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Posts Tagged With 'Credit Card'

Be Aware and Alert While Opting For a Credit Card

It is easy to take a credit card, but it very difficult to maintain your credit card, as there are terms and conditions to be followed, and failure to follow the regulations may put you in a legal litigation, your credit value will be in doubts and you may be declared as a defaulter.

If a credit card holder for some reason disputes or delays the payments on his card, he is declared as defaulter and his name appears in the list of people with bad credit rating and is not eligible for loans or credit cards from any bank. This information is shared with all the banks, even though different banks have different terms and conditions for its credit card holders.

When you apply for a credit card and sign the relevant forms you must carefully scrutinize the details in fine print and you must check fees and bank charges -to be payable to the issuing bank, and whether the card fees is life time or to be paid annually.

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Credit Card Mistakes To Avoid At All Costs

It is very easy to make credit card mistakes and some of these mistakes can be more costly than others.?? Repairing the damage from one of these mistakes can take several months and the damage to your credit score could last for years.?? Avoiding these credit card mistakes entirely is the best course of action to take.?? Here are some of the most costly credit card mistakes and how to avoid them.

Cash Advances

You should never use your credit card to get a cash advance unless it is a true emergency.?? Cash advances have a different interest rate than purchases and the rate is often sky high.?? Interest charges on cash advances begin to incur as soon as the advance is made and you may have to pay an upfront fee as well.

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Should You Pay Off Your Credit Card in Full Every Month?

In this Credit Karma FAQ video, Bethy and Ezra tackle one of the most popular questions in the Credit Advice Center: Is it better to pay off a credit card every month or make payments toward the balance every month? Do you know the answer? Watch the video to see our take!

Check out our other FAQ videos:

How Do I Improve My Poor Credit? What Is a Good Credit Score? Part 1 What Is a Good Credit Score? Part 2

Credit Card Myths That Can Cost You

There are many myths floating around about credit cards and the best techniques for using them.?? Believing these myths about credit cards can leave you with high debt levels and cost you a significant amount of money that you may be paying off for years.?? Here are some of the most common myths about credit cards and why the myths should be ignored.

Paying With Credit Costs The Same As Paying With Cash

Many people believe that their purchase will cost them the same amount of money regardless of whether they pay with cash or with a credit card.?? Unfortunately, paying with a credit card will always cost more because of added interest and fees applied to the balance of the account.?? As time goes by, these charges can add up, resulting in a significant addition to the original cost of the items purchased.?? You should try to pay for purchases with cash or a debit card to avoid having to pay more than the item is worth to own it.

Rewards Credit Cards Are Always Beneficial

During the early 2000???s, many credit card companies offered free items, cash back, or rewards points for using your credit card at specific merchants or for buying items that fit into a particular category.?? Today, the rewards are more difficult to earn and you must spend more than you may be comfortable with to get the rewards that you want.?? Instead of choosing a credit card based on the rewards, you should choose the one that offers the highest credit limit with the lowest interest rate that can be used at any retailers you desire.

You Will Be Fine Paying Only The Minimum

Some people just pay the minimum payment amount indicated in their credit card statement because it is all that???s required to keep their account in good standing.?? Unfortunately, if you just make the minimum payment, it can take more than 10 years to pay off the entire balance plus all associated interest charges.?? It is better to keep the balances of your credit cards as low as possible by paying off as much of the balance as you can every month.

Are These Minor Mistakes Increasing Your Credit Card Debt?

Many people are unaware of how some minor mistakes can have a serious impact on your financial security.?? Some of these mistakes can contribute to an increase in your credit card debt, which can result in many other problems that can be difficult to reconcile.?? Being able to recognize these mistakes and changing your habits to avoid them will go a long way towards securing your financial future.

Carrying A Balance

One common mistake people make with their credit card is carrying a balance on the credit card.?? Paying off the balance each month saves you money in interest payments and finance charges and shows the credit card company that you can use credit wisely, so you will qualify for lower interest rates.?? Paying off the balance of your credit card each month also increases the chances that you will receive approval for credit line increases and additional credit products in the future.

Not Securing Your Information

Another common mistake that many people make is not keeping their credit card information secure.?? Thieves use a wide variety of tricks to obtain credit card numbers that do not belong to them so that the thief can use the credit line on the cards for their own benefit.?? In many cases, these card numbers are used make purchases on the internet and have the items delivered to a remote location unknown by the owner of the credit card.?? It is very important to resist disclosing your credit card number to people, companies, and websites that you are unsure of.

Your credit card information can be stolen without you knowing about it.?? Often, the person does not discover that their credit card information has been used by a thief until they receive their credit card statement and find charges that they do not remember making.?? A number of protections have been added to credit cards to protect consumers from unauthorized credit card charges, but the ultimate responsibility of keeping your credit card information secure is yours.

3 Gimmicks Credit Card Companies Use to Lure You In ??? Don???t Be Fooled!

Everyday I receive a small treasure trove of new credit card offers in my mailbox. However after sitting down and taking the time to read the fine print, 80 to 90 percent of these offers lose most of their luster.

Many times, the invitation you receive in the mail or the TV ad that you saw will highlight what you could earn in rewards with a credit card. Technically, they are telling the truth, but they are banking on the fact that many people won???t fully cash-in on all available rewards.

You need to be able to identify a few of the gimmicks that issuers use to lure in new cardholders so that you can really maximize your credit card rewards.

1. Enrollment Requirement for Rotating Rewards

Your new credit card may come with 5 percent cash back on gasoline and dining from January through March.

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TD Bank completes acquisition of MBNA Canada credit card portfolio

TD Bank Group has completed the acquisition of substantially all of MBNA Canada’s credit card portfolio, as well as certain other assets and liabilities, from Bank of America.

After the complete integration of the MBNA accounts, TD’s Canadian credit card business will have a total of approximately 5.8 million active accounts.

Toronto-based TD said it expects the combination to be completed in about 18 months and in the meantime, MBNA Canada will continue to operate on a standalone basis.

TD Canada Trust president and CEO Tim Hockey said that the completion of this transaction significantly builds on their existing Canadian credit card business and positions them as a top issuer in the country.

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