Three words and phrases consumers dread the most, credit card debt. Put them together and you have the blueprint for a life span of challenge, tension and aggravation. Why can it be that 3 little words can put a lot worry into the spirits of the average consumer?
Lets check out credit card debt individually, credit by itself sounds good however too much credit is the main reason why numerous Americans are over extended, discouraged and stressed out. Credit cards are pieces of plastic material that are smooth, accessible, and easy to carry around. Most of the people have two or more cards in their pocket book adding to their situation. n.
Debt just isn’t a good thing to take around. For those who combine the 3 you get credit card debt. Mix them alongside one another with excessive joblessness, high cost of gasoline, food items plus essentials and you can start to comprehend why credit card debt is affecting so many Americans. It’s easy to see why credit card corporations are foaming at the mouth area for a chance to give you credit cards. Credit cards by design and style are meant to be a effortless way to expend more revenue then you have got.
What is the solution to this dilemma? Excellent question, this is my individual suggestions to eliminate credit card debt: 1st, you need to teach yourself on the what your credit cards are really charging you. 2nd, buy only what you NEED not what you
Many banks offer optional credit card insurance, also known as credit card protection plans or balance protection plans. These plans offer debt protection in the event of the cardholder being unable to settle the outstanding balance. This may be as a result of death, disability or critical illness, or retrenchment.
Credit card protection plans are affordable and simple to secure, and as a credit card holder, its worth exploring this type of insurance to determine whether its worth having.
Learn more about balance protection plans below, or, if youre not yet a cardholder, explore the range of credit card options available to you.
How balance protection plans work
Just like any other type of insurance, credit card insurance covers the policyholder in the event of the unforeseen. Every time you use your credit card, youre accumulating debt. If something were to happen to you that made it impossible for you to cover that debt, how would the bank recover its money? Thats where a balance protection plan comes in.
If you have a balance protection plan in place, your credit card debt will be covered up to a set limit in some cases, as much as R150,000 per account. This amount varies from lender to lender, and may also depend upon the type of credit card you have. During a very difficult time, the burden of paying your credit card balance will be lifted from your or your familys shoulders.
How credit card protection plans pay
One of the more recent innovations in credit cards that has come around that is really helpful is a balance transfer credit card. This is a feature that is on most types of cards but it could really be to your advantage. Here are some ways that this card can help you and some tips on how to choose the right one.
The first thing you want to do is to select the type of card that is just right for you. Whether it be an air miles card, or a driver’s credit card, or a rewards card, or even a business credit card, you should select which one will give you the greatest advantage. You can determine this by looking for the largest amount or type of purchases you make each month.
Once that is done, you want to start looking at the balance transfer options and compare them. You need to look at more than just to see if it says there is a 0% APR interest rate on balance transfers. All balance transfer options on different credit cards are not equal. Some will charge you as much as four percent of the transferred amount – even if there is 0% APR interest! Many balance transfer credit cards will not charge you to do this, so look around and find one that will not.
Balance transfer credit cards also have different lengths of time for the amount transferred that you can get the 0% APR interest.
Using credit cards poorly has the potential to sink you into debt and rack up enormous interest fees. But used correctly and conscientiously, you can reap the many benefits of spending on a credit card while staying debt-free. These tips will help you maximize the benefits of your Visa credit card and any other cards you have in your wallet.
To encourage you to sign up, many credit card companies offer freebies once you’ve spent a specified amount on your card. These perks include such benefits as points toward a free flight or vouchers for online shopping. Use your card for normal spending, but to avoid the interest rates, pay it off in full every month.
Many credit card companies offer free one-year extended warranties on electronics and other major purchases. Diligent credit cards comparison will ensure you get the best warranty deals available, potentially saving you a great deal of money on product repairs and replacement.
Under the Section 75 law, if you spend a minimum of 100 on a product from a company that disappears soon after, your lender is liable for refunding your money if something goes wrong with the product and you are unable to contact the company from which you purchased the item. Use your card to make major purchases, but only if you have the cash up front to pay off the balance in full to avoid paying interest fees that will add up to much more than the product is worth.
Many credit cards
In the middle of this economic crisis not only the country is experiencing now, more and more consumers are struggling to make ends meet. Lots of individuals has unexpectedly lost their jobs while others are finding it difficult to look for a job due to lack of available employment. In addition to this, owning a credit card becomes a burden as well due to increased interest rates and fees imposed by card issuers.
And although there had been changes made in the Credit CARD law which were meant to protect consumers from bad debt, cardholders must still face the fact that there is still no cap limit on credit cards with variable rates. As a credit card holder who has been struggling to free yourself from debt, are there ways to avoid bankruptcy? Given the situation, how can you protect yourself from financial disaster?
Review your personal credit history.
Annualcreditreport.com offers all consumers the privilege to get one free credit report each year from each of the three major credit reporting agencies (Equifax, Experian, TransUnion). Request for a copy of your personal credit file and check it thoroughly. Verify all the payments you have made.
If there are charges that you know have been paid yet still appear as unpaid in your report, you must take action to correct such errors right away. Keep in mind that even the slightest error or incorrect information found in your report can significantly lower your final credit score. Send a letter of dispute
A credit card bin is a bank identification number (BIN). This credit card bin number is usually embedded in the credit card and provides information about the financial institution that has issued that particular credit card. Today, it is not just banks that issue credit cards. A credit card bin has become a very important piece of information in so far as proper identification of a credit card goes. Both BIN (bank identification number) and IIN (issuer identification number) refer to the same thing – credit card number.
No two credit cards can have the same numbers
There are six digits that form the first part of a credit card number. These numbers make up the credit card bin number. The remaining credit card numbers are then used for identifying the account that relates to that particular credit card. Both the first six numbers of a credit card bin and the remaining numbers are unique to a credit card and this ensures that no two credit cards can have the same set of numbers. The last digit is referred to as a check digit which helps in verifying and securing the credit card.
Importance of first digit
The first digit of the credit card bin is called a Major Industry Identifier which indicates the general industry to which the issuer belongs to. For example, digits (in the credit card bin number) one and two help to identify the issuer as being part of the airline industry. The number three refers
First of all, let’s examine exactly what credit worth means and how it affects your financial life.
Your credit worth, as defined by the financial industry, is the overall picture of your financial health that is used by lenders to determine your ability to repay debt. By looking at a combination of factors, lenders, such as banks, credit card companies, and utility companies, estimate how worthy you are of receiving a line of credit or regular services based on a payment schedule.
The most common factor used by lenders to determine credit worthiness is your credit score. Your credit score is a number generated by a mathematical formula that estimates how likely you are to pay your bills. Based on the information in your credit reports from the three credit bureaus, Equifax, Experian, and TransUnion, your credit score is a factor affecting your ability to get loans and good interest rates. Lenders compare your credit report with millions of others to determine your score.
But your credit score is not the only thing that lenders look at to decide whether or not to give you a loan or a good interest rate. They also evaluate the individual entries on your credit report and the information you provide on your loan application. Some creditors consider your occupation, length of employment, and whether or not you own a home.
Each creditor creates a credit scoring system based on factors important to that institution, so you may receive different
With a plethora of credit cards available to consumers, each have special qualities which make some cards better fits then others for consumers.
There are so many options out there, that you have possibly asked yourself: what is the best credit card for you? The truth is that choosing the right credit card is something of an art and it actually has to do a lot with your circumstances and the use that you have in mind for it. Let us break it down into different categories and review some of the best contenders.
What is the Best Credit Card for you: Those with Excellent Credit?
Chase Freedom Visa – The Chase Freedom Visa allows you to get cash back on everyday purchases like dining and shopping. There is no annual fee and the rewards never expire. This card is great for the person who is an avid shopper and likes to hit the town often. Cash back rewards will add up quickly if you like to socialize, dine and shop.
What is the Best Credit Card for you: Those with Good Credit?
Capital One Venture One Rewards – With the Capital One Venture One Rewards, you get miles that can be redeemed when renting cars, booking hotels, flights and more. There is no annual fee. This card is perfect for the frequent traveler. If you were to take a trip around the world, the Capital One Venture One Rewards card would be a top
What are the steps to take, to prevent fraud, and scam cases from happening to you? If you are running an online business, this will be a very important question that needs to be answered. The first thing that any online business will want to look at will be a credit card bin database; you will be able to find this credit card bin database in a number of websites. It will be an easy thing to search for and you will even be able to download it, to use on your own computer.
Bin stands for Bank Identification Number; this is nothing more than the first six digits of the credit card. It will be found on all credit cards that are issued, and anyone who is serious about doing a transaction, will not hesitate to give you these numbers to verify. Using these six numbers that are found on the face of the card, you will be able to gather a lot of information about the card; this will give you an advantage in making the transaction safer, for both you and the other party.
The information that you will receive will be dependent on the bin database that you are searching on, when you are looking for a website to run this searches on, you will want to find a website that offers the biggest bin database. If you are using a free website that is offering this service, you will find that their bin
Finding a credit card that advertises high credit limits is not a very difficult process. However, getting a credit card with a high limit is a lot more difficult these days than it was in the past.
A year ago, before all the credit crunch problems began, credit card companies gladly handed out very high limits to consumers. Over the past year, though, the number of credit cards advertising high credit limits has decreased significantly. Despite the reduction in advertised credit limits, it is still possible to get initial credit lines of $10,000 to $25,000 if you have good credit. Unfortunately, theres a little glitch in the process.
We contacted every major card issuer to inquire about credit limits. We found some issuers that offer very high limits and others with average to low limits. Despite these differences, every single credit card company we questioned provided the same answer to the $25,000 question. That is, when asked what the credit limit wed receive was, we were told that the only way to find out your credit limit is to complete the application.
No matter how high your credit score or how clean your credit report, the credit limit you receive from a bank will vary based on a wide range of internal factors. These secret recipes for determining credit limits also vary widely from bank to bank. For example, one bank may only deem you worthy for a $5,000 credit limit, while another may offer you $15,000. The basic deal