 0% introductory rates. The recent development has led most of them to provide a credit card with no balance transfer fees, annual fees, and low interest. 0% APR is an introductory offer that usually lasts at least six months.

If you have other debts, you can use a balance transfer credit card to transfer your high interest debt to the new card. If you do not want to pay high interest fees on your financial obligation, you can take a look at these balance transfer credit cards:

Capital One Platinum Prestige Credit Card

Use this card for your purchases and balance transfers and get 0% APR for a limited time. There is no annual fee and no charge on your credit account in case you encounter fraudulent purchases. Cardholders are granted with round the clock assistance during travel and medical emergencies. Cash advances and credit card replacement are also given as 24 hour services. There are hundreds of designs that you can select from to make your card more appealing for you as well.

Citi Simplicity MasterCard

Balance transfers and purchases are offered with 0% APR for several months after opening an account. When the intro rate expires, your creditworthiness will determine how much your APR will be. It is advised that you apply for this card if you have at least a good credit rating. This way, you can take advantage of the low balance transfer fees. This credit card has no annual fee and other charges namely late and penalty fees.

Slate Credit Card from Chase

If you need to transfer your current card’s balance immediately, this is the card that you should apply for. For two months, the balance transfer fee will remain nonexistent. Succeeding transfers will have 0% APR for more than a year. This is also applicable to the purchases you make against the card. This card is great for those that usually carry balances each month. It contains free services and features that will help you keep track of your payments. It also provides tools that can assist you in paying your balances quicker. In order for you to get a Slate Chase credit card, you should have excellent credit.

Citi Diamond Preferred Card

Aside from the 0% APR for more than a year on your balance transfers, this card also comes with $0 liability on unapproved purchases. This has identity theft tools that will protect you from fraudulent use. This is suitable for people who usually travel or attend concerts and other events. This is because it comes with personalized concierge services for 24 hours a day, 7 days a week. You can get assistance whenever you need to book a hotel, buy air tickets or concert tickets, and a lot more. Members are granted with special access to purchase events tickets that are not even up for sale yet. This card is the key to obtain the best seating for various occasions and affairs.

Miles Credit Cards

If you travel regularly, you will agree that free flights are the most irresistible incentive from credit card companies. Luckily, you do not have to exert too much effort just to land yourself some free air tickets. Aside from hoarding points as you travel, you also earn mileage as you make purchases. Miles credit cards are obviously designed for those who travel recurrently whether for business or for leisure.

Understanding Miles Credit Cards

Miles credit cards come in two forms. The first one is perfect for those who live in areas where there is a prevailing airline. With this type, rewards are limited to a single airline only. The other is for those who do not have a neighboring airline or those who choose to travel via different air companies. They are allowed to redeem rewards with any airline.

You can obtain a full range of incentives that you can use as you travel. You can redeem the miles that you have collected for airline tickets. You can also convert them into hotel stays and even priority boarding. Miles credit cards work just like conventional credit cards. You can use them for your everyday purchases, such as groceries and gas. Whenever you charge against your card, you get a specific number of miles for every dollar.

Top Choices

Dozens of credit cards that let you score miles are now available. One is the Starwood Preferred guest card. Issued by American Express, this provides flexible rewards for frequent travelers. This is officially a hotel card yet points are exchangeable to miles. Numerous airlines are supported with several bonuses to take advantage of. You can even earn a domestic round trip for free from the acquired bonuses.

Another great option is Chase Sapphire Preferred. The Ultimate Rewards points that you can accumulate is as weighty as this card is. Though there is an annual fee, cardholders can gain more miles than most credit cards with the same program today. Aside from the miles you earn as you pay your expenses, you will also receive an annual bonus to add to your current points.

Gold Delta SkyMiles credit card is a brilliant miles credit card issued by AMEX. Earn huge bonuses after spending your credit. Gather your miles for your next big trip and have your first bag checked without any charge. Collect as many miles as you want since they never expire even if you don’t redeem them immediately.

Credit Card Selection Tips

Compare the available choices you have before you sign up for a credit card. Look at the travel rewards and the key features as well. Some have miles cap while others have expiration dates. It is helpful if the card offers insurance on travel related situations such as renting a car and medical emergencies. You should also inspect the interest rates or the APR which can vary greatly from one credit card to another. There are also other fees that you may be required to pay such as over-limit fees, late fees, and foreign transaction charges.

Credit Card Debt Refinancing

People with credit cards tend to accumulate debt over time. Those who have been searching for an option on how to solve their situation may have already heard about refinancing. This is where you can apply for a loan and use the money to pay for all your credit card debt. Credit card debt refinancing can be done in two ways. One is to take out a home equity loan or second mortgage. The other is to transfer most, if not all, balances into another card that has low APR and high limit.

The Process of Refinancing

Refinancing is often used in paying off mortgages. For instance, if you wish to refinance your mortgage on your property, you will apply for a new loan. This loan should have a lower interest rate compared to your previous mortgage. It is recommended that the difference is at least 2% in interest. When you obtain the money from the new loan, you can now use it to pay down the other mortgage.

This process is now being applied to credit card debt as well. This is typically known as cash out refinancing, where you borrow new loan to pay off your debt. Usually, your home equity will be considered in determining how much you can borrow. For instance, if you have $300,000 debt on your home, which is originally $350,000, your lender may give you a total of $50,000. The amount reflects what you have already paid.

Why Refinance

If you need to relieve yourself from credit card debt fast, this is one of the best solutions. It allows you to gain some breathing space from your frustrating debt. Once you refinance, your credit debt turns into a secured debt, which you will pay off over a certain period. This duration depends on the conditions stated on your mortgage loan.

Probably the most important reason why you should refinance is that the amount you need to pay will be lower. This is in comparison with keeping the credit card debt and paying it off over time. Mortgages often have considerably lower interest rates than credit cards. In addition to that, the interest that you are paying on your mortgage is typically tax deductible.

Since you have displayed that you are unable to produce funds for your credit bills, you have already damaged your score. When you refinance, you help improve your rating over time. Make sure that you exercise early or on time payments to get his benefit.

A Few Things to Watch Out

Many experts advise against refinancing and they have very good reasons. Unless you know what you are doing, it is wise to avoid refinancing as much as possible. Refinancing can bear awful consequences if you don’t pay your loan. Most of the time, a collateral, which could be your home, is involved in this process. If you fail to meet the repayments, they can easily take away your property. It may also be difficult for you to find a lender that will approve your application since you have damaged or poor credit. However, if you are lucky, you may still be able to find a good issuer, such as those found at cardrewards.net, who may grant you approval with your application. 

American Express Starwood Preferred Credit Card

One of the leading cards for travelers is the American Express Starwood Preferred credit card. If you are a member of a frequent flyer program and you want to earn generous rewards, this card is perfect for you. Use your credit card for shopping and redeem free hotel stays. If you are a person who loves collecting frequent flyer miles, this is a great card to get.

Top Reasons Why You Should Get Starwood Preferred

There are many credit cards that let you collect points or miles. They can all be redeemed easily into varying perks and benefits. The Starwood Preferred from AMEX may seem like the other cards, but a close look will reveal that it has more to it than what you may think. Here are some reasons why this card is different from the rest:

1. Starwood influence. Starwood is an organization that manages and operates a great number of hotels and resorts worldwide. If you have the Starwood Preferred credit card from American Express, you can enjoy free stays, upgrades, and VIP services in Starwood hotels. These include Sheraton, Westin, Aloft, and St. Regis.  Once you have accumulated enough points, you can redeem them from any available hotel. There are no capacity limitations and blackout dates. Additionally, the redemption points are quite practical. If you are planning to stay at lower end hotels, the points required are much lower than those required for more upscale hotels.
2.  Point conversion to miles. If you participate in frequent flyer programs, you can use the points you have earned from Starwood Preferred. It is quite simple to add the points you have from your credit card to your frequent flyer account. Starwood is in partnership with many airlines so it is easy to convert the points to miles. Therefore, if you are short on miles, you can combine your Starwood points with your total number of miles. This way, you can get your free flight ticket from your favorite airline. The transfer of miles is free and most come in 1:1 ratio. You can receive bonus Starpoints as well every time you make a transfer.
3. Reliable customer service. If you have inquiries or complaints, rest assured that a customer representative will take care of your needs. They aim to impress their clients by means of responding promptly and providing effective solutions.
4. Quicker upgrade to elite status. The more you stay at Starwood hotels or resorts, the faster you reach the Gold status. What’s more, you are also eligible to earning the Starwood Preferred Guest (SPG) Platinum rank. Continue using your credit card for your hotel reservation and you will see the great difference. When you become an elite member of SPG, you can enjoy exclusive benefits. These include upgrades to rooms at the time you check in and permission to check out late. You will also earn more Starpoints once you reach the elite status.

Despite the annual fee and foreign transaction charge, the American Express Starwood Preferred credit card comes with immense generosity when it comes to racking up on miles. This is an inviting offer that no traveler can refuse.

Eliminating Credit Card Debt

It is an unfortunate fact that most of the Americans with credit cards carry a balance that results to lifetime debt.  If you wish to eliminate credit card debt, the best techniques should be performed as immediately as possible. Here are a few steps that you can do to begin reducing your debt:

Discontinue Additional Credit Card Use

If you do not stop charging on your cards, you are only adding more into your debt. This is not to say, however, that you should immediately cut your cards or close your account. Closing your accounts can have a negative impact on your credit score, so just simply stop using your cards. No need to have it closed immediately.

List All Your Debt

Write down the name of your credit card, how much you owe, the interest rate, and all other essentials. It also helps if you put the phone number of the cards in case you need assistance from a customer service representative.

Establish a Budget

Although creating a financial plan may be difficult, it is guaranteed to be an effective exercise. With it, you may be able to see how much you are spending on both necessary and unnecessary purchases.  Nondiscretionary elements, such as rent or mortgage, food, insurance, and utilities should make up most of your budget. This does not mean, however, that you will deprive yourself. You can allocate some cash to spend on entertainment and other stuff at least once a month.

Talk to Your Creditor

Don’t be afraid to talk to your creditor about lowering your interest rate. At first, a representative may tell you that this is not allowed or that he or she cannot help you. Don’t give up. Persistence is the key to this kind of situation. In truth, credit card companies can reduce the interest rate especially if the customer has been a loyal one with good payment history.

Check Balance Transfer Offers

Transferring your balance to another card may be one of your choices if you have existing credit card debt. Creditors are now offering low interest fees on balance transfers. Others even waive the interest for several months. This gives you enough time to pay your current debt without the interest fee.

Use Cash Instead of Credit Cards

Emergency situations where you need immediate funds are acceptable. However, if you will only spend on purchases that you have money for, it is unwise to utilize your credit. There is a reason why casinos use chips instead of real cash. When people view the chips, they have the notion that those don’t have the same value as money. Hence, they will bet nonstop and not worry about how much they spend. This is the same with credit cards, which is something both retailers and creditors are aware of.

Start Paying Off Debt

This is the most important part of eliminating credit card debt. The amount of time you need to pay off your debt will depend on how much you owe and your chosen method. Most experts recommend the use of snowball method while others advise against it. You can try transferring the balance of the card that has the highest rate first then pay it off. You can snowball your debt later where you pay off the card with the smallest balance.

Eliminating credit card debt can prove to be extremely challenging, especially if you are really struggling on the financial aspect. With determination, however, you will realize that this undertaking is really doable. 

Hotel Rewards Credit Cards

Let’s face it – hotel accommodations at the present time are expensive. The reality is that the prices will not go down anytime soon. The costs of both lodging and traveling have soared over the last few decades. Thankfully, there are ways on how you can save money even if you frequently travel. Enter the hotel rewards credit cards. Designed specifically for people who travel and book hotel rooms often, these credit cards can give tons of rewards including free hotel stays.

Two Types of Hotel Credit Cards

In order to find out which credit card will work best for you, there are two categories to consider:

·         Limited Hotel Card – These cards are connected with a particular hotel chain. Most of the time, you will get the best rewards if you choose to stay at that specific hotel. Among the hotels that provide a credit card are Hilton, Hyatt, and Marriott. If you stay at one hotel, this type of hotel rewards card is a gem for you.

·      General Hotel Card – This is issued by a bank or a financial institution. They have partner hotel chains as well but there is no restriction in the hotel chain you choose. Simply book your room with the card at affiliated hotels and you can get automatic rewards.

Top Hotel Credit Cards

Here are some of the best credit cards that offer rewards for travelers like you:

1.     Chase Sapphire Preferred – If you want a credit card with flexible options on the hotel where you can stay, this is the card to get. Hundreds of dollars’ worth of rewards is given when you sign up for the card. In addition to that, you get double points whenever you use the card for travel-related purchases. All other acquisitions will guarantee you a point for every dollar. If you are ready to redeem your points, there are plenty of hotel loyalty programs to choose from. You can also book flights with your points.

2.     StarwoodPreferred Guest Credit Card – This card is issued by American Express and is designed for Starwood loyal customers. For a limited time, you can earn thousands of points if you keep spending against your card. You can also be awarded with free hotel stays. Starwood has thousands of locations in almost 100 countries around the world. You can redeem your rewards even during holidays.

3.     AmericanExpress Platinum Card – If you wish to gain access to high end hotel rooms, this is the card that you should apply for. From the time you sign up for the card to your first purchase, you will earn thousands of points. These points can be converted to free hotel stays and air tickets as well. There are over 700 resorts and hotels to choose from. All of them give you the opportunity to stay at premium rooms with VIP treatment.

Aside from hotel bonuses, you can also use your credit card to qualify for elite membership status in the hotel of your choice. Evidently, there are more benefits obtained by elite hotel members.

Best No Fee 0% Balance Transfer Offers

If you have credit card debt and you are struggling with high interest rates, it may be time for you to look at low interest cards. There are no fee 0% balance transfer offers from many dependable creditcard companies in the United States today. They give you the ability to save on the skyrocketing amounts of interest fees. You can check the credit card listed below. They have some of the longest zero percent APR periods and even have the lowest fees offered today for transferring balances.

New Slate from Chase

Transfer your current balances to this card and you will not be charged for the activity. There is no APR on both purchases and balance transfers for over a year. This card offers even more savings for you. Aside from the 0% APR for an introductory period, you also do not have to pay an annual fee.

Discover More Card

This high-rated credit card fromDiscover comes with zero percent introductory APR on balance transfers. The purchases that you make with the card do not have interest as well. There are also attractive cash back bonuses in various categories that you can sign up for each quarter. The card is perfect for those that have balances but would like to have a credit card that can be used for shopping and even gas purchases. This card does not have an annual fee and additional card fees.

Citi Simplicity Card

If your current balance is still huge, you can select this card as your balance transfer credit card. This offers one of the longest 0% APR on balance transfer. For almost two years, you can have a worry-free transaction on balance transfers and even on purchases. This is clearly a long offer with flexible options as well. What’s more, you can take advantage of different helpful features of the card such as no late payment and no over the limit fees. This card does not have an annual fee, too.

Barclaycard Rewards MasterCard

Not a lot of people are aware of the Barclays institution. However, this is actually one of the larger names in the global marketplace. With this card, you get 0% fees on balance transfers for more than a year. Even though the introductory rate expires, it is encouraged that you use the card for other transactions. This is because you can get really cool rewards and high bonus points as well. It is likely that you will get your money back with just a small purchase.

Why Use a No Fee 0% Balance Transfer Card

Using a balance transfer card with no interest fees is a shrewd method of decreasing credit card debt. Usually, balance transfer credit cards do not have interest fees. If they do, they are very minimal compared to other types of cards. At first glance, this may seem like an unwise exercise since you have to get a new account to get rid of debt. However, it is a remarkable tool that effectively helps people in saving money and decreasing credit debt in the long run.

Applying for a Student Credit Card Under the Credit Card Law

Before the Credit Card Accountability Responsibility and Disclosure Act of 2009 came into existence, many creditors lured students into getting a credit card. As a matter of fact, many campuses collaborated with credit card companies. While these deals benefited the educational institutions, students that had no jobs or income easily fell into debt. This is why the CARD Act of 2009 was passed. The objective of this Act was to make sure that the youngsters stay out of debt until they graduate.

How Students Get a Credit Card

When the CARD Act was signed by President Obama, acquiring credit cards changed. Prior to that, students could easily apply for a card and get approved even though they did not have existing credit history. Now, there are rules that have to be followed by both the issuer and the applicant. If you are a student and you would like to have a credit card, you should meet the following requirements:

·         You are 21 years old and above.

·         You are 18-20 years old with an income proof.

·         You are 18-20 years old without a job but you have a co-signer.

If you are below the age of 21, there are a few alternatives for you. As mentioned, you need to have a co-signer in order for you to qualify for acredit card. You can ask one of your parents to co-sign. Doing so will provide you with the benefits similar to having your own credit card. In addition, you can build your history without the need to pay the credit card bills each month. If you default on a payment, your co-signer will take the hit. It is required by the CARD Act that the parent or the guardian sustains connection to the account even after the student turns 21. This is applicable if the cardholder cannot demonstrate his or her ability to make payments.

Another option is to become the authorized user on your parent’s credit card. This is similar to having a co-signer for the card but with an advantage. Parents will be able to immediately see if their child goes over the limit or makes expensive purchases with the card. In the co-signer option, the parent or the guardian is only informed once the bills arrive or the default state has snowballed.

Other Options for Students Below 21 Years Old

If you get denied for your application or you do not meet the requirements given above, you can use debit cards instead. The problem with a debit card is that it does not do anything to your credit score. However, since it is connected to a bank account, you can stay out of debt as you rely on cash.

To build your credit, you can use secured credit cards. You are required to deposit cash for the account. The deposit will be used for security purposes in case you default on your payments. The amount you deposit will be used to determine your credit limit.

The CARD Act aims to keep young people away from early financial obligations. The new law also encourages students to participate in educational programs that tackle proper debt and credit management.

Low Interest Credit Cards: Ways to Decrease Your Interest Rates

Carrying balances from one month to the next can be a problem and can hurt your credit score. You can lessen the burden on your budget by opting for a credit card that has low interest rate. There are even credit cards that offer no interest rate for a certain period of time. Enjoy charging against your card for your expenses without worrying about the high interest rates.

It does not matter if you will use the card to book for a hotel room, rent a car, buy home appliances, or transfer an existing balance. The knowledge that you will not pay soaring interest fees at the end of the month is reassuring. If you are currently paying high interest rates on your card, there are ways on how you can decrease it. Here are some of them:

1.     Know Your Exact APR - Look at you credit card bill. Your Annualized Percentage Rate or APR is found either at the top or bottom. If you cannot find it, contact your issuer immediately.

2.     Study Your Choices – There are numerous credit cards to choose from today. Make sure that you do your research patiently and compare their interest rates. In some cases, you will find that your creditor is offering lower interest rates to new customers. Know this as well before you call the company to ask for a lower rate.

3.     Your Interest Rate Should be Based on Your Credit Rating – If you have good to excellent score, your interest rates should be lower. If you do not know what your credit score is, you can request for it from any of the three credit bureaus. You are entitled to get a copy of your credit rating once a year for free. The process may take a while and it is often a challenge. However, you should make the effort so that you can diminish your current interest rate in due course.

4.     Call Your Issuer – This is the negotiation process. If you think that your current interest rate is unjust, tell them that and state your reasons. At first, you will most likely be told that they cannot help you. Don’t give up just yet because your efforts will definitely pay off in the end.

Credit Card Choices

There are many choices for low interest credit cards in the market. You only need to know where to look. With the advent of technology, particularly the Internet, these days, it has even become easier to sort through all your possible choices.

Some of the many options that you have for cards with low interest rates include, Clear Platinum Card from Citibank, Commonwealth Bank Low Rate Credit Card, and Westpac Low Rate Card, Virgin Low Rate Credit Card, Bank of Melbourne Vertigo Credit Card, and ANZ Low Rate MasterCard.

Credit cards are helpful financial instruments. As a customer, you should choose the one that meets your needs and budget. Low interest credit cards can aid you on your expenses, but you need to ensure that you are able to pay your bills on time to maintain the low rate.

Selecting a Credit Card for Your Business

Small businesses can benefit from having credit cards. The problem, though, is that the interest rates constantly change and there are programs that can be confusing. This is why it can be difficult to select a credit card for your company. If you are currently in the process of searching for a credit card for your business, here are some important aspects to consider:

Rewards Program

Debit cards are a great option for businesses. However, if you wish to gain more rewards at a shorter span of time, a credit card is a better choice. This is because you will need to spend more in order to get huge rewards points with debit cards. On the other hand, you can opt for a rewards credit card that has a special rewards program. As you rack up more points, you can qualify for a great number of incentives and gifts, which could include office supplies, software and phone services.

Most rewards programs have limitations or restrictions. Make sure that you know these restrictions by reading the credit card agreement presented to you by your chosen issuer. This way, you will know if the offers are really worth getting the card or not.

Interest Rates and Fees

It is no secret that a credit card has many fees. Therefore, before you sign up for one, you should know how much it will cost you. In general, there are two fees that you will most likely pay. These are the interest rates and the annual fees. Interest rates are found on both consumer and business credit cards. They can prove to be quite heavy for your pockets, particularly when you do not pay your balances on time.

Annual fees, on the other hand, are charged against your account once a year. You may find it a bit tricky to locate a business card that does not have an annual fee. If you do, you will mostly be required to have an excellent credit history before you could be approved for the card.

Credit Card Recognition

It is wise to go for a credit card that is accepted virtually anywhere. This is quite useful if you travel a lot. There are cards that are accepted in more places around the world than others. Make sure that the card you choose can be used in areas that you usually visit. This way, you will not be left without credit or even cash.

More Helpful Features

Business credit cards come with fraud protection. However, not all of them offer the same policies. Take a look into this aspect before you sign up for a card. You will be using your card on many transactions for your business and, as such, it will not be a surprise that your card number will be available to a ton of vendors. There is always a risk in this kind of situation. Your credit card company should be prepared to quickly cancel your card upon your request, particularly in instances where there is suspicious activity or fraud involved. In addition, you should not be charged for any falsified purchases.

Your business credit card should also provide you with online access and all-day customer support. Grace periods should also be offered where there are no interest fees on certain transactions.

What is the Credit Card Act of 2009?

The Credit CARD Act of 2009, was signed by President Barack Obama on the 22^nd of May 2009. This Act was put in place to protect consumers against deceptive or unjust practices of credit card issuers.

Providing Extensive Consumer Security

Primarily created to protect consumers, this Act prohibits creditors to increase their interest rates for whatever reason they may have. The creditors may, however, increase interest rates in an event where the card owner is not able to pay his or her bills for over 60 days. If, for this reason, the issuer has increased the interest rate, they are required to review the account six months after the increase took place. If the customer has proven that he can pay on time, his APR can return to the previous rate.

In connection to interest rates, they should not be added within the first 12 months of card ownership. Most companies have promotional rates, which have to remain for at least six months. If there are significant changes within the conditions that the consumer agreed upon, the issuer should provide notice 45 days before the modifications are applied.

Fees for going beyond the credit limit are no longer allowed except when the customer agrees to undergo such restriction to get accepted for a credit card account. Credit card bills are required to be sent at least 21 days before reaching the payment due date. If the customer pays by 5 PM on the arranged date, the creditor should consider it as an on-time payment.

Looking After Young Customers

Before the CARD Act came into effect on February 22, 2010, individuals who reached 18 years old were allowed to get a credit card. When the law was passed, no one under the age of 21 is allowed to have a credit card. An exception is made for those that have income proof that meets the debt repayment plan. If not, there should be an adult cosigner. If a college student is an authorized user on their parent’s joint credit card account, they should acquire permission from the adult to increase the credit limit.

Better Disclosures for Consumers

Creditors are required to let consumers know how long it would take for them to pay off the balances if they only pay the minimum payments monthly. The total interest and major rates should also be disclosed to the consumers who pay the minimum bills. Postmark date and deadlines should clearly be revealed to the customers as well.

Permission to Decline

Consumers are given the right to refuse changes in the terms of their credit card account. For instance, if there is an increase in the interest rate, the consumer can choose to opt out. This means that he or she may not make purchases with the card. However, the previous interest rate will be used as the consumer pays off the remaining balance. As mentioned, anytime there is an impending change in the agreement, the customer should receive a notice 45 days before the change. The letter of notification should clearly state the steps to take in opting out of the amendment.

Gas Credit Cards: Their Benefits and Disadvantages

Due to the constant rise of gas prices, many credit card and gas companies are offering gas credit cards to their consumers. As a matter of fact, there is a 14% increase in the number of companies that provide gas credit cards nowadays. These cards have many advantages. However, they also have disadvantages that you, as a consumer, should know about. Knowing both the positive and the negative points of these cards is crucial to determine whether a gas card is right for you.

What is a Gas Credit Card?

A gas credit card is specifically designed for people who are in constant need of purchasing gas. It can be used to purchase fuel at gasoline stations at lower costs. These include but are not limited to Chevron, Exxon Mobil, and Texaco. It can also be used towards other gas-related transactions. Basically, this card is meant to give you discounts on fuel, although some types may also offer points on purchases not related to gas.

This card is issued by leading credit card companies and banks that have a collaboration with specific gas stations. If you would like to get a gas card, the process is pretty much similar to a regular credit card. Your financial information will be evaluated and your credit score and payment history will be checked.

Benefits

There are a number of benefits offered by gas credit cards.  The most obvious is that you can save a lot when you purchase gas at your preferred gas station. Depending on the type of card you have, the discounts on gas prices could possibly go over $10 per gallon. There may be requirements needed to take advantage of this offer, however. For instance, you may be required to purchase a specific number of gallons of gas within the first month of card ownership before you can get the discount.

There are also other rewards that you can get with this card, such as 1% to 5% cash backs on groceries and other non-gas acquisitions. There are also special gas cards for travelers. You can use them to earn discounts on hotels and in renting cars. There are some that may also allow you to convert your earned points to air tickets.

Disadvantages

Like any other cards, a gas credit card may also have several disadvantages. One is the annual fee that usually goes with it. Some issuers, though, may waive the fee for the card on the first year. Apart from the annual fee, there are also other fees, such as cash advance fees, overcharge fees, and late payment fees. There may also be restrictions on the gas station where you can accumulate points. In addition, some of these cards may have expiration dates for earned points.

Each card, whatever its type, has its own perks and disadvantages. Comprehend the terms and conditions of the card first before you submit an application. It is best to apply for a gas credit card if you have a good credit rating to enjoy great deals and rates.

How to Apply for a Joint Credit Card

A joint credit card is perfect for married couples or people involved in a monogamous relationship. This type of card can contain two names of people on a single account and allows both account holders to enjoy the same purchase power and credit limit. If you and your spouse are planning to apply fora joint credit card account but don’t know how, here are some helpful steps:

Step 1

Obtain a credit card application. There are three ways to get an application form. You can go to the bank of your choice and request for the form, visit the website of the issuer and get the application form there, or check your inbox. There is a huge chance that you may have already been offered a credit card application via email.

Step 2

Determine who will be the primary and secondary cardholder. Talk this over with your partner and decide carefully. The primary cardholder will basically have his or her name printed on the monthly bill. If you want to have the highest possibility of getting a high credit limit for your account, it would be best to choose the person who has the higher credit score to be the primary cardholder.

Step 3

Fill out all the important details required on the form. These will include your birth date, full name, home and work address, job details, annual gross income and social security number. Whether you apply on paper or online, you will have to provide the same information.

Step 4

Flip the form over to see the Additional Card section. This is for the secondary cardholder to fill out. The information needed in this part is very minimal. Typically, only the full name, social security number, and the birth date are required.

Step 5

Before submitting the application form, you should verify that all signatory fields have been signed. Online applications are digitally signed by hitting the Submit button. Once filled out and signed, you can return the form to the issuer or mail it to them. Submitting the application denotes that you completely understand the terms and conditions implemented on the credit card account. These include the repayment of debts and fees. The signature of the secondary cardholder signifies that he or she understands that all the negative activities with the card will influence both parties’ credit history.

After mailing the form, you can wait for the approval or the denial of the application. Usually, you will receive the mail two to three weeks after submitting the application. Remember that even though the primary cardholder is responsible for the payment, both people’s credit history will be evaluated. Although you are not the primary cardholder, any credit misuse will legally impact your credit score. Therefore, both of you should be responsible enough to handle credit card usage.

A joint credit card account is ideal for couples who trust each another. Both can use the same card and charge purchases against it. Splitting the bills is convenient as it enables easy management of credit card bills.