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How Credit Cards Work

Teaching Johnny how credit cards work

In recent years, high schools and universities have been trying to teach students how to manage their money, bank accounts and credit cards. Moms and dads, who have been teaching their kids about money for generations, have likely been discussing money more, in recent years, ever since the economy began faltering. And now, credit card [...]

Categories: How Cards Work , Discover Card, Financial Literacy, American Express Credit Card
Should you pay your utility bill with a credit card?

Paying your utility bill with a credit card? For some credit card users, it could be a smart idea. For others, not so much. And in some cases it can be impossible, for instance, if the utility doesn't accept credit card payments, which is sometimes the case, although debit cards seem to be accepted more readily. And [...]

Categories: Other, How Cards Work
I have an excellent record for payments on all my cards, but I'm paying as high as 29 percent interest. How can I lower the rate?

Lots of factors could contribute to your relatively high finance charge, ranging from the relationship you've got with your bank to the way you manage your balances. In the wake of the Credit CARD Act's passage, consumers wondered what happened to the "protections" lawmakers promised them. After all, hiking the minimum payments and bumping interest rates [...]

Categories: Credit Card Regulations, Balance Transfers, Low Interest Credit Cards, Credit Card Rates / Fees, How Cards Work
A friend of mine is an authorized user on a credit card in which the primary card holder has a large balance. How can she get her name off of this card?

Question: A friend of mine is an authorized user on a credit card in which the primary card holder has a large balance. How can she get her name off of this card and is she responsible for paying off the balance, none of which is her charges. Lastly, does this affect her credit? Any [...]

Categories: Miscellaneous, How Cards Work
I have asked my bank for a lower APR but was denied. How can I find another credit card to get rid of my high interest rate without going through a debt agency?

Q: I have asked my bank for a lower APR but was denied. How can I find another credit card to get rid of my high interest rate without going through a debt agency? A: You have a couple of options here, depending on your comfort level with your current bank. The financial crisis rocked the routines [...]

Categories: Chase Credit Cards, Balance Transfers, Discover Card Credit Cards, Citibank Credit Cards, How Cards Work
How can I raise MY debt ceiling?

Do you have the best credit card you can qualify for? Maybe you did when you applied for your current card, but by now you may have improved your credit score or increased your income, and you think you deserve some extra headroom when it comes to making purchases. Or perhaps you have plans for [...]

Categories: How Cards Work , Tips
Dying with debt: Will your children inherit your obligations?

When Lisa Boesen's parents died a few years ago, they left $60,000 in credit card debt. Lisa and her two siblings were surprised, but they had never discussed their parents' finances. Within a month, creditors began aggressively calling. One credit card company, which repeatedly called Boesen trying to negotiate a payment, ended up putting a [...]

Categories: How Cards Work , Debt
Can you explain how to use the convenience checks that come with credit card statements?

Question: Can you explain how to use the convenience checks that come with credit card statements? Answer: The blank checks that come with your credit card statements are called convenience checks. Many consumers find it appealing to be able to write a check without the money coming out of your checking account. But this isn't free [...]

Categories: How Cards Work , Miscellaneous
Does every credit card charge interest on purchases if the balance isn't paid in full?

Question: Does every credit card now charge interest on purchases if the balance isn't paid in full on the payment due date?Answer: There are very few exceptions I can think of when interest would not be charged. A zero percent introductory purchase APR would be one. Another instance is that some cards are in fact [...]

Categories: How Cards Work , Credit Card Rates / Fees
How often do you have to use your credit cards to keep them active?

Question: How often do you have to use your credit cards to keep them active?Answer: The answer to your question will vary depending on your creditor. Therefore the exact answer is probably written on your contract or available by contacting your creditor. Keep in mind, however, that in this economic crunch, creditors do not [...]

Categories: How Cards Work , Miscellaneous
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