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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6
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3answers
2k views

Can someone earn money from Credit Card Cash Back by buying and selling back and forth?

If I understand cash back programs correctly, the Credit Card companies give you back a percentage of the money you spent on a purchase. 1% would give you back $1 on a $100 purchase. If this is the ...
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8answers
38k views

What's the average credit limit?

For a number of reasons, I recently asked my credit card company for a credit limit increase. I was hoping they'd propose a new limit to me, but they instead the reverse happened: they asked how much ...
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3answers
446 views

What 25-day investment, principal guaranteed, can be used for credit card arbitrage?

What is the most profitable 25-day investment I can make that guarantees that I at least get the principal back? Notes: Many brokers accept credit card deposits w/ no fees, and the credit card ...
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2answers
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How do I calculate what percentages I'm getting back on my credit card on which I get points, not dollars?

So, I have a Scene Visa card (Canadian) which instead of giving me money, gives me points for which I can use for a variety of things, but the most common being movies. How do I figure out what ...
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5answers
20k views

How can a credit card company make any money off me? I have a no-fee card and pay my balance on time

How does a credit card company make any money off of me using their card if there are no fees associated with the card (I don't pay any extra) and I pay off my balance on time every month (so I don't ...
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4answers
8k views

Is there a way to convert from a monthly rate to annual?

This might seem like a silly question, but I'm trying to work out how much something will cost if I pay for it on my credit card instead of paying monthly to the company at their interest rate. The ...
6
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5answers
2k views

Which secured credit cards start building your credit history right away?

I spoke with 3 banks this morning and they all said that for the time I was on the secured card, they would not report me to the credit unions and companies. They would just keep the score internal to ...
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3answers
3k views

Will Adding myself as a co-holder of my parent's credit card build my credit history?

I have been in the U.S. since 2007 as a student, and only recently realized the importance of buliding my credit history. My belief is that a credit card is the way to start building a credit history....
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1answer
495 views

How can I invest in US Stocks from outside the US with a credit card instead of a bank account?

I would like to know if it it possible to invest, buy stock, for example in Apple from outside the US. I would not like to use bank accounts in possible rather the credit card, to do this, what ...
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2answers
1k views

Credit card interest calculator with grace period & different interest rate calculation methods?

Is there an (ideally online) credit card interest calculator that includes grace periods and lets you choose the interest calculation method (eg, "adjusted balance", "average daily balance", "two-...
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4answers
385 views

What could be the harm in sharing my American Express statements online?

I would like to store my American Express statements in Google Docs so that my virtual assistant can log the line items into my accounting spreadsheets. It is also handy so that they are in one place ...
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4answers
618 views

Should I accept a credit card settlement?

I have pretty awful credit rating (570 last I checked) as a result of a foreclosure and a massive amount of credit card debt. One of the credit cards (BofA) to who I owe 17k has offered a settlement -...
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4answers
4k views

Possible to use balance transfers to avoid interest with major credit cards?

I recently paid off a balance transfer and then this thought occurred to me. Let's say you have $3000 of debt outstanding on a credit card. The goal is not to pay interest while you work to save the $...
6
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2answers
2k views

How do credit card payments work? What ensures the retailer charges the right amount?

If I buy book from an online shopping site via my credit card, how can the retailer get money from my credit card? What is in place to ensure the retailer gets the exact amount of money I should pay, ...
6
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2answers
745 views

What does zero interest on credit card balance transfers mean in practical terms?

I'm considering applying for another credit card with my existing bank. (It's a Platinum Credit Card if any one is interested). The site states: 0% on balance transfers for 16 months What does this ...
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4answers
328 views

Why does the payment date on online credit card payment forms default to the due date?

Here's a screenshot from my credit card's payment form: Out of habit, I tend to set the payment date to a day far sooner than the statement's due date ...I suppose for fear that something will wrong ...
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4answers
2k views

What value is the 3-digit code on the credit card?

How do those 3 digits on a back of a credit card make it more secure?
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7answers
63k views

Why do some online stores not ask for the 3-digit code on the back of my credit card?

How is it that some e-commerce stores are able to process credit card transactions without getting the 3 (or 4-) -digit security code from the back of my credit card? What value does this code add if ...
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2answers
160 views

Expected rate for unsecured consolidation loan + where to apply?

I have about $50K+ in credit card debt and am paying anywhere from 0% to 20% on it, depending on the card. How much can an unsecured consolidation loan lower my rate, assuming I can get one at all? ...
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4answers
3k views

How to calculate credit card interest with respect to grace period transactions?

If my credit card currently has a $0 balance, and I make a transaction and pay it back within 25 days, I won't pay any interest, even if I had a balance and was paying interest previously. Is that ...
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2answers
7k views

Credit cards: How is a cash advance different from a purchase? Why are the fees so high?

I have a couple of questions about the notion of "cash advance" on credit cards. How does the credit company decide if some transaction is a "cash advance"? Does the merchant tell the credit company ...
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4answers
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Dealing with credit cards and bank accounts when moving from US to UK

My wife and I will be moving to the UK from the US on a work visa sponsored by my employer. One of things I'm most unsure about it how to deal with our current financial accounts. We have one joint ...
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7answers
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Can I open a US bank account even if I don't live in the country?

I'm Swedish, but living in Switzerland at the moment. Can I open a US bank account? Either when in the US on vacation or through the internet/phone? There are lots of situations when I find myself in ...
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3answers
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Can a credit card minimum payment be less than the interest?

Answers given by someone else on this site indicated an assumption that minimum credit card payments were always at least the amount of interest that would be charged, meaning that the balance would ...
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5answers
6k views

Why activate credit cards? What is the purpose of credit card activation?

A number of credit card companies - almost all of them - ask to "activate" credit cards when sent to me. Usually it involves calling the phone on the sticker and typing in whole or partial card number....
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1answer
156 views

How do “held” amounts appear on statements and affect balances of traditional credit cards?

I use a pre-paid Vanilla MasterCard credit card for online shopping. Every time I make a purchase, the companies I purchase from "hold" some similar amount which reflects negatively on my balance. ...
4
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1answer
318 views

How to protect myself from unethical business collecting on an invalid past due amount?

I had my car serviced by a local shop. I ultimately picked them because they were close and didn't really research their online reputation. Suffice it to say I was less than pleased. The car broke ...
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0answers
187 views

Should I get a credit card? [duplicate]

Possible Duplicate: Do I even need credit cards? I am 26, I have never had a credit card because I have seen them ruin peoples credit. I try my best to not live beyond my means, and not having a ...
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6answers
1k views

Paying over minimum monthly charge of credit cards

I have a $80 minimum on my credit bill. If I pay them $100, do the additional $20 go to the card's Principal or Interest? If it goes to Interest, do I have to explicitly state that those $20 go to ...
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2answers
890 views

Credit card not showing up on joint account holder's credit report

My wife has practically no credit, and we're trying to build it up. About 9 months ago I opened a Kohl's store credit card, and added her as a joint cardholder. We recently went through her credit ...
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5answers
19k views

What does it mean to run my debit card as credit?

I've been advised to (and have been) running my normal debit card transactions as "credit" transactions. What does this mean in terms of my security, the time a charge takes to settle, and the fees ...
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4answers
509 views

Is there value in using a credit card for the sake of using it?

We've recently (last 6 months or so) paid off several of our cards completely, and are working to pay down our last, highest utilized card. We don't generally need to charge much and can pay in "cash"...
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4answers
618 views

No-line-of-credit debit card?

Are there any "devices" that can be used to make on-line purchases like a credit or debit card but which will never have an attached line of credit? In particular what I want is a card that, when the ...
5
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3answers
223 views

What debts are both partners liable for in a 'community property' state?

I've just come across this article over on the mintlife blog and noticed that I do live in one of the ten community property states. I'm not overly familiar with this particular concept (keep in mind ...
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4answers
960 views

Is there a downside to asking for a credit increase?

I have a $500 limit, and probably below average credit history. Is there a downside to asking for a credit increase?
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4answers
289 views

Do I need a business credit card?

Do I need to have a business credit card for my own company or can I use my personal credit card and just make sure I keep the records. I don't have a lot of expenses so keeping the records is not a ...
26
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5answers
40k views

Credit Card Newbie - If I pay off my balance every month, what am I actually paying?

So I have never owned a credit card in my life, and am trying to get ideas as to how they work. Sorry if this is too simple a question... Lets say I have a credit card, and in one month I charge $...
5
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1answer
285 views

How often to call Credit Card Customer Service for Rate Reduction

I've seen 6 months mentioned a lot, but in some of the information I've consumed I've heard that some people call their customer service as often as each month. I'm pretty sure they make notes on how ...
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14answers
2k views

Do I even need credit cards?

I'm 24, and so far I've been able to live without credit cards of any kind. My wife calls this "If we can't pay for it right now, we don't need it." Obviously this does not apply to our car and our ...
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3answers
2k views

Should I really pay off my entire credit card balance each month or should I maintain some balance?

I've heard two conflicting things: One is that you should pay your entire credit every month, and the other that you should maintain roughly %30, %50 (it varies by who you ask) of your available ...
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4answers
150 views

Will prices really be different for cash and cards?

I heard Clark Howard on the radio this morning saying that due to a court settlement stores will be able to charge different rates for different tender types. How soon will this take effect and what ...
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1answer
3k views

Is it possible to transfer some money from my visa card to my amazon account to buy with them later?

I have few dollars in my visa card and it will expire soon, Is it possible to transfer these dollars to my amazon account and save them there to be able to buy with them later from amazon?
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2answers
136 views

How important is Fixed vs. Variable rate for credit cards?

I have decided to get a new credit card. However, when looking through the various options for cards, it seems like all of them are variable rate cards. What's the downside to using fixed- vs ...
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6answers
894 views

Which credit card is friendliest to merchants?

I'm not interested in debit cards; I want the security that credit cards provide if a naughty hacker steals my credit card number. Which credit cards do merchants prefer to take? In other words, ...
5
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5answers
372 views

What to do when institutions stopped lending you money?

I know the question seems confusing, but this is a real life event. My friend lived beyond his means for a few years, combined with half year of unemployment his Credit Card Debt went to the roof. ...
9
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7answers
904 views

Will be debt Free in 3 years — What order should i pay off my cards?

I have budgeted to the point where i can close all credit cards i have in close to three years from now. My question is, should I simply pay 1/3 to each card (will be over minimum payment on all) OR ...
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8answers
1k views

Are airline reward mile credit cards worth it?

I have excellent credit, and pay off my balances in full every month. I also do a lot of international traveling (5 to 6 times a year) but always fly different airlines (I look for the best value). ...
8
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5answers
10k views

When to pay a credit card in order to avoid fees/penalties/interest?

I am beginning to build credit and got a credit card a few months ago, I am a little confused about when a payment should be made in order to avoid any late fees/penalties/interest. Here is a ...
8
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4answers
298 views

Will replacing a credit card with a better one hurt my FICO score?

I have a credit card from 1st Financial Bank. I got it when I was 18 years old, and have kept up with it 100%. After the recent US legislation on credit cards, they have started hiking various fees. ...
15
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3answers
677 views

Why ask for Credit Card type?

Why do online retailers ask for the type of card before you enter the number? This information is coded into the card number itself, so it is redundant. For example, any card that starts with a 4 is ...