"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators."P. J. O'Rourke
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Alternatives To Gas Credit Cards
In these times of sky high gasoline prices and rising costs of transportation, consumers are increasingly interested in credit card services that give them discounts on gas. Instead of looking into a specific gas credit card from an oil and gas company, ...
Great credit cards for people with not so great credit
Great credit cards for people with not so great credit. Everyone knows you can get a credit card with not so perfect credit, but you will be paying high interest. I have found that is just not the case anymore. You can now have the option of obtaining a ...
Miles Credit Cards: Getting The Most Out Of A Frequent Flyer Credit Card
Airline miles credit cards are among the most popular types of rewards credit cards. However, only a handful of frequent flyer miles credit cards provide great rewards and value. The reason for this is quite simple: most airline specific credit cards ...
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Unsecured loans and credit card borrowing can be expensive. Credit card interest rates are steep. Many cards offer low introductory rates for the first six months, but raise the rate thereafter. Even many of the so-called low interest credit cards charge double-digit interest rates at a time when your bank offers only 3 percent on your savings account. Many cards charge as much as 21 percent, especially merchant credit cards. Many charge an additional annual fee, plus service charges for cash advances.
Paying off credit cards can take years. Most people don't realize just how much the interest compounds over time. For example, even if you make the minimum monthly payments on a balance of $1,000 with an interest rate of 18 percent, you could be making payments for almost 10 years.
Credit card companies often grant more credit than the consumer is able repay. Although interest rates are high, credit cards remain attractive to many borrowers because of their low required minimum monthly payment. Borrowers thus feel secure charging large amounts because they can make at least the minimum payment.
Unsecured loans, such as payday loans, can also be very costly. Payday loans are deferred-deposit loans, whereby a lender will accept your post-dated check in exchange for cash on the spot. Fees can be very steep, often as high as 10 percent of the amount of the check. A $500 check could cost $50! Many people find themselves living paycheck to paycheck on these types of loans, and falling deeper and deeper in debt. Yes, they can be very convenient when used for emergencies and sparingly. Just don't fall into a trap.
So, never charge or borrow more than you reasonably believe you can pay off within three to four months. Pay off balances as soon as possible, even if you have to use your savings to do so. Your savings earn only about 3 percent in a savings account. Your credit cards may charge as much as 21 percent interest. If you use your savings to pay off your credit cards, you net an 18 percent gain. So, borrow wisely and strive to be debt free when you retire.
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Your credit card could lower vacation costsTucson CitizenPour yourself a cup of strong coffee and read your credit card agreement. While most cardholders are aware of their card's airline miles and cash-back rewards, many are unaware that their credit card offers lots of other money-saving perks. |
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Discover CFO: Interested In Private-Label Card BusinessWall Street JournalBy Andrew R. Johnson Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Discover Financial Services (DFS) is interested in getting into the private-label credit-card business, Chief Financial Officer Mark Graf said, noting the lender "took a look" at HSBC ...and more » |
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Moody's: US Credit Card Charge-Offs Rose In AprilWall Street JournalThe charge-off rate for US credit cards rose in April, mostly caused by a significant increase in charge-offs from the Citibank trust, Moody's Investors Service said. Charge-offs, or loans that lenders don't expect they will be able to collect, ... |
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