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How Credit Cards Work

Who's in your wallet? Written by Richard Barrington When you share a credit card with someone, you are effectively giving them access to your wallet and your reputation. You need to be careful about who you grant that access to, and what they are doing with it. On behalf of CardRatings.com, survey company Op4G asked 2,000 adults about their credit cards. The answers give ...
Before picking up the phone to ask for a credit limit increase... Written by Jennifer Goforth Gregory Some people assume that a credit limit increase will hurt their credit score. Some people only request an increase when they have charged up to their limit, while others will contact their credit card company for an increase without giving it a second thought. There are many misconceptions about the reasons to ask for a ...
In case of my death, is there anything out there that would pay off my loans and credit card debt? Written by The answer to your question really depends on your personal situation, and will require specific advice from an estate planning attorney. Although some credit card issuers offer payment protection plans, their benefits often apply to job loss or disability, not for death. When you die, your estate becomes responsible for paying any debts outstanding to your ...
Benefits of credit cards for stay-at-home spouses Written by Maryalene LaPonsie 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 ...
Can I have more than one credit card from the same bank? Written by Jennifer Doss Yes, you can have more than one card from a single issuer or bank; 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 ...
If my wife has her own credit card debt and she stops paying does it affect me? Written by 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 ...
Can you explain what the prime interest rate is and how it affects my credit cards? Written by 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 ...
If I use my credit card, can I get cash back when I buy something? Will I be charged a fee? Written by 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 ...
Can I have a family member co-sign a credit card, so I can get an unsecured credit card? Written by 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. ...
Automatic payments: Time saver or finance wrecker? Written by Jennifer Gregory 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 ...

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