Finance Globe

U.S. financial and economic topics from several finance writers.

You Have the Power to Avoid Credit Card Penalties

When you use your credit card, you’re agreeing to abide by the credit card issuer’s rules. And if you break the rules, you’ll have to pay a penalty. The good news is that the rules are simple and pretty easy to follow. Stick to them and you’ll avoid expensive credit card fees and penalty rate hikes. Pay your bill on time. Late credit card payments carry the heftiest penalties of all. One missed payment and you’ll...
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What Makes a Good Gas Credit Card

Gas prices are expected to reach record highs this summer which means filling up the tank could get pretty painful. You may consider offsetting the high cost of gas by getting a credit card that rewards your for gas purchases. Good idea. There are many gas rewards cards out there, but not all of them are great deals. And a few even cost you more than they reward you, so choose carefully. More back on gas...
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What Happens When a Credit Card is Charged-Off

A credit card charge-off is the worst credit card status you can have. That’s why you should avoid letting your credit card get that delinquent, if you can help it. How Charge-Off Happens You’ll have plenty of warning before your account gets charged-off. Each month that you’re delinquent the credit card issuer will contact you via phone, mail, or even email to let you know that your account is seriously delinquent and in danger of default....
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Reduce Your Credit Card Junk Mail

Tired of tossing credit card offers every time you check the mail? There’s way to stop most credit card offers temporarily or even permanently. Background on Pre-Approved Credit Card Offers For many of their prescreened credit card offers, credit card issuers use lists from credit bureaus. Credit card issuers ask the bureau to send a list of consumers who meet certain criteria, perhaps those with a certain amount of debt or those with a specific number...
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Annual Fee Credit Cards: Deals or Duds?

The most commonly given advice regarding credit card annual fees is that you shouldn’t pay one. However, you may be passing up a great credit card deal if you swear off credit cards that charge a fee each year. At least look at the perks before you decide an annual fee credit card is a no-go. Why Would Anyone Pay an Annual Fee? Sometimes consumers accept an annual fee because the credit card perks outweigh the...
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One Credit Card, Multiple Interest Rates

The interest rate, or APR (annual percentage rate), is one of the most important credit card features because it impacts what you pay for carrying a credit card balance from one month to the next. But, credit cards have more than one APR that you should know about. Five Types of Credit Card APRs Purchases APR: The purchases APR will apply to most of your transactions. This is the APR that applies when you swipe your...
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When Applying for a Credit Card is a Bad Idea

“Should I apply for this credit card?” is a question that should go through your mind every time you think about clicking submit on a credit card application or to applying for a credit card over the phone or by mail. If you apply for a credit card that you’re unable to handle, the resulting problems could be more than you’re able to deal with. Here are a few times that applying for a credit card...
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Is the Minimum Payment Ever Ok?

The minimum payment is the lowest monthly credit card payment you can make and remain in good standing with your credit card issuer. The minimum payment is just a small percentage of your balance, often 3% to 5%, and paying just that amount means you can use the rest of your money for other things. And while your minimum payment is cheap, it’s actually the most expensive way to repay your credit card balance. Consider a...
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Beware Credit Card Telemarketing Scams

The Federal Trade Commission recently shut down a telemarketing scam following consumer complaints of being sold a bogus credit card. In the scam, telemarketers called consumers who’d recently applied for an online payday loan. These consumers were offered a credit card with a $9,500 credit limit if they agreed to pay an advance fee of $99 and a monthly fee of $19. Consumers were told the cards – the Platinum Trust Card and the Express Platinum...
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Tips to Catch Credit Card Fraud

Identity theft and credit card fraud can be difficult to detect and sometimes costly and time-consuming to correct. While many there are laws and business policies to protect you from fraud liability, you’ll still have to spend time dealing with the effects of fraud. Early detection is key to ensuring you minimize credit card fraud damage. Your billing statement contains credit card transactions that you didn’t make. Perhaps the easiest way to spot credit card fraud...
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