What is Credit Card APR?

Credit card APR is the actual percentage of interest you will be paying yearly on your credit card. APR stands for Annual Percentage Rate. This is an estimate, and can be changed any time by the credit card company if you make late payments on your credit cards.

The Annual Percentage Rate is what will determine how much interest you pay through a year, rather than just the first flat interest rate that they often advertise, that will only calculate the interest from month to month, which calculation may be quite different from the yearly payment. The APR calculates the actual cost of the loan. However, it is dependent upon conditions concerning the payment regularity of the credit card holder and other conditions unique to the company.

One thing the APR does is it does not allow credit card companies the right to any hidden fees. It prevents them from giving you a freakishly low interest rate and then socking it to you in fees. A few of the fees that they are restricted from charging on the Annual Percentage Rate are: Escrow fees, notary fees, appraisal fees, recording fees, and transfer taxes. That is just to name a few.

How Annual Percentage Rates are calculated is a process that differs from credit card company to credit card company. There are several factors that contribute to this complex calculation, and each factor depends on the individual credit card company. One company may give you a great interest rate, but the APR could be totally out of your payment ability, when another company may give you the same interest rate with a lower APR.

There are certain fees that may be included and taken into consideration when credit card companies calculate your Annual Percentage Rate. These fees can also differ from company to company based on that company’s policy and your credit eligibility. Here are a few of those fees and how they work:

Origination Fees

Origination fees are charged to you for the work that is done by the credit card company in your behalf. It basically pays their employers for the time they spend handling your account and working with you to straighten out mistakes. This type of work they do includes checking your credit and preparing the legal documents that have to do with your credit card account.

Loan Processing Fee

This is the fee they charge you when you open an account. This is charged to you for the work they do to gather information so that they can process the loan, and the actual processing itself. This is also something that will affect the Annual Percentage Rate.

Underwriting Fee

Another fee they have is called the underwriting fee. This takes care of any of their expenses when considering you for a loan. It also takes care of the expenses they have for lending you the money on credit.

How Secure Are Credit Cards?

You have had credit cards for a while, you have a good credit score, you are pretty good at controlling and managing your debt, and you feel that you have handled credit cards and the responsibility that comes along with them fairly well ever since you started out. But how safe are credit cards? Despite the ability you have to keep your credit cards under control, is there anything outside of your control that could hurt you and your credit score?

The form of security differs with each secured credit card. Many credit cards do not have really great security. So when you are shopping for a credit card, make sure you know what you will be protected against and what kind of risks you will be taking.

There are several things that have improved about credit card security, and technology is one thing to thank for that. The security that protects you from getting ripped off has gotten better recently, and is continuing to improve. It is getting more difficult for thieves to get money off of your credit card without you knowing it. Here are few examples of the security that is being used to protect you against such fraud.

One way to protect yourself from getting your credit card misused by someone you do not even know concerns purchases made online. When you buy something off the internet, many places you buy from will ask for a shipping address along with a billing address. This makes it so that if someone who has stolen your credit card account number buys something online, they would have to pick it up at your home in order to get it at all.

Another form of security is basically a fake account number. This is also for online purchases. Certain credit card companies will provide an account number that is different from your credit card number, sending that number instead of your real one to the person you buy from. This allows only you and the credit card company to see and use your real account number, and no one else.

Once the transaction has been done with the fake account number, it is verified through your credit card company, then charged to your real account. A credit card thief would attempt to use the fake credit card number to make other purchases. This person would be denied access to your account, because once the transaction is finished, that number becomes invalidated.

There are these and several more forms of security that will protect you from credit card fraud. Many people out there can get away with purchases made on your credit cards that you end up having to pay for, but the amount of fraud in recent years has gone down considerably, and the credit card world is becoming a little safer. It is important, when you are looking for a credit card, to know what type of security it has, if it has any at all, and the things you should do in case you are a victim of credit card fraud.

How Do You Understand Credit Card Application Terminology?

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Applying a credit card is not easy to begin with, and the words they use that are difficult to understand are not helping any. The one thing you want most, when you are applying for a credit card, is to understand the details of the application and the terms and conditions of the credit card loan. But how could you possibly do that with all the seemingly foreign language they use in the advertisement alone, to say nothing of the actual details.

Knowing what you are reading on a credit card application is important. But sometimes, even talking on the phone with a representative from a credit card company, it can be difficult to understand and follow along. Here are a few words that may be useful to know, what they mean, and what they have to do with getting a credit card.

Collateral

Collateral is some sort of asset, or something that you own that is of value, that you are willing to secure a credit card loan with. It secures your loan so that if you do not pay your bills, whatever you put up for collateral will be taken by the credit card company. If you are applying for a secured credit card, you will be required to pledge something that you own that is worth a certain amount in case you fail to pay your bills, or if you take out bankruptcy.

Credit Scoring System

This refers to the complex equation and factors that are calculated into your credit score. Your credit score and your credit report will determine whether or not you will be approved for a credit card, and how much your interest will be.

Annual Percentage Rate

Usually this is written as APR. Annual Percentage Rate is the percentage of the principle you will be charged in interest per year. This amount compounds each month, so the APR should not be confused with the actual interest rate. They are two seperate calculations of interest.

Fixed Rate

A fixed interest rate is a rate that will not change unless you make late payments. A fixed interest rate basically stays the same if you pay your bills on time and do not incur other penalties on yourself. There are some fixed rates that only last for a certain period of time, but others last for the entire time that the credit card account is open and active.

Finance Charge

Basically, this is what they use to describe your overall interest. A finance charge is a charge or fee they require you to pay for borrowing money on credit. So when you see “finance charge” written on an application, that is the total amount estimated that you will pay in interest.

There are several things you may not understand when you are trying to apply for a credit card. Along with the hassle of applying, you should not have to worry about the terminology. Knowing what you’re getting into is essential, and can save you loads of money in the future.

What Should a Letter to Close a Credit Card Account Include?

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Perhaps you have had your credit card either lost, or it has been stolen. Maybe you just do not feel that you need this credit card anymore, and you want to close it out so that you do not have the hassle of it anymore. Either way, you need to know how to properly cancel that credit card account.

Call

First you should call the credit card company and request that you have your credit card account closed out. This is the surest way to ensure that what you want gets done, because you can talk to a representative yourself and confirm through them that it has been done. Still, this is not the only step you should take.

Write

To ensure that your account gets closed, you should follow up your phone call with a closure letter to the credit card company. Make this as formal and professional as you can. Here are a few things that the letter should entail so that you can maximize the service you are given and make sure that what you request gets done right the first time.

The Basics

You should include the most important and the most obvious details in your letter, like your name, address, phone number, and credit card account number. It is the lack of this basic information that makes things difficult for the credit card company, and therefore for you, in getting your account closed as soon as possible. If the company knows who you are and the detailed information concerning your account, the faster, and the more smoothly this process will go.

Talk About the Phone Call

In your letter, you should state that you called their company to cancel your credit card, and when you do this, you should include the date on which you called and the representative you talked to. That way they can refer to that representative and that date, making the process of finding the information much faster. If you write a letter that makes it easy for them, they will make it easier for you.

State Your Request

If you want your credit report to say that you have cancelled out that credit card, tell them that. They should not have to guess what you want. Ask them specifically to make sure that your credit records reflect that you have closed out that specific credit card account and that it is no longer active.

If Your Card Was Stolen

Specifically, if your credit card was lost or stolen, you should make sure that they know that in the letter that you write to them. This will increase the speed at which they close your account so that no one who may have your card can make any charges on it that you do not want. If you requested over the phone to have that credit card account closed but a new card issued, you should include that information in your letter.

How Can You Obtain A Russel Simmons Card?

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First of all, what is a Russel Simmons Card? A Russel Simmons Card is a type of prepaid card that allows you to buy things on credit when you do not have a bank account of any form. Other credit card companies will not allow you to get a credit card with them unless you do have a bank account. This is why so many Americans today benefit from the Russel Simmons form of prepaid card. But how do you get your hands on one of these cards?

How Does It Work?

A Russel Simmons card basically works like a debit card. It allows you to put a deposit in of as much as you want, and you are only allowed to spend that much. The best part about it is that it is safe, because you do not run up huge credit card bills that you cannot pay back.

You can buy things off the Internet and order things by phone, just like many other credit cards. You are allowed to get money out of an ATM anytime, and can use your card just about anywhere that Visa is accepted. This prepaid rush card is also less expensive compared to most cards, including other prepaid cards.

There are some fees that are incurred with the rush card. However, the fees are not as high as most credit cards, and even many prepaid cards. Perhaps you could shop around and decide what company you would like to go with based on those fees, such as processing fees and setup fees.

Having a Rush card is inexpensive, mostly because there are much fewer fees than a normal credit card company or a bank would charge, and you can benefit also because of the ability that card holders have to track their spending right up to date. You can also make payments on your bills and do other transactions online that, if you do not have a bank account, would cost you huge fees in other places.

How Do You Get It?

Getting a Russel Simmons card is basically like getting any other prepaid credit card. Everyone is eligible to apply for a Rush card, and no one can be turned down for not being employed, because you do not have to confirm on your application that you have a job. Another nice thing about it is that when you are being considered to have a prepaid Rush card, they will not check your credit report.

Whether or not a Rush card is right for you is basically your decision. It is a very helpful tool in getting you money that you need fast if you do not have a bank account. Banks can be a hassle because of their fees and contracts, but with a Russel Simmons card, you pay very low fees, which, by the way, include no monthly or annual fees, and you do not run the risk of getting into debt that you cannot escape.

Who is Responsible for Your Credit Card Debt After Your Death?

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During a devastating time like this, the last thing you want to think about is money. Your spouse just died, but credit card companies do not necessarily consider how you feel at the time. All they have to worry about is whether or not your spouses credit card debt will continue to be paid, even after their death. So are you the one responsible for his debt, even at a difficult time like this?

Credit card debt is something that is sometimes necessary. We need it to buy some of the necessities in life. But what happens when you buy things on credit that you are paying for not only for years, but for a lifetime? What if yours or your spouse’s life does not last long enough for you to pay off the debt that extends beyond it? Who ends up paying the bills?

It depends on who you are, what kind of debt you have, and whose names were joined on the credit card account of the diseased. If yours or someone else’s name is on the contract along with the original card holder, you or that person are responsible for the debt they leave behind. That is why it is important to consider all the factors when you go to cosign on someone’s credit card agreement. When you agree to have a joint credit card account, you are agreeing to pay the debt that the card holder cannot pay, and the same goes for them.

If the credit card debt was in the diseased’s name alone, with no one else that agreed to take on the debt that was incurred by that specific card, then no one pays for it. The credit card company is required to just eat the debt that is owed, whether or not there is existing family to pay the debt or not.

Sometimes, if you are the only one living in your home or you are not married, or even if you are married, credit card companies will try to make up the money you owe by taking your assets. This type of payment is only applicable under certain circumstances, but it is one way that your credit card debt could be paid off after your debt.

If you are in debt and you are concerned about your family, knowing the facts about how much debt you will be leaving behind when you die and who will be paying for it will help put your mind at rest. Being able to know the ins and outs of the debt world and how it is paid when you can’t make the cut is important when it comes to you and your family. Knowing what will happen to your loved ones after you die will give you more comfort in life.

What Will Happen if You Don’t Pay Your Credit Cards?

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Your credit card has helped you buy things you never would have been able to have proper to you receiving it. It has gotten you through some rough times and has allowed you to get things that are essential but expensive. So you faithfully make your payments each month, no questions asked.

So you bought something pretty expensive on your credit card with a good feeling that you could pay for it. To your dismay, the credit card bills come and you discover that you not only owe money immediately if not sooner, but that you do not have the means right now to pay it on time. So what do you do now? How are you ever going to pay for this credit card bill if you can’t help but just get deeper and deeper into debt?

There are several options, none of which are extremely pretty. But depending on your circumstances, you may be able to lessen the consequences, put them off, or even perhaps avoid them altogether if you decide on the right option for you and your credit card company.

Consult the Company

Your creditors, if you call them and explain your circumstances, may be willing to make a special arrangement for you that will allow you to get your bills paid. If you tell them why you cannot pay them on time, and explain to them that you still intend to pay the bill, they may be willing to give you a different payment plan that will allow you to pay it in smaller increments over a longer period of time. That way, your income may be sufficient enough to get you through, but it will take you longer to pay the money owed.

Ignore it Completely

The thing about creditors is that they cannot threaten to put you in jail just because you will not make your payment. You could ignore the creditors completely, but that would only buy you time and get you into more trouble. Eventually, the credit card company could take you to court, and if you have no good argument to go on, they will win a lawsuit against you and gain permission from the court to take the money you owe out of your assets. This option is not only a bad idea because it just prolongs the grief, but it ends up costing you more in the end.

File for Bankruptcy

One way out of debt is bankruptcy. This is when all of your assets are liquidated and given to your creditors to satisfy your debt. You could lose several things like extra cars, furniture, and perhaps even things you bought with the very credit card that got you into this mess. The important thing is to just manage your credit wisely in the first place. You just have to make sure you can pay your debt in full and on time, and spend nowhere beyond those boundaries.

If I File Bankruptcy, Can I Keep My Credit Cards?

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Several years ago, my sister and her husband had to file for bankruptcy. I did not really know what all that meant back then, so I asked my mom. She told me that it was what happened when you can’t pay back the money you owe on credit cards or loans, and that they take away things that you have to pay for them. She also told me that it is very difficult to get a credit card after you file bankruptcy, but was it really true that you could not have any credit cards at all?

Now that I am older, I know a little bit more about the subject. When a person file for bankruptcy with existing credit cards that have an existing balance on them, you have to list it as a debt. After all, that’s what it is, because you owe money to the credit card companies. Because of this you cannot keep your credit cards.

However, if you have a credit card that does not have a current balance, you are allowed to keep it. Because you do not owe that company any money on the credit card, it does not have to be listed as a debt, therefore allowing you to retain your card for further use. But if the credit card company in which you are borrowing this money from find out that you have filed for bankruptcy, they may want to change the terms and conditions that the card comes with, like your credit limit on that card and the interest rate you are paying each month.

Still, the credit card company that gave you that card does have the right to cut off your credit line through that card if they ever find out that you filed for bankruptcy. It all depends on whether or not they are willing to keep you, but most credit card companies still want your business, even afterwards. Some credit card companies, however, will see you as irresponsible and take away the credit line you have through them, despite the fact that you do not have a current balance, just because of bankruptcy.

Getting new credit cards after bankruptcy is not really hard at all. One thing about bankrupt victims of debt is that they continue to get credit card offers, and perhaps even in more quantity than they were given to them before. Of course, the interest rates may very likely be higher than they normally are, and the offered limits might be lower, all because of your high risk of not paying off your debt.

To me, the whole point of getting out of debt by taking the path we call bankruptcy is to learn from our mistakes. We should not file bankruptcy with the goal in mind to just get more credit cards and get deep into debt again. The whole idea of it is to learn from our mistakes and trying not to repeat those mistakes.

The Best Credit Card Ever

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You shop around for weeks, perhaps even months before you apply for a credit card. You have looked around in what feels like all the possible places for a good credit card company, good interest rates, a descent rewards program, and good possibilities for credit limits. You finally decide on one, but you’re still not sure you’ve found the right one. Well, my friend, you need to take advantage of the best credit card ever. We call it the credit card from heaven, which where you have to go to apply for it. Here are a few of the benefits of a credit card you can only get after you die.

Interest Rates

None whatsoever. Other companies offer you zero percent interest for a certain period of time, then rack it up after that time expires. With us, we’ll let you keep the zero percent interest… forever. You never pay a dime of interest. With us, the only interest you pay is taking interest in our company and signing with us. Having a customer like you is a privilege, and we want to keep you, no matter what it takes.

No Monthly Payments Until The End Of Time

Not only are you free of interest for the entire time you have this card, you don’t even have to pay back what you spend. The greatest pay we could ever receive from you is your beautiful smile every time you run that card through the machine and pack home that new $9,000 hand bag that’s too small to hold your cash anyway. Spending thousands of dollars is monthly payment enough, just knowing you are holding our card between your tightly clenched fingers.

Rewards Rewards Rewards

You may want to get bigger pockets and more vacation time. For every dollar that you spend, you get ten points back. You can trade those points in for just about anything you want. Cash, gasoline, skymiles, lottery tickets, peanut butter… whatever you want. Just spend the money, and we’ll give you the rewards, just because we love you.

Always Qualify

No matter who you are, where you come from, or how bad your credit is, you will never be turned down at our company. Getting this credit card is as easy as getting free samples at Costco. All you have to do is come to us and ask for it. Even if your credit score is in the negatives, which is impossible, by the way, you will still qualify to have our credit card. It’s our way of helping out the little guys, and helping out people who are otherwise rejected.

So whatever kind of credit card you have now, it’s probably not as good as ours. Come in and get one now. We hand them out like dinner mints at a cheap restaurant, and we want you to partake of the advantages that are in store for you.
This advertisement for the credit card from heaven is brought to you buy BS Inc. We’d like to thank the Over My Dead Body Association for making this credit card offer possible.

Lowering Your Credit Card Interest Rates: All You Have To Do Is Ask

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The greatest thing about credit card interest rates is that you can call the company and ask them to lower your interest rate. It’s as simple as that. But there are a few conditions. Allowing just anyone to call up and lower their interest rates would be just ridiculous, and it would probably cost the companies quite a bit of money, considering all the irresponsible spenders out there. But this attribute can act as a reward for those who are disciplined in their use of credit cards. Here are a few of the conditions that must be met before your credit card company will lower your interest rates.

1. Have a good credit rating

Maintaining a good credit score will increase your chances of getting an interest rate reduction. Your credit score is what will determine the company’s trust in you, and it will increase or decrease your chances of getting a lower interest rate, depending on how good or bad it is. Having good credit says to the credit card companies that you are dependable, therefore because you are a good customer with good credit, you deserve to have your interest rate lowered.

2. Don’t have a big balance

Having a large balance on your credit card account will lessen your chances of changing your interest rates for the better because if you are deep in debt, credit card companies may believe that your potential to get further into debt is greater. The deeper into debt you get, the more likely you are to fail to pay your bills on time. This will in turn not only disqualify you for a decrease, but it will actually increase your interest rates.

3. Send in more than the minimum

When you pay on your credit card, there is a minimum monthly payment you must make, no matter what. If you have the means to pay a little extra on your credit card bills, do it. This will show that you are eager to pay off your debt, so you are less likely to go bankrupt, and more likely to make your payments on time.

4. Pay on time

Getting an interest rate decrease will be much more difficult if you have not paid your bills on time. In fact, one of the consequences of not paying on time is having your rates INCREASED. You must pay your monthly credit card payment each month, even if it is just the minimum, because the rewards are substantial, but so are the punishments.

Getting your credit card interest rates raised is can be a great advantage to you, but just like any other rewards you might get, you must obey the rules before you reap the benefits. You have to use your credit wisely. You must pay your bills on time and keep your balance at a level in which you can pay it off soon and without strain. These, among other things, will help to raise your credit score, allowing credit card companies a reason to give you a decrease on your interest rates.

No Fee Secured Credit Cards

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Fees. Business owners dream of being able to charge them, customers will do almost anything to get out of paying them.

Why do businesses charge fees? Of course the simple answer is they want more profits. There’s more to it than that though. The reason for fees has more to do with a business minimizing its risk than anything else. A lot of you are looking for no fee secured credit cards. It annoys you to think you’d have to pay anything up front for the privilege of using a credit card. You might say “What does charging stupid fees have to do with minimizing the risk a business faces?” Well, I’ll tell you. And you’ll be surprised you at how reasonable the concept really is (from the credit card companies’ point of view, anyway).

As an example, let’s look at credit card providers. They’re in the business of giving you unsecured (read: risky) lines of credit. Then they have to wait for you to buy things with those credit cards (and who knows if you ever will), and they have to hope you don’t pay off whatever balance you ran up during the month (if you don’t then you got to use their money for free). In other words, a lot of things have to go right for a credit card company to make money off you.

But while they’re waiting for you to spend money you don’t have, and carry that balance month to month, are they incurring any expenses? You bet. Think about it – marketing costs for those TV commercials and all the junk mail they send you. Then when you respond to an offer the sent you in the mail they have to pay people to process those applications, people to answer your questions when you call in to ask when you’re new card will arrive, people to manage the people on the phone, leases on buildings, the list goes on.

That’s a risky venture for the card provider – they might spend a few thousand dollars on you before you ever give them a penny of revenue. And what if you never spend the money or carry the balance? They’re out of luck, and out a few thousand dollars.

So here’s what they do. They look at patterns. They know that for every 1000 pieces of junk mail they send out, a certain percentage of people will respond and apply. Of the applicants, a certain percentage will be approved. Here’s where the fees come into play. At this point if the credit card company could charge $39 or $79 to every person that got approved, they’ve recovered a big part of the upfront cost of acquiring you as a card holder.

It may not stop there. With a lot of secured credit cards they charge a monthly fee just to keep the account open. By now, you know why. It’s just a way to make sure they make at least some money off you in case you’re not using the card they gave you and paying outrageous interest. It’s the same revenue model as so many subscription-based websites we all pay $9.99 or $14.99 per month for.

All that being said, in many cases the competitive nature of the credit card industry has forced them to stop charging such ridiculous fees. Most of the credit cards you apply for won’t require you to pay any fees at all. So, when you get ready to open any kind of credit card, make sure you’re getting something excellent in return for any fees you pay.

Low Interest Student Credit Cards

What are the two fundmental principles of Investing 101? Risk and reward. If you’re going to put money into an investment, you have to take the potential risk and the potential reward of the investment. The riskier the investment, the higher the potential reward has to be.

Does this have anything to do with credit cards and interest rates? Of course it does. I want you to find low interest student credit cards, but I want you to understand why it’s not that simple.

Every time a credit card company extends a person a line of credit they’re factoring in the potential risk and the potential reward. You might think credit cards charge high interest rates on most student credit cards because they just want to soak the students for all their worth, but it has more to do with how likely students are to pay their credit card balances.

Interest rates are high on certain types of credit cards for one reason: the people that have been issued that type of card are more likely to flake on their payments, whether that means they pay late or they don’t pay at all. Students are a high risk demographic for credit card companies. According to the standard measurment tools (the credit bureaus), a college student is someone doesn’t have a proven track record of using their credit cards and then paying their balances. They just haven’t had access to credit cards for long enough to prove they’re a safe investment.

The reality is there are a lot of people who just can’t handle credit. They treat it like free money that won’t have to be repaid. They pay late or they don’t pay at all and the credit card company gets stuck with the bill. Most college students represent an ‘unknown quantity’ to the credit providers. Maybe they’ll behave themselves with a credit card, and maybe they won’t. Only a credit history can prove it, and college students haven’t had time to build one.

College students can get higher rate cards and use them consistently as a way of proving their credit worthiness. It may even be in their best interest to carry a small balance on the card and pay it down over time. Yeah, you pay some interest, but just look at it as the cost of doing business. If you can show the credit bureaus you’re trustworthy you’ll be able to get high limit, low interest credit cards down the road that you can use for good purposes like running a business or buying advertising.

All that being said, you may be able to find a student credit card with an interest rate between 8% and 12%. Not bad for a first timer.

Either way, if you pay your dues, you’ll get the best credit cards later.

Secured Student Credit Cards

One of the best things that any college student can do is get a credit card. There are a lot of options out there where you can go get credit cards. Some of you might have some difficult history in your past when it comes to credit. That is fine because there are still avenues for you to take a look at. One of the best ways to improve your current credit is to go get a secured student credit card.

Next you want to see what type of interest rates you can get. Usually if you have had a bad past with credit, your interest rate is going to be anywhere from 15% and up to 25%. There could be an initial lower interest rate, but make sure you read all of the terms and conditions of the contract. Be aware that there can be changes very quickly in your contract with the interest rate. It can take them only a 15 day notice before they make a change in the APR and bump it up.

Prepaid Student Credit Cards

When you get a secured credit card, you need to decide what type of credit limit you are looking to get. It usually isn’t more than a couple thousand dollars as a possibility, but more than likely a few hundred dollars. Usually the deposit will be about the same as the credit limit, but it could be less or more depending on the credit card company. It might be 50% of the credit limit or it could be up to 150%. You should search around to find a secured credit card that will allow for a smaller deposit.

With these cards, you can build a lot of credit during your younger years. You need to make some improvements to your credit and getting a secured credit card can be a great way to get you back into good graces with credit bureaus. Also with the deposit you might find yourself taking more notice and responsibility for your credit then what maybe you have done before in the past. This could also be a good option if you simply have no credit history at all. Find a lot of options before you make a decision so that you are not caught with a lot of fees and high interest rates.

Another choice you can look at is getting a family member to cosign on a line of credit to get your foot in the door, if a prepaid student credit card appears to much for you to handle. If that doesn’t work out then look to work through a debit card with a checking account and start building a good recognizable history that way.