Questions tagged [credit-card]

Credit cards are unstructured debt accounts linked to a plastic card that allows the holder to make purchases from retailers that accept the card. Common credit card networks in the U.S. include Visa, MasterCard, Discover, and American Express.

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3answers
3k views

Does paying off all credit accounts worsen your score?

I am 60. I have a mortgage that's nearly paid off. I have also paid off all my cards, and my oldest cards were closed from lack of utilization. In order to protect my age of credit, do I need to not ...
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133 views

How does a credit card company receive credit card bill payments? [closed]

If I make a payment to my credit card, how does that transaction actually happen behind the scenes? Does money from my checking account get transferred into the credit card issuer's checking account? ...
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What's the difference between a soft and hard credit check?

I understand that hard credit checks negatively impact a person's credit score. Why would it work this way, because it's seen as a negative thing to be applying for credit cards too often? Even then ...
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Can I subtract credits/returns/refunds from statement balance and incur no interest?

My question is basically the Indian version of this US-based question. Another duplicate possible is this one, but it doesn't have any country tag associated with it, so I cannot go with it. This ...
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Credit card charge off : Can creditor take away the electrician's toolbox and the car even if the car was paid off a long time ago?

Here is the situation: Suppose a person owes a credit card company $10,000, can't pay it any longer, and after 6 months, the credit card company decides to charge off this credit card. Suppose that ...
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How does “Velocity Banking” actually work?

I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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Is it a good idea to apply for a credit card with no annual fee, and use it only to get the welcome bonus? [duplicate]

Many credit cards have no annual fee and some welcome bonuses. For example, after one spends over a certain amount in the first say three months, the credit card user gets $200 reward. I am thinking ...
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2answers
118 views

Are there any consequences to letting an Amex repayment Direct Debit transfer fail, if a manual repayment is done before the due date?

I don't have enough money in my account to cover a Direct Debit Amex repayment scheduled for today. However, that repayment is set to come out of my account 10 days before the payment due date, by ...
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1answer
75 views

Can I get a replacement credit card to overseas if I didn't activate the credit card account?

I'm overseas. I apply for a new credit card. I already have one credit card from this bank. My address is the address on file. US residential. There's no one there right now. They mail the card. I ...
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1answer
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How do credit card companies get funds to lend for consumers

Credit card companies need funds to pay to the service providers on behalf of the end consumers and consumers pay back later. So credit card company is lending money to the consumers. Where do they ...
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1answer
135 views

selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
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126 views

Implications of changing address of my credit card temporarily? [closed]

A gym that I attend requires a yearly contract with the option of breaking it if moving out of the state. A change address of a credit card can be accepted as a proof. Is it possible to change the ...
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1answer
173 views

When shopping online, I prefer bank transfer to credit card for privacy reasons. Is privacy really better with traditional bank transfers?

I shop online relatively often, because online shopping is much more efficient than brick-and-mortar retail. Unfortunately, I therefore also leave behind numerous data traces, which would not be ...
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1answer
104 views

How does the rental company charge an empty debit/credit card with €0 credit limit? (Transferwise)

Can anyone help me to figure out which way a rental company uses to bypass the credit/debit card limits up to several thousand of euros. It happened the first time around 5 days after returning a ...
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1answer
128 views

Does overpaying credit card to pay a much larger sum than your credit limit to get cashback negatively impact credit score?

I am an immigrant and the concept of credit cards is fairly new to me, I understand it enough and know that using more than 30% percent of your credit card can hamper or negatively impact my credit ...
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2answers
260 views

Using a credit card for renovations and then paying off with personal loan

Scenario I have very good credit I have a credit card that gives 2% cash-back on almost all purchases I do not carry a credit card balance month to month I have to make emergency home renovations and ...
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3answers
188 views

Does not the credit card company lose money by giving 5% cash back?

My credit card company gives me 5% cashback on my top eligible spend category up to $500 spent each billing cycle and 1% unlimited cash back on all other purchases. From my reading, credit card ...
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What sort of pen is best suited to sign the back of a credit/debit card?

I have 3 payment cards: 2 debit cards with different banks to spread risks, and 1 credit card. I have been using them all for months if not years by now at various places both offline and online ...
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What's the minimum utilisation rate on a credit card that lets you build credit?

I don't need credit, but I want to keep my credit score as high as possible, for when I might want a mortgage or come across a credit card with nice rewards. I got a credit card with a borrowing limit ...
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2answers
132 views

Is credit card activity reported to credit bureaus when you carry zero balance at the end of each month?

I've read that it's important to continually demonstrate responsible activity with credit cards. If I pay my balance to zero each month, are the credit bureaus aware of my responsible activity or do I ...
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Will using 0% intro APR crashes my credit score?

If I get a new credit card with $5000 credit line and 0% intro APR for the first year, and use all the credit limit at the beginning, will this drops my credit score? If I pay back this money like $...
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1answer
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Timing the payment of a credit card to maintain a maximized credit score [duplicate]

I monitor my credit score using Credit Karma and the only item that impacts it from month to month is my credit card utilization percentage. I pay my credit card in full every month. The credit card ...
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Why do gas stations charge higher price for credit card purchase while customers can purchase their gift cards from a third party?

Many gas stations have different prices in credit card purchases and cash purchases. The customer pays a slightly higher price with credit card purchases. On the other hand, if a customer uses cash or ...
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229 views

Is this a loophole in my credit card policy?

I have recently applied for a new credit card that and cardholders can get 5% cash back on purchases in their top eligible spend category each billing cycle, up to the first $500 spent (then 1%). The ...
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Internationally issued Visa Credit Card fraudulently used in the US, possibly because merchant bypassed card security features. What are my options?

My internationally issued credit card was stolen, along with a lot of my personal items in the US. There was also a Apple credit card issued in the US that were stolen, but the fraudulent charges were ...
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Sell stocks or borrow money from a friend to pay my credit card bill?

I began working as a full-time Data Analyst 5 months back. I am from India, I make $500 a month and I have $10 in my savings account. I have about $900 invested in a company which I believe has the ...
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1answer
191 views

Did a refund just give me a bonus to my credit score?

I check credit karma notifications and I got one that my credit score just went up 3 points. Funny because the only transaction I had this month so far was an accident. I was on a free trial ...
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Why do Credit Card companies reduce credit lines?

For the second time this year, I've had a credit line reduced. I can't think of why. My accounts are paid off monthly, my FICOs are all in the 800s. By any measure I'm a good risk, what does it matter ...
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Why do VISA "Electron" and Master Card "Maestro" cards have special limitations in when they technically work?

Translated by me to English from Swedish, from VikingLine.se: We welcome payments onboard with the following cards: American Express, Diners Club, Eurocard, Finnish bank cards, Master Card, VISA. ...
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Planning on having all bills due on the same day

I currently have 3 credit cards, one of which I virtually never use. I'm planning on calling the companies and asking to change the billing cycle so they end on the last day of each month. This would ...
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Why is the "discount rate", charged to merchants in card transactions, called that?

When accepting payment via a credit card or debit card, a merchant is charged a "discount rate" (or "discount fee") by the acquiring bank. For example, when a merchant receives a ...
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How will closing my credit card affect my credit?

When I was a teen, my mom opened a credit card with Capital One and added me as an authorized user. I used this credit card for pretty much everything, but when I went to get a loan for a home years ...
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1answer
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Is it a waste to use HSBC RewardCash to settle the bill? [duplicate]

I usually use the accumulated reward cash towards settling the bill at the end of the month. I heard that it is better to convert it to Asia Miles rather than using it to offset the bill. Is there a ...
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7answers
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Is there any reason not to immediately use cash back balance to pay credit card?

If one of my credit cards accrues cash back that is redeemable towards statement balances, is there any reason not to immediately use this cash back each time I go to pay the card? Is there a benefit ...
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1answer
121 views

Is it best to pay off credit cards as close to the due date as possible? Is it bad to pay mid cycle? [duplicate]

I will preface with I have a very bad sense about these sorts of things. When is it a good idea to pay off a credit card balance before the end of a cycle? For example a statement period is Apr 13 to ...
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3answers
729 views

How to stop recurring credit card charges?

Suppose an individual is subscribed to a service that costs $3.00 per day. He uses his credit card to pay for this service. Also, suppose this individual wants to cancel his subscription but has ...
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1answer
259 views

Is it a concern if the pending transaction date is wrong on credit card? [duplicate]

I have 8 pending transactions on my credit card. Yesterday I went to a store and bought something with it. But the transaction shows up with today's date instead of yesterdays. Today I bought ...
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1answer
78 views

what can I do to get a chargeback from an online retailer purchased on my credit card

I bought shoes on the internet. The refund policy was clear that you could return the shoes for any reason but I the buyer would have to pay shipping. The shoes didn't fit. Part of the store policy is ...
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3answers
419 views

If you have a different interest rate applicable to a part of your credit card balance, how does this apply in monthly payments? [duplicate]

Here's a scenario. My credit card's balance transfer option allows the money to be deposited to my bank account. Let's say I owe $10k at 12% and borrow an additional $10k at 0. If I pay back $10k the ...
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1answer
167 views

About Credit Card Referral epidemics

I have recently come into an epidemic of credit card referrals. My friends are going berserk in referring to each other and having bits and pieces of commotions about 'fair shares'. In one incident, ...
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Is it possible to force-update Equifax that a specific credit card balance has been paid off?

I called credit card issuer and they told me that they reported the latest $0 balance to credit bureaus. I logged in creditkarma.com and can see that at least Transunion report shows latest $0 balance ...
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1answer
142 views

How fast will my credit score increase?

I have 12k in students loans (all of which isnt required to start making payments until Q4 2021) owed to non-government lenders, and have roughly a 1.5k credit balance currently, with 3 lines of ...
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3answers
635 views

If you buy something with one credit card, and refund it to another, do you get to keep the points/cashback/etc from the purchase?

To my understanding most stores have policy that a refund must be done to the same card that was made to use the purchase. However this is not always the policy and I don't think there's a legal or ...
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1answer
120 views

Will getting a second credit card raise my credit score like the first card I got did?

I just got my first credit card a few months ago and it had a huge effect on my score, raising it by about 90 points. Now my score is hovering around 600. I would like to get it up to 650 to increase ...
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What should I know about American Express's "Pay It", "Plan It", and "Make Payment" options?

The Amex app is well made and, technically speaking, a pleasure to use. That being said, I have no idea how making a payment works. About me: I am on top of every charge, and I make a payment ...
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1answer
80 views

How can I select the best virtual credit card?

I'm not allowed to ask for product recommendations, nor for off-site resources, as per closing my prior question: "Questions seeking product, service recommendations or other off-site resources ...
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2answers
219 views

Disadvantages of using a credit card on the last day of its expiration month

Suppose I use a credit card on the last day of its expiration month to buy things in physical stores and for online purchases. Is there any difference between the last few remaining days of a credit ...
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1answer
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If I get a credit card without providing a SSN/ITIN, will they still report my activities like normal?

I am a new student in US with no SSN/ITIN at the moment. I want to apply for unsecured Bank of America credit card and secured capital one and citi/US bank credit cards. But I don't know if I get ...
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3answers
5k views

Is it common practice for credit card company to demand to see your income tax forms?

I recently applied for a credit card that my wife has. I was responding to a great offer that I believe this credit card company sent me based on my good credit score and so on. When I applied online, ...
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4answers
4k views

Is it better to have/use more credit cards to build credit history/score?

If someone has a credit card with $5,000-$10,000 credit line, and the average amount of monthly payments of this person is around $1500, what is the best scenario for this person to increase their ...

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