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How Credit Cards Work

What did the Credit CARD Act of 2009 do? Written by CardRatings.com The Credit Card Accountability Responsibility and Disclosure Act (or the Credit CARD Act of 2009) was passed by the United States Congress in 2009, expanding on the Truth in Lending Act (TILA), and took effect in 2010. Its purpose was to curtail deceptive and abusive practices by credit card issuers. A new Federal agency, the Consumer Financial Protection ...
Types of credit cards: A comprehensive cheat sheet Written by Dawn Papandrea Choosing the best credit cards for your wallet is a strategic way to save money, score perks, and build a strong credit profile. But like most things these days, consumers have a ton of choices when it comes to plastic preferences, which is why it's important to evaluate your options. "People don't realize how much credit ...
Processors vs. issuers: What consumers should know Written by Dawn Papandrea Believe it or not, whenever you use your credit card, there is a lot going on behind the scenes of each transaction. While a lot of it might seem as exciting as reading a legal document, it does benefit you as a consumer to understand the major players involved in your financial business. Here, we break ...
Handing your credit card to someone else? Be smart about it Written by Dan Rafter It can happen in an instant. Employees at your local department store, repair shop or supermarket just have to turn their backs to you for a fraction of a second to swipe your credit card with skimmers connected to their belts. Once they do, they have your credit card information. They can then do with ...
Should you get a credit card after bankruptcy? Written by Maryalene LaPonsie If you've recently had a bankruptcy discharged, your mailbox may be filling with new credit card offers. Although it seems counterintuitive, some companies actually seek out and market their cards to recently bankrupt individuals. That may be due in part to the fact that once you've declared bankruptcy, the law limits how quickly you can ...
How long do I save my credit card statements? Written by Jennifer Goforth Gregory Now that the holidays are over and a new year has begun, many people are using the time spent indoors on chilly winter days to declutter and organize paperwork in preparation of tax season. Before you pull out the shredder, it is essential to understand what papers and statements you need to save and what ...
I'm a 22-year-old female who makes about $1,000 a month. I have a credit union credit card with credit line of $500. I recently applied for a Lowe's credit card and was denied. I'm always on time with my credit card payments. What would be the reason? Written by In this era of instant-approval credit card offers, it's easy to overlook the rule that a bank must supply you with a specific reason for declining your application in writing. You'll probably receive a letter from them in a plain envelope that most people might mistake for junk mail. However, based on what you've told ...
When (and how) to ask for a lower interest rate Written by Even though we're experiencing some of the lowest credit card APRs from the past few decades, you might still be able to save money on finance charges by asking the right question at the right time. Despite competition among banks, it's not always easy to qualify for a balance transfer offer. Besides, you might love ...
What happens when someone dies with credit card in their name and an authorized user continues to use credit card? Written by That's not good. Are you doing that? Please stop. If someone in your life is doing that, please tell them to stop. The consequences could be dire. In most cases, the credit card debt of a deceased American becomes an issue for their estate. If that debtor lives in a community property state (Arizona, California, Idaho, ...
6 secrets to managing multiple credit cards Written by Maryalene LaPonsie For Louis DeNicola, it started in college with a student Visa credit card. That was followed by two store cards. Then came the realization that credit card rewards points could hold the key to free travel. One free flight to Europe and a couple free hotel stays later, the New York City resident was hooked. Today, ...

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