CREDIT CARDS

How do I switch credit cards and not affect my credit score?

2009-07-18T02:45:00.000-07:00

I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don't need these credit cards and I would like to cancel them and have this "possible credit" to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?

Best Answer

Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new card. Apply and start using it.

If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that off as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit.

Paying the monthly charges in full each month is the best policy. It also means not paying any interest.

Why needs Credit cards??

2009-07-18T02:38:00.000-07:00

I've never wanted or needed to apply for a credit card in my life. however my fiance and I are planning to buy a flat in the next 6-12 months and realise that I'm going to need to improove my credit (apparently never owing money is a bad thing).
My question is what's the best and safest way to build up credit, are credit cards used as a supplement to debit cards and if you are in credit on your credit card do you earn interest? I know I sound a bit thick but honestly don't have a clue about these things!!

Best Answer -

I do not know of a single credit card that earns you interest on a credit balance. That doesn't mean there aren't any. Good luck finding one, but I'm not sure that will count a lot to establishing credit worthiness.

Before creditors lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy?

How to Establish Credit

Begin by opening individual savings and checking accounts in your name. Over time, your deposits, withdrawals, and transfers will demonstrate that you can handle money responsibly.

Applying for a loan is another option, but be aware that this method of establishing a credit history will cost, since loans require the payment of interest.

You could take out a bank loan secured by the funds you have on deposit or by items you own, such as a car. You could also ask a friend or relative who has good credit to cosign a loan, which means that he or she shares liability for the loan with you.

You could also apply for department store and gasoline credit cards, which generally are easier to obtain than major credit cards. Before you apply for any credit, however, make sure you understand the terms. For example, how long is the grace period or the time you have to pay the current balance in full before finance charges are added? Is there an annual fee or other fees associated with the credit? If you believe that you will carry a balance, you need to know how finance charges are calculated.

Patience is important in this process. It takes time to establish credit and build a record of consistency in making payments to demonstrate your creditworthiness. And it is much better to go slowly and develop a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle.

Start slowly, be cautious, keep track of your overall debt, and pay on time. Most importantly, remember that credit actually represents real money and has to be repaid with interest.

Hotel rewards credit card

2009-07-18T02:32:00.000-07:00

Hotel rewards credit cards are among the best deals with rewards. With the hotel rewards offers you earn points for dollars spent on your purchases. The rewards program provided with hotel plastics, allows buying from certain stores or spending money to stay at hotels.

Most deals offer one point per 1 dollar spent. Later you can redeem points to stay at hotels or for other travel expenses. Not all hotel credit cards offer the same program. Check up the terms and conditions when you make online applications.

Applying for credit cards, make sure the hotels bank card provides no blackout dates or points expiration. Apply for credit card at our site. The online applications are quick and easy to submit.

Bank Name
Card Name

Intro APR
PURCH.

Intro Period
PURCH.

APR %

Annual Fee

Primary Hotel

Apply


American Express Starwood Preferred Guest® Credit Card from American Express

2.9%

6 months

13.24%

$0⁷¹

Starwood
Hotel

•2.9% Intro APR for 6 months.
•Earn 10,000 Starpoints with your first purchase.
•Earn 15,000 bonus Starpoints when you spend $15,000 in 6 months.
•Earn 1 Starpoint for every dollar of eligible spending.
•Transfer Starpoints® - almost always on a 1:1 basis - to the frequent flyer programs of over 30 major airlines.
•First year fee-free and only $45 thereafter.

Apply


Capital One® No Hassle Miles^SM Rewards

Until
May
2010

13.9% (V)

All-In-One

•1 mile per dollar spent on purchases up to $1,000 each month.
•2 miles per dollar above $1,000 each month.
•No limit on the miles you can earn and miles don´t expire.
•0% APR on purchases until May 2010.
•No Annual Fee.

Apply


American Express Platinum Card®

n/a

$450

All-In-One

•Make everyday purchases count twice: For a limited time, you can earn double membership rewards points on gas and groceries for your first year.
•Earn 25,000 Membership Rewards® Bonus Points when you spend $1,000 in 3 months - Redeemable for one round-trip domestic airline ticket!
•Fine Hotels & Resorts Program - exclusive amenities at boutique, resort, and luxury hotels around the world.
•By Invitation Only® Events - access to exclusive, once-in-a-lifetime events.
•Complimentary Airport Club Access.
•24-hour access to Concierge Service for the finest experiences in dining, entertainment, and luxury.
•The Membership Rewards First® program - Enjoy exclusive access to rewards and experiences featuring luxury retail, lifestyle, and world-class travel.
•No Pre-set Spending Limit.

Apply


Capital One® Orbitz® Visa® Platinum

Until
May
2010

13.9% (V)

All-In-One

•3 points per dollar spent on eligible Orbitz.com bookings.
•Get 1 point per dollar on all other purchases.
•No limit on the points you can earn and points don´t expire.
•Redeem for Travel, Merchandise, Gift Cards and more.
•No Annual Fee.

Apply

http://www.credit-land.com/1002/1002_page_13373_32284.php

Student Credit Cards

2009-07-18T02:23:00.000-07:00

Wow, Today the banks has prepare the credit card for students. I thinks this is good for them. here the list of credit cards :

Student Credit Cards

Following is a list of credit card offers designed for high school and college students. Compare offers and apply online with a student credit card application.

Search through the Student Credit Card Offers below.

Compare offers side by side in order to determine which card is best for you.

Apply for the Credit Card of your choice by filling out a secure online application.

Citi Forward^SM Card for College Students

The credit card that rewards you for good behavior
Up to a 2% purchase APR reduction when you make a purchase, stay under your credit line and pay on time 3 billing periods in a row
6,000 bonus points after $50 in purchases are made within 3 months of account opening
5,000 bonus points when you sign up for paperless statements within 3 months of account opening
5 rewards points for every $1 you spend on dining, books, movies and music. 1 reward point for every $1 you spend on other purchases
0% APR for 6 months on purchases and balance transfers

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%*	0% APR* for 6 months on purchases & balance transfers	17.24%* (V)	None*	Yes*	Good Credit*

Discover® Student Card

5% Cashback Bonus® in categories like travel, home improvement stores, department stores, gas, restaurants, pet stores and many more
Up to 1% unlimited Cashback Bonus® on all other purchases
5% to 20% Cashback Bonus® through our exclusive online shopping site

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0% on Purchases*	6 months*	14.99%*	None*	N/A*	No Credit History*

Citi® mtvU^TM Platinum Select® Visa® Card for College Students

0% APR* on Purchases and Balance Transfers for 6 months
Earn 5 ThankYou Points® for every dollar you spend at restaurants, bookstores, record stores, movie theaters and video rentals stores.
Earn 1 ThankYou Point for every dollar you spend on all other purchases.
Earn 25 ThankYou Points every month when you pay on time and don't go over your credit limit.
Earn up to 2000 ThankYou Points twice a year for having a good GPA.
Redeem points for gift cards, travel, electronics, music and more.
No Annual Fee

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%*	6 months*	17.24%* (V)	None*	Yes*	Good Credit*

	Prepaid & Debit Cards for Students
	Following is a list of Prepaid Debit Cards for High School & College Students. A Prepaid Debit Card can help you control your spending because you can only spend up to the amount you have Deposited into the account.

AccountNow® Prepaid Visa® Card

100% Guaranteed Approval*
Free Credit Builder
Free Bill Pay
Free Direct Deposit
$0 Activation Fee - when you load your card by direct deposit
New iAdvance^SM loan option - no credit check
No Overdraft Fees or Minimum Balance Required
Re-loadable with a $10,000 balance limit

Intro APR	Intro APR Period	Regular APR	Monthly Fee	Balance Transfers	Credit Needed
N/A*	N/A*	N/A*	$9.95*	N/A*	No Credit Check*

Exact Prepaid MasterCard

100% Approval with no credit check or bank account required
Save money with no interest charges or late fees
Free Direct Deposit and online bill payments
No monthly or transaction fees with Direct Deposit
PayPass-enabled card with Direct Deposit

Intro APR	Intro APR Period	Regular APR	Monthly Fee	Credit Needed
N/A*	N/A*	N/A*	None*	No Credit Check*

All-Access Visa Prepaid Card

100% approval - No credit check required
Make purchases anywhere Visa Debit is accepted
No overdraft fees or minimum balances
Online Bill Pay - Easily send a check to anyone
5% APY Savings Account - Exclusive
Free Direct Deposit from your paycheck or government check
Add up to $10K to your account in over 65,000 locations
As seen on TV and in stores nationwide

Intro APR	Intro APR Period	Regular APR	Monthly Fee	Balance Transfers	Credit Needed
N/A*	N/A*	N/A*	as low as $0*	N/A*	No Credit Check*

* See the online student credit card applications for details about terms and conditions of offer. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Here " button you can review the credit card terms and conditions on the credit card issuer's web site.

Source:
http://www.creditcards.com/college-students.php

Credit card issues., Advises needed urgently

2009-07-02T05:30:00.000-07:00

Credit card issues., Advises needed urgently

http://forum.lowyat.net/topic/532331

Hi guys..i am not sure if this is the right place to post for my question. But i need some advises from any of u came across similar situation as me.

My house got break-in couple weeks ago. Apart from the passport, they took some of our credit cards (yes, we left some of our cards in the house as too many "apply-one-come-with-another-one" cards). The burglary case happened around 12pm and they used our cards at one utama around 1pm to 3pm. We only canceled the cards around 3.30pm and there were a lot of mis-used transaction oledi by then.

We sent the dispute form with police report to the banks accordingly, wonder if we as the victim of burglary have to bear all the transaction that wasn't done by us. Any of the tai lou or tai kak jie here work in the bank risk control department or familiar with this can advise me on this issue?

Btw, one of the bank has oledi rejected our dispute, according to them, there is a clause in agreement between lender n consumer: "based on the above circumstances the Bank is unable to waive the disputed transaction amounting to RMxxxx were successfully transacted by the use of your above credit card before we received your lost/stolen card report. You may refer to Clause 13 of the Cardholder Agreement which stated that "The Cardholder shall be reponsible for any debit to the Card Account arising from all unauthorized Card Transaction effected before the Bank receives notification of the said Loss/Theft from the Cardholder"...according to this, meaning that any of us is not protected at all by the LAW even though we are the victim of burglary even the transaction is approved without the correct signature? We manage to get some sales invoices from some of the shops that show the signature is totally different from ours and also the security officer from 1 utama provided us some videos from the shop that show the theft who use the cards. is all these enuf to prove that we are the real victim?

Let me summaries my questions here:

1. Am i in a situation where "sure lose" is the only outcome even i m the victim of burglary?
2. Is there any ways or any organizations that we can carry our appeal further if the dispute rejected by the bank?
3. We did cancel most of the stolen cards as the mentioned date n time above but we left out one card as i totally forgot about it until i checked my e-statement (2 weeks after the burglary) then only found out that it has been mis-used, somemore the bank allow the transaction to go through more than 1500 of my credit limit. Do i have a case here (i did report to the bank and cancel the card immediately after i check the statement) ?

Really appreciate if any of u can provide us some ideas how to resolve this problem as the total amount of the fraud transaction is quite a lot for us. Thank you

This is my comments:

1. If the credits card is lost or stolen please call the credit cards center.immediatly to stop transactions.

2. Please keep your cc carefully like you keep your money.

3

Interest charges

2009-06-23T05:17:00.000-07:00

Interest charges

Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid.

For example, if a user had a $1,000 transaction and repaid it in full within this grace period, there would be no interest charged. If, however, even $1.00 of the total amount remained unpaid, interest would be charged on the $1,000 from the date of purchase until the payment is received. The precise manner in which interest is charged is usually detailed in a cardholder agreement which may be summarized on the back of the monthly statement. The general calculation formula most financial institutions use to determine the amount of interest to be charged is APR/100 x ADB/365 x number of days revolved.

Take the Annual percentage rate (APR) and divide by 100 then multiply to the amount of the average daily balance (ADB) divided by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account. Financial institutions refer to interest charged back to the original time of the transaction and up to the time a payment was made, if not in full, as RRFC or residual retail finance charge. Thus after an amount has revolved and a payment has been made, the user of the card will still receive interest charges on their statement after paying the next statement in full (in fact the statement may only have a charge for interest that collected up until the date the full balance was paid...i.e. when the balance stopped revolving).

The credit card may simply serve as a form of revolving credit, or it may become a complicated financial instrument with multiple balance segments each at a different interest rate, possibly with a single umbrella credit limit, or with separate credit limits applicable to the various balance segments. Usually this compartmentalization is the result of special incentive offers from the issuing bank, to encourage balance transfers from cards of other issuers. In the event that several interest rates apply to various balance segments, payment allocation is generally at the discretion of the issuing bank, and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument, or even if the issuing bank decides to raise its revenue.

http://en.wikipedia.org/wiki/Credit_card

How credit cards work

2009-06-19T23:21:00.000-07:00

Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.

Security?

When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.

Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.

Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.

Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit issuer charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.

http://en.wikipedia.org/wiki/Credit_card

Credit card

2009-06-19T22:47:00.000-07:00

Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1.

http://en.wikipedia.org/wiki/Credit_card

CREDIT CARDS

How do I switch credit cards and not affect my credit score?

Best Answer

Why needs Credit cards??

Best Answer -

Hotel rewards credit card

Student Credit Cards

Student Credit Cards

Prepaid & Debit Cards for Students

Credit card issues., Advises needed urgently

Interest charges

Interest charges

How credit cards work

Credit card