Your Credit Cards Guide

It’s THE sale at your favorite store… and I mean the Big one. Even though you’re supposed to be saving up, you can’t help but get three shirts and two pants and casual shoes plus going-out shoes and a snazzy hat. As you walk out of the store happily with five bags, you get a mysterious text: You Are Over Your Shopping Budget By $120. With less of a pep in your step, you go back to return your purchases. Was it a message from your personal finance angel? Actually, this could be the future of credit cards with MasterCard’s inControl program.

InControl is designed to help customers better manage their credit use with spending controls and real-time alerts. Unlike money management sites like Mint or Visa’s alert system, inControl goes a step further to literally cut off your spending for your own good. The New Yor

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A recent TransUnion study found that the percentage of Americans behind on their mortgage but current on their credit cards increased nearly 55 percent between early 2008 and the third quarter of 2009.

And while the amount of consumers we’re talking about is still relatively small (6.6%), I find the overall trend to be quite compelling. Clearly, consumers are beginning to think differently about the priority of their debts.

When I bought my first home in 2005 (at the peak of the market in my area- grrhh!), it was ingrained in my mind that no matter what, I would always strive to pay my mortgage first. It seemed logical to me that the house would take priority over other debt, and it still does, but a lot more people obviously feel different these days.

I’ve had several conversations with personal friends as they’ve tried to decide if they should keep paying their mortgage or simply walk away while staying current on other debts like their credit cards. In ea

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The high rates charged on credit card debt may help to explain the banks’ return to profitability. HSBC announced a doubling in first-half profits earlier this week and Britain’s other leading banks are also expected to announce improved figures this week.

Among the rates charged by leading card issuers are 18.9pc on Virgin’s card, although there is an introductory offer of 0pc on purchases for a year. Barclaycard’s Platinum card and Tesco’s Clubcard both charge 16.9pc, with 0pc similar introductory offers for 12 and 13 months respectively.

The same rate, 16.9pc, is also charged on several cards that offer the longest 0pc balance transfer deals – including NatWest’s Platinum (16 months), First Direct Gold and Nationwide Gold (both 15 months).

Kevin Mountford of moneysupermarket.com said: “Our analysis shows there is renewed appetite among credit card providers to offer great deals [on balance transfers]. However, there is a sting in the tail. W

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A lot of people believe that teenagers should not be allowed to use student credit cards. They contend that young people are very irresponsible and reckless when it comes to handling their finances. These people think that students will only fall into a great deal of financial trouble should they be allowed to use and hold on to their very first credit cards. But is this belief correct?

Well, even though students may have the tendency to be careless when it comes to money matters, this does not justify the point that they should not be given their very first credit cards. As long as they are given guidelines and sufficient information on how they should manage their student credit cards, they can also succeed in staying out of credit card debt. But how can they do this? Well, they can do so by employing the tips and pointers that we have listed below.

1. Shop and compare different credit card programs.

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All this credit stuff can get pretty complicated.

But two things you should have a handle on are credit reports and credit scores. Each are important in their own right, and both are necessary to assess your overall standing as a consumer.

While the pair certainly overlap, they are two entirely different things.

Credit Reports

A credit report contains a wealth of information about you, including basics like your name, address, social security number, and employment history.

Additionally, your credit report will list your credit history, with information on the types of accounts you’ve got open, how long they’ve been established, what their associated balances are, and if they’re current or derogatory (collections, charge-offs).

Any recent credit inquiries will also show up on a credit report so creditors can determine if you’ve been shopping around for new credit.

While all this information can be very helpful to both consumers and creditors, both parties seem to be most interested in credit scores.

Credit Scores

A credit score is simply a three-digit number between 300-850 (credit score range) for Fico scores, and slightly higher for VantageScore.

Generally, a credit report will contain three credit scores, one for each of the main credit bureaus. These c

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When a loved one passes away, the last thing on your mind is their credit card bills.

However, in order to protect the deceased’s estate from additional charges, fees, or even identity theft, it’s important to remember that your loved one’s credit cards will remain open and active until you take the following three steps.

1. Call Credit Issuers and Close the Accounts

Round up all your relative’s credit cards and/or credit card statements and determine which credit card companies you need to contact. You should be able to find the right contact information either on the back of the credit cards or their monthly statements.

When you make the call, let the customer service agent know right away that you would like to close the account of a deceased relative. Most credit card companies have a special group of agents trained to deal with these situations, and you’ll likely find them to be much more compassionate and helpful than your average representative.

2. Provide C

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