Credit Card vs Debit Card

You’ve heard the phrase about a million times right before you swipe your card through those Point of Sale (POS) terminal at the grocery or department store. (By the way, why the crap can’t those things all work the same way? I have to guess the order of operation at each retailer. Do I swipe then press credit? Do I tell the clerk what I’m using first? Do I press cancel to use credit? You have two choices in this situation. (1) Ask the clerk, Continue reading →

Why You Should Do Credit Card Arbitrage

I wasn’t going to ever write about credit card arbitrage, but a couple of fellow PF bloggers have had some experiences within the last week that I felt deserved comment. First I read Q’s post at $1 Million to My Name about how he’s finally succumbed to the lure of 0% balance transfers. Credit card arbitrage, or 0% balance transfers, are a common way some personal finance-savvy people make a little ‘free’ money. Essentially, you apply for a 0% balance transfer credit card with a large credit Continue reading →

Credit Card Approval Criteria & Best Use of Credit Cards

Credit Cards are small plastic cards that can give you financial flexibility. There are different types of credit cards that are issued by financial companies. Examples of these are business credit cards, student credit cards, and secured credit cards, among others. But before somebody gets approved for a card, a series of background check is performed first. And all credit card companies, including those providing online credit cards, use them. Credit Card Approval Criteria Used in Issuing a Credit Card Creditworthiness.  Creditworthiness corresponds to a Continue reading →

Are Credit Card Companies Really Charging 83.3% Interest?

Everyone pays attention to the interest rate when shopping around for credit cards, but Finance Charge policies are rarely glanced at. Are credit card company’s are really charging you 83.3% interest?   The normal credit card APR ranges from 12%-29%.  When a customer receives a $1000 loan from a bank, the bank in turn has the legal right to charge interest on the rate you borrowed the loan. If, for example, the interest rate were a fixed 10%, cost of borrowing the original $1000 would be at Continue reading →

The Disadvantages Of Credit Cards

Credit cards can really be your savior in particular on occasions that you don’t have enough cash inside your pockets to buy an item that is badly required. It can give you the possibility of shopping for a range of items, supplies, services and properties without having to pay for them at once. On the other hand the disadvantages of credit cards can go ignored in the short run, but in the long run it’ll catch up with you. Disadvantages of Obtaining A Bank Credit Continue reading →

How To Pay Off Debt With No Money

Achieving Financial Freedom is not an easy task.  Credit card debt is one of the most common types of debt and often times the hardest type of debt to pay off. While you may only owe a couple of thousand of dollars on your credit cards, if you are only paying the minimum amount due you could actually end up taking several years to pay off the credit cards and in total pay more than double the amount you actually owe. To avoid this problem, Continue reading →

Hidden Facts About Credit Card Companies

Credit Card Companies & Credit Card Debt Credit card debt is the most common contributor of debt for most people; however, very few people know exactly what credit card companies are allowed to do and not allowed to do when it comes to their credit. Understanding what boundaries credit card companies must abide by can help you to become one step closer to better managing your debt. First, it is important to understand that contrary to popular opinion credit card companies have the absolute right Continue reading →