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How Credit Cards Work

How long do I save my credit card statements?

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 [...]

Categories: Financial Literacy, How Cards Work
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?

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 [...]

Categories: Build / Rebuild Credit, How Cards Work
When (and how) to ask for a lower interest rate

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 [...]

Categories: Interest / Fees, How Cards Work
What happens when someone dies with credit card in their name and an authorized user continues to use credit card?

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, [...]

Categories: Miscellaneous, How Cards Work
Can I include my spouse's income on a credit card application?

For most of the past few years, I would have had to tell you "no." After the credit crunch of 2008 inspired a tighter set of federal banking regulations, lawmakers forced banks to get strict about offering new credit only on the basis of a customer's ability to repay a balance from their personal assets. In [...]

Categories: Credit Card Approval, How Cards Work
6 secrets to managing multiple credit cards

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, [...]

Categories: Tips, How Cards Work
Who's in your wallet?

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 [...]

Categories: Financial Literacy, How Cards Work
Before picking up the phone to ask for a credit limit increase...

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 [...]

Categories: Tips, How Cards Work
In case of my death, is there anything out there that would pay off my loans and credit card debt?

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 [...]

Categories: Credit Card Debt Help, How Cards Work
Do you need a job for a credit card?

Ever since lawmakers passed the Credit CARD Act of 2009, regulators have required banks to only issue credit to borrowers with a demonstrated ability to repay. For most of us, that means reporting income from a job. However, thanks to a recent clarification of those rules, more Americans can qualify for credit cards, even without [...]

Categories: Credit Card Approval, How Cards Work

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