Credit-Cards Tips
When it comes to Credit-Cards, we've been there, done that, now serving 99 tips in 16 categories ranging from About Student Credit Cards to Prepaid Credit Cards..
Caution When Using Airline Miles Credit Cards
It is now easier than ever to rack up those frequent flyer miles. Airline credit cards can be used for shopping, dining, gassing up the car, staying at a hotel, and more. For anyone longing for a vacation, this is hard to resist.
Before getting all excited however, take the time to read the fine print. How much of an interest rate are you paying on your airline credit card? This may be a shock. How many airline miles are you actually being awarded? That fabulous trip to paradise could take decades.
Another angle not often considered is the hidden costs of earning airline miles. Are you driving miles to earn airline miles, or shopping at more expensive places just to earn a few miles? Is it really worth it when figuring this in? The best way to rack up miles is by flying on that airline, particularly when getting a double-miles deal.
Give a pre paid credit card as a gift
Take the guess work out of gift giving by giving pre paid credit cards. Pre paid credit cards are like gift certificates that can be used any place that takes Visa or Mastercard. The cards are issued by banks and come in holiday designs that are appropriate for a variety of special occasions. By giving pre paid credit cards as gifts this year, you can get all of your shopping done at one place and be confident that everyone will get exactly what they want.
Prepaid debit cards and prepaid credit cards
Don't get confused if someone calls your prepaid credit card a prepaid debit card. These are two terms for the same thing. Each card is backed by your money so neither constitutes a line of credit.
No interest charges or late fees with a prepaid credit card
Stop worrying about late fees and interest payments when you get a pay as you go credit card. Because these prepaid credit cards are preloaded with money, your purchase amounts are deducted from the balance, meaning you aren't borrowing money and aren't required to pay interest.
That doesn't mean that prepaid credit cards are free though. You may have to pay other fees to maintain the card such as application fees and opening balance fees. Check with the individual prepaid credit card companies to find out what their policies are.
How to shop for a prepaid credit card
When shopping for a prepaid credit card, compare setup fees and payment methods to find one that will work well for you. Setup fees can vary by over $100 so it's in your best interest to look around for the best deal. Also pay attention to any maintenance or re-load fees that may be associated with your pre paid credit card. Different pre paid credit cards will allow you to upload money through bank transfer, check, money order or even direct deposit from your paycheck.
Prepaid credit cards
If bad credit makes qualifying for a credit card unlikely, look into the new prepaid credit cards. These pay as you go cards work much like prepaid cell phones or long distance cards. You deposit money into your prepaid credit card account and then use the card like any other credit card. Purchase amounts are automatically deducted from your balance. Prepaid credit cards look like any other credit card but don't have the fees attached to them. They are a great option for people who want the convenience of a major credit card, but don't have the credit to qualify for one.
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