Kudos! We are proud that our articles have been published in the Sept. 2004 issue of Military Money Magazine and the Sept. and Dec. 2004 issues of Young Money Magazine. Both magazines are affiliated with InCharge® Institute of America, Inc., a national non-profit organization specializing in personal finance education and credit counseling. We are also pleased that several of our articles have been referenced by The Jump$tart Coalition for Personal Financial Literacy, a national non-profit organization that seeks to teach kids and young adults about financial literacy, and by About.com, a top 15 Web property which is owned by the New York Times.
 Check out our credit card news stories (updated daily)!
 6 Good Reasons to Carry Multiple Credit Cards
How many credit cards should you have?
Many people are afraid to have multiple cards. Some are afraid that they'll lose track of the different bills each month and fall behind on their payments. Others fear that the temptation of high credit limits will entice them to overspend. And some people fear that creditors, upon seeing multiple open credit lines, will be less likely to lend them money because the creditors suspect they're more likely to fall into debt.
(1/17/08)
Best Credit Card Moves to Make in 2008
When it comes to financial products, none is so changeable and possibly confusing as credit cards. Interest rates, due dates and agreement terms can change with only a few weeks' notice to the cardholder. And if you get fed up with one card and cancel it, your credit score may be depressed. So how can cardholders make the most of their situation?
(12/10/07)
Deadbeat Uses Ex's Sympathy to Pad Debt
I recently had a significant other as an authorized user on my credit card. I felt bad for him because his computer had been stolen and he needed a new one. This was my way of helping. He said he would pay me back for anything put on the card.
(10/26/07)
8 Do's and Don'ts for Fighting Foreclosure
In the beginning of the foreclosure process, homeowners can still save money, their credit or their house if they act quickly. Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile.
(10/25/07)
Rates Drop, and so Do Home Sales
Home sales are crashing and investors are losing billions of dollars on bad home loans. All in all, it spells great news for mortgage rates. The benchmark 30-year fixed-rate mortgage fell 18 basis points to 6.31 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.
(10/25/07)
Is Wife Liable for Credit Card Debt?
I have filed bankruptcy, Chapter 7. The issuer of one of my credit cards that I had my wife's name on has assigned that card to her. And now she has that debt. However, it was never a joint card. And when I asked for them to send me the application, they said it was done electronically over the phone. I do not think I put her down as a joint applicant for this card, but how can I prove this?
(10/23/07)
Your Credit History and Your Credit Card
Using credit cards irresponsibly can land you in a debt load of trouble, but responsible use can help bail you out.
A consumer's credit history is used by a credit card issuer, typically a bank, to determine if the consumer can get a card, what interest rate they'll pay and what their credit limit will be.
(10/10/07)
Credit Card Rates May Dip for Some
With Americans carrying more than $900 billion in revolving -- or credit card -- debt, according to the Federal Reserve, many are hoping the half-point rate cut made by the Fed in September will bring down the annual percentage rate they pay on their credit cards.
(9/25/07)
The Greening of Credit Cards
Credit cards used to come in standard, gold and platinum. Now there's green, too.
Following other businesses that are going green, the credit card industry is tapping this market. GE, Bank of America, Wells Fargo and Brighter Planet all have new environmentally friendly credit cards on the market or in the works.
(9/25/07)
Smart Strategies After the Rate Change
OK, now you know if you were a winner or a loser after the Fed's decision. So what are you going to do about it?
Knowledge is a good thing, but knowing how to act on it is even better -- particularly when your personal finances are involved.
So Bankrate has taken a look at what's happened in five important categories -- mortgages, home equity borrowing, certificates of deposit, auto loans and credit cards -- and offered some advice on what your next step should be now that the Fed has made its move.
(9/18/07)
Getting a 'Hold' Placed on Your Credit/Debit Card
When a bank places a "hold" on your funds when you use a debit card or credit card (a credit card -- Visa in this case), what is the minimum period of time they will hold the funds?
My particular institution has the annoying habit of releasing these funds after three days. Then the firm where I charged a purchase comes back 10 to 12 days later and sucks the funds from the account, playing havoc on daily balances --I account for the outflow, then it's back, then it's gone again.
I'm wondering if Visa (merchant services) or banking laws have any requirements in this space.
(5/7/07)
High-Yield Savings and Rewards Card Pay Off
You don't have to look very hard to find a high-yield savings account these days. Coupled with a cash-back rewards credit card, you could almost make money by spending. In fact, if you've mastered the art of budgeting and pay every bill in full and on time, you could be well on your way to supplementing your income by spending on credit and paying your bills.
(4/27/07)
Take Charge of Your Cards
The average American carries about $5,000 in credit card debt. Does that sound familiar?
With a typical interest rate of 16 percent, it would take 12 years to pay that off, assuming the cardholder makes only the minimum payment and doesn't charge any new purchases. Worse, that person would pay an extra $2,500 in interest payments for a total bill of $7,500.
(4/12/07)
Closing a Credit Card Account with a Balance
If there is a small balance left over after closing an account with a credit card company, can the company continue to bill you for those fees, or will it send you a final bill and from there? And if the bill is not paid, does it then goes to collections?
(4/3/07)
The Case Against Subprime Credit Cards
Why would consumers who have debt trouble opt for a fee-laden subprime credit card rather than a less expensive secured credit card?
"Marketing. Marketing. Marketing." That's how Travis Plunkett, the legislative director of the Consumer Federation of America, responded when asked the question. According to Plunkett, subprime credit card issuers are wizards when it comes to identifying customers who are so desperate for a credit card that they'll apply for a card even if it's against their best interests.
(2/26/07)
Credit Card Foreign Transaction Fees
Foreign exchange fees on credit cards should be of equal interest to those traveling beyond the borders of the United States. Yes, everyone must have a passport to reenter the country now. More than that, however, is what your credit card bill might show once you have returned.
(2/21/07)
Smart Ways to Use Credit Cards
Imagine if someone suddenly took away all of your plastic. Credit cards are so much more convenient and safer than carrying cash, it's hard to imagine life without them. As the credit card industry has evolved, new products and features make using credit cards even more appealing -- if you know how to play the game.
(2/20/07)
Five Balance Transfer Trip-Ups
Balance transfers done correctly can save on interest charges. Done wrong can cost you lots. Transferring a high-interest balance to a card with a low rate can save a bundle of cash and speed up your path to debt freedom. But, be careful. The rules are different for each card.
(2/20/07)
Four Types of Credit Cards - Which is Right for You?
Find the best card for your lifestyle from low-interest to secured to reward to student. Zero-or-low interest rate credit cards are best for: Anyone willing and able to pay down existing credit card debt relatively quickly.
(2/20/07)
How Americans Really Feel About Credit Card Debt
An awful lot of Americans feel lousy about the way they're handling credit card debt, say the results of a Bankrate commissioned survey. Twenty-five percent worry about how they are going to pay their credit card bills each month and 28 percent feel guilty about how much money they are putting on their cards.
(2/20/07)
Company Credit Card Reimbursement Games
I work for an organization and routinely front for expenses and am later reimbursed. Recently, I charged more than $75,000 on credit cards for expenses. My question: Is it worth it to transfer the $75,000 to a zero interest card and deposit my reimbursement money into a high yield savings account? Or am I playing with fire at that level of debt?
(1/5/07)
Credit Card Offers Don't Hurt Credit Score
I have a question about a credit report. When a credit card company offers a preapproved card, do they check my credit score and does it hurt my credit score? If it does, how can I protect my score?
(1/4/07)
17 Ways to Stretch Holiday Vacation Cash
No matter what your vacation plans are, you'd like to have more money to spend, right? A little extra cash isn't really that difficult to find. It's probably already in your vacation budget. You just need to dole it out wisely.
So whether you're catching the red-eye to see mom and dad, taking the kids to visit the grandparents, planning a weeklong trip or just a weekend excursion, you'll get the best deal if you plan early.
(12/23/06)
Dealing with Parents' Big Credit Card Debt
My parents are elderly, my mom being in the nursing home on medical assistance. Dad is still at home, but he gets around poorly and lives on Social Security. The problem is they have a huge credit card debt they can't afford to pay. What is the worst-case scenario? We have been trying to send payments but cannot afford to every month. And now there is a collection agency calling. I have power of attorney over their assets, but I do not know what to do.
(12/22/06)
Building Credit When You're Young
My question is about credit. How does a 21-year-old get a credit card to get some credit report in his record when everyone tells you you're too young or there's not enough in your credit report.
(12/14/06)
Conflicting Credit Scores Cause Confusion
When you buy your credit score, it's almost certainly not the same number your mortgage lender will see.
Your lender might see a lower score, or even one calculated on a different scale. It means you could apply for a loan thinking you deserve a low interest rate, but end up paying a higher one because your score wasn't as good as you assumed.
Confusion arises because consumers and lenders often see different credit scores.
(12/7/06)
Using a Credit Card for Overdraft Protection
It's a little known industry perk: If you have a checking account and credit card with the same institution, you may be able to link the two and use your credit card as overdraft protection. Whether you want to could be another issue. (11/28/06)
Don't Use Debit Card for Car Rental
Debit cards have become the preferred way to pay for many things. According to the Federal Reserve, debit card transactions have been growing more than 20 percent annually and have surpassed credit card transactions. That's not surprising when you know that debit cards have replaced cash for everyday items such as gas and groceries. But, some consumers reach for the debit card for higher-ticket items.
(11/22/06)
Cancel a Credit Card, Hurt Your Credit Score
Everyone knows that your credit score is important to your financial life, affecting the rates you get for mortgages, credit cards and insurance. Improving your score may save you thousands of dollars in interest. So would it help your score if you got rid of a credit card? (11/14/06)
7 Myths About Fraud Alerts
Fraud alerts generally let new creditors know you may be a victim of fraud and instruct them to take additional steps, such as calling you, before issuing credit.
Most people know that much -- but perhaps, not much else. While compiling recent reader responses to a newsletter query on fraud alerts and credit freezes, we discovered that many readers did not understand the difference between a fraud alert and a credit freeze, or held misconceptions about the way fraud alerts work.
(11/4/06)
Will Contactless Payment Cards Connect in the U.S.?
The magnetic strip on the back of your credit card is beginning to share its plastic real estate with an embedded radio chip that will change the way you pay for goods and services at the point of sale. At least, that's what its proponents hope. Contactless payment, which is what the radio frequency identification, or RFID, chip makes possible, allows cardholders to simply hold their credit or debit cards within an inch or two of a card reader to complete a purchase transaction. (10/4/06)
High School Student Credit Cards: The Good, The Bad, and The Ugly (Part 2 of a 2-part series)
In part one of this article series, the extent of high school credit cards was discussed by Laura Levine, Executive Director of the JumpStart Coalition for Personal Financial Literacy. Similarly, Dr. Robert Manning, author of Credit Card Nation, shared some very startling and revealing facts about younger teen credit card usage. (10/24/06)
'Spend-to-save' credit card: Can it work for you?
Can you really save by spending? Several card issuers believe it's possible, and they've issued the plastic to prove it. Spurred on by reports of record low savings rates and consumer feedback that they're interested in putting more money aside for rainy days, several card issuers have introduced credit or debit cards that have a savings component. (10/1/06)
High School Student Credit Cards: The Good, The Bad, and The Ugly (Part 1 of a 2-part series)
Age of Majority is considered "the year a person acquires all the rights and responsibilities of being an adult". In most states this is 18. For example, a teen cannot be drafted before age 18. Yet contrary to popular belief, an adolescent can have a credit card... BEFORE the Age of Majority! (9/22/06)
Credit Cards That Hurt Your Credit Score
A no-limit credit card, often considered a valuable perk for cardholders, could, in fact, damage your credit score and make any debt you take on more expensive. "Consumers who are thinking of opening one of these no-limit credit cards may want to think how deeply their scores will be affected," says Craig Watts, spokesman for Fair Isaac Corp., which developed the well-known FICO score. (7/1/06)
Insider Tips on Maintaining a Good Credit Score During Credit Counseling
If I was considering which credit card was best for me, a future need of credit counseling would certainly not be a concern of mine. But if the purpose of getting the credit card was to take advantage of a balance transfer offer or debt consolidation, perhaps it should be. (5/25/06)
A Condensed Consumer Guide to Surviving Credit Card Company Mergers
Recently David Lazarus of the San Franciso Chronicle wrote an article entitled Beware MBNA Changes. As the title indicates, the thrust of the feature concerned the recent changes caused by the merger of Bank of America (BofA) and MBNA. The expose focused on the negative impact to existing MBNA credit card holders. (5/19/06)
Federal Rate-Hike Winners and Losers
The headline "Fed raises interest rates" has become old hat since 2004, when the Federal Reserve first began ratcheting up its benchmark federal funds rate. But each quarter-turn of the interest rate screw creates a fresh impact on consumers, although it's not felt evenly by borrowers or savers. It depends on which loan you have or which savings product. (5/06/06)
How Consumers Can Put an End to the Controversial Credit Card Universal Default Clause
Universal default clauses allow credit card issuers and other lenders to raise the interest rate on a person's credit cards all because of a late payment on another credit card or bill. (That's in addition to the fee due on the late payment.) (4/27/06)
The True Cost of a Low Credit Score
Sure you know your credit score can affect everything from whether you qualify for a mortgage to whether an employer hires you, but have you ever made a plan to consciously improve your score? If not, it can be costing you dearly. (4/20/06)
Are You Asking The Right Questions When Seeking A Debt or Credit Counselor?
You have decided you could probably use debt counseling. Who do you turn to? Perhaps XYZ company was good for your Aunt Milly. Recommendations from a trusted source are always a key ingredient to wading through the myriad of resources available. But what if there is no Aunt Milly? (4/18/06)
Having a Baby Means More Credit Card Debt for Some Americans
A new baby—such a joyous occasion, and expectant parents often enjoy the process of planning for their arrival. Decorating the nursery, filling the closet with tiny outfits, stocking up on diapers, and test driving strollers are just a few of the things needed to be done before the great event. (4/14/06)
Credit Card Interest: You're Paying Much More Than You Think ... Thanks To Taxes
In years past, taxpayers could deduct the amount they spent on credit card interest. But once the Tax Reform Act of 1986 took effect, that was no longer the case. Without that deduction, we are paying our credit card bills with "after-tax dollars" - that is, money we've already paid taxes on - which means our credit cards are costing us more than we probably realize. A lot more. (4/11/06)
Do Debit Card Rewards Measure Up to Credit Card Rewards?
America’s love affair with reward credit cards continues to burn; and debit cards are helping to fan the flame as more and more banks begin to issue both cash back and reward debit/check cards. Like their credit card counterparts, reward debit cards come in a variety of styles with varying eligibility requirements and reward rates. (3/10/06)
Accepting Credit Cards- Does it Make Sense for Your Small Business?
Any decision a small business owner makes must be carefully weighed by all the pros and cons—especially decisions that affect your bottom line. One of those decisions is whether or not to accept credit cards as a form of payment. While accepting credit cards has many advantages and makes sense for most companies, you may end up losing revenue by not carefully considering and planning for the disadvantages. (3/8/06)
The Nuances of Secured Credit Cards
Don’t let a name fool you. Secured credit cards, though much touted by consumer advocates as one of the most effective ways to establish and build credit, are not always easy to get. If you have had bad credit, delinquencies, or no credit history at all, don’t expect to be a shoe-in for such a card. (3/3/06)
Refunding Your Way Out of Credit Card Debt: How to Maximize Your Tax Refund
Over 100 million U.S. taxpayers got a refund on their taxes last year, averaging $2,171. According to the IRS, it's likely that a similar number of folks will get refunds this year. So if you're eagerly awaiting a nice, lump sum from Uncle Sam, you have lots of company. As you wait for this year's check, ponder this: All those refunds you've gotten over the years were actually interest-free loans to the federal government! (2/17/06)
Bi-Weekly Credit Card Payments Can Save $1000s in Interest Charges
Here's a little known tactic for getting out of credit card debt: Send in bi-weekly payments. Say you owe $5,000 on a credit card with a 17% interest rate and 3% minimum payment. If you only send in the minimum amount every month, by the time you've paid off that $5,000, your interest bite would be $4,119. (2/1/06)
Protecting Your Credit- The FACT Act in Layman's Terms
Do you know all the implications of identity theft? Do you know that an imposter can open lines of credit, drain your bank account, file for bankruptcy, get an ID card, get a job, and even be arrested all in your name? All the missed payments an imposter doesn’t make are reported in your credit file causing your credit score to suffer. (1/23/06)
Will The Number of Delinquent Credit Card Accounts Increase in 2006?
The American Bankers Association (ABA) recently posted statistics concerning delinquent credit card payments. The data indicates a continued high delinquency rate, which in turn leads to lower credit scores since past payment history accounts for about 35% of one's credit score. The more recent a tardiness, the more credit score points are sacrificed. (1/18/06)
Confusion Rampant Regarding Increased Credit Card Minimum Payments
I was anxious when asked to write a follow-up for the CardRatings.com feature Credit Card Minimum Payments Rising Soon since this is a pet topic of mine. There has been much confusion in the media regarding this topic and notable fear among consumers. My assignment was to "weed through" the hype and "filter out" the truth. (1/10/06)
Is Increasing Minimum Credit Card Payments Really Good for Consumers?
A recent segment by CNBC's Bill Griffith on increasing minimum credit card payments contained some interesting viewpoints. In case you're not aware, minimum payments by various card issuers have started rising, in some cases even doubling, thanks to a mandate set forth by the Office of the Comptroller of the Currency (OCC). (1/2/06)
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