Secured Credit Cards

Posted by Credit Card Man | Credit Card | Wednesday 7 January 2015 5:01 am

When deciding upon what credit card is the best for you, don?t rule out secured credit cards. In fact, many people are finding secured credit cards to be the best option. Some people choose a secured credit card when they have had credit problems in the past, and obtaining a traditional credit card would be difficult if not impossible. Secured credit cards are great options for teaching your teenagers and college students about responsible financial spending. Secured credit cards help control your spending, since you must have the money before you can make a purchase, unlike a traditional credit card that you don?t have to have the money to back up your purchases.

So, you may be asking why bother with a credit card at all, if you have to have the cash available to fund your secured credit card. In our modern times, it is becoming increasingly difficult to do certain things without having access to a credit card. Have you ever tried renting a car or purchasing an airplane ticket without a credit card? Ever tried booking a hotel room without a credit card?

Secured credit cards work in the same manner as a checking account debit card, however, there is no actual checking or savings account associated with the card. You make a deposit to the company that issues the secured credit card, and that becomes your spending limit. When you have made purchases that reach the amount of money you deposited, you have to deposit more money in order to continue using the card.

Advantages of using a secured credit card, other than the obvious advantage of not spending more money than you actually have, include the fact that almost anyone is eligible to obtain a secured credit card. Regardless of your personal financial history and credit score, you can make a deposit with a secured card distributor and obtain a credit card. The only actual requirement to be approved for a secured card is you must be of legal age and have money to deposit on the card.

Other advantages of a secured credit card versus a traditional credit card are that you are not charged an annual percentage rate on the amount that you deposit, and you can have your paycheck deposited directly onto a secured credit card in many instances. A traditional credit card will smother you with interest rates, late fees and finance charges over time, and you?ll end up paying two to three times what you?ve actually charged to the card! With a secured card, you know exactly how much you?re paying for an item. Secured cards allow you to make purchases online when you would not be able to if you didn?t have a traditional credit card.

The main disadvantage to using a secured credit card in place of a traditional credit card is the fact that you have to have the money in advance for any purchase you want to make. While this is an advantage when considering your credit score and the perfect way to avoid getting into debt too deep for you to handle, it is also a disadvantage in the event of an emergency situation. If your car breaks, or your home?s furnace dies and you don?t have the cash available, a traditional credit card would come in handy. Perhaps without ever using traditional credit cards however, you will be able to save enough money to cover emergency instances and not need to rely on credit to bail yourself out of the emergency situation.

Secured credit cards may be the best option for your credit card needs. They allow you to travel conveniently, make purchases by phone or the internet, and without the dangers of falling into financial desperation!

This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare secured credit cards.

0 APR Credit Cards Choosing Right Will Save You Money

Posted by Credit Card Man | Credit Card | Wednesday 12 November 2014 8:18 am

Most credit card programs include introductory 0% interest rate credit cards, also known as 0 APR Credit Cards, issued by leading banks and financial organizations, like JP Morgan Chase, Citibank, American Express, and Discover just to name a few. Most 0 APR Credit Cards are created as an incentive for attracting new customers, particularly those with good credit standing. (Note: For those of you who might have poor credit or limited credit histories, it?s likely you will not qualify for the 0% interest rate offers.) Most of the 0 APR Credit Card offers last for 6-12 months, after which competitive, low interest rates are applicable, depending on the terms and conditions of the individual credit card company.

As interest rates have risen, 0% interest rate balance transfers are a particularly good deal. If you transfer an existing credit card balance from a card where you?re paying interest to another where the rate is 0%, you can save a ton of money ? potentially thousands of dollars! So if you?re like many Americans and you have an existing credit card balance on one card or another, a 0 APR Credit Card offers an incredible opportunity to streamline your balance. For optimal savings, we recommend transferring the existing balance to a 0 APR Credit Card and then paying off the balance by the time the introductory period expires.

Additionally, some cards offer even more finance sense and give you 0% APR on both purchases and balance transfer for an introductory period. Discover Card and American Express also offers 0 APR Credit Cards with higher lines of credit, along with platinum benefits. Moreover, they provide extra perks to cardholders, like advanced customer service and fraud protection. Some 0 APR Credit Cards from American Express include Blue from American Express (15 months of 0% on new purchases), and also the Blue Cash card from American Express. Discover has a 0% Intro APR for up to 12 months on several cards as well. These 0 APR Credit Cards can be a good choice for the individuals who have excellent credit and are seeking a credit card with cash back rewards. Transfer your balances to 0 APR Credit Cards, many with low interest rates after the intro period.

To make a decision on a 0 APR credit card, you need to compare the following:

? The introductory period for which the 0 APR runs

? The regular APR after the introductory period ends

? What are the annual fees applied to the card

? If you are able to transfer balances, and

? The type of credit rating you need to apply for and receive a 0 APR credit card.

For More Information and to Compare 0 APR Credit Cards visit:

By Gerard Heitz

The Meaning Of Credit Card Numbers

Posted by Credit Card Man | Credit Card | Sunday 24 August 2014 10:39 pm

If you take a close look at your credit cards, you’ll probably wonder what all those numbers stand for. Every digit actually stands for something specific. Let’s have a look at each of those numbers in sequence.

The First Digit

Gasoline cards, department store cards and phone cards have their own programs.

The major credit card companies operate on a standardized system for assigning credit card numbers. The first digit in the series will always be a 3, 4, 5 or 6. This number designates the type of card you have. For instance, a 3 means it’s a travel and entertainment card, such as American Express or Diners Club. A 4 is Visa and Visa-branded debit cards, cash cards; a 5 is MasterCard and MasterCard-branded debit cards, cash cards; and 6 is Discover.

The Other Numbers

American Express and Diners Club use the second digit to identify the company. That means that Diners Club cards will start with either 36 or 38, and American Express cards will lead off with 34 or 37.

The remaining numbers in the series are used for other purposes, depending upon the card type and issuer. Generally, the numbers grouped after the opening series is the routing number of the bank and the next group is the user’s account number. The final digit is special — a check digit. This is a number calculated by applying a specific formula, and it is used as a fraud check.

Look At Your Card

American Express uses digits 3 and 4 for business or personal card type and the currency of the cardholder’s country of origin. Digits 5 through 11 are the account number. Digits 12 through 14 show the card number attached to that account. The last digit is, of course, the check digit.

Visa uses digits 2 through 6 for the bank number. Beginning with digit 7 and running through 12 or 15, they’re the account number, and the last number is the check digit. The number of digits in a group may vary because Visa cards don’t all have the same number of digits.

With MasterCard, the second digit through digit 3 (to as high as 6) is the bank number. All remaining digits, except the end check digit, identifies the cardholder’s account.

And that’s it. A slightly complex system necessary to track billions of credit cards across the globe.

Ron King is a full-time researcher, writer, and web developer. Visit new-credit-card-now to learn more about this fascinating subject.

Copyright 2005 Ron King. This article may be reprinted if the resource box is left intact.

Credit Cards With Low Interest Rates

Posted by Credit Card Man | Credit Card | Monday 7 July 2014 12:11 pm

One of the ways that credit cards get consumers interested in their credit card products is by offering them low interest rates or low interest rate introductory offers. While low interest rates are great for consumers, do your homework so that you?re not surprised with high fees or short term low interest rates that jump sky high after the introductory period is over.

It?s hard to turn down a credit card with 0% interest, but as they say, there is no such thing as a free lunch. While credit cards with low fees are great for consumers, banks need to make their money in some way and have a way of finding revenue by adding steep fees and only offering low interest rates for the short term.

For instance, you might sign up for a credit card with 0% interest for 6 months, only to find that at the end of that period, the interest rate jumps to 15%. During the first 6 months, you used that specific card very often thinking you are getting a bargain. Unfortunately, now that your credit card balance is higher than before you will be paying a high interest rate and not getting such a great deal. If you want to avoid high interest rates and high credit card debt, avoid traps such as the one above. Low interest rates are great, but in the long run an introductory offer can hurt more than a stable low interest rate credit card.

Low interest rates that last for more than 6 months or a year are usually given to consumers with the best credit rating. If you have good credit, you can usually count on being offered good credit card rates with low fees, for people with bad or poor credit expect a moderate or high interest rate.

There are instances where consumers can use low or no interest rate introductory offers to their advantage. One is to purchase an item that you have the money for in the bank, you can easily pay it off in six months and don?t have to use your savings as it accrues interest. This might work for a high priced TV or vacation. Another instance, low or zero percent interest rates can work for you is if you have a high credit card balance on another card. You can transfer the card to the new card, no longer paying your high interest rate each month. This alone can save you a few hundred dollars over the course of six months or a year.

Connie Barker is the owner of several financial websites including those which deal with Credit Cards With Low Interest Rates

Equifax Credit Scoring 101

Posted by Credit Card Man | Credit Card | Friday 4 July 2014 1:28 am

Equifax is one of the top credit reporting bureaus and is well-versed in calculating your credit score based upon your credit history. Your credit score helps lenders to determine if you a credit worthy and your credit score can keep you from getting a loan from a lender.

To determine your credit score, Equifax uses a mathematical equation on information that is gathered from your credit file. This equation compares is against patterns seen on other files. The range of credit scores go from 300 to 850 and the higher it is, the better it is. As your information changes on your credit report, so will your credit score. It is very unlikely for some one to have the same score from month to month.

Equifax looks at many factors to determine your credit score. The following are just some of the factors that help them to calculate your score.

?Payment History-If you have late payments reported on current or past accounts, these will lower your score.

?Credit Owed-If you owe too much on your available credit, it will affect your score, especially if you are maxed out or close to it.

?Credit History-How long you?ve had credit will also affect your score. If you?ve only had credit for a few months compared to several years, you?re credit score will be affected.

?Inquiries-If you?ve applied for credit with several lenders and creditors, it may lower your score.

?Judgements, Bankruptcies, Collections-Any accounts that have been sent to collection or you have been taken to court on, including bankruptcy, will lower your score.

These, of course, are only a few of the factors that will influence your credit score.

If your credit score is not where you want it to be, there are ways that you can improve it.

The most important thing you can do to increase your credit score, however, is to pay your bills on time. If you do have a circumstance that you can not pay your bills, make sure you include a letter of explanation. This will be included on your credit report an calculated toward your credit score.

JP Burkhart recommends that you visit Equifax credit scoring for more information.

Credit Cards And Marriage

Posted by Credit Card Man | Credit Card | Wednesday 2 July 2014 11:20 pm

Getting married is a wonderful thing and brings forth a whole new life together as a couple. Part of being married means working together as a team in all aspects of our lives? physically, spiritually, emotionally and also financially. Indeed, the matters of finance and debt have caused much disagreements and breakups amongst married couples. Thus, it is always important to have mutual agreement, openness and correlation between the husband and wife in matters concerning finance.

The major area of concern when it comes to finances is the area related to personal debt, especially credit card debt. Many couples go into a marriage without being aware of the debt of their fianc?es. Indeed, although debt is a personal burden while you are single, married couples will eventually have to face the problem of debt together after they are married. This can cause stress in a marriage, which is why 70% of divorces in America are caused by financial issues.

It?s best to exercise sound planning towards consolidated finances after the marriage. This means that you should try to clear any outstanding debt that you may have before you are married. Bringing these into the marriage may mean asking your spouse to bear for a debt that he or she didn?t get into in the first place. Cancel credit cards that are charging high interests and leave one or two that offer favorable rates. You can always inform the credit card companies that you are getting married and are looking into closing some of your accounts.

The best ways to clear your credit card debt is by planning your monthly expenses and budget an amount each month to pay off your debt. You may transfer some of your outstanding balances to 0% APR card to lighten your burden while you pay with monthly installments. Also, don?t charge any more expenses to your credit cards unless really necessary, as these will just increase the debt value that you are trying hard to pay off.

Apart from that, the both of you may also want to cross-check your credit reports so that any discrepancies can be sorted out as soon as possible. If you do this now, you will help to prevent disagreements later on which may arise from debt which you and your spouse had no knowledge of.

After your credit card debt is cleared, strike a mutual agreement between the both of you on the type of expenses that should be charged to credit cards and those that should be paid with cash. Also, be sure that the both of you understand that credit card balances should be paid off each month. Another alternative is to have your credit cards issued under separate names even after you are married so that any credit problems will not affect your spouse?s credit standing.

Alan Bernstein recommends Find Credit Cards to apply for a Morgan Stanley credit card today.

5 Tips For Finding The Best Low Interest Credit Card

Posted by Credit Card Man | Credit Card | Thursday 1 May 2014 2:06 am

Low interest credit cards may offer a limited time low introductory rate APR, or a low fixed rate APR. Both can be very useful, especially for consumers making a large purchase that can be paid off before the introductory rate ends. Cards with a fixed low interest rate rather than an introductory rate can also be helpful if you carry a balance from month to month. Here are five tips to help you choose the best low interest rate credit card for you:

1. Consider your credit needs and habits. Are you preparing for a large one-time purchase, or getting a card for everyday use? If you choose a card with an introductory rate, will you pay off the balance before the rate goes up?

2. Consider which card features are important to you. What are you looking for in addition to a low interest rate? Consider factors like rewards programs, extra services, and any fees that might apply to you and the way you use your credit card.

3. Compare several cards to find the best one. Each credit card may have a different combination of terms and features, so look at several to find one that includes everything you want. Looking at only one or two is easier, but in the long run you can save money and increase satisfaction by choosing from a large selection.

4. Read the fine print. Make sure that you know which transactions the low APR applies to. Some cards have a different APR for balance transfers, purchases and cash advances, so it’s important to pay attention to what you will be charged depending on how you will use the card. If the card has an introductory offer, make sure you know when it ends and what the APR changes to after that point.

5. Check several sources of information. The Federal Reserve publishes a survey of credit card terms every six months, and there are a wide range of websites where you can compare credit card offers and apply online.

To find and apply for a low interest credit card, Beth Derkowitz recommends Find Credit Cards.

Tips For Easy Card Processing

Posted by Credit Card Man | Credit Card | Thursday 1 May 2014 2:00 am

Most businesses conduct their transactions with the help of credit cards. Moreover, personal transactions could also be carried out through the use of credit cards. Credit card has become very essential for shoppers since it eliminates the need to carry a large amount of cash. It gives convenience both to the customer and the seller because transactions can be done any time you want it. It helps in managing your money easier and can be especially used during emergencies.

Using credit cards on online transactions boost your business profit against your competitor.

Here are the three key elements needed for credit card processing:

1. Payment gateway – combination of secure software and hardware that transmits payment information from customer to merchant, provides interface, credit card processing, billing, reporting and operational services.

2. Internet merchant account-relationship between a retailing company and a merchant bank which gives authorization to collect funds from customer?s credit card account.

3. Bank account-an account or account number that holds funds from which they can make withdrawals.

The key to online sales is accepting credit cards but unfortunately, most internet merchant accounts can be harder to achieved because of increased security risks as to no signatures attached, and nor the card is physically presented on the point of sale. In some ways it could also be crucial for businesses because of the occurrence of credit card fraud and attack of credit card thieves.

So you must have a secure, confidential and protected way of dealing credit card information.

The easiest and safest way to implement an online credit card processing is using a third-party service which is a payment gateway at the same time a merchant account. Lots of third-party service or software is offered in the market today and appropriate for all types of businesses. It also incorporates a payment gateway and a merchant account. And many of these services also incorporate a shopping cart application as part of the deal. It may appear to cost more but it saves you from an initial outlay on shopping cart applications and expensive long time contracts.

When choosing a third-party service for credit card payments, consider the volume and frequency of your sales. There are also other third-party credit card processing services available, all of which have slightly different pricing schemes. The right one for you will depend on your sales volume and cash flow.

By Soli Katir

The Importance Of Knowing What’s On Your Credit Report

Posted by Credit Card Man | Credit Card | Thursday 1 May 2014 1:54 am

It is no coincidence the recent push by the government and businesses to help you gain access to your credit report. The government has made it law that you are able to view your credit report once a year, free of charge to help consumers repair their credit reports. A recent study has shown that nearly 70% of credit reports carry some type of error on them. This number has led companies to try to persuade the public to take advantage of their free credit report to clear up errors, prevent identity theft and allow them to help improve their overall credit image. Consumers need to take advantage of this and realize, as overwhelming as it may seem, that you need to repair or fix errors on their credit report, avoiding it will in the end be more costly.

One of today?s highest rising crimes is identity theft. Identity theft criminal can take all your personal information use it to gain credit under your name and ruin your financial future for years without you even knowing it. Consumers to need to become aware of their rights to help prevent this from happening to them. Even in taking advantage of your free credit report it may not be enough. You need to learn how you can repair errors if you do find them so they don?t cost you in the future. Take into consideration all the different types of companies that now look at your credit report when considering you, auto or life insurance companies, mortgage companies, rental applications, bank accounts, credit card applications, and even employment hiring practices in many fields now look at your credit score and use that as a portrayal of you as a person. Pretty scary if you don?t even know what is on it.

When you apply for any type of credit card and for some reason are not approved, you are entitled to a copy of the credit report that the company pulled and looked at in consideration of your application. Here is another often missed chance at a free glimpse at your credit report.

If you are unfortunate enough to find errors or negative items on your report you need to become educated on how to effectively and simply get the items removed or at least reported in a more positive manner on your report. This process may initially seem overwhelming and just plain too much work, but if you take advantage of others experience in this area you can fix your credit report yourself not only saving you money in the future, but earning a sense of pride that you did it yourself. Consumers need to beware of some tactics out their. Credit repair companies are popping up all over the internet claiming they can fix your credit report in 30 days, or they charge you huge initial fees, monthly fees and more to do it for you.

As tempting as it might be to let someone else fix your credit for you you?ll need to be cautious. Remember you may know nothing more about the credit repair company then their web address, and you will be divulging all your personal information, account numbers, social security number and pretty much everything that legally makes you, YOU! Pretty scary for a company you know nothing about? The federal government agrees, the best, safest way to fix your credit is to do it yourself. There are many sources out there that will provide you with information on how to accomplish this. will give you a step by step plan on how to fix your credit yourself and take away the frustration of trying to organize everything and keep you on track to an ensure you have an accurate credit report. Don?t let your financial future be determined by others, be aware of what is on your credit report, and don?t be scared to fix what is not accurate. Don?t pay out higher fees or interest rates, fix your credit today.

Kimberly has been involved in the financial industry for over a decade. Her knowledgea and expertise in the area has allowed her to launch a campaign to help empower and educate consumers in many financial topics so that they can regain control of their finances and make better informed financial decisions in the future.

Credit Card Rewards To Suit Your Personality

Posted by Credit Card Man | Credit Card | Friday 11 April 2014 5:04 pm

Before you rush out to find a card that fits your personality, you first need to determine which types of credit cards you may qualify for.

To help you understand what cards you may qualify for, here’s a guideline:

You may only qualify for secured cards or guaranteed approval shopping cards if any of the following apply to you:

– You have bankruptcy on your credit report
– You have been rejected repeatedly for credit in the past 12 months
– You are in a low income bracket
– You have high debt that absorbs most of your income
– You don’t have any good credit references
– In the past 12 months you were late paying major bills, such as mortgage/rent, utilities, or were late making payments on existing credit
– You have a low credit score

You may qualify for a low unsecured credit limit credit card if:

– You’ve only been late once or twice paying major bills in the past 12 months
– You have at least one good credit reference
– You have at least average income
– You do not have debt that absorbs most of your income
– You do not have bankruptcy on your credit report
– You have a fair credit score

You may qualify for a high unsecured credit limit credit card if:

– You have never been late paying major bills in the past 12 months
– You have at least three good credit references
– You have above average income
– Your debt does not absorb most of your income
– You do not have bankruptcy on your credit report
– You have an above average credit score

If you aren’t sure of your credit score, you should order a credit report or you can use the estimated prequalification guide at

Now that you have an idea of what types of credit cards you may qualify for, you can begin your search to find your personality card. Listed below are examples of these types of credit cards:

Airline Miles Credit Card – this card is perfect for anyone who travels frequently. In addition to awarding frequent flyer miles to the user, this card can also offer discounts on airfare at participating airlines, such as Southwest.

Cash Back Credit Card – this type of card is ideal for people who rarely use cash when making purchases. By making purchases with the card, users can earn cash back based upon a percentage of their charges. Some issuers tailor the card to the user’s personality, by allowing a higher cash back percentage on charges they most frequently make. For example; if the user mostly makes charges at a grocery store, the issuer credits a higher cash back percentage for those purchases. Other issuers may offer higher cash back percentages for purchases made at participating retailers, such as Home Depot or Sears.

Business Credit Card – these are not only for large businesses, now even small businesses can get this type of credit card, and can get separate cards for employees who make purchases on behalf of the company. Again, some business credit card issuers will sweeten the offer by awarding discounts for purchases made at participating retailers, such as Office Depot, or will award cash back percentages.

Retail Credit Card – if a person uses a credit card only at one particular store, a retail credit card can offer discounts on purchases. Examples of this type of card are: Sears Card, JC Penney Card, Wal Mart etc. Regarding the Wal Mart Card, users can get discounts on Wal Mart gasoline purchases, which is quite beneficial during current high gas prices.

Shopping Credit Card – typically known as Catalog or Merchant credit cards, these allow even bad credit people to obtain an unsecured line of credit. Purchases are restricted to a certain merchant or a specified catalog, but nonetheless offer the ability to make purchases on credit. For people with very bad credit, this is an excellent way to obtain credit. Just be sure to use a card that reports your timely payments to a major credit bureau so you can build your credit.

Other Rewards Credit Cards – you can find cards that offer a variety of discounts and free services, such as free music downloads, free roadside assistance, as well as protection against identity theft.

For nearly every individual personality and credit rating, their is a credit card issuer who wants you to become their customer. Be sure to read all the Terms and Conditions, so you know exactly what you will get before you apply.

Article by Toni Phelps,

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