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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2
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1answer
100 views

How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?

Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and ...
9
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1answer
367 views

Card pre-authorization time limit

I've booked a hotel for a stay 8 months from now on a no-prepayment basis. As per usual, they pre-authorized my card; which makes me ask out of curiosity: Is there a time-limit to how much a vendor/...
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3answers
148 views

How to know which credit report / score will be consulted?

Question When you apply for a loan or a credit card, in the US, one credit report is pulled from one of the three "major" company: Equifax, Transunion, or Experian. Is there a way to tell which one ...
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7answers
20k views

What should I do about a dealer that took a deposit then sold my motorcycle to someone else?

I recently was interested in purchasing a motorcycle from a dealer but I was about to be out of town for a few days for a vacation. I called him and said I can make a deposit on the bike for $500. He ...
2
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1answer
2k views

what is the difference between 'Instant Pin Generation' and 'Credit Card ATM Pin'?

I just got my HDFC credit card. When i logged into net banking site to create credit card pin, i found two options in the site, Instant Pin Generation and Credit Card ATM Pin. To create Credit Card ...
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3answers
141 views

How will having two active credit accounts with different balances affect my monthly credit scores?

I heard that with the new FICO model, they want you to spend ten percent or less of your credit limit to keep your scores from dropping. I recently applied for a second credit card, one with four ...
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0answers
78 views

Do credit card chargebacks apply to situations in which online retailer charges seller in favor of buyer?

This is the situation I have to deal with: One of the items I had listed with an online merchant sold. I shipped the item using standard postal service and provided buyer tracking information. A week ...
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2answers
109 views

how can i transfer money from another bank account into my credit card? [closed]

Hello Please how can i transfer money from another bank account into my credit card
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3answers
150 views

How exactly do balance transfers work?

I have two credit cards, one with a credit limit of $400, and another with a credit limit of $4,000. The one with the $400 is with US Bank, and the one with $4,000 is with Synchrony Bank. My US Bank ...
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0answers
63 views

How do credit card companies decide the credit limit of a newly issued card?

If someone is applies for a new credit card and gets approved, the credit card company will start them with a given credit limit. What is this limit based on? Is there a way to negotiate a higher ...
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3answers
227 views

Credit card pay back period calculation

What is the industry standard equation for calculating the payback period of a credit card? For example: Mark has a credit card with a rate of 17%. He has a balance of 5500 and a limit of 5500. If ...
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2answers
221 views

How badly is one's credit score affected if one stops paying one card but keep paying others?

I am in a very tight situation and I am wondering how the FICO score behaves if I stop paying 2 cards out of 4. How badly would it go down and how badly would it affect applying for loans at different ...
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1answer
114 views

Any advantage to charging on charge card as detailed below?

Is there any advantage to doing the following?: I have cards A and B. Card A has some balance and its cycle date is 9th of the month. Card B is more of an emergency card. It has zero balance and it’s ...
4
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1answer
151 views

Credit limit dropped and utilization high

I had a $7000 line of credit with Wells Fargo, and I have never been late, but they dropped my credit limit down to $5000, and my balance is $4800. This is hurting my credit. What should I do?
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4answers
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Can a merchant accept some Visa cards but not others?

I recently ate at a restaurant that accepts Visa but has a policy that specifically excludes accepting Costco Visa credit cards. I have never heard of such a thing. While the Costco Visa credit card ...
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1answer
285 views

Should I make small monthly purchases on ALL six of my credit cards and then pay off in full each month?

I am trying to rebuild my credit. I know it’s critical to establish a history of responsible credit usage. I’ve been diligently making small purchases on two of my three major credit cards every month,...
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10answers
22k views

I have 9,000 cash. What debt should I pay first?

I have 9,000 cash right now and I want to use it to pay some debt. It won't cover all, but I want to spend it on the best way possible. These are my current debts: Loan balance 3,867.35 - 23.55% ...
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2answers
186 views

How does a company credit card work?

Is the card issued to the company with the employee as an authorized user or does the employee have to qualify for the card? Follow up If an employee declared/declares bankruptcy and part of his ...
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1answer
271 views

Credit card cloned and money taken (UK)

My mum recently learned she had been charged for a use of her card to pay £28 at a pub in Nottinghamshire. Since she has never been to Nottinghamshire, it must have been her card details were stolen. ...
3
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1answer
438 views

How do I make payments, or how should I make payments, on a credit card?

I just got my first credit card, and I'm not sure if I understand how it works. Here is my understanding. If it is relevant, I am an American. I buy something with my credit card. Then, after I have ...
6
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1answer
152 views

Are banks required to issue statements?

I have recently found, with increasing frequency, online banks sending me messages via e-mail or Web notifications after login that a new statement was available for my account [credit card or deposit,...
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2answers
324 views

Optimum balance on individual credit cards for building credit

I've read that in order to build credit more effectively, it's often useful to have a non-zero balance on your monthly statement. I've also read that this should be around 10% of one's credit limit. ...
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8answers
3k views

Advice on overlimit situation

Really need some guidance here. I’m not really sure where to start tho as this is a pretty complex situation. Apologies in advance if I ramble but I will try my best to stay on track. About six ...
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1answer
169 views

Should I apply for another credit card?

I'm in a spot where my credit score has tanked over the last several years. I'm puzzled by the fact that I keep getting credit card offers. I am currently paying a credit card down. I have no open ...
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2answers
257 views

Opening Credit Cards to capture the Intro bonus [duplicate]

The past few years, I have been opening a new credit card that offers a intro bonus (usually $200 - $300 after spending $500 or $1000 within the first 3 - 4 months) and also 0% purchase APR for 12 ...
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1answer
147 views

What can I do to get credit issuers to tell me exactly why I was not approved?

Whenever I apply for a credit card or credit line on the internet, I am often given the message that I was not approved, and that I would get a letter via snail mail as to why I was denied. But, when ...
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0answers
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Can I use my credit card a day before due date? [duplicate]

Payment due date of my credit card is on March 4th. And I already paid full amount of balance on Feb 26th. If I use my credit card today, which is March 3, should I pay another one by March 4? (Hi,...
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2answers
733 views

Creditor sent Bill to wrong address and I was not notified

I signed up for a line of credit through a store, and ended up being approved. What I didn't know was there was a fee associated with opening up the card which was charged to the card. After 3 months ...
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2answers
2k views

Can I transfer credit card debt to someone else?

My wife used my credit card in her business and used 20,000 (AMEX CARD) and then she couldn’t pay off the debt, now it’s hurting my credit and we wanted to move the debt from me to her, taking in ...
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2answers
1k views

Credit Card Amortization via Principal-Only Payments

On a home loan amortization schedule, I can make the monthly payment and add the principal-only owing for the "next" payment along with it, and avoid paying the interest for that next month, which ...
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4answers
359 views

What backs credit cards?

I'm admittedly a novice when it comes to finance, so this may be a stupid question... Are credit cards backed by actual money? To clarify, when I get approved for a credit card with a $10,000 ...
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1answer
309 views

Why was I offered 6.45% APR on my first credit card?

I decided to get my first credit card last week so that I can increase my credit rating. I was kinda surprised to find out that for some reason they offered me a permanent rate of 6.45% APR. Here is ...
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3answers
259 views

Why do banks offer credit cards with less than 7% APR [closed]

On average stock markets make about 7% per year adjusted for inflation. So given the choice of lending a stranger money who will give me <7% APR or putting it in the stock market for a few years I ...
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4answers
290 views

Am I hurting my credit in the long run by not using my card?

for starters, I'm a 23 year old in the USA. So when I lived at home, I took out a loan to buy a car, which my parents cosigned on, this was my primary credit-building exercise. I ended up paying that ...
25
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6answers
7k views

Should I, as a young person, get a credit card with “bad” conditions?

I'm a twenty year old in Russia, not enrolled in education, working full-time officially for a software development company. I'm earning a taxed steady income that can be considered decent, yet when I ...
3
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1answer
270 views

Can credit card debt be negotiated?

A family member with Credit Card Debt has missed a few payments. The bank sent a letter saying that they would be willing to settle for 20% less of the current debt. Question: Can the debt be ...
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2answers
10k views

Risks of sending debit/credit cards via conventional mail

If a bank mails a credit/debit card in an envelope isn't there a risk that somewhere on its way the envelope will be scanned and the card number, expiration date and CVV code will be extracted? As ...
0
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1answer
78 views

Negative Balance terminologies

When your CC balance turns negative, then it's an overdraft right? What are the other terms for Negative Balance / Overdraft?
3
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3answers
209 views

When / how is credit card interest charged? [duplicate]

I'm currently a student in college in the United States. I have a scholarship, and I work, so I'm in the fortunate position of earning more money than I'm spending. I have a credit card, but pretty ...
29
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8answers
6k views

Does having a credit card make it easier to get a mortgage?

I've never had a credit card and the only debt I have is my student loan. A number of my friends and family who have credit cards have said that having one makes it easier to get a mortgage as you'll ...
28
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5answers
6k views

What method do I use to pay current expenses while paying off credit card debt?

I’m hoping you can help me with a question that seems very hard to google for some reason. I have $20K in debt on 4 cards, and I have set up a plan to pay off the deferred card on time, and the ...
23
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9answers
9k views

I'm unemployed. Should I pay off my credit cards to avoid monthly payments?

I'm unemployed and on a tight budget with 6 months of savings. Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Is there a risk of the bank reducing my ...
3
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1answer
203 views

How to approach fixing parents personal finances? [closed]

I'm posting this today to get some advice in case anyone here has dealt with anything similar. I'm including some background because it plays into the situation (i.e. cultural differences) Background:...
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2answers
1k views

Someone applied for a credit card in my name - how can they retrieve the card?

Someone used my name, SSN, DOB, and current address to apply for a Walmart credit card. I have confirmed that no one has attempted to forward my mail (yet). I terminated the application within a day ...
0
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2answers
564 views

Getting credit card in the UK without the permanent address

I've been in the UK since May, but I've been subletting apartments. I have a permanent job and I'm able to save 70% of my salary. I have the bank account in Lloyds and they told me that I'm not ...
6
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2answers
235 views

how far can one push the signup bonus game?

I have never signed up for cards with signup bonuses with the expectation of canceling, but I am getting curious about it. The signup bonuses range from $250-500, more if you redeem for travel ...
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3answers
165 views

Will fraudulent use of my credit card(s) impact my creditworthiness/score?

I am currently in a predicament where I am living in France but most of my credit cards (the ones I don't really use) are back in the U.S. with my parents. I didn't take pictures of the front/back ...
6
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1answer
5k views

Can I get cashback for buying gift cards on Amazon?

I have an Amazon Prime Rewards Visa Signature Card that gets me 5% cashback on purchases made through Amazon. Is it possible to reap that reward on gift card purchases?
3
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1answer
112 views

Can lenders legally reopen accounts without permission from all parties?

I recently closed a credit card account that I possessed with an ex-spouse. My concern is that the aforementioned ex will have the ability to reopen the account with my name still on it. Note: We ...
12
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3answers
6k views

Can I pay my student loan with a credit card?

As far as I can tell, it's not possible to pay off student loan debt with a credit card. I'm currently making payments through Great Lakes borrowing services. There is clearly only an option to add a ...