Credit Card

There are various credit cards available today. These cards may be divided according to their use or the financial institution that offer them. These offers are available for you whenever you want. Several sellers are available with different cards to fulfill your needs.

Some of the cards available are JP Morgan Chase, Capital One, Citibank, Bank of America, American Express, Discover Card, HSBC Bank, First National Bank Cards, MasterCard etc. These cards are the cards issued by different banks. Credit card offers will vary depending on the need of the buyer.

Among these cards only, there are various types cards are available like Gold card, Silver card, Platinum card, Diamond card, Universal card and so on. Depending on the usability or use cards may be student card, airlines card, petro card, fuel card, shoppers card and so on. They are available for people with bad credit history. You do not have to worry about not getting a card because of your bad credit history. You will find bad cards for your use. Just check with the bad card agency and find one for yourself.

Cards for Bad Credit are always available to save those entangled in bad credit history. There are unsecured ones available for people with bad credit. You will also find secured credit cards for bad credit. In some cases you get instant approval for your credit cards. If your need is urgent, then apply for such instant cards.

While choosing the card, make sure you find the best one. Browse through all the available credit cards and see which one is better for you. See the annual charges and fees attached to the cards. After seeing all of these apply for a card.

Find the credit card you want online. There are many online card providers available from which you can select one card. They also offer information about various cards. In the other case, you can meet a representative of the local seller and get a card for you.


How Many People Do You Know That Can Buy a House Or Expensive Car Using a Credit Card?


Do you want my Social Security Number?

Although I would not suggest you doing so, but I just want to share with you the power of possibilities/CREDIT. It is amazing that in this world where and when most people are suffering from bad credit or high credit card debt just because they could not stop yanking credit cards out of valets when they go shopping, there are some people among us that are not making million of dollars yet are able to use credit cards to buy expensive cars or houses. Let's look at this in more detail.

Although it is uncommon to use a credit card to purchase a car, but what I am trying to show you is the power of credit. Let's see:

1. To buy a car using credit card, requires high credit limit. Especially when it comes to expensive cars

2. To have such a high credit requires continuous discipline. It means:

a. acting responsible- paying bill on time every time;

b. requires a length of time;

c. brings the lenders' long-term respect.

d. And power of understanding on how to deal with lenders.

3. Now if you have such a high credit, it will teach you how to even have low interest card.

Let me give you an example. Some one offered me a Porsche Cayenne at a reasonable price. I did not have cash at hand, and if I was going to get a loan from a bank for this car, I would have received a loan at a rate of 5.55% to 6.00%. But I did not need to use any bank loan, because I had a chase card that was offering me an interest rate of 0.99% for a year or two. That was enough time frame for me to get the car using my credit limit on the card and pay +$30,000.00. NO I am not going to tell you the actual price (but over $30K).

However, before made this purchase, I used a similar technique and purchased a house (an investment property at a rate of 4.9%)

How many of you out there can do this without coughing up a lot of money?

You see, although I am not trying to brag about my deals (as I have been suffering other down turns in life - thanks to a great wife and two so-called best friends of the past), but having good credit opens up a lot of doors unexpectedly.

The families that were ready to sell their home or car to me knew that I am a capable person (even with an empty pocket-no money). Although most to all of my money was spent without my control and while I was away (read about it in my book called When I-RAN-out to public in 4 months), but I had one ability after I returned. How to return my credit score that used to be at 798 and went to 440 back to 830 in a matter of short time. It is called knowledge. As I repeatedly say in my articles, "Knowledge is wealth" here we go. I am a living proof. Knowing what to do, allowed me to turn my credit life around that has been helping me to bring back new money to the table after going from rich house to a poor house in my absence and (thanks to my closest confidants).

If someone needs to see proof, please feel free to ask me. I will even give you my Social Security Number and want to see how much damage can you do to me. I bet none.

What is the moral of the story?

Please write to me and tell me what is in your mind.


Mike Samadi

Any questions? Go to "Q & A" and "Comment" pages of my website, read, review and post your questions, stories or comments. Your information will remain confidential. Joint my membership club (coming soon).


Best Credit Cards

With the advent of plastic money sure you are enjoying the power to possess different goods and services before even making payments. But the question here is, are u really enjoying your credit worthiness or actually paying more on the name of free credit? You may call it a privilege but it's all a money making business so if you are not smart enough using your credit cards you may end a being ripped of by banks. Following are some considerations you should make before buying and while using a credit card.


Your credit card brand decides the acceptance of your card around the globe. Some of the popular brands are Master, Visa, Visa Electron, American express, Cirrus, Maestro etc. Master and Visa cards are most widely accepted card brands. You should get a card with these holograms on otherwise you would keep searching ATMS and merchants accepting your card.

Interest rates:

Reviewing and comparing the interest rates is the preliminary thing that has to be done. It is usually seen that credit cards giving you offers like merchants discount, petrol surcharge waiver, gift voucher etc. usually have a higher rate of interest. As a customer you should purely focus on getting the lowest interest rate instead of being carried away by the rewards and the gifts. For example ICICI bank and SBI charge no joining fee and no annual fee but their interest rates are as high as 45.09% and 44.25% respectively. On the other hand HDFC charges Rs 300 as joining fee and 700 as an annual fee on their silver card but it has a low interest rate of 41.75% both in the case of credit and cash withdrawal.

Maximum Credit Free period:

If you really want to enjoy the free ride, you should search for a credit card with the above feature and the one that provides more stretch of time. Most cards provide you 48 to 50 days as grace period.

Revolving Credit and Balance Transfer facility:

It is not just enough to have free credit period but also flexible repayment option. So, you stay easy even after your deadline is gone. In the case of the credit cards with no extended credit facility you have to pay interest on the whole amount from the day of transaction, if you fail to pay your dues on time, but in the case of revolving credit you can pay a part your dues (Min 5% of the principle amount) and then pay interest only on the amount outstanding from the day of your deadline. Cards like HSBC also provide you the option of paying your outstandings at predefined EMIs.


Charges on a Credit Card

A credit card is a tool for financial leverage. It is an available supply of money, on loan, that needs to be paid at some future date with interest. So, when one purchases an item on credit, one not actually pays for the amount of the item but pays for a whole host of other amounts because of the purchase. Here is a brief list of the items charged on the card.

1) Interest

This is the most basic charge imposed by a credit card company on a holder. This is the amount, usually set at a rate, determined as the cost of the money lent to the cardholder for the purchase. Though some may offer 0% interest for a certain period, this is in essence recouped on the lapse of the period and the actual interest rate is imposed.

2) Surcharges

There are many surcharges imposed on a credit card holder. There is the merchant's fee, and if coursed through a bank, a handler's fee is charges. This can be seen when one receives the monthly bill on the card. As required by law, the credit card company must list all the billable charges on the card. If one is quite fastidious, the charges imposed are a t a rate when put together would amount to a plenty sum. So in order to avoid this, limit the use of the card and make purchases more on a cash basis.

So it can be seen that one is lulled to a sense of complacency as to the use of a credit card. In order not to be robbed blind by charges made on the credit card, do limit the use to large expenditures. In this manner, one can determine how one can avoid losing money on credit cards.


Continental Finance Credit Card - Review

The Continental Finance MasterCard is an unsecured sub prime credit card. This means that it is designed specifically for individuals with a low score.

It will be issued with an initial limit of $300. However you will be able to received semi-annual limit increases, with a maximum limit of $2000.

You account will be reported monthly to all three bureaus. This will give you an opportunity to rebuild your score.

It can help your score because it will improve your ratio of credit to debt. In addition by paying your monthly bill you will create a positive payment history.

These two factors have a tremendous impact on your score. It is still important to remove negative items from your reports.

It is unsecured and that means that you do not have to put any money down to be extended this account. However you will be charged an annual fee, unfortunately with a damaged score every card that is available will have some fees.

It does offer a low 9.75% APR. This is way below the industry standard of 19% APR and it is accepted world wide at millions of locations.

There is an easy approval process, and can be used by people with a bankruptcy on their credit history. You will get the results of your application with seconds of completing it online.

It is issued by the First Bank of Delaware. This bank has been a leader in sub prime lending for years.

You will also have online account access. You will be responsible to keep your balance below your limit and to pay your monthly bill.

Your other option with a damaged score is a secured card. However this is reported as a secured account to the bureaus which will help your score but not as much as an unsecured account.

Or you can get a shopping card. We do not suggest these because they come with monthly fees, a large deposit and often only report to one bureau.

In sum we do suggest the Continental Finance MasterCard to anyone looking for a second chance. It can be used to re-establish your score and build positive credit.


Credit Card Cheques Are Costly

With the global credit crunch hitting consumers hard, banks are grabbing every opportunity available to pass on increased interest rates especially on overdrafts. Many of these banks are also offering their customers credit card cheques which attract exorbitant interest rates.

According to recent reports, leading lenders are increasingly taking advantage of the growing debt levels among Brits even after the Bank of England reduced the base rate by 2.75 points in the past year, to as low as 3 percent.

Reports suggest that banks have raised their over draft interest rates by more than 7 points which leaves many of their customers who are already hard hit by the crunch with interest rates charges that average at 17 per cent.

Crunch time but not for banks

High cost of energy, petrol and rising cost of food has left many British families struggling to cope with the impact of inflation as a result, overdrafts are becoming an attractive form of credit. Additionally, many people are finding it increasingly difficult to meet the rising cost of new mortgages.

There is concern among industry sources that many consumers who rely on credit cards see the cheques as 'friendly freebies' not knowing that they attract huge fees and interest rates associated with using them especially when the cheques are used to offset household bills or consolidate any debts.

Statistics show that banks have sent more than 280 million credit card cheques to their credit card consumers in the past year, a significant number of these cards are unsolicited.

But, what is even more worrying is the thought that more people are likely to opt for such quick fix methods of financing their way during the crunch particularly during the Christmas festivities. Sadly, this could throw them deeper into financial crisis as the economy settles into recession.

Banks cashing in

According to latest studies, financial institutions are now grabbing every penny out of crunch hit households. Market analysts say that banks that are raising overdraft interest rates only make it worse for consumers struggling to cope with credit crunch.

A study by uSwitch found that £3.6billion has been spent with the cheques in the last one year alone and lenders have collected more than £571million in interest and charges. Reports suggest that the average handling fee is now reached 2.5per cent, which equates to £28.49 on the average cheque value of £1,141. At the same time, the average interest and charges for each cheque used amounts to £178.56.

Abbey, Barclays and the Co-rp, have increased their overdraft interest rates by an estimated 2-points over the past 12 months. Others who have followed suit include Smile, Nationwide and First Direct. This means that a consumer with £500 overdraft at 17per cent interest rate pay £85 annually and in case of a two-point increase, this figure could rise by an extra £10.

Other figures show that rates at the Clydesdale Bank and Yorkshire Bank have gone up by 7.31 points to stand at 16.95 per cent. Statistics also show that an estimated 423,000 people have used one of these cheques despite the huge fees and interest rates attracted by this facility. Some 300,000 credit card consumers have also used the cheques to offset a utility bill.


Credit Card Comparisons - 6 Tips to Avoid Being Stuck With a Bad Credit Card

Don't you just hate it when you think you've found something great, only to find out later that it's a real dud or you've been taken advantage of? It happens all too often in the credit card industry and that's exactly why you need to know how to make good credit card comparisons. Here are six tips to help you make the best comparisons so you don't get that sick feeling deep in the pit of your stomach.

  1. Look online - There's so much competition in the credit card industry that there is no shortage of sites that help you with your credit card comparisons. They list their rates and fees so you can check out their offer.
  2. Check those balance transfer fees - There are just too many credit cards today to choose one that will charge you to transfer your balance. Never pay a balance transfer fee. After all, it's in their best interest for you to have a balance to transfer isn't it? They're going to make money off of the interest they charge you, so make sure you don't pay them extra for this.
  3. Choose the lowest interest rate, but be sure to check how long that interest rate is good for. It won't do you much good if it is only for 3 months after opening the account. Many companies offer a low introductory interest rate for an entire year.
  4. Look for interest free offers - If you can't pay off your credit card balance each and every month, you need to search high and low for one of these cards. This will save you a great deal of money over the long haul.
  5. Check out the rewards offered but make sure if you choose a rewards card the rewards are ones that you will actually use.
  6. Don't choose rewards over a lower interest rate. It will benefit you much more to get the low interest rate.

Now that you see the importance of making good credit card comparisons, you will see getting a card in a new light. Use this information to your advantage and don't let the credit card companies take advantage of you.


Credit Card Facts and Repair

Credit Cards. Be warned Does the credit card work for you or do you work for your credit card? Most people's answer to that question will depend on how they treat their "old plastic" as credit cards are known. For many with burned fingers will tell you they didn't realize that things had gotten so bad until very late, because most credit card offers try much to sound like they are actually running a charity. Well, they aren't. And this is not a hate campaign against credit cards. Surely they have their benefits - in America if you want to rent a car, you got to have a (major) credit card. But, consider this scenario You receive an offer in your mail that sounds good, maybe it's a new generation TV or a fridge. But it costs $2000. Oh, but you have a credit card with a $5000 limit, and you immediately purchase your merchandise. Typically, here is how your repayment schedule will play out. Most credit cards charge a minimum of total balance (usually 2 percent) of the total per month. Assuming the interest rate is 18 percent and you choose to repay the minimum amount of $40, $30 of that will go towards interest and only 10 percent towards the principle. As a result, you will take 30 years to repay and end up paying over $5000 interest. Sounds scary. It doesn't have to be. The moral of the illustration is Use the credit card the same way porcupines make love; very, very carefully.

Types of Credit Cards Credit cards are ubiquitous in our lives. There are three main types of credit cards that are common in America. They are travel and entertainment cards such as American Express or Diners Card. These have to be paid in full at the end of the month and are liberal on spending limits. The second major cards are the bank cards such as Master Cards, Visa, GM, and Ford cards sponsored mainly by the banks. The bank defines spending limits, which in the bank parlance, is known as the credit lines, and each offers different terms and conditions. Banks offer a choice of payment methods, either pay the balance in full with no interest or pay a minimum part or some part of the balance with a finance charge. The other major type of card is the retail store cards such as Sears, J.C. Penney, Shell or Mobil. These cards, known in some countries (the ones from gas companies) as fuel cards are only accepted in specific countries and usually do not have annual fees. There is a wide disparity in the terms and conditions for the cards. Different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers, while others are set up in ways that work best for small business needs. To know what type of credit card fits your needs, you should review a few of your options.

Advantages of a Credit Card The Chinese are credited with coming up with numerous inventions including gunpowder, umbrellas, chopsticks, paper and paper money. Lamentably, (from Chinese point of view) the honors of coming up with plastic money went with early American capitalists. From the time John Biggins, the inventor of a first bank issued card, had his first eureka moment in 1946, credit cards have evolved to become one of the most versatile ways of paying, and this is why. Once issued with one, the need to carry around unsafe, dirty and bulky cash is significantly diminished. I say diminished because some small scale merchants (who perhaps are scared of technology) will still insist on being paid in cash. Further, credit cards enables you to build up a credit history, but only if you always pay on time. In some countries such as UK, if you buy goods using a credit card and the goods turn out to be faulty, they are usually insured for a period of time, say two months, and you can be indemnified even for total loss. Credit cards are safe, and even if gun-toting miscreants help themselves to your wallet, you can make hit back by simply calling the credit card company and canceling the stolen card. Another thing going for credit cards is that you can keep track of your transactions, and it's thus easy to keep track of your expenditure. I could go on and on, and whatever the doomsday prophets say, plastic money is here to stay.

How to choose a Credit Card Credit cards have become a part of life for most people living in the western countries. It's becoming increasingly impossible to avoid them, especially for business men. So if it is the first time you are seeking to enter into the world of plastic money, here are some of the basic things you should look out for. First, compare the interest chargeable for all the credit cards for which you are eligible. While the rate may not remain fixed indefinitely, it's always advisable for first timers to go for the one charging lower rates. Read the fine print, especially on the other charges that may be charged on you, like late-payment fees, annual fees, and whether there is a grace period which is normally given before the finance charges kick in. Decide what limit is appropriate for a person of your income. Also the fewer credit cards you have, the better placed you are to track your spending. Compare the services and other features such as the cash back incentives, or warranties, rebates and the like. Check whether the card is widely accepted to enable you to pay for your needs. You will do yourself a favor by familiarizing yourself with the following terms. Annual Percentage Rate. This is the measure of the yearly cost of credit. Finance Charges. These are the total charges involving the transaction. This is the period the issuer gives you before he starts charging you interest on new purchases. Note that not all credit cards have a grace period.

Credit Card Do's and Don'ts There is a lot of truth in the advice that credit cards are not a substitute for not having money. Every time you use a credit card this should be the theme replaying in your mind. And you would do good to remember the following too.

Do's. Always plan for the purchases that you need and those that you want. You need the essentials, and you want everything else. The ability of making a distinction might help you plan wisely. If caught up in financial difficulties, it's always good to talk to the issuer who might re-schedule your payments. If you simply default, that only helps to build up an unfavorable credit history and you might find yourself being denied credit next time. Unless it is an emergency, staying within your credit limits will help you a great deal. If you must spend over the limit, ensure you are within the manageable levels, say within 30 percent. And if your mails are flushed with more favorite deals than you currently are enjoying, you may approach your issuer for a better deal. They want to retain you as their customer, so they will listen.

Don'ts Do not use your credit card to make house hold purchases. It's expensive in the long run Do not just pay the minimal amount. You will end up paying exorbitant interest. The quicker you clear the debt the better. Do not use the credit card to purchase things you can't afford.


How to Apply For a Credit Card After Bankruptcy

It can be hard to get back on your financial feet after bankruptcy. As you start working on rebuilding credit, applying for a credit card will be an important issue. There are many options available for those with a less than perfect credit rating. Finding the right one, however, takes some time and effort. Here are a number of steps to follow to make sure you get the right card after bankruptcy.

Look at your Finances

The first thing to consider is whether or not you're ready for a credit card. If you've had trouble managing credit cards in the past, you may find that it is better to wait awhile before applying for another one. If you feel you're ready, make sure you have a thorough understanding of your financial situation. Check how much money you earn each month, and what you spend on bills. Knowing what you can handle, in terms of credit, will help you manage your next card wisely.

Compare your Options

While some companies allow consumers to apply for a credit card fairly quickly after bankruptcy, others do not. And if you have a poor credit history, it may be difficult to get a regular credit card. You'll still find many options available for your situation, however.

Rather than applying for a standard card, you might consider applying for a bad credit credit card. These are designed for those that need to rebuild credit. If you search online, you'll find that there are many to choose from.

Check the Fees

Most credit cards that are geared for those with a low credit score come with a number of fees. These usually include fees for setting up an account and maintaining it. Some charge high annual fees and have high interest rates, while others do not. Look carefully at the terms and conditions that come with each card. Make sure the one you choose is the right fit for your situation.

Establish Criteria

As you search for the right card, consider which features are important to you. No two cards are the same, and you'll find that many vary in terms of interest rates, credit limits, and more. If you want a low interest rate, look for cards that have a relatively low APR for your situation. If you're concerned about fees, search for bad credit credit cards that charge less in that area.

Ask for Help

With so many options available, picking out a new credit card may feel overwhelming. And if you've had problems with credit in the past, it can be hard to get on the right track. Try asking a friend or financial advisor to help you pick out the right card. Their input might be just what you need to get started again.

Most credit cards that you'll be able to get approved for offer you a chance to get started in the credit world after bankruptcy. They are not usually set up for long term use. Rather, you can use them as a building block. Get off to a good start by paying off your balance each month and managing your account well. Soon you'll have opportunities to apply for other cards. Use those wisely, and you'll be rolling in the credit world once again.


Unsecured Credit Cards For People With Bad Credit

If you are suffering from a bad credit history and your rating has seriously deteriorated over the past few months, your options with financial resources will be quite limited. If you have records of bankruptcy, foreclosure, negative debt repayment backgrounds, missed or late payments, and more, you will definitely find it difficult to get loans and credit cards.

These days, more and more people with bad credit are demanding financial resources. As a result, finance companies have invented options that are specifically designed for them. In the case of credit card companies, this offer comes in the form of unsecured credit cards for people with bad credit.

As the name implies, unsecured cards do not require the borrower or aspiring card holder to set collaterals for card usage. If you get an unsecured card, there will be no need to declare your home, car, or any significant personal property as security. Instead, you will have just to prove your credit worthiness by presenting your proof of income and your present employment details.

When you get an unsecured credit card, you will be able to reap many benefits that usual cards offer, despite the unfortunate fact that you are suffering from a bad credit history. Primary of these benefits is the reality that you can purchase everything that you need even without cash at hand, for as long as you will not exceed your stated credit limit.

Having unsecured credit cards will also provide you with a chance to earn a little amount every time you purchase something using your card. These earnings may be in the form of cash rebates or rewards. Usually, your credit card will allow you to have a 1% cash back rate on all your expenses made through the card. As for the rewards, these can be in the form of miles earned or card points which you can redeem in the form of free hotel accommodations, free travel expenses, gift certificates, gift packs, household appliances, and more.

Aside from the usual benefits that one can get from credit cards, the unsecured card provides you with a chance to rebuild your credit history. If you get this card and you make it a point to pay on time and in full every month, you can ultimately reverse your credit rating in as short as twelve months, especially if you have not filed for bankruptcy over the past three years.

You will know if your credit score is increasing significantly if your limit gradually goes up little by little. As your credit gets better and better, you might even get reduced interest rates, more credit card rewards, and other opportunities that are normally offered to regular card holders.


Tips When Choosing Your Credit Cards

If you are like most people who have reached the age of adulthood and have a job or a bank account and even minimal spending, then you have more than likely received numerous credit card offers both in your mail box and in your email inbox. When people start receiving these multiple offers for credit cards, things can get confusing and often people are left a bit bewildered about which offer is really the best for them and for their financial health.

A credit card can be a two-edged sword. They can be an excellent tool for money management and budgeting and can often help to simplify tracking household expenses, especially when you can get some of the special credit card deals. At the same time, when people use up all the available spendings on their cards and are undisciplined about how and when they used this easily accessible line of credit, they often put themselves in a terrible financial pit that can take them years to crawl out of.

In fact, there are many instances when young and inexperienced people find themselves with new credit cards with thousands and thousands of dollars of available spendings on them. In no time flat they can easily push their cards right to the limit if they are not careful about how they handle this important resource.

When this happens, the person who is new to credit and simply excited about what they are able purchase with their new credit lines are in for a very rude awakening when the bills start coming in and the interest starts to be added to their balances. Often, the interest charges will push the novice's balance right over their limit and then they are also looking at an immediate hike in their interest rate, plus fees and penalties for being over their limit.

This can set the stage for a spiral of indebtedness that can seem impossible to escape from and realistically can takes years, if not decades, go get free of. Because of this, it is important, especially for those who are just entering adulthood and taking on their first full time jobs, to have a very clear and detailed understanding of the terms and conditions that a person accepts when they sign up for a credit card.

Most of the credit card companies are eager to gain new customers who are willing to not only use their credit card, but who will end up carrying a balance on their card. This is when a credit card company makes its money, by charging interest on the amount of the balance that is left unpaid each month.

When evaluating credit card offers, it is important to scrutinize the details of the fine print before you sign the application and send it in or submit an online credit card application. Not only should you check for the interest rate that will be charged, but also for the types of penalties that you will be hit with if you go over your limit or if you are ever late on a credit card payment.

In many cases, credit card companies offer extremely attractive introductory rates on their credit cards, but they also have very harsh and exorbitant penalties in the fine print. Sometimes you will find that it is better to accept a credit card offer with a higher initial interest rate but with friendlier and better terms for the long haul.


Credit Card Companies Are Circling the Wagons

As the economy continues its downward spiral companies and individuals are doing whatever they can to reduce the damage to their pocketbooks. As families tighten the purse strings and eliminate unnecessary spending, many companies are doing whatever it takes to retain consumer business. It makes sense to try and keep your customers happy when you rely on their purchases to sustain your business. One industry not playing by the current rules is the credit card industry.

While they may be interested in keeping your business, their main concern at this time is collecting their money that was so freely dispensed over the last several years while limiting the amount of money it lends out today. As more and more people fall behind on their payments, credit card issuers are becoming more aggressive in an attempt to limit their loses. If you use credit cards, more importantly if you carry a balance on your account, it is important you are aware of the changes taking place in the credit industry.

Lending institutions are making changes in the following areas:

  • Raising interest rates. It used to be that interest rates were largely determined by your credit worthiness. That is no longer the case. Both new and existing customers can expect increased interest rates regardless of payment or credit history.

  • Higher credit score needed to obtain credit. A credit score that would have guaranteed approved credit a year ago is not going to cut it in the current economic climate. Lenders are requiring better than average credit scores to limit their risks.
  • Reduced credit limits. On both new and existing accounts, lower credit limits are being applied to accounts. You read that correctly, even if you have an established relationship and a perfect history with your lender, they can lower your available credit at their discretion.

  • Strict enforcement of terms and conditions. If you have a problem with your online bill pay and your payment doesn't go through, do not expect a courtesy refund for fees accrued. If you are late, even by a day, your interest rate will go up and you will be assessed a late payment fee.

  • Higher minimum payments. Many individuals have already seen an increase in the required minimum payment within the last several months. If you have not yet seen an increase, prepare yourself for one in the future.
What can you do to reduce the financial damage these changes will surely bring? The only sure-fire way to reduce your risk is to not carry a balance on your card. If you are deep in debt and paying off your account is simply not an option, you should look into other debt relief programs that can help you on your path to financial freedom. The only way to protect yourself in today's economy is by reducing your debt all together.


Make Nearly $100 Dollars a Month by Simply Applying For a Credit Card

Most people assume that applying for a credit card means that you are automatically asking for a big debt. This is not the case; in fact, it is possible, with the right business scheme, to actually make money from your credit card. In fact, you can stand to make around $100 a month simply by applying for a zero percent interest credit card.

Here's how:

First, you need to apply for a zero percent interest credit card. These are offered by almost all banks and act as a promotional deal so people will sign with their company. Usually the zero percent interest features is offered for a certain amount of time like 6 months or one year. Opt for a one year credit card with the largest amount of credit available. For example, try for a $10,000 credit limit.

Next, open a high interest savings account if you do not already have one. You can get between 3-9 percent interest in some institutions. Shop around to find the highest interest rate possible.

Then, deposit all the credit from your credit card into your savings account. Leave it in there for the year, only paying off the minimum amounts each month. Because the interest is zero percent, you will not be losing any money. Instead, you will be making money from the money in the high interest savings account.

In fact, you can stand to make over 900 dollars in one year with a $10,000 at 9 per cent interest annually. This is nearly $100 dollars a month. You literally don't have to do anything but apply for a credit card.