How Credit 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: How Cards Work , Tips
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: How Cards Work , Credit Card Debt Help
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: How Cards Work , Credit Card Approval
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
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