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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10
votes
3answers
8k views

Will cancelling department store credit cards improve my credit score?

I have about 5 department store credit cards that I never use. If I cancel those accounts, will my score improve? Even a little? Again, these aren't credit cards. They're store cards (like Home Depot, ...
2
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1answer
80 views

Has the likelihood of getting a lower interest rate by calling & asking been reduced by recent credit card regulations?

Have the recent CARD act made reduced the likelihood of getting a rate reduction if you call and ask the card company's service department?
5
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5answers
1k views

I'm looking for a credit card with daily purchase notifications

My bank checking account allows me to get notifications/alerts for every check or withdrawal activity over a certain amount immediately. My credit card allows frequent balance notifications, but not ...
8
votes
6answers
297 views

Are credit card membership points best used for swag or for travel?

As far as I can tell, most reward point programs are confusopolies. I have a difficult time figuring out how much my points are really worth since the exchange rate seems to vary depending on what ...
46
votes
8answers
19k views

How do credit card companies make profit?

How do credit card companies make profit by giving us credit for 40-50 days (India). I purchase something on my credit card and I pay it to the credit card company after some days. How are they going ...
11
votes
3answers
845 views

What is the optimal ratio of used credit to credit limit for your credit score?

I have been told to never go over 50% of my credit limit on any credit card even if I pay always off in full for each statement, in order not to hurt my credit score. Is this true? What is the ratio ...
24
votes
4answers
11k views

Is a high credit limit on a credit card bad?

I've had a credit card for a long time, and every so often they've sent letters telling me they're increasing my available credit. Does it negatively affect my credit score to have a high limit, one ...
13
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5answers
885 views

How many credit cards do I need? Should I open another just for the cash back feature?

I just got a mailer from Discover offering a new card, with 5% back on some items and 1% back on everything else. However, I already have a Visa which I have had for a few years. Does it make any ...
8
votes
6answers
22k views

What impact does overpaying credit card bill have on credit score?

Lets say I got monthly credit card bill for $100 but when I go to bank account online to pay I see that my current credit card spendings are already $150. Should I pay $100 or $150?
4
votes
6answers
5k views

The best credit card for people who pay their balance off every month

What are the best credit cards if you pay off your bill every month? Which ones do you get the best benefits on? I currently have a Charles Schwab Visa where I get 2% cash back on everything. I ...
5
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3answers
219 views

Should I keep a credit card open if I don't need it any more?

Should I keep a credit card open if I don't need it any more?
5
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2answers
201 views

When Is Using Too Much Credit Bad?

I currently have a secured credit card with $300 secured. I thought this would be a good approach to establish credit, so I started using it with the intention of fully paying it off after closing ...
10
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5answers
916 views

Why Am I Having Such A Hard Time Getting a Credit Report?

I have always heard about evil credit card companies preying on vunerable college students. I find that quite interesting, considering I've found it impossible to get a credit card! Even more ...
9
votes
4answers
968 views

How do you find the credit card with the best rewards/points? [US]

I'm using a CC that basically gives me 2% cash back on everything. It adds up, but I have a feeling that I'm not benefiting from how often I use my card. I easily put over a thousand each month on the ...
4
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3answers
511 views

Monthly pre-authorized payments/purchases: Use a bank account, or credit card? When/why?

Do you prefer using your bank account or your credit card for your monthly pre-authorized purchases? Are there certain kinds of bills you'd prefer to pay with your bank account or credit card? Why ...
19
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5answers
697 views

What strategies could be employed so as to avoid identity theft and credit card frauds?

Other than getting a credit card with a minimal limit and using it exclusively for online purchases, what other strategies could be employed so as to avoid identity theft and credit card frauds?
5
votes
6answers
6k views

Is there a law or regulation that governs the maximum allowable interest amount that can be charged on credit cards or in agreements where credit is extended?

When I worked in the corporate world, I remember dealing with a company from the U.K. who cited a U.K. regulation on maximum interest/finance charges that necessitated a change in their contract. ...
3
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2answers
91 views

Company Payment Card

What are the risks of having having a company payment card? Is there any reason to have a card if I can float my expenses until they're reimbursed?
8
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1answer
961 views

Just noticed “Minimum Payment Warning” on my credit card statement. Did a law change or something?

I saw a new disclaimer on my credit card statement this month that is prominently displayed on the first page to the effect of: Minimum Payment Warning: If you make only the minimum payment each ...
21
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2answers
8k views

Need advice recovering money lost due to debit card fraud! Bank wont help!

I was recently the victim of credit card fraud. My number and some of my info was compromised and subsequently used to run up about $500 worth of online charges within a week's time. This was on my ...
19
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3answers
1k views

Should I keep a credit card open to maintain my credit score?

I have a credit card that was opened when I first got out of college, and was my first credit card. Since then, I have switched to cards with rewards, figuring that since I pay it in full each month, ...
6
votes
3answers
4k views

An ecommerce retailer forgot to charge my credit card, & I received the package. Legally speaking, must I inform them they didn't charge me?

I recently made a large purchase from an online retailer's outlet store. The online store was having performance problems the day I ordered, but it is large trusted company so I placed the order ...
5
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2answers
4k views

How do I get a US credit or debit card if I reside outside the US?

I am from Hungary and I would like to purchase sometimes from US web services like iTunes and so on. They require US cards and billing address. Is it possible to have one without traveling to the US? ...
7
votes
1answer
208 views

Is there any site you can find out about the 'bonus features' of credit cards?

I'm doing fairly well financially, and pay my credit cards off monthly, so to me they are less useful for financing and more useful as a matter of convenience. As such, I'd like to know more about the ...
8
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4answers
3k views

Are the new “Smart” or “Chip” Credit Cards better from a security standpoint?

The new Chip credit cards are being introduced to provide better security to consumers, merchants and credit card vendors. Sample Card: (source: mastercard.com) Card Reader & PIN Entry: ...
8
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5answers
1k views

Received email from credit card company: “URGENT: Your Master Card SecureCode Password has expired!” Is it legitimate?

(Public service announcement) I received an email titled "URGENT: Your Master Card SecureCode Password has expired!" The email body is an image. Is it legitimate?
7
votes
2answers
248 views

What is the difference between a charge card and a credit card?

There used to be a type of card that was offered called a "charge" card, how is that different from a credit card?
10
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3answers
413 views

Are there advantages to getting a “secured” credit card, if you have poor credit?

I've heard about "secured" credit cards - where you basically pre-pay the amount of your "credit card" limit - surely your use of this type of card is evident on your credit report, and the advantage ...
27
votes
5answers
2k views

Are credit card rewards taxable?

There have been several questions about reward point/loyalty programs offered by credit cards Best Travel Point Credit Cards Best Reward Benefit Credit Cards Easy Comparison of Reward Benefit Cards ...
3
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2answers
217 views

Is there an easy way to compare store or credit card loyalty programs? How can I tell which is best?

Surely someone has come up with a spreadsheet or calculator to run comparisons?
6
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3answers
1k views

Help! I've cancelled their service, but this company continues to bill my credit card an annual fee. What can I do?

An alarm company I've long since cancelled continues to bill my credit card, year after year, claiming they never received my emailed cancellation. What is available to me through my bank credit card,...
6
votes
4answers
1k views

I keep receiving letters from banks saying I'm pre-approved for credit. Is this junk mail? Are they allowed to do this?

It's scary, because they have my name and address, and if they've pre-approved me, they must have a lot more than that. Am I safe to throw this away as junk mail? Are these random banks allowed to ...
11
votes
4answers
773 views

I received an email from my credit card company titled “URGENT: Your VbV VISA Password has expired!” Is it legitimate?

I received an email titled "URGENT: Your VbV VISA Password has expired!" The email reads (in an image): VISA Verified by Visa® (VbV) Service Verified by Visa (VbV) is a global online ...
6
votes
2answers
18k views

How do I know my Citi credit card account number, for setting up a Virtual Account Number?

I have a credit card from Citibank, and I want to create an Online Account¹ (a virtual credit card number) but it asks me for my "Credit Card Account Number". Upon entering my credit card number (...
5
votes
3answers
224 views

How old must you be to apply for a bank credit card, store credit, or cash advance loan?

I am the parent to one child and one young teen, and I don't want either of them to be able to apply for credit (and potentially soil their credit ratings) before they are mature enough to take on ...
6
votes
2answers
331 views

Why Are Credit Card Rates Increasing / Credit Limits Falling?

I thought that there was recent legislation passed that forbid banks for jacking up rates as they had been doing from late 2008 into the first half of 2009. All of my credit cards have seen increases ...
4
votes
2answers
66 views

I've heard that it's never a good idea to go with payment protection plans offered by credit card companies. Is this true?

I'd like to think my bank isn't trying to swindle me when they call and try to sell me one.
96
votes
14answers
10k views

Should I finance a new home theater at 0% even though I have the cash for it?

My wife and I are considering buying a home theater - plasma TV & new stereo - on Black Friday this year. We do have the cash for it, but Best Buy is offering 0% financing for up to 3 years on ...
11
votes
7answers
626 views

How many credit cards is it reasonable to have?

Is there a right number of credit cards to hold? (Please don't say zero :) What would be the excessive number of credit cards, or how else would you judge enough is enough? If I have some cards I do ...
16
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8answers
21k views

PayPal wants me to “add a bank account”, another funding source. Credit card isn't working. Why?

This is the second time in the last couple of weeks that I'm seeing the following error from PayPal. (Note: I've deliberately hidden the name of the merchant at the top.) "You cannot use this ...
9
votes
4answers
553 views

Should I keep most of my banking, credit, and investment accounts at the same bank?

I have two bank accounts (checking and saving), some credit cards (3), a mortgage, an investment account, and an individual retirement account. Right now all of those accounts except two of the credit ...
9
votes
2answers
744 views

Are travel point / reward credit cards worth the hassle and cost?

Are travel point / reward credit cards worth the hassle and cost? Many such cards have fees, and when you try to book there are often restrictions. What has your experience been with these types of ...
14
votes
3answers
457 views

Is it worth it to use “balance transfer” credit cards, to take advantage of low-rate offered as sign-up incentives?

I'm attracted by the low interest, but scared of having too many credit cards and losing track of payments, or worse, adversely-affecting my credit rating or future borrowing potential by having "too ...
26
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6answers
3k views

I've often heard of the “snowball” method for paying off credit card debt. How does it work?

How does the "snowball" method of paying off credit card debt work? In what ways is it superior over other ways of reducing one's debt?