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How Credit Cards Work

Credit Card Canceled Without Notice? Fight Back!

Following a series of shuddering changes in the economy, credit card companies have gotten tough in dealing with consumers. For years, lenders thrived on credit card customers who couldn't make payments on time, and companies reeled in late payment penalties and interest charges. But too many consumers defaulted on their debt, and now credit card [...]

Categories: How Cards Work , Credit Card Help
How One Credit Card Issuer Made Decisions: Ability, Stability, and Willingness to Pay

Lending decisions vary from lender to lender. The purpose of this article is to offer some insight into how I thought about credit card and loan applications while I served as credit analyst for a major credit card issuer. There is a lot of fuss surrounding FICO scores and credit scores in general. These scores need [...]

Categories: How Cards Work , Credit Card Companies
Credit Card Binding Arbitration: When Ignorance Isn't Bliss

Few people want to go to court, but there are times when it is necessary to preserve your rights and to fight unfair or illegal treatment. Watch out for mandatory arbitration clauses in your credit card agreements, which can prevent you from having your day in court. Over the years, the phrase "read the fine print" [...]

Categories: How Cards Work , Tips
Bi-Weekly Credit Card Payments Can Save $1000s in Interest Charges

  Here's a little known tactic for getting out of credit card debt: Send in bi-weekly payments. Say you owe $5,000 on a credit card with a 17% interest rate and 3% minimum payment. If you only send in the minimum amount every month, by the time you've paid off that $5,000, your interest bite would be [...]

Categories: How Cards Work , Credit Card Interest
Credit Card Cash Advance Pitfalls

Credit card cash advances can provide consumers with convenient and instant access to "cold cash" in times of financial need, but cash advances should be avoided if at all possible. Informed consumers realize that cash advances are typically accompanied by fees and exorbitant interest rates (there is also no grace period for cash advances). Moreover, [...]

Categories: How Cards Work , Tips
Credit Card Fraud and Credit Related Scams: How to Protect Yourself from Becoming a Victim

Do you often feel as though you must be on the lookout at every turn, because there are people out there just waiting to rip you off? I hate to be the bearer of bad news, but that might not be a bad idea. Recently, the Federal Trade Commission released the results of a Consumer Fraud Survey. [...]

Categories: How Cards Work , ID Theft / Fraud
Retail Credit Cards and Department Store Credit Cards

Many retail stores want to offer you a line of credit. But before you sign up to get 10% off your purchase and a free umbrella, you need to understand the effect that such cards can have on your credit both good and bad. If you apply for a {fill in name of store here} credit [...]

Categories: How Cards Work , Store Cards
Disposable Credit Card Numbers

The last few Cardratings.com articles have dealt with important issues: credit card protection and security, two things that almost everyone with a credit card thinks about at one time or another. This month, another topic on secure credit card use: online shopping. If you've ever purchased anything on the Internet, you are probably a big fan [...]

Categories: How Cards Work , Tips
Credit card insurance: Is it worth it?

A new year offers a fresh start, and thousands will make a New Year's resolution to get their financial matters more organized. When sorting through various files regarding credit cards, many people may happen upon information regarding consumer credit insurance (CCI). In fact, some people may be paying for this insurance and not even realize that [...]

Categories: How Cards Work , Tips
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