Having a credit card isn’t what gets people in trouble, it’s the way they use it that can.

Common Problems:

1. Getting too many credit cards

The temptation to by a free gift or otherwise can lead a person to obtain many credit cards. There is very few times when additional credit cards lying around will benefit the consumer. Even if the credit cards are left with zero balance, the lender may wonder why and what will happen if the consumer was to max out all of the cards.

2. Misunderstanding introductory rates

The 18 months of zero interest may sound appealing, and even provide rationalization for opening a new card, to ‘transfer over’ a balance and save on interest charges. However, a common mistake is to not look at what happens when this introductory period is over. Often, when the rate jumps, and jumps high, putting the consumer in an even worse spot than before.

3. Not reading the fine print

Within the fine print is where you’ll find the rate the card changes to after the introductory period, as well as balance transfer fees, grace periods, and all other relevant information that is part of ‘doing your homework’ prior to obtaining a new credit card.

4. Choosing a card for the wrong reasons

You’ve always wanted to go to Hawaii, and that free round trip ticket from your new credit card will get it done! Or, you are freezing cold at the ballpark and there is a credit card company offering free blankets with sign up (it happened). Either way, the wrong reasons often lead people to sign up for credit cards they dont need, or do not fit with. The credit card company’s job is not to match each consumer with the best card for their needs, it is to issue more cards. So, be wary of the gimmicks involved with getting you signed up.

5. Not rate shopping

When an envelope arrives at your door with ‘preapproved’ written on the front, and two airline tickets that could be yours, it is tempting to just accept the offer. Most of these unsolicited offers will not have the best available rates however, and you will likely pay for it through various fees in the long run.

6. Making minimum payments

Carrying a balance on a credit card is how the companies issuing them make money. It’s also the way that consumers get in trouble. Credit cards should not be used as supplemental income, but merely as a convenience tool that gets paid off every month. Paying the minimum, as that is all that is required, is the quickest way to find yourself behind the debt 8 ball.

7. Paying your bill late

Not only will you face a late-payment charge, which could be higher than your minimum payment, your tardiness will show up on your credit report, damage your FICO score and make it harder to get better terms for future loans and accounts.

8. Ignoring your monthly statement

By not carefully reviewing each months bill, you will not only not be monitoring your own spending habits, you may be ignoring someone else’s too. In the days of ID theft it is imperative to check each statement religiously to make sure there are no unusual charges.

9. Exceeding credit limit

Not all cards will be declined if they have reached their credit limit, many will allow charges to go through, only to later hit the user with fees and a lower credit score. By taking into account rule 8, and regularly checking your statement and knowing your credit limit, you should (and need) to avoid crossing the balance, because that will have a negative impact on you.

10. Buying things you don’t need

Basic rule, however one that is perhaps most often broken. Credit cards are a tempting way to purchase things. The old rule about waiting 48 hours to purchase something can greatly reduce impulse buys, or other buys that upon reflection weren’t necessary. If you need added self control, some suggest freezing the credit card in ice, so when you are tempted to make that online purchase, you have to wait until it melts prior to using it again. The thought being that by the time your credit card thaws out, so has your urge to shop.

Next we’ll cover credit card safety tips…

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Considerations When Looking for a New Credit Card

Why do you need a credit card?

Some people may want a new credit card to transfer a balance so they can save some interest for a few months. Others may use it primarily for work expenses, just for travel, or a student getting their first credit card looking to build their credit. All of the above reasons, and thousands others, are common, and do not dictate the same card as the correct choice for each person. It is important to look at why you want/need a credit card first before getting caught up in the perks.

How much do you plan to charge to the card?

After the above question, you should think how much you plan to typically charge. Although this credit limit won’t be completely in your control, it will help you narrow down your sights on a few cards. Perhaps you’re a student building credit and want to maintain a low limit to not get yourself in too much debt at any one time. Or, conversely, a business owner who is seeking a card with no credit limits in order to put ongoing large purchases on.

How often will you pay the balance in full?

Do you plan to pay off the entire balance each month? If so, perhaps a card with a higher interest rate, but much better perks would be best for you. If you plan on carrying a balance, you may want to steer to the lowest interest rate credit card. Regardless of the exact situation, it is important to be honest with yourself and examine your previous payment spending habits.

Are you extremely loyal to one specific gas station, bank, airline, retailer, etc?

Some credit card companies offer great benefits to use their card at a specific retailer, or merchant. If you know that you only fly on Continental for instance, and travel often, you may want to look at what cards they have to offer. Only fill up at Hess? They probably have a credit card for you.

Important Point to Consider

Annual Percentage Rate (APR) alone isn’t everything

The stated interest rate alone may not be the best indicator of the card for you. The way APR is calculated can vary, as well as annual fees, teaser rates, perks, etc.

Card Perks may hurt

Cards with perks (miles, cash back, etc) may have higher interest rates, or annual fees which make it actually a worse deal for you than a traditional card. However, if you know your spending habits, and rarely carry a balance, some of these cards offer really great deals. It is important to see the true savings of any particular costs compared to the increased finance charges, or annual fees.

Am I truly pre-approved?

Offers coming in from the mail often proclaim that you are ‘preapproved’ for their credit card, and may even include a fake card with your name on it to get you excited of what’s to come. In reality however, pre-approval doesn’t account for much these days – It means that the credit card company is aware of your credit score and history, but typically still requires you to call-in, post-mail, or complete your application online for final approval. Which may or may not be a the same terms stated in the pre-approval letter.

Although the right card will not be the same for each individual, a few questions will help any person find their own ideal card.

Questions to Ask Yourself When Shopping for a Credit Card

1. Is there an Introductory Rate? What is it and how long does it last?
2. Is there an Application Fee?
3. Is there a Processing Fee?
4. Is there an Annual Fee?
5. What is the Late Payment Fee?
6. What’s the Over Credit Limit Fee?
7. How much are the Balance Transfer Fees?
8. What’s the Grace Period?
9. If I go over limit or pay late will my terms change?
10. Can I Pay Online, and are there any savings for signing-up for Online-only Statements?

Next we’ll cover how to use credit cards wisely…

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Otherwise, you could be surprised by a number of huge costs and fees you never anticipated.

Basic Interest Rates and APR Fees

At the most basic level interest is the fee paid for the privilege to borrow money. The financial firms lend out money and they charge you for allowing you to do so. The rate charged varies within their available terms per consumer based on how confident the firm is that you will pay them back, and your credit score.

In the United States the average interest rate on credit cards is typically between 15 and 20%. While this may be tough to call ‘good’ or ‘bad’ to many consumers, it is important to put this in perspective.

When thinking of the 15-20% interest rate on a credit card, it’s important to remember that this is expressed as Annual Percentage Rate (APR). So at 20%, you would divide this by 12 to roughly get the rate that will be applied to your balance monthly (1.67% in this case).

This rate can be charged as a “fixed APR” as well as a “variable APR”.

Fixed Rates

A fixed rate is what it sounds like, a rate that is fixed during the charge period.

Variable Rates

Variable on the other hand is tied to some type of published rate, often the US Treasury Bill Rate or Prime Rate tracked here. The rate will be expressed “prime rate + your rate”. This will be updated at set increments, even daily. Although often variable rate cards offer lower introductory rates, they can cause trouble for consumers down the road if the rate resets to a much higher percentage.

Calculation Methods

The calculation using the APR, fixed or variable, can change from company to company and card to card:

Average Daily Balance

The credit card company averages your daily balance throughout the month. Specifically, they look at your balance each day, and divide that by the number of days in the month. That amount, multiplied by approximately 1/12 your APR would equal the finance charges for the month.

Daily Balance

Credit card companies calculates the finance charge based on your outstanding balance each day. This daily amount is multiplied by approximately 1/365th of the APR to determine the daily finance charge.

Two-Cycle Balance

This is one to look out for and can be most expensive. Here, the credit card company charges interest on debt already paid. They will take the average daily balance over the past two billing cycles and charge interest on it. The bad thing here is that extra payments to reduce balance won’t affect the previous balance, so you will have to pay a higher rate, even after reducing your balance.

Previous Balance

The credit card company issues a statement showing the balance at the beginning and the end of the month, and charges interest on the beginning.

Cost and Fee Terms Overview

Finance Charge – the cost paid to the bank for lending the money. Depends on outstanding balance and APR.

Grace Period – a set number of days given to consumer to pay a balance before the credit card company charges interest on it, typically 20-30 days.

Cash Advance – instant loan from your credit limit which often includes additional fees.

Balance Transfer – often used by consumers to consolidate balances, credit card companies will usually offer teaser rates to entice people to switch to them. These teasers usually last between 6 months and 1 year. The rationale is, even if customer pays off balance before the end of the introductory rate, they will still have a new customer that will likely use their card again in the future.

Minimum Payment – the lowest amount of money you’re required to pay by a certain date to avoid defaulting on the agreement and receiving any late fee penalties for doing so. It’s usually a minimum percentage or dollar amount.

Next we go over important things to consider when choosing a credit card….

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Types of cards: standard, secured, prepaid, debit, charge and gift cards.

Style of cards: student, business, travel, and rewards credit cards, etc.

Brands of cards: Visa, MasterCard, American Express, Discover, JCB.

Credit Card Types

People often mistake gift, prepaid, and debit cards for credit cards, but in actuality they’re not credit cards at all. A “true” credit card offers a consumer or business credit from a bank or other financial institution to use as money in exchange for paying some form service fee to the institution. The “credit” is borrowed money that has to be paid back. Hence the term “credit card”.

Prepaid, debit, and gift cards do not offer any money or credit to borrow from institutions and a purchaser or account holder has to put money on the card or in an account for it to work. These cards can only be used for purchases up to the amount that was pre-paid to the card or deposited into an account.

Standard Credit Card – Issued by a financial institution that allows consumers and businesses to use up to a certain amount of money as borrowed credit in exchange for paying a service fee. Credit limits and APRs are determined by an appliers credit history and score. The standard credit cards that most people think of are revolving lines of credit that do not have a fixed number of payments and don’t have to be paid-in-full. They only require a minimum payment due, which is usually monthly.

Charge Card – Typically reserved for people with near perfect credit, a charge card is very similar to a credit card, but usually requires the card holder to pay their balance in full every thirty days. They’re also known to have uncapped spending limits, with tougher penalties and higher fees. American Express is the primary charge card provider in the United States.

Secured Card – Secured credit cards are most often used by people looking to rebuild their credit. A down payment is usually required for secured cards, but they also do give users a real credit line and report activity to the major credit bureaus.

Prepaid / Gift – These cards are very similar to each other in that they each require you to put money into an account before you can use them and you can only use up to the amount deposited. They are typically re-loadable. The only difference is Gift cards don’t typically have account information associated with them since they are usually given to other people, whereas pre-paid cards are typically used by the person who applied for them. They don’t report a user’s activity to credit reporting agencies.

Debit / Bank / Check – Cards that give cardholders access to their bank accounts for use at financial institutions. Most of today’s bank cards carry one of the major brand logos such as Visa and MasterCard so they can be used like credit cards by any merchant that allows payment by Visa and MasterCard. Otherwise cardholders can use them to take money out of their account at cash machines by entering a PIN number, but usually will have to pay some sort of fee. Especially when taking money out of a machine processed by another bank.

Styles of Credit Cards

There are several styles of cards which are often referred to as specialty credit cards. Unlike the other types of credit cards, specialty cards will often overlap with other specialty cards. For instance, you can have a business credit card that also offers cash back, and a cash back credit card that also offers a low or introductory Annual Percentage Pate (APR).

Business – Cards that are tailored specifically to small companies, large corporations or businessmen. Having a business credit card helps companies keep track of expenses for tax purposes and can offer a number of other benefits and rewards to the companies and their employees.

Student – Customized for students and are often used to help college students establish their credit. They credit cards often come with rewards and benefits that are beneficial to college students such as bonus points and cash back for using the card at gas stations and restaurants.

Travel & Airlines – These cards are great for frequent flyers such as traveling salesmen. People can earn points towards flights, gas and hotels, purchase special packages at select destinations, and earn access to amenities at participating companies and membership clubs.

Cash Back – Allow you to earn cash back on qualifying purchases and usually offer a significant additional cash back bonus if you use your card often, use it on specific services, or with certain merchants.

Rewards – Reward cards come in all different shapes and sizes. Many of which we’ve already covered in other sections on this page. However, in general rewards usually come in the form of points, cash back, bonuses, mileage, rebates, memberships, exclusive club benefits and more.

Balance Transfer – Cards categorized as “Balance Transfer Cards” typically offer an extended introductory APR fee period on balance transfers. Some will even provide the same extended introductory rate on purchases too. These “teaser” rates – usually 0% APR – can be especially attractive to people carrying large balances on high interest rate credit cards.

0% APR Cards – Don’t let the title fool you – these credit cards don’t carry an ongoing 0% annual percentage rate. Rather, they usually offer an extended introductory rate APR on balance transfers and purchases which will eventually default to your regular APR.

Low Interest – Low interest rate cards offer either a low variable or fixed-rate APR, or a low introductory APR that last for several months and some times even more than a year.

Brands of credit cards

There are 5 major credit card brand networks worldwide. Different brands are accepted at different stores, but most large companies accept all major brands. The brands are: Visa®, MasterCard®, American Express®, Discover® and JCB.

Visa – One of the largest credit card networks that offers debit, prepaid, business and personal credit cards, as well as many other related financial services.

MasterCard – A leading global payment solutions provider that allows card issuers to issue branded MasterCard business, personal, debit and pre-paid credit cards.

Discover – Direct banking and payment service company that issues credit cards primarily to consumers in the US. Although they mostly issue their own cards, they also allow other companies to issue Discover branded credit cards.

American Express – Also known as AmEx, American Express is a global financial services company that issues credit cards, charge cards, prepaid cards and gift cards for businesses and consumers.

JCB – Japan Credit Bureau is a global payment system and leading credit card brand in Japan that is growing rapidly world-wide. JCB International offers a numerous benefits and rewards to its card members throughout the world.

Next we cover credit card costs and fees…

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5 Main Credit Score Determination Factors

35% Payment History

This portion includes your previous payment information, past and current delinquency and public records.

Here are some tips for keeping a healthy payment history:

• Paying bills on time weighs heavily in calculation
• If you missed, get current, stay current – old scores don’t haunt you forever
• Avoid going to collections -even if you pay off a collection account it will stay on your record for 7 years
• If in trouble, don’t wait to contact creditors – they are more likely/able to help the earlier you get in contact with them

30% Amounts Owed

Total amounts owed across all balances.

• Maintain low balances on credit cards and all revolving credit lines
• Pay off debt as opposed to moving it around – consolidating debt to one card may reduce interest amount short term, but may not benefit your score
• Opening more credit cards to increase your credit limit may backfire – although more available credit may sound like it should help with your score, often opening more cards can appear suspicious to agencies

15% Length of Credit History

How long ago you opened your accounts, and how long has it been since your last activity on those accounts.

• Don’t open too many new accounts too quickly – new accounts lower average age of accounts

10% Types of Credit Used

The mix of credit types across all accounts: revolving, installment, etc.

• Apply for new types only when needed – opening more just for the sake of variety probably wont improve your score
• Maintain credit cards, but use them wisely – someone with no credit history historically is more risky than someone with history of paying properly
• Closing an account doesn’t make it go away – it still will appear on your record and perhaps influence your score for some time

10% New Credit

The pursuit of new credit, inquiries, etc.

• Don’t take out too many cards too quickly – rapid credit accumulation can appear risky to lenders
• Limit inquiries into your credit score, as each inquiry can affect it

Things to Do Now

1) Obtain your current credit report at least once per year - Every American can check their credit report free of charge at annualcreditreport.com. When reviewing the report, check for errors. Make sure there are no incorrectly stated late payments or other discrepancies. If you do find errors, immediately call to dispute them with the appropriate credit bureau and reporting agencies.

2) Set payment reminders - Most financial institutions offer payment reminders in the form of email, text message, or even voice call. Set these up on all accounts possible. Since, on time payments constitute the major part of your credit score, this will ensure you keep track, and keep the score in tact.

3) Reduce total debt - Refrain from using credit cards for everyday purchases. Grocery shopping, gas, clothing are things often thrown on the credit card, however can build up. These purchases should be able to be made with a debit card or cash. Any available budget beyond this should be put towards paying down the current outstanding debt, starting with the card with the highest interest rate.

Whether you’re looking to apply for a credit card, auto loan or mortgage; it’s important to understand your current consumer credit score what factors are contributing to it.

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With that said, it’s important to understand some basic terminology when comparing credit cards to apply for.

Common Terms

Annual Fee – this is a flat fee charged on some cards somewhat like a membership fee. There are many ‘no-fee’ options these days, as well as other times this fee is waived.

Annual Percentage Rate (APR) – the yearly rate of the financing charges. This can be fixed (non-changing) or variable (changes with the Treasury bill rate or other published rate).

Introductory Rate – a temporary, low APR used to attract new customers that typically last for about six months before converting to the normal fixed or variable rate.

Finance Charge – the cost paid to the bank for lending the money. The amount depends on the outstanding balance and APR.

Grace Period – a set number of days given to the consumer to pay the balance before the credit card company charges interest, typically 20-30 days.

Cash Advance – an instant cash loan from a card’s available credit. It often includes additional cash advance fees.

Balance Transfer – often used by consumers to consolidate balances, credit card companies will usually offer teaser rates to entice people to switch credit cards. These teasers usually last between 6 months and 1 year. The rationale is then, even if customer pays off balance, they have a new customer.

Minimum Payment- lowest amount of money required to avoid defaulting. Usually a minimum percentage or set dollar amount.

These are just some of the most common general credit card terms to look for when applying for a new credit card. If you looking for a more advanced term, here’s a complete glossary of terms broken down to specific categories.

Next we cover the different credit card types…

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Prior to the advent of credit cards, businesses and consumers were mostly limited to traditional means of paying for purchases- cash, personal checks, and store credit (if offered).

Charge Cards

This started to change when stores and gas stations began offering frequent customers a charge card to put purchases made at that specific store (Sears, Esso were among the first).

Cardboard Credit Cards

This was taken a step closer to today’s credit cards around 1949 when Diners Club issued the first cardboard ‘credit card’ for use by members in restaurants and nightlife spots around Manhattan. The members paid a fee in exchange for the privilege to sign for a check, which would be later repaid. The stores were promised more repeat customers as members would prefer the establishments accepting the card.

In just two short years, by 1951, Diners Club had around 20,000 members. They switched from cardboard to plastic credit cards just a few years later.

Revolving Credit

The next big transition in the credit card industry was the switch to revolving credit. Initially, the entire balance of the card was to be paid off each month, and the companies made money on the annual fees members paid. That changed when customers were allowed to ‘roll’ the outstanding balance into the next month, and pay interest on the balance.

Modern Day Usage

The idea of ‘buy now, pay later’ really took off. In the 1970s Visa and MasterCard further expanded to reach of credit cards by creating associations with member banks to work together. These companies don’t issue cards or lend the money or act as middleman between vendors and consumers, rather, Visa and MasterCard became the middleman between large banks and consumers. They facilitate the processing of payments between merchants and the banks.

Next we cover the most common credit card terminology you need to understand…

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Tips for Saving Money

1. Shop Around

As with anything, price varies from insurer to insurer, even for similar policies. Many companies can provide quotes quickly over the phone or online, so it is easier than ever to get various quotes in a matter of hours. Price alone shouldn’t be the determining factor when choosing an insurer, ask around and read up on the different insurers. Insurance is bought for a piece of mind, and if the time comes when it is necessary to use it, you want an agent and agencies that will assist you in that stressful time.

2. Choose Higher Deductibles

A deductible is an amount that the policyholder pays when they get into a wreck or need to the insurance company to cover some other expenses. This is in addition to their regular premium. If you request higher deductibles, you will be responsible for more of the payment in the event of an accident, however, the insurance company will compensate for you taking on greater risk by offering a lower cost insurance premium. For example, choosing a $500 deductible over a $200 deductible can reduce coverage costs 15-30%.

3. Reduce Coverage on Older Cars

As stated before, collision and comprehensive insurance can often be dropped on older cars. A rule of thumb is that if the car is worth less than 10 times the deductible, having this coverage is not cost beneficial.

4. Buy Insurance with Homeowners

Many insurers will give package discounts if you carry both policies with them. Also, many will offer discounts for having multiple vehicles covered with them. Although they may offer discounts, it is still important to shop around, as greater savings may be found elsewhere.

5. Maintain Good Credit Rating

As you now know, your credit rating is often a major factor in the rate the insurance company ultimately charges. Maintain good credit, and you will have lower rates.

6. Other Discounts

Beyond the above tips, insurers offer a wide variety of discounts for many different things. These other discounts vary greatly from insurer to insurer, so one is best served by asking about the below when shopping around:

• Good student discounts
• Installing car alarms
• Defensive driving courses
• Drivers ed courses
• Long-time customer
• No accidents in past 3 years
• No moving violations in past 3 years

Armed with your new knowledge, you should be best prepared to lock in the best vehicle insurance policy for your situation.

Best of luck saving money and getting the best auto insurance rate!

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1. Licensing

Insurance companies are not licensed to operate in all states automatically. It is important to purchase insurance only through companies licensed in your state. To check, visit your State Insurance Department for a list.

2. Financial Stability

When you need your insurance company, you want them to be around and have the resources to fulfill their end of the deal. For this reason, it is important to check the financial stability of the company in question. The 4 main rating agencies, Fitch, Moody’s, Standard & Poor’s, and AM Best should all be a good place to start.

3. Service

The service side of any insurance company is an important consideration when shopping for coverage. Talking with current customers, as well as reading reviews can help gauge the character of the firms in question. In addition, the state insurance department should have records of complaints against companies in comparison to their policies.

4. Comfort

You should feel a layer of comfort with the agent or company you ultimately decide to insure with. Ensure that the agent will be easy to reach, and you are comfortable communicating with them.

What Determines Price of Policy?

Driving record
Simply put, the better your vehicle driving record, the lower your insurance premium.

Miles driven per year
Driving more means more opportunities for accidents. For this reason, the less you drive per year, the lower your premium.

Your location
Insurance companies look at trends around where you live to determine the risk of the area. This includes the number of accidents, thefts, lawsuits, as well as costs of medical coverage, among others.

Your age
The younger the driver, historically the more likely they are to get in accidents. Drivers under the age of 25 typically have higher premiums.

Your vehicle
The likelihood of theft, cost of car, overall safety, and other factors also play into the cost of insuring the vehicle.

Marital status
Married people tend to get in less accidents, and therefore enjoy lower rates than singles.

Credit score
Often misunderstood by motorists, a person’s credit score is one of the main inputs an insurance company uses to set an insurance rate. At a basic level, a company views a person with poor credit is viewed as higher risk, and as such, priced higher. Information such as payment history, bankruptcies, outstanding debt, and length of credit history are all used as tools for determining an auto insurance policy.

Next we’ll cover how to save money on your auto insurance…

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Auto Insurance

Auto insurance is generally stated as protection against financial loss in case of an accident. This protection includes property, liability, and medical coverage.

This protection can further be broken down into 6 different main parts:

1) Bodily Injury

This coverage is to cover injuries that you, the driver, cause to someone else. This insurance is required by all states, although the minimum requirement by the state is generally not recommended in case of a large accident.

2) Personal Property Liability

This coverage pays for damages you, the driver, cause to someone else personal property. Typically, this is damage to the other drivers car, however may include fences, light-poles, or other structures damaged in an accident.

3) Personal Injury Protection (PIP)

This coverage pays for the medical attention for the driver and passengers of the driver’s car. This can include medical payments, lost wages, as well as potentially funeral and other costs.

4) Collision

This coverage pays for damages to the driver’s car resulting from an accident. This coverage is an area that can be removed in older cars if one deems that the costs of maintaining insurance is no longer worth it, as the car may no longer be worth repairing.

5) Comprehensive

This coverage pays for damages caused by things outside of a normal collision with another driver. These may include theft, fire, natural disasters, or impact with animals. This is another area of coverage that may be removed with older cars to reduce insurance payments.

6) Uninsured Motorist

This coverage pays for damages caused by a motorist without insurance, or in a hit-and-run situation.

How much coverage should I carry?

This is a common question among people first looking into automobile insurance. The answer to this question will vary from person to person, however all states require a minimum amount of liability insurance for all drivers. This minimum, as stated above is not generally recommended, as most accidents cause larger damage, and being on the hook for the balance after a large accident can leave many bankrupt.

The rule of thumb is normally 100/300/50, or $100,000 individual coverage, $300,000 all passengers coverage, and $50,000 property damage coverage.

Next we cover how to choose an automobile insurance company…

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