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More money and finance tips from
Bankrate.com |
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Fee-heavy foreign transactions
Many major credit card issuers charge a fee for card transactions
in foreign countries. The cost of cash advances are particularly
onerous. When traveling abroad, carry a mix of plastic, cash,
debit cards and traveler's checks. More
Want a better rate? Just ask
Acquiring new credit card customers is expensive and time-consuming,
so issuers don't want to lose creditworthy individuals. If
you've had a year of on-time payments, call your credit card
issuer and ask for a cut on your interest rate. More
Cut credit card costs
Make payments on time, avoid cash advances and don't exceed
your credit limit. Cash advances are more costly as there's
no grace period, so you pay interest from the day you take
the money. More
Identity theft
The No. 1 identity theft is credit card fraud. New card accounts
are opened or existing accounts are taken over. The Federal
Trade Commission offers a hot line and Web site for advice
and tips. More
Save stress with less debt
The stress of credit card debt has been directly linked to
physical problems like heart attacks, insomnia, explosive
emotions, smoking, overeating and lack of concentration. More
Shop online without the worry
Credit card companies are switching to zero liability. If
your credit card is misused on the Internet, you won't be
liable for online transactions charged by an unauthorized
user. But zero liability doesn't mean zero responsibility
-- you'll have to meet certain requirements. More
Fraud alert
Placing a fraud alert on your credit files prevents an impostor
opening credit in your name. The downside is that you give
up the convenience of "instant credit." You can't
sign up for a new credit card and go shopping with it three
minutes later. More
Teen consumers
Credit card companies are targeting the increasingly powerful
teen consumer. Teens get the credit card and the bill, but
parents are legally responsible. Nonprofit organizations caution
that teens lack personal finance teaching, and aren't ready
for plastic. More
Be careful when you do the card hop
Changing credit cards for a
better deal may net attractive teaser rates, but many cards
now deter balance transfers with tough terms and high costs.
Read the fine print carefully. More
Silencing phone solicitors: You
can pull the plug on telemarketers calling your home. The
Telephone Consumer Protection Act requires telemarketers to
record your 'do-not-call' request and refrain from dialing
you for 10 years. More
Credit score
During and after a divorce, you need to make a clean financial
break to keep your credit report accurate. A first step is
to cancel credit card accounts, even if you were only an authorized
user, and reapply for new accounts. More
Digital wallets
Digital wallets, or e-wallets, are extensions of a consumer's
credit cards. Basic e-wallets store cardholder information,
filling in account and personal information at cyber stores.
They are a convenient, secure solution to shopping online.
More
Don't fill up on gasoline credit cards
Gas company cards offering rebates on purchases can be worthwhile
when gas prices are high. But the annual percentage rate and
the annual fee charged are higher than normal cards. People
who carry a revolving balance will find these cards much less
rewarding. More
Credit union cards
Credit union cards: Credit unions usually have lower interest
rates and fees than banks, though they tend to have fewer
choices than bank cards cards. More
Student credit card choices
Students and their families looking for the best student credit
card need to focus primarily on annual fees and interest rates.
Generally, students with a work and credit history will find
a regular credit card is the best deal. More
Variable-rate cards
The cost of using credit cards has increased. Variable-rate
cards, the most common type in the nation, tend to rise in
step with the prime rate. The prime rate has gone in the Fed's
efforts to cool the red-hot economy, but spending hasn't been
significantly reduced. More
Financing vacations
Most people finance vacations with their credit cards. Even
the average credit card interest rate can turn your vacation
into a financial strain if you spend above your means and
take up to a year to pay it off. More
Emerging credit
Tweeners -- people with emerging credit or recovering credit
-- can find good credit card deals. To get the best deal they
need to compare annual percentage rates, grace periods, credit
limits, and fees, and avoid credit cards with hefty application
and processing fees. More
Affinity credit cards
Affinity credit cards (aka "charity" cards) may
give you a sense of purpose to your spending, but can cost
more than your actual donation. Affinity cards carry high
interest rates and annual fees. They have more value if you
don't carry a card balance. More
Paying for vacations
You can enjoy that vacation even after it's over by limiting
your credit card use. Consider planning ahead, setting a budget
and saving for your vacation. If you're still short-funded,
a home-equity loan offers a better interest rate than a credit
card. More
Student loan debt
Graduating college students face an average loan debt of more
than $35,000, and it needs to be attacked aggressively. First,
concentrate on paying down credit card debt, then tackle your
student loan debt. More
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