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How Credit Cards Work

Benefits of credit cards for stay-at-home spouses

Just because you can get a credit card, should you? It's a question that popped into my mind while reading about a recent rule change adopted by the Consumer Financial Protection Bureau. The new rule addresses a provision of the CARD Act that effectively blocked stay-at-house spouses from obtaining new credit cards. Under the act, credit [...]

Categories: How Cards Work , Credit Card Laws
Can I have more than one credit card from the same bank?

Yes, you can have more than one card from a single issuer. However, the extra account carries both pros and cons. A few situations could warrant opening a second (or third) credit card with the same bank. For instance, you may have started a relationship with your bank at a time when you only qualified for [...]

Categories: How Cards Work , Credit Card Approval
If my wife has her own credit card debt and she stops paying does it affect me?

Your wife's decision to stop paying at least part of her monthly minimum credit card payment will affect you, but probably not in the ways you might think. First, the immediate impact on your personal credit score depends on whether your wife has listed you as an authorized user on any of her accounts. Some couples [...]

Categories: How Cards Work , Credit Card Debt Help
Use your credit card without actually using your credit card

The latest trend in credit cards may have you forgetting your cards completely. The next big thing seems to be the movement toward card-less payment methods. Rather than search your wallet for your best credit card, you may only need to scan your phone, or your fingers, to make purchases in the future. Mobile wallets - [...]

Categories: How Cards Work , Other
Can you explain what the prime interest rate is and how it affects my credit cards?

When you hear journalists or credit card companies talk about the "prime rate," they're talking about the annual percentage rate that banks charge their very best customers when they need to borrow money. Those banks' very best customers aren't consumers like you or me, though. They're other banks. Don't worry, though. Your bank's not trying to [...]

Categories: How Cards Work , Credit Card Rates / Fees
If I use my credit card, can I get cash back when I buy something? Will I be charged a fee?

The answer to whether you can get cash back when you buy something with a credit card actually depends on what you mean by "cash back." While credit cards are great for a lot of things, using them as a way to put cash in your wallet right away when making a purchase at a cash [...]

Categories: Credit Card Rates / Fees, How Cards Work
Can I have a family member co-sign a credit card, so I can get an unsecured credit card?

The next time you're on a plane, listen closely to the part of the safety announcement explaining what to do if the cabin runs out of oxygen. The yellow masks will fall from the ceiling, and it's up to you to put your own mask on first before you attend to anyone else around you. [...]

Categories: Secured Credit Cards, How Cards Work
Automatic payments: Time saver or finance wrecker?

Paying bills is a task that most people dread. With many companies, such as utilities and cell phone companies offering a monthly automatic credit card billing option, it can be tempting to sign up for this service. But while we are all looking to save time and hassle, is this actually a smart financial move? Bigger [...]

Categories: Tips, How Cards Work
5 ways to avoid credit card fraud this shopping season

We are down to the wire on the holiday shopping season. If you have been waiting until the last minute to buy gifts, well, we are just about there. However, in your rush to get the presents under the tree, don't make careless mistakes that could put your best credit card number into the wrong [...]

Categories: Identity Theft, How Cards Work
How will the Visa and MasterCard merchant settlement affect you?

When you use your credit card to pay for groceries, your focus is likely to be how much you are paying for the items in your cart. But each time you swipe your credit card, the business you are patronizing has to pay a fee to the credit card company, called an interchange fee. The fee [...]

Categories: Legislation, How Cards Work
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