The Latest Credit Card Developments

June 21, 2011 · Filed Under Credit Card · Comment

Using a credit card is now an everyday experience for millions of people and more people are applying for them all the time. In 2009, there were 58.1 million credit cards in the UK and that figure is almost certainly higher now. As they have become more popular, they have also developed to include new facets. For instance, many people now benefit from an interest free credit card and the ubiquitous Chip and PIN machines that exist in so many retailers. There are some other exciting credit card developments, too. Read on to find out more…

Contactless payments

Increasingly, it seems that more and more technology is being integrated into the humble credit card and one of the most obvious ways this happens is through contactless payments. This is where credit card users are able to pay for their purchases without using their PIN – they simple hold their card against a special machine and it processes the payment for them. Currently, these payments are only possible with a particular credit card and they are limited to relatively small amounts of money, but this is one area that seems set to develop over the coming months and years.

Charity cards

As people become more concerned about supporting good causes, it is now possible to get a credit card with an ethical twist. For instance, you can get a credit card that gives you cash back on all your purchases and that cash is then donated to the charity of your choice. This allows customers to support their favoured causes in a really simple way and it is proving to be popular as the importance of the charity sector grows and people become more aware about the relevance it has to all of our lives. Ethical cards are likely to become more popular as time goes by, so watch out for them.

Tags: Credit Card

Making smart payments

February 12, 2011 · Filed Under Credit Card · Comment

Having a credit card is more than having access to practically instant credit. A credit card is also a useful tool that you can use to make your life easier. The obvious implication of this is buying things and paying for them later, in instalments, of course. This allows you to buy whatever you need right now, without having to wait until you have the hard cash to buy it.

But there is another way to use your credit card to make smart payments. For example, if you have a regular payment that you need to make you may pay for it in full right away, or you may charge said payment to interest free credit cards. This will not only allow you to pay for this in softer instalments, it will also give you access to benefits that may be included in case you choose your credit card as your payment method. But a word to the wise: again, this is more than just easy money. You will only be able to reap these benefits if you make all your credit card minimum payments on time and, even then, you need to know what your purchasing and what your spending limits are.

Tags: Credit Card

A New Cash Back Credit Card for the New Year?

January 2, 2011 · Filed Under Cash Back Credit Card, Credit Card · Comment

We often make goals for New Year like we would not eat too much of sweet, or want to loose weight or may be other things which we might only want to do rather then saying it. But one important thing that every one should follow for the New Year is that you must re-evaluate your credit cards.

In 2010 there were various credit cards with different offers which came in the market. Many of the present credit card companies changed their reward programs. So it is important for you to evaluate these credit cards how they work.

The biggest changes that we had in 2010 as far as the credit card rewards are concerned:

The Chase Sapphire card is launched

The premium rewards credit card that is advertised for the upper middle-class households are called Chase Sapphire card. There is no annual fee on the regular version card and gives you point that could be utilize for buying airline tickets any time. However the Chase Sapphire card does have an annual fee, but there are benefits and higher points are given to you.

AmEx introduces the “Premier” Gold card

For decades people has been using AMEX gold card, it also carries an annual fee of $125 and offers you various range of benefits. People wanting to spend an extra amount of $50 they can enjoy the premier version of the Gold card, now this premier gold card offers you higher rewards in comparison to gold card.

The Citi Forward card cements itself as the best for restaurants

There were another point gathering card which was introduced well known for its 5x points on restaurants and fast food known as Citi Forward Card. Well there were reward program competition on credit cards in 2010, which had perished till date; however the only card to survive and provide 5x points on these categories is Citi Forward credit card.

To give you unlimited 3% cash back on your top three categories of spending and one of the most popular cash back credit card in the market is the Chase Freedom Credit card. However in 2010 they changed their tariff by 2% that means they would be giving 5% of cash back on categories that rotate every quarter.

Conclusion?

During 2010 the credit card rewards scene changed tremendously. Make sure you familiarize yourself with the new reward cards, as well as those which have changed their programs.

Tags: Cash Back Credit Card, Credit Card

Compare cash back credit cards

May 23, 2009 · Filed Under Credit Card · Comment

If you are shopping for a new credit card and you wish to make the best use out of it, you will want to compare the different credit card companies and see who is offering the best deal. You will also want to take a look at different cash back credit cards and determine which one offers the best flexibility in use for the best price. While you compare with different credit card companies, go through the cash back credit cards that allow the consumers to receive money back for making ordinary daily purchases and utilize their cards.

While going through the different cash back credit cards, review the fees structure thoroughly with different companies. There are some annual fees that most companies will charge, although some cash back credit cards waive off the fees entirely. Review the terms and conditions to know about the finance charges associated on these cards. There is certain charge of interest rates that you will have to pay if you carry over a balance on the card from month to month. The interest rate charged will be different from one card to another card when you compare the credit cards, so make sure that you have understood the companies terms and conditions clearly before you finalize one. If you go to the ATM and withdraw a certain amount of cash from your credit card account, you will have to pay a fee for utilizing those services. Make sure that you are aware of the charges when you are compare credit cards.

You will also like to know the grace period when you compare different cash back credit card offers. This is the time period within which you will pay the credit bill without incurring any interest and financial charges.

While you compare credit cards, you may want to carry over a balance from month to month. In that case, you will want to compare the APR charged by different credit card companies. This APR can be fixed or variable with different companies. Check out with different companies before going for one.

While you compare cash back credit cards, you will be planning to where to make the best use of the card. If you are going to use your credit card for dining and traveling purposes only, you will prefer a card that will offer some reward points in those areas. There are some house cards or retail cards that offer cash back rewards.

Flexibility is very important when you use these credit cards and earn reward points, especially if you are a frequent traveler. Bank cards, such as Visa or MasterCard can be used around the world.

Tags: Credit Card

How to avoid credit card fraud!

January 17, 2009 · Filed Under Credit Card, Credit card fraud · Comment

Credit card fraud is increasing in the age of rampant identity theft. Identity thieves will use a verity of techniques to get your personal information and open fraudulent accounts in your name. You can safeguard your personal information by following some easy and sensible guidelines.

Here are the do’s to keep your credit cards safe:

Get a post office box to receive any correspondences from your credit card companies instead of having them mail the documents to your unsecured mail box.

Shred all unused credit card applications and financial documents with a cross-cut shredder before throwing it.

Keep a note of all the credit card account numbers, expiration date, and contact information of the credit card company and store it in a safe place. In case one of the credit card gets lost, you will have enough information to reach to the credit card company with specific details.

Always check your credit card statements thoroughly. Report any unauthorized transaction(s) to the credit card company otherwise it might lead to a possible identity theft.

If you move, update your information with the credit card issuer. This is for security purposes.

Do not use multiple credit cards for making online purchases. It is better to have one credit card separate for such transactions so that you can keep a track of every transaction done on the internet by that card.

Keep a track of the purchases done by the credit card. This will help not only in knowing how much you are spending on that card in a month but will also help in finding out any disputed item showing on your statement.

Here are a few things that you should not be doing while using a credit card:

Don’t leave your credit card receipts lying around anywhere. It has your confidential information that can be misused by an identity thief.

Don’t leave any blank spaces when you are signing the credit card charge slip

Don’t not keep your credit cards in the open for someone to capture your information via camera or memory.

Don’t carry all the cards in your wallet. Leave those cards at home on which you will not be making any purchase.

Don’t loan your credit card to anyone.

Do not give out your credit card number to anyone on the phone even if the person claims to be from your credit card company. Reputed companies will not ask for personal information on the phone.

Don’t answer emails that ask for your credit card number and don’t click on any suspicious links sent in the email that asks to verify your personal and financial information. Such emails and website might be sent for phishing.