Using Cash Back Plastic

    Many merchants and large department stores offer their customers credit cards with a “cash back” option, hoping that the credit cards will entice their customers to do more of their shopping in their particular store, and charge their purchases with the credit card in order to receive the cash back reward instead of making purchases with cash.  The two most common forms of cash back programs will either provide cardholders with a credit to their credit card balance when a purchase is made using the card, or the cardholder will receive coupons in the mail to use in the store during the next visit in order to receive a certain dollar amount off their total purchase price.  The actual dollar amount of “cash back” reward you receive will depend on the terms and conditions of the program itself, which vary from card to card, as well as the actual amount you charge on the card that offers the cash back incentive.  Cash back credit cards are extremely popular with department stores, because the only way a cardholder can benefit from receiving cash back is to make purchases using the credit card in their store.

            If you are deciding whether or not a cash back credit card is the best option for your spending habits and credit needs, consider whether or not you are a frequent shopper in any particular department store.  If you tend to do a lot of shopping in a store that offers a cash back program, it makes sense for you to obtain their cash back credit card.  The trick to using a cash back credit card, which tend to have a higher interest rate than a card without the cash back program, is to make purchases each month on the card that you will be able to pay off on a monthly basis.  You’ll receive the rewards, and pay minimal interest on the purchases since you are paying them off on a regular basis.

            Not all cash back credit cards are limited to a specific store, however.  There are some credit card companies who offer a regular Visa or MasterCard that can be used everywhere credit cards are accepted and who offer cash back reward programs for spending done using the card.  If you are a person who doesn’t really shop in one specific store all of the time, you’ll want to research the credit cards that are not store specific that offer the cash back rewards.  Be sure to research the terms and conditions of the card completely before signing up, as many cash back credit cards require you to pay an annual fee, have much higher interest rates than cards without cash back rewards, and in some cases- the credit card may require you to carry a balance from one month to the next in order to receive the cash back benefits, which means that you will probably pay more in interest than you will receive in cash back credit.  Try to determine how much money you plan to charge on the credit card throughout the year, and then following the conditions of the cash back program, figure out how much cash back those purchases are likely to earn you.  Once you have these numbers, you’ll be able to decide whether or not the annual fee you pay for the cash back credit card is worth the cash back you actually receive.  If your annual fee is significantly higher than the amount you estimate you’ll receive in cash back, you’d be better off selecting a credit card with lower interest and no annual fee that does not offer the cash back rewards.

Your Credit Card Flavor

Life styles are what make people unique. The way we wear our hair, the type of clothing and fashion we prefer, and the selection of decorations within our homes all makes up an individual’s style. The type of credit card we choose, and how we use it is also part of our individual “financial style”. As people grow from children to adults, they often are seen imitating what they see their parents and close circle of friends doing. Just walk through the halls of any middle school, and listen to how certain groups talk and look- it’s almost as if they have their own mini-cultures! Children often learn how to handle (or not) their finances by watching their parents or caretakers’ deal with finances. If the parents spend money like water, the children will probably grow to do the same. On the other hand, if the parents were careful with their finances, paid every bill on time, discussed money matters with the children, then chances are- the children will become adults who have very few credit cards and do not carry a revolving balance from one month to the next. Regardless of your personal credit card style and habits, it never hurts to be reminded of the most affordable way to use your credit cards. It is most financially efficient to pay your credit card accounts in full at the end of each month, and there should be little to no balance carried from one month to the next. Of course, most people don’t have that sort of credit card style- as evident by the number of people who have several thousand dollars racked up on a few different cards! One of the best things you can do with your credit cards if you have cards with balances on them, is to find the 0% transfer balance deals and move your debt from the cards that you are paying interest on to the new card that allows you to make payments without paying interest. This is a “financial style” everyone can appreciate! Most deals give you a specific amount of time to pay on the transferred balances, and as long as you make the monthly payments on time, you will not be charged interest on the balance you transfer. This is a great way to pay down the old debt and not be charged additional money in the process. Just take care to cancel and close out the original credit card(s) that the debt comes from, otherwise you are likely to keep spending on those cards while you are working to pay off the debt you just transferred off of there! This is a recipe for financial disaster! Another popular credit card style is to cash in on the cash back credit card options, and rewards programs that actually give you something back for using their card. There are many of this style of credit card available, but you need to really understand the credit card terms because sometimes rewards cards have higher interest rates, or annual fees that cost more than what you earn back when using the card. Typically, cash back and rewards credit cards are best for individuals who do their daily spending on a credit card, and pay off the balance at the end of each month. That way, you aren’t carrying a balance and aren’t being charged interest, and you are earning the maximum rewards or cash back by using the card often. If your credit card style is to have a card in your wallet for emergencies only, then chances are you are not going to benefit from a cash back or rewards card. Taking time to understand your personal credit card style can help you find the best deals when it’s time to get a credit card, or move your debt from one card to another. If you are a frequent flyer, it would be worth the time and effort to compare different credit cards that feature rewards in the way of miles that can be redeemed towards your air travel. If you like to save on gasoline or at a particular store, you can find a card for that as well! A little research goes a long way in finding a credit card that would work the best for you financially, one that your name would be in “style” on.

Credit Cards Easier Than Ever To Get

Gone are the days of waiting several days or weeks to be approved for a credit card. While it is still possible to apply for credit via “snail mail,” it is now more common than ever to apply for any type of credit via the Internet. With the help of the Internet, it’s possible to apply for and receive approval on a line of credit in a matter of seconds or minutes.

Many wonder whether or not it is safe to apply for credit via the Internet due to the fact that so much personal and confidential information must be entered into the computer in order for the credit application to be completed. The truth is, most legitimate banks and credit agencies have highly advanced systems which protect potential credit customers from any sort of fraud. However, it’s always a good idea to make sure the computer being used to apply for credit is fully equipped with the most updated anti-virus software and anti-spyware.
An on-line credit application should be very similar to a paper credit application in terms of what is asked. There are many common questions on both forms such as contact information (address, phone number and e-mail address), information on the household’s annual income, banking information, and the standard question, “What is your mother’s maiden name?”

While questions such as those listed above are common, there may be additional questions on an on-line credit application which can be completed for anyone who is trying to obtain a higher than normal line of credit.

Is applying for a credit card or line of credit via the Internet better than applying for either using a physical piece of paper? The answer is, “yes and no.” First of all, applying on-line can produce very fast results. If credit is needed immediately, using the Internet is a good way to obtain it. Virtual forms are usually easy to complete, and it’s practically impossible for an electronic application to get lost at the post office!

However, with an electronic application, there is no physical evidence of an application being filed. While an electronic application can usually be printed, it’s not as official as having a “real” application in hand. Nonetheless, this is usually not an issue or problem for most people.

On-line credit offers often entice people because they may come with a free gift, a lower interest rate, or a complimentary airline ticket anywhere in the world. Credit applications that come in the mail may also offer such deals, but when using the Internet, it’s much easier to see a multitude of credit offers all at once, which can help ensure that the best one is chosen.

Applying for an instant credit card or line of credit can be quite easy for a person with a good credit score, but it’s not always so easy for people who have bad credit. Don’t forget that a credit agency will almost always run a credit check prior to offering credit to a person. A credit check can be obtained within seconds, and if the score is too low, it’s common to receive an electronic response that says, “credit denied” or “additional information needed.” In other words, an on-line application does not guarantee that a credit offer will be extended.

On-line credit card approval is definitely a convenience because it is fast and easy. However, it’s important to remember to carefully review all of the terms and conditions of the credit offer prior to applying for and accepting it. Some sites offer a wide array of cards with special deals and promotions,one of our favorites is: