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Balance Transfer Credit Cards And Their Rewards
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....
Building Business Credit
Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. This means less risk to the owners. But wanting to get credit for your business and actually getting it can be two...
Fair Isaac Corporation Credit Or FICO Score
As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. FICO, put simply, is a person's credit score. A credit score can be used by a potential lender in...
supposition and Credit Repair
When it comes down to it, the majority of people are always
assuming, and most of them assume the worst. Creditors or anyone
today all base their theories on suppositions, and suppositions
have forever caused failure. When people fail to pay...
WARNING Credit Repair
The world is swarming with predators ready to tell you that they
can repair your credit. Some of the sources say they can repair
your credit in as little as three minutes, while others tell you
as little as 25 days.
If you are searching for...
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Maximum Return On Your Credit Cards
There has been an explosion of credit cards that specialize in
certain benefits over the last five years; reward points, cash
back, 0% transfers, credit monitoring, discount gasoline,
money-market savings, etc. So how do you get the most return
from your card, particularly when their plans change?
(Presuming you never, ever carry a credit card balance -
interest charges and potential fees will more than consume any
side benefit that a card can offer.)
In the old days, the big benefit was airline miles. Let's see
how well that works out. The average airfare for a ticket that
was paid for with credit card airline miles is about $400. And
the average program requires 25,000 to 35,000 miles to be
credited a free ticket. Since miles are normally accrued
dollar-for-dollar, the average benefit is between 1 to 1.5% of
what you spend. More reference material for this article is
available at http://investing.real-solution-center.com.
Now we are starting to have something to compare. If you get an
offer for a 1% cash back credit card, you'd be slightly better
off getting the airline miles. But in my opinion, the many cards
offering up to 5% cash back are the best deal, as long the fine
print lines up. First, there are normally limitations on the
shops where the 5% applies. You want a card that applies the 5%
to where you spend the most of your monthly income. The credit
card industry calls these 'everyday purchases', such as
groceries, drug stores, and gasoline, but exclude warehouse
clubs. You should get a card with the widest number of retailers
where you commonly spend money. Or, get a specific-store card
for those large one-time purchases.
For example, if you are
buying new kitchen appliances from Sears, apply and use their
card for the purchase and you normally get 10% off. You can
cancel it later when it has a zero balance.
The next 5% cash back problem is an annual limit. Citi Dividend
credit card limits your annual earning to only $300. If you have
some big purchases, you may have spent $5,000 on your credit
card in the first month, and you've hit your cash back limit
already. So guess what, you are going to stop using that card
and start using a different 5% cash back card until you've used
up that limit as well. Use them up and move on. American Express
currently has a card called Blue Cash for bigger spenders. It
offers only 1% cash back until you spend $6,500, and then it
pays 5% cash back until you've spent $50,000. But there aren't
nearly as many AmEx merchants as Visa/Mastercard merchants.
(Again, AmEx and others may have exclusions like purchases at
warehouse clubs). You can compare dozens of credit cards from
directory websites like www.allstarcreditcards.com.
Getting the most from your card is like going into battle: you
can have a great plan in the beginning, but once cardholders
start exploiting loopholes and creating unintended consequences,
the card companies change their policies, it goes back and forth
continually. So read all the fine print before applying, and
squeeze some extra money from your credit card purchases this
year.
About the author:
Francis Kier has an MBA in finance and shares his two decades of
experience with investing and personal finance. More of his
articles are available at
http://investing.real-solution-center.com
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