400

American Express, or AMEX, is one of the most recognisable names in the financial world.

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American Express, or AMEX, is one of the most recognisable names in the financial world. What many customers who have MasterCard or Visa credit cards in their wallet are interested in, is what is the difference between these two companies and American Express. Well the difference is quite simple.

MasterCard and Visa are both simply payment methods. They allow locations to accept payment using their system. They do not however, issue any credit cards of their own. For this they rely on their partnerships with thousands of banks worldwide who will issue credit cards, provide the credit necessary, and charge clients interest and give them rewards. None of your credit card bill goes to Visa or MasterCard. It all goes to the bank that provided the card. This bank also sets your interest rate, gives you rewards, offers you zero per cent balance transfers, the works.

Visa and MasterCard make their money by charging the retailer a fee for using their payment system, and also sometimes by charging your bank for issuing the card. None of this effects you directly however.

American Express is a very different arrangement. Not only do they have their own payment system, but they also issue their cards directly to customers. So they are running the whole show. If a card says American Express on it, you know instantly who issued it, what payments system it utilises and everything else about the card.

While Visa and MasterCard are probably far more prevalent payment methods worldwide, American Express is rapidly expanding its network. Both Visa and MasterCard are accepted at over twenty million locations worldwide and these are spread around over one hundred and fifty countries. This makes them truly global payment methods. American Express still lacks this degree of saturation. There are places in the world where Visa and MasterCard are accepted widely but American Express is more difficult to use.

However, American Express has its own advantages, particularly for customers in Europe and North America. In these countries the card is accepted widely. The company also offers very attractive credit cards. They have good rates, good reward schemes and good customer service. If you want a card guaranteed to give you a high standard of service, and that still carries a little bit of extra exclusivity now that Visa and MasterCard are so prevalent, then American Express, or AMEX, is a good safe choice.

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Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise. Below are 7 useful guidelines to improving your chances of gaining a higher credit card limit.

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Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.

First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank.

Below are 7 other ways to get a higher credit card limit.

?The most important thing to do for getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when giving a higher credit limit.

?Attract positive attention from the credit card company or bank by paying finance charges once in a while. Obviously, this is not advisable on a repeating basis and should only be used as a last resort to increase your chances of getting a higher credit limit.

Proving to credit card companies and banks that you are good “borrower” can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry.

And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees.

?Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.

?Use your credit cards regularly. Don’t keep your cards for emergency use only. If you use your credit cards sparingly, banks and credit card companies will be unable to understand your spending and pay-back behavior. Under these circumstances, most banks and credit card companies will be reluctant to give you a higher credit card limit.

?Never make minimum payments. Instead, try to pay for the entire outstanding amount. This will usually give you a better chance of getting a higher credit card limit.

?Avoid late payments as much as possible. Not only will your increase payment increase, but you may also have to pay an additional fine for not clearing bills on time. This will also dim your chances of getting a higher credit card limit.

?The best and simplest strategy for getting a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns, so always pay on-time.

The bottom line is that your performance in the records of banks and credit card companies will determine whether you’ll get a higher credit card limit or not.

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Despite many card providers suffering falling profits and staggering rises in the level of bad debts, competition is still rife within the market and providers continue to launch headline ‘best buy?deals. Andrew Britchford, credit card analyst from Moneyfacts.co.uk explains how consumers can avoid some of the common pitfalls associated with credit card deals and make the best of the offers available. Choosing the right card can be more complicated than you may think.

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Despite many card providers suffering falling profits and staggering rises in the level of bad debts, competition is still rife within the market and providers continue to launch headline ‘best buy?deals. Andrew Britchford, credit card analyst from Moneyfacts.co.uk explains how consumers can avoid some of the common pitfalls associated with credit card deals and make the best of the offers available. Choosing the right card can be more complicated than you may think.

“When choosing a credit card there are many factors to consider in addition to the rate, including introductory offers, balance transfer deals, fees, incentives and, if you dare to venture into the small print, the number of interest free days, repayment order and how the interest is charged. These factors can soon reduce the benefits of an apparently great deal.

“Consumers looking for a multi purpose card may find it difficult to find a card that offers competitive terms across the range of account facilities. Providers often dangle one carrot by way of a competitive deal either on balance transfer rates, introductory or standard purchase rates in the hope the consumer will feast upon other facilities, and this is often where providers can earn.

“One key factor and one that is not commonly considered, is the order of repayment. By this we mean, if the consumer has items of their bill generated by different means, for example cash advances, balance transfers or purchases, if a partial repayment is made, what does it repay first? Does it repay the first transaction by date order or by the order of cost?

“A prime example of how the repayment order affects an offer is the current deal, reportedly only a trial at present, available online via the Capital One platinum card. The new card offers a market leading 15 months?0% on balance transfers, but the seemingly small condition of having to spend ?00 on purchases before 1 July makes it almost impossible to obtain this deal in full. By encouraging consumers to use the card for dual purpose, consumers could potentially see their 0% deal vanish.

“The catch lies in the order of repayments. A dutiful consumer making their ?00 purchase, then fully repaying this on their next statement will probably expect to pay no interest. But this is not the case ?the ?00 repayment would go towards repaying the balance transfer, while the ?00 purchase would remain accruing interest of 15.9% until the combined total of the balance transfer and balance is fully repaid (assuming no further transactions).

“This may only seem a small amount, but when paid by all customers and sometimes on much greater amounts, it will soon mount up. Combined with an uncapped 2% balance transfer fee, this is a potentially lucrative area for lenders.

“If we take a worse case scenario, a consumer who, within their first month, transfers a balance of say ?K, and who then makes purchases of ?K. When their first statement arrives, they make a repayment of ?K to clear what they think is their purchase spend. However they will in fact be repaying their balance transfer, leaving the consumer with a balance of ?K accruing interest and a vanishing balance transfer deal.

“Capital One is by no means the only provider to apply repayments in this order. In fact only HSBC, Nationwide BS and Liverpool Victoria use the ‘customer friendly?option and repay the most expensive items first. However, it is important to note that other providers do not actively encourage purchasing on a card designed for balance transfers.

“Consumers should take the time fully to understand the deal they are entering into. With so many cards available on the market, they should find a deal which matches their spending needs. Trying to avoid mixing card usage, and keeping separate cards for purchases and balance transfers will enable consumers to maximise their savings.?

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If you haven’t been credit card shopping recently, you’d be amazed at the variety offered today. In addition to the different interest rates, the extent of rewards or perks offered is vast. There are cards offered to fit everyone’s needs. Good credit, bad credit, in between, 0% APR introductory offers, sky miles, cash back,… just to name a few.

Of course the financial experts would tell you to watch that credit card debt, pay off the balance every month so you don’t hav…

If you haven’t been credit card shopping recently, you’d be amazed at the variety offered today. In addition to the different interest rates, the extent of rewards or perks offered is vast. There are cards offered to fit everyone’s needs. Good credit, bad credit, in between, 0% APR introductory offers, sky miles, cash back,… just to name a few.

Of course the financial experts would tell you to watch that credit card debt, pay off the balance every month so you don’t have to pay interest. If you do have high balances the experts would also tell you to take out a loan on your home so you could get a lower interest rate and tax advantage too. But that’s not always realistic or possible for some. Perhaps they just bought their first home and the equity is limited. There could be a number of reasons why the professional financial advice just won’t work. So what to do?

What if you just purchased your first home and your credit cards had balances with interest being accrued each month? Then say you like to travel, but you have these bills. Could you plan a trip in the not too distant future? I believe you could.

Most of the credit card companies today have 0% APR introductory offers. This rate is good for six to twelve months and many times is valid for balance transfers and purchases. In addition, many offer rewards such as air miles.

First figure out the most you could pay each month on these accounts combined. Apply for a card that offers 0% APR for twelve months and transfer the balances that are accruing interest to this new account. Now remember, you’re saving interest each month. Then you could use the credit card as much as possible for daily expenses, keeping track of and setting that amount aside each day. At the end of the month, you should pay the amount determined which you could afford on the balance transferred and then pay the entire amount charged for the monthly expenses.

By doing this, you would be paying off the older balance with a 0% interest rate and earning rewards at the same time. At the end of the twelve months you may very well have enough points to take that planned trip. Your credit card balance should be paid off almost completely.

When things seem out of reach, you can achieve them, as long as you have a plan.

904

Is credit card debt driving you crazy? Spent too much this holiday season?

Well, you’re definitely not alone. Credit card debt is a way of life these days. Especially now, right after the holidays!

For many people, money gets REAL tight this time of year ?we need to pay for all the holiday gifts, get ready for tax season?
Ahhhh!

What can you do if debt has taken over your life?

Make getting out of debt your New Year’s Resolution for 2006!

Here are 5 simple …

new years resolution,get out of debt, debt reduction tips,financial advice

Is credit card debt driving you crazy? Spent too much this holiday season?

Well, you’re definitely not alone. Credit card debt is a way of life these days. Especially now, right after the holidays!

For many people, money gets REAL tight this time of year ?we need to pay for all the holiday gifts, get ready for tax season?
Ahhhh!

What can you do if debt has taken over your life?

Make getting out of debt your New Year’s Resolution for 2006!

Here are 5 simple tips for getting out of debt. Keeping a New Year’s Resolution is difficult. But if you follow these tips, you’ll be prepared for a prosperous 2006!

1) Write down your goal and make a plan for achieving it!
The first step to getting out of debt is by far the most important ?you need to:

?make a commitment to get out of debt
?write it down
?and come up with a plan for reaching it!

Hey, you didn’t get into debt overnight, and you won’t get out overnight, either. But if you want to get out of debt ?if you REALLY want to get out of debt, you need to have a plan. And you need to stick with it.

2) Seriously consider using a debt reduction program
If you have the discipline to get out of debt on your own, without any help, then good for you! But if you’re like most people, a little help will go a long way. Here are a few debt reduction programs to consider:

?Credit counseling: If you have high interest rates on your credit cards, working with a non-profit company will help you lower those high rates, and combine your credit card bills into one lower monthly payment ?which means more of your money will go towards reducing your debt!

?Debt consolidation loan: If you own a home, you can consider taking out a home equity loan to pay off all your credit card bills, lower you interest rates, and possibly deduct the interest on your taxes (but check with your tax professional on this one).

?Debt settlement: If nothing else is working, and your debt is still overwhelming, then you should consider debt settlement. This is a more aggressive approach, and is not right for everyone, but if you’re considering bankruptcy, this is a good option. You can pay off all your credit card bills at a savings of 40-60%, and get out of debt much quicker.

3) Start fixing your credit problems
Many people think that anything that goes on your credit report stays there for 7 years. Well, that’s not always true. I got a bunch of negative credit items off my credit report ?all I did was get a copy of my credit report, and ask the credit bureaus to remove the “bad stuff? In just a few months, my credit was almost back to normal. There’s nothing that says we must pay for our mistakes forever (or even for 7 years)!

4) Cut down your monthly expenses
If you overdid the spending in 2005, then it’s time to cut out all the expenses you don’t need, and use the money you save to pay off your credit card bills. Take a look at your checking and savings account statements, your credit card statements, and your monthly bills. Then start looking for things to cut. I know, I know, it’s hard to live without cable TV, cell phones, internet access, the morning paper, weekend dinners and entertainment. BUT DO IT ANYWAY ?at least until you get your debt back under control!

5) Make some extra spending money
Sometimes making more money is the best answer! There are lots of ways to make money ?selling some of your valuables, getting a part-time job, starting your own business. Despite some of the ads you read, there’s no really secret to making money ?you just need to find something you like to do, and work hard at it!

6) Think positive!
OK, there were only supposed to be 5 tips, but this one is the best one ?no matter how hard life can get, no matter how much debt you have, the one thing in life you can control the most is how you think. So rather than focusing on what you don’t have, be thankful for all that you do have. Nobody dies wishing they had made more money or worked longer. But many people do regret all the fun and meaningful things THEY DID NOT DO! So make some time to have fun, think positive, and find little ways to enjoy life EVERY SINGLE DAY you are here on plant Earth!

Wondering what makes me an expert on debt? Well, I lived through it. I know what it feels like to struggle. And I know what it feels like to overcome financial problems. There’s nothing special about me. I work at a college, so I don’t make a heck of a lot of money. I didn’t win the lottery. And no rich relatives left me a pile of money.

I just learned a few simple strategies ?actually, I learned the 5 tips you just read about ?and stuck with them until my life changed for the better.

And you can, too ?just follow the tips above, believe in yourself, and DON’T LET ANYONE OR ANYTHING STOP YOU FROM REACHING YOUR GOALS in life!

605

There is nothing as fine as saving money with a 0% APR credit card. These low interest rate cards allow you to spend hundreds less each year in interest allowing you to buy many other things that are important to your family.

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You will see many lenders these days offering 0% APR credit cards. If you are thinking of applying for a 0% APR credit card, it is well worth taking the time to research and compare all the offers and benefits available. Although many company’s offer 0% interest credit cards, in most cases it is for an introductory period only. You should take the time to compare the agreements and conditions carefully, as these vary considerably from lender to lender. It’s also important that you take into consideration the permanent rates that the lender charges. While 0% interest credit cards may look tempting, it’s no use entering into an agreement if you struggle to make payments because the permanent rate is too high.

The benefits of a 0% APR credit card may seem obvious, you don’t pay any interest! But many of the 0% interest cards also offer other benefits. Some come with reward schemes like rebates, others with cash back offers. The reward scheme applies to your purchases, where the lender may give you a percentage of cash back for every dollar you spend. They may also have a reward scheme where you can accumulate points depending on how much you spend. These points can then be exchanged for merchandise which the companies offer to their customers. While the points on offer are strictly in favor of the card company, you can still save on the retail purchase price of these goods, which is a benefit.

If you are currently paying interest on your current card or cards, why not think about changing to a 0% APR credit card? If you have a few cards the monthly payments can soon become a considerable sum. You can save yourself money by changing to one of the 0% interest cards. Just think, instead of paying out maybe $100 or so a month in interest, you could be paying out a lot less while reducing the amount you owe.

Most banks or credit card companies will allow you to transfer the outstanding balance you have on your current card to one of their 0% interest credit cards. That means you could consolidate all your outstanding balances on your current cards by transferring them to your new 0% APR credit cards. Some lenders may have a limit on the total money you are allowed to transfer. It’s important that you read the terms of the offer and understand them fully before committing yourself to an agreement. You don’t want to be penalized by any fees you may have to pay if transferring a balance.

The new lender you have transferred your balance to, may have a time limit on their 0% interest credit cards. If you want to keep your payments low, or keep reducing your balance then you should think about changing your card or transferring the balance before the 0% APR credit cards offer runs out. It is worth checking your agreement at this stage just to make sure you will not incur a fee for transferring your balance to another card.

If you’ve done your homework and chosen the correct card in the first place, this shouldn’t be a problem. You should start to look for your new 0% APR credit cards, or card, a month or so before your offer terminates. This will give you time to apply and be able to transfer your balance as soon as your 0% interest credit cards offer ends.

There is an important fact about a 0% APR credit card that most people overlook. Most agreements state you must make ALL your 0% APR credit card payments on time. If you make a late payment on your 0% interest credit cards then the offer becomes invalid immediately.

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If you’ve ever experienced financial problems in the past then the chances are that any mistakes you’ve made (whether you know you’ve made them or not!) will be recorded on your credit record. In many cases these mistakes will occur as a result of financial problems you may have experienced ?but often you can get a bad credit history without really doing anything wrong.

The majority of problems that will give you a bad credit record will happen if you have problems managi…

personal loans, debt consolidation loans, finance, bad credit loans

If you’ve ever experienced financial problems in the past then the chances are that any mistakes you’ve made (whether you know you’ve made them or not!) will be recorded on your credit record. In many cases these mistakes will occur as a result of financial problems you may have experienced ?but often you can get a bad credit history without really doing anything wrong.

The majority of problems that will give you a bad credit record will happen if you have problems managing your finances. So, if you miss a credit card payment, default on your mortgage, are declared bankrupt or are given a CCJ (county Court Judgement) against you for one reason or another then this will all show up on your credit rating, for example. These kinds of issues will all count as negatives.

But, other issues can give you bad marks on your credit rating. For example, simple factors like your marital status and whether you have children can give you plus or minus points. The fact is that it isn’t just what you do with your money that comes up on your credit rating ?you can have a rating that is less than perfect from a lender’s point of view even if you have never had a financial problem before in your life!

But, there is a key issue here ?no matter where your bad credit rating came from. If you have a less than perfect credit score then you look less attractive to lenders when it comes to taking out loans and other forms of finance. The first thing that the majority of lenders will do when you apply for a loan is to look at your credit rating ?if they don’t like what they see then they could well turn you down flat. And, things could then go from bad to worse as every rejection that you get when you apply for finance also goes on your credit rating!

Luckily, most lenders will take a better view of bad credit ratings now than they may have done in the past. And, if you find that a mainstream lender won’t deal with you on this basis, then you need to remember that you do have other options when it comes to taking out loans. There is now a whole sector of the lending industry that solely specialises in working with consumers with bad credit so it may be that these specialists will be better placed to help you out.

One last tip ?don’t let your bad credit rating cause you further financial problems. Some bad credit specialists have muscled into the market with high interest rates and deals that are not as good as they could be. But, there are hundreds of reputable lending sources that you can work with ?the key is just to find them. This is made much easier nowadays if you online to compare rates and deals. Your key aim here is to get the lowest interest rates and the fairest deals you can ?after all, you don’t want to make a bad situation worse!

522

Have you ever been attracted to a credit card because it promises you an outstanding interest rate that seems just too good to be true? Most of us have at some stage jumped for one of these attractive offers.

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Have you ever been attracted to a credit card because it promises you an outstanding interest rate that seems just too good to be true? Most of us have at some stage jumped for one of these attractive offers. There are a growing number of credit card providers out there that will offer you 0% deals on either balance transfers or purchases, and sometimes they just seem too good to resist.

Particularly if you have a large outstanding credit card balance that you are currently paying a lot of interest on, these offers will be very tempting. In fact, many 0% balance transfer offers will save you hundreds of pounds on interest that you would otherwise have had to pay on your credit card balance. But no matter how attractive such offers may appear at the time, you should only ever take on another credit card if you have taken the time to review your finances and are satisfied that it is the right financial move for you at this time.

To look at a typical example, suppose you have one thousand pounds outstanding on a credit card that charges 10% APR. This means that over the course of a year, this balance will cost you 100 pounds in interest charges. Now suppose you find a credit card that offers you 0% on balance transfers for six months. Well it is pretty obvious that 0% is better than 10 and if you were to take up this offer, assuming there are no balance transfer fees, then how much will you have saved over the six month interest free period? The answer is 50 pounds. However, what will the interest rate revert to once the interest free period has come to an end? This is something you should be thinking about before you opt for the credit card, and not when the interest free period is about to expire and everything is more urgent. Suppose, for the sake of our example that the interest rate reverts to a rate of 25%. This means that over the next six months you will pay ?25 in interest.

While this is a very simple example, it illustrates an important point when it comes to 0% balance transfers. In the example above if the customer had stayed with his 10% card, he would have paid ?00 in interest over a 12 month period. In the same period, by opting for a 0% balance transfer for six months that then reverted to 25%, he ended up paying ?25.

The point to remember is that just because a credit card offers you 0% does not mean it is the best deal out there. Look at the long term rates that the card will offer you, and compare these to the rates you are already getting from your credit card. If your existing rate is better than the rates that you will get from the new card once the introductory offer expires, then maybe you should remain loyal to the card you have.

So while this is going on you will not be spending on the new credit card, but you will be safe in the knowledge that you are saving the interest payments on the old debt.

434

How many pieces of plastic do you have? Are you a credit card fanatic? You know, one of those individuals that acquire as many credit cards as possible? Now, first of all, this may get you into a serious financial bind.

0 apr credit cards

How many pieces of plastic do you have? Are you a credit card fanatic? You know, one of those individuals that acquire as many credit cards as possible? Now, first of all, this may get you into a serious financial bind. Sure, credit cards are a great way to deal with an unexpected expense, and can no doubt save your butt at times. However, these tricky little cards can also dupe you into spending carelessly. We all know their typical spiel. Those clever credit card companies know just what you want to hear. That’s why your mailbox is consistently filled with offers for 0 apr credit cards. They love to pitch that; don’t they? Let’s face it; we all light up at the number 0. It immediately tells us that we won’t lose anything. Ha, that’s a good one. But, while these 0 apr credit cards start out benign, they soon turn sinister. Suddenly the apr is through the roof, and you’re shelling out tons of cash for interest rates every month.

When you checked your mailbox today, were there any pitches for 0 apr credit cards? I’m going to go ahead and guess there was at least one. Now, the question is; are you going to rip it open and read the whole deal, or simply tear it apart and throw it away? Don’t get me wrong, we all like to have a credit card or two in our wallets and purses. Those 0 apr credit cards can come in handy if we get in a bind. The trick is using it wisely. This basically translates as not using it unless you have to. And I mean have to! There’s no reason to stick something on your 0 apr credit cards if you can already pay cash. Why grapple with the monthly credit card payment? Or maybe you’re one of those rare individuals who pay their credit cards off completely each and every month. If you are, then many congrats to you. You’re one of few. Although many of us, or probably most of us claim that this is how we will do it, we actually don’t. Believe me, the credit card companies count on this. In the end, you’ll probably want one of the 0 apr credit cards for some emergencies. The trick is staying strong and not using it for random shopping. If you are in search of current deals on 0 apr credit cards, then I suggest you get online. It’s easy to pop open Google and do a quick search regarding 0 apr credit cards. However, be prepared, because loads of them are about to pitch to you.

491

When posed with the question on which credit card rewards you should pick, there really is no standard answer. Reward credit cards offer different options that may work differently depending on the lifestyle of the card holder. Therefore, whether you should get an airline frequent flyer credit card or a card with generic rewards is really up to your personal spending habits and travel needs.

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When posed with the question on which credit card rewards you should pick, there really is no standard answer. Reward credit cards offer different options that may work differently depending on the lifestyle of the card holder. Therefore, whether you should get an airline frequent flyer credit card or a card with generic rewards is really up to your personal spending habits and travel needs. In this article, let’s consider pointers for both:

Frequent Flyer Credit Card

When it comes to choosing a frequent flyer credit card, one thing you’ll want to consider is your traveling options. Do you have a particular airline that you prefer to fly with? In which destinations do you frequently most travel to? Naturally, it’s practical to choose a credit card that has affiliations with your own chosen airline and one that gives miles rewards to the places you frequently travel to. Usually, every brand of credit card has a partnership with one specific airline. Choosing a frequent flyer program that best fits your needs will enable you to make the most out of your rewards. Remember, when you choose a specific Flyer Miles Program, you are bounded to one particular airline or carrier including the travel privileges it offers.

Generic Miles Rewards Credit Card

Blue Sky?from American Express. Some people don’t have one particular carrier or airline in mind. Instead, they prefer to fly with an airline that offers the best rates. If you’re the type of person who prefers to shop around first for the cheapest travel fare for your travel, then you should definitely pick a credit card with Generic Miles Reward program.

Instead of affiliating with a sole airline company, there are credit card companies who offer generic miles rewards for clients. This option enables credit card holders to get their free ticket or purchase their ticket at a discounted rate at any airline company they prefer. However, the card holder must remember that a generic miles reward card cannot be used together with another frequent flyer miles program. You can’t combine the rewards you earn from both cards.

Making Your Choice

Yes, a frequent flyer credit card imposes different rules with a generic miles reward credit card. That is why it is important to weigh your options carefully before signing up for the travel reward credit card you want.

Other differences are the fees and costs involved for each card. For instance, a frequent flyer credit card is usually accompanied with an annual fee so don’t forget to check whether the annual charge is reasonable or not. Generic Miles credit cards most often don’t require an annual fee from its holders.

Finally, take the time in examining all the terms and conditions that will bind you to your chosen travel reward credit card. Make sure that you’ll be able to collect your travel points easily and that you can receive your miles rewards while still keeping your spending in control.