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CREDIT CARD NEWS YOU CAN USE?
Updated daily by Frankford Financial ?2008 All Rights Retained. Unauthorized duplication strictly prohibited.
(understanding this can help you avoid debt and maximize your card benefits)
When it comes to defeating debt, your personal spending habits and credit card style often dictate whether you get buried or fly high above financial liability. Would you buy a television with your credit card? What about a high–end digital camera or camcorder? Would you pay for your month's allotment of groceries, gasoline and your cell phone bills? Would you make all of those purchases on your credit card the same month?
To determine what kind of credit card user you are, first think about your monthly statements. Do you carry a balance? Always? Ever? Never? What sorts of purchases do you put on plastic? Read on to discover what type of credit spender you are and learn how to maximize your personal credit card behaviors to relieve and avoid debt.
Credit Savvy Consumer : You value credit not necessarily for its ease of use and convenience, but for the benefits it brings to you. You've got rewards cards out the wazoo and your frequent flyer miles are going through the roof. You know how to maximize on your rewards and capitalize on great savings by shopping when things are on sale, applying a coupon and paying for the remaining balance with your rewards card, earning you an additional percentage back – all in the same store.
If you can get a nice discount on your purchases by signing up for a store charge card, you might just do it. Best of all, though, you refuse to carry a balance. You know how quickly that interest adds up, and you don't want to spend a dime on anything unnecessary.
What else is there to say? Keep up the good work – paying off your balance on time and in full each month. Continue scouring for coupons, wait until the items you want are on sale if possible and send away those rebate forms for additional cash back. Remember that any cash you are able to save or earn with smart spending is cash you wouldn't otherwise have if you spent frivolously and carried a balance each month. Nice work!
Convenience Loving Plastic Payment Patron : When it comes to things that require little time and energy, you're the first in line. You don't mind shopping online if it saves you a trip to the store, and you'd rather swipe the plastic payment card than count out $27.48 at the grocery store. You'll be most likely to charge things like gasoline, groceries and your cell phone bill, among other minor expenses and the occasional impulse item or "present to yourself."
When it comes to paying for all these items, you are usually very good about paying off the balance. However, every once in a while, you just can't swing it. You might carry a balance for a month or two at a time and then return to paying it off every billing cycle. To get yourself into great financial shape where you never have to pay interest on your credit cards, review your billing statements and consider each purchase. Were you really obligated to purchase those five compact discs and two DVDs in the same month? Did you need to go out for Chinese food, pizza and a fancy dinner that closely in succession?
Next time ration your spending and try to stay within your means. It is all right to carry a balance if you are comfortable with it, but just be careful not to venture into spending habits that require higher interest rates.
Die–Hard Debtor : If you can eat it, drink it, wear it or fit it into your house or garage, you'll buy it…with plastic. You may have started running your tab long before you realized the true impact of putting everything on your credit card. Remember that study abroad trip in college or your most recent family or personal vacation? Those restaurant bills, grocery bills, impulsive excursions and bar tabs add up. Fast.
If this sounds like you and your spending habits, now is the time to take action. Cut out unnecessary spending from your weekly budget. Sit down and determine how much you spend on the following each month: fuel, food, rent/mortgage, medical expenses, car payments, student loans and utilities. To preserve your sanity, throw in an addition $20, $50 or $100 for personal spending needs – an allowance of sorts – for the month.
Once you have examined all your monthly financial obligations, review the past three or four credit card statements and compare the dollar amounts to your estimated monthly expenses. How much did you go over your estimated spending needs? Is there something on your credit card statement that you can cut out in future months? With some discipline and slightly modified spending habits, you can start digging your way out of debt immediately.
Save yourself from those high–interest payments by putting a plan into action. Once you decide to make a commitment to yourself to reduce your credit card debt, write it down somewhere. Studies show that those who write down their goals on paper tend to achieve them more often than those who do not write down their goals.
Kathryn M. D'Imperio, Analyst, Frankford Financial
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Maximizing value from your CashBack, Points or Rewards Low Interest Credit Cards
If you're not gaining the amount of CashBack, Points and Rewards that you'd like, here's a suggestion-use your CashBack, Points or Rewards Credit Card for absolutely every single purchase you make. But! Do it in conjunction with the checkbook you'll use to pay your monthly bill. After every purchase using your CashBack, Points or Rewards Credit Card, record the purchase in your checkbook as a debit. At the end of the month when the bill comes you've already allotted for the amount necessary to pay your balance because you've been debiting it's charges in your checkbook register all along. So when you pay the bill it won't hurt a bit. Obviously this method requires discipline but just think of what you could earn over the course of a year's expenses.
Gas Crisis...What Crisis?
Reduce the price per gallon yourself try a CashBack Gas Card from one of our Banks. Secure it to your Car's KeyChain or KeyRing or Apply for one of our unique Car KeyChain Gas Cards then your Gas Card is readily available every-time you gas up. Some of our cards offer as much as 10% CashBack on every fuel purchase. Gassing up that big SUV could save you over $6.00 a tank...but whatever you drive you're reducing the price per gallon. Example $1.89 per gallon gas falls to $1.70 per gallon when you the Top Consumer Pick: The Discover Gas Card...offering up to 10% cash back on your gas purchases.
How many Credit Cards you might consider maintaining
Yet another topic of great debate amongst Financial Advisors. Some Financial Advisors will use The Old School rule of thumb and tell you cut up every Credit Card that you aren't using, other Financial Advisors will tell you acquire as many Credit Cards as you can within the guidelines of your Credit Rating. Truth is, it's more complicated than that. It should be a decision based on several factors including your FICO score, current Credit Card debt ratios, other debt ratios and your overall current financial standing. You can review your FICO scores and get a Free Credit Report from the main 3 Credit Bureaus here. Yes, A Free Credit Report. This is NOT a 3rd party report that baits and switches with something to sell. This is from Equifax, Experian, and TransUnion LLC. Please Note: often times these reports are available at no charge depending on your state of residence and/or financial circumstances. The rules vary.
Equifax
Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
To order report: 1-800-685-1111
To report fraud: 1-800-525-6285
Experian (formerly TRW)
National Consumer Assistance Center
PO Box 2002
Allen, TX 75013
To order report: 1-888-397-3742
To report fraud: 1-888-397-3742
TransUnion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
To order report: 1-800-888-4213
To report fraud: 1-800-916-8800
The absolute best advice we've discovered on this topic is from our preferred personal finance best selling author, Suze Orman. Like we always say, Suze Knows Best, Suze's New York Times Best Sellers are "9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying", "The Road to Wealth: A Comprehensive Guide to Your Money" : "Everything You Need to Know in Good and Bad Times", "Suze Orman's Financial Guidebook: Put the 9 Steps to Work", "Suze Orman's Protection Portfolio: Will & Trust Kit. The Forms You Need Today to Protect Your Tomorrows", "The Courage to Be Rich: Creating a Life of Material and Spiritual Abundance", "You've Earned It, Don't Lose It : Mistakes You Can't Afford to Make When You Retire", "The Laws of Money, The Lessons of Life: Keep What You Have and Create What You Deserve" We have pre-sorted the best personal finance books for you on our homepage with a link to Suze Orman's FICO Kit. Frugal financial advice from best selling author Suze Orman. Suze Orman's Books and Suze Orman's FICO kit are smart choices for the frugal minded.
What might be a good first Credit Card for those with limited Credit History
It is very important to remain current on all of your bills. Not doing so will certainly jeopardize your Credit History and FICO Scores. Establishing a consistent payment History will help you qualify later for the major Credit Cards. You could also try applying to a Department Store or an Oil Company's Gas Credit Card, and see if you get approved. Those Credit Cards can be a good initial starting point. Carrying a small balance on Department store Credit Cards or Gasoline Credit Cards can be a good idea because it shows Creditors that you can handle an outstanding balance. With a Secured Credit Card, you place a deposit with the Credit Card company and they provide you with a Credit Card. Often times this can help in establishing or rebuilding your Credit History.
You can get a lot of varying opinions from Financial Advisors on the Internet but, the absolute best advice we've discovered on this topic is from our preferred personal finance best selling author, Suze Orman. Like we always say, Suze Knows Best, Suze's New York Times Best Sellers : "9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying", "The Road to Wealth: A Comprehensive Guide to Your Money" : "Everything You Need to Know in Good and Bad Times", "Suze Orman's Financial Guidebook: Put the 9 Steps to Work", "Suze Orman's Protection Portfolio: Will & Trust Kit. The Forms You Need Today to Protect Your Tomorrows", "The Courage to Be Rich: Creating a Life of Material and Spiritual Abundance", "You've Earned It, Don't Lose It : Mistakes You Can't Afford to Make When You Retire", "The Laws of Money, The Lessons of Life: Keep What You Have and Create What You Deserve"
You might also consider "The Automatic Millionaire", or "Smart Women Finish Rich", or "Smart Couples Finish Rich" or "The Finish Rich Workbook" By David Bach who you may have seen on the Oprah Winfrey shows Automatic Millionaire: How to Become One and How to Be a Millionaire.
Consolidating your Credit Cards
This is a topic of great debate amongst Financial Advisors. One approach might be to transfer your balance to another Credit Card at a lower interest rate by selecting one of our Low Interest Credit Cards with No Balance Transfer Fees. That might help you pay down your balances quicker because a larger amount of your monthly payment would be going toward paying the principal instead of finance charges. Pulaski Bank has an outstanding value with such a Credit Card that we're currently offering at 4.75%, Yes, 4.75%! But, keep in mind you will need a Superior Credit Rating for approval to the Pulaski Bank Credit Card. Even though this Credit Card has a $35-$50 (gold is $50.00) annual fee, this Credit Card can be a very good deal if you carry high balances on other Credit Cards.The intro rate is 0% on Balance Transfers for 6 billing periods, and then the Annual Percentage Rate (APR) is only 4.75%. There is no Balance Transfer or Cash Advance Fees, and the Pulaski is one of the few Credit Cards still having a 25-day grace period. Or, you could take an alternate approach and Apply for a 0% Intro, with a Low FIxed Rate of 9.24% with our American Express Blue Cash Credit Card. Again, you will need a Superior Credit History to qualify for this Credit Card.
American Express announces a new Credit Card for New York City: IN:NYC
If you're a New Yorker or are planning a big spree to the big apple you may find this new low interest credit card offer useful. The new Low Interest Credit Card from American Express lets you eat, drink, and play at New York City's most fashionable spots. The IN:NYC Card comes with INSIDE Rewards-the program that lets you earn dining and entertainment experiences, in addition to the benefits and services you've come to expect from American Express.
IN: NYC Low Interest Credit Card Benefits:
• 0% Introductory APR for 6 months on purchases and balance transfers
• No Annual Fee
• Option to carry a balance
• One INSIDE Rewards point for every dollar spent
• Plus INSIDE Double points on City Essentials
Your ex-Spouse Could Be Ruining Your Credit
With joint credit card accounts, one person is the primary account holder-but on most credit card agreements, the fine print holds you both accountable and your credit rating will be judged accordingly. If you're not the primary account holder, protecting yourself against your ex-spouse making further charges is critical. The account stays open as long as there is an outstanding balance on such accounts.
Step 1-Get those balances paid down as soon as possible.
Step 2-Write a letter to the bank or credit card issuing company explaining that you will not be responsible for any new charges made to the joint account as of the date of your letter. Mail the letter certified, signature required, save the mailing receipt with a copy of your letter for future reference. Don't expect a phone call or email to work for you in this situation.
Step 3-Get a copy of your credit report, (see how in our free credit card reports news article) review it thoroughly to ensure there are no red flags. If you discover any strikes against you, dispute these errors with the bank or issuer immediately and reference the letter you sent them. You may learn of credit card accounts your spouse opened without you ever knowing it.
Step 4-After reviewing your credit report, you should apply for one credit card solely in your name, just one credit card, because applying for a lot of credit cards could cause you to be perceived as someone who is financially strapped and desperate for credit. Timely payments to this new account will start you on your way to re-building what could be a damaged credit card rating. It will take some time to re-build your credit history-we recommend a low interest credit card that will get you back on track—
Over 2 million customers use the Orchard Bank MasterCard to help them establish blish or re-establish their credit. Our Card offers great customer service, modest fees and periodic credit limit increase reviews. Our Orchard Bank MasterCard reports to all 3 Credit Bureaus every month which is key in re-building your credit card ratings. If you need further help with low interest credit cards click on Live Credit Card Help link above Monday-Friday 9am-5pm EST for a free low interest credit card consultation.
Free Credit Reports - New Ruling by Federal Trade Commission
Don't you just hate it when someone offers you a free something or other but by the time you click or call turns out it wasn't free after all? You've probably seen the advertisements for "Free" Credit Reports - A lot of these services are bait and switch-your "Free" Credit Report winds up costing $19.95-$49.95 for something you can do on your own, in just 2 minutes by visiting our website: www.FrankfordFinancial.com or by reading our news story here. So...What's The Catch? There is no catch. The FTC's final ruling under the Fair and Accurate Credit Transactions Act allows all Americans to receive one Free Credit Report annually. The new law is rolling out geographically at the time of this news release.
Dec. 1, 2004-Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming
March 1, 2005-Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin
June 1, 2005-Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas
September 1, 2005-Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Puerto Rico and all U.S. territories.
Why should you care about a Free Credit Report?
Most banks, lenders and credit card issuers base interest rates and approvals on them. As you improve your Credit score, you pay less to borrow. For example, on a $150,000 30-year, fixed-rate mortgage: having a so-so credit rating could make for an interest rate over 10% which makes for a monthly mortgage note in the ballpark of $1300. A good Credit Rating in this scenario would qualify you for a rate as low as 5%, making that monthly mortgage payment roughly $800.00. And who knows, you could have strikes against your Credit Rating that you don't even know about.
Get your Free Credit Report:
visit www.annualcreditreport.com or call 877-322-8228
If your state is not currently participating read our other news stories regarding Free Credit Reports to get yours sooner. If you need further help with low interest credit cards click on live credit card help above Monday-Friday 9am-5pm EST.
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