A Look at Choosing Between the Five Basic Types of Credit Cards

14 Apr 2011 | by Mildred Matthews | No Comments »

You may become quite overwhelmed at the sheer number of credit cards out there at any given time. Although finding the right credit card for your needs, your budget and your financial situation may be a time-consuming process, you can narrow down your options by first deciding which type of credit card you need or want.

The following is a list of the basic types of credit cards so you can begin narrowing down your credit card options:

  1. Secured – A secured credit card is the ideal credit card for an individual with either bad credit or no credit. A secured credit card is a credit card that requires a deposit that is equal to your credit limit. The deposit is like an insurance policy for the credit card company, and they hold it as collateral should you fail to make a payment on your credit card. A

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Tags: Cards Credit Cards

American Express Return Protection Plan Review

13 Apr 2011 | by Porfirio Hillman | No Comments »

I see a lot of questions on CreditCardForum about the Return Protection benefit from American Express. Whether you have an AmEx card or are thinking about getting one, here’s an on overview of the program details as well as answers to frequently asked questions.

Ever try to return something, only to have the merchant refuse? Perhaps you don’t have your receipt, the store doesn’t accept returns, or some other technicality. Whatever the case may be, if you are dissatisfied with your purchase and the store is refusing, then you can take advantage of American Express Return Protection for eligible items.

Within 90 days from date of purchase, AmEx will refund the full purchase price for your eligible item if the merchant refuses your return. The plan covers up to $300 per item, up to $1,000 annually. Reimb

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Tags: American Express Protection Return Protection

Choosing The Right Credit Monitoring System Is Half the Battle

12 Apr 2011 | by Porfirio Hillman | No Comments »

Identity theft is serious business because your credit could be at risk if you are a victim. There are things you can do to protect yourself and your credit portfolio. One way you can protect yourself is to use an identity theft monitoring service. There are a variety offers out there for these services in which the service will monitor your activity and alert you if there are changes to your accounts. Many of the services only monitor one of the three major consumer reporting companies. If youre considering signing up for a service, be sure you understand what youre getting before you buy it. Always check check out the company with your local Better Business Bureau, consumer protection agency and state Attorney General to see if they have any complaints on file.

Identity theft monitoring services work by monitoring an individuals’ credit reports for any activity, such as inquiries and new accounts opened like credit cards. S

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Tags: Credit Credit Monitoring

The Consequences of Missed Payments and How to Avoid Them

10 Apr 2011 | by Mildred Matthews | No Comments »

As much as we try to remain organized when it comes to our finances, sometimes the inevitable happens: we forget to pay a bill.

But when it comes to our credit cards, paying a bill late can result in serious consequences. If you think because you’ve made payments on time for what seems like forever, and you have a good credit score, that you don’t need to worry about a missed payment or two, you couldn’t be more wrong.

In fact, credit card companies are now coming down hard on individuals who miss even one payment.

Late Payment Fee

Failing to pay your credit card bill can result in a missed or late payment fee (which can range anywhere from $15 to $35), accrued interest charges, and even a higher interest rate.

Penalty APRs

Although the CARD Act has made credit card companies provide customers with 45 days’ notice of a rate increase, it doesn’t stop them from raising interest rates and penalizing you with the penalty APR – which could be as high as 29.99 percent.

Lower Credit Score

In addition to putting a damper on your interest rate, a missed payment could mean a lower credit score. A credit ca

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