7 Tips for Effective Credit Card Use in 2018

A credit card can be a great financial asset when you know how to use it properly. There are lots of people who did not use credit card responsibly as they should and end up wrecking a large amount of debt. The following are 7 tips on how to effectively use credit card in 2018.

1. Pay Off Your Balance in Full at Month End
If you use your card to shop regularly, you should also pay off your balance in full every month. This prevents the balance from rolling over to the next month and letting the APR interest accrue. It only takes a bit of discipline to set aside the money at the month end.

2. Make Repayment to Your Credit Card Bill On Time
You should always pay your credit card bill on time so that you can build up your credit score. If you exceed the due date, you may get a raise in the penalty APR or be charged with a late fee. If you can’t afford to pay your balance in full, you should try to make the minimum payment.
3. Spend within Your Means
Spending within your means can prevent you from getting into debt. As a rule of thumb, you should stick to a credit utilization ratio of 30% or less for all your credit cards. This will make it easier to you to pay back your credit card.

4. Learn How to Earn and Redeem the Rewards
When spending money on credit card, make sure to that you are also earning rewards that can enable you to reap the most out of the rewards program. For example, if your card has bonus rotating categories reward program, you should try to spend money in the bonus rotating categories. Some cards offer a flat rate rewards on all purchases.

5. Know Your Credit Card Benefits
It is important to know what benefits the credit card has. Many credit card offers benefits like 24/7 concierge, car insurance, zero dollar liability, and extended warranty. This extra benefit is actually useful. For example, with extended warranty, you can get a free exchange when the merchandise is damaged even after the original warranty has expired.

6. Get a Card with Zero Percentage Intro Offer
It is best to apply for a card with a zero purchase intro where the interest fee is waived for a certain period. If you want to use the card to pay for something expensive, you can get a card with a long zero percentage intro for purchases. On the other hand, you should get a card with long zero percentage balance transfer offer to quickly pay off your debt.

7. Don’t Apply Too Many Credit Cards
Finally, you should not have too many credit cards in your wallet. Holding 1 – 2 cards in your wallet is sufficient for meeting all your expenses. Opening too many credit cards can have a negative impact on your credit score.

How to pick the right balance transfer credit card

Balance transfers may end up being costly, if they are not done right or done with expensive credit cards. Below are a number of factors to consider when looking into transferring or consolidating your credit card balances into one or more cards.

The Introductory Rate

The introductory Interest rate may decrease or eliminate monthly fund fees in your balance transfer for a certain length of time. Eliminating finance fees may make it feasible for you to pay back your credit card balance in a shorter amount of time and at a monthly re-payment schedule that makes more sense for you financially. A 0% interest rate is perfect, but a very low interest rate – like 2.99 percent – is great also.

The Amount of credit card debt you have is a significant consideration for two reasons. To begin with, you might or might not qualify for enough charge on a balance transfer card to pay all your current credit card debt. This may mean you will need to apply for a number of offers if you would like to move all the debt to a 0% card.

Second, your monthly minimum payment could be higher than what you’re spending now. You will want to be certain that you know what the minimum payment will be and your budget can handle it.
The Introductory Period

Once the introductory period expires, you will be paying attention in the regular balance transfer speed (which is sometimes exactly like the buys speed). You do not want to end up paying a high-interest rate after the promotional period ends, particularly if the promotional period is not long enough for you to repay the complete balance transfer.

Many credit cards offer the identical introductory rate for your purchases and balance transfers, making the offer more attractive. However, an introductory purchases speed may work against you. If you are racking up charges on the card since there’s a promotional rate, you are working against any attempts toward paying off the balance transfer.
The Balance Transfer Fee
Balance transfer The bigger the balance transferred, the greater the fee will be. What is significant is that the balance transfer fee does not negate the interest savings you are getting by shifting your balance. If you discover a credit card that does not charge a balance transfer fee, consider it strongly.
Your Credit Score

Credit Card issuers do not publish their underwriting criteria. It is generally known, however, the best card offers require a good credit rating. While there’s no minimum score required, in my experience that you wish to target for a FICO score of 700.

If you don’t understand your credit rating, there are lots of free tools available to get access to your score. Among the free choices is credit card issuers. You’ll get a list of these issuers here.

Whether You Qualify

Don’t assume that because you get an offer to get a 0% rate which you will be approved. Credit card issuers send out bulk pre-approval offers to customers who meet certain basic criteria. There’s a possibility that you can not ultimately qualify for the low rate of interest balance transfer.

Timing
Some If, for some reason, you are not prepared to transfer your balance straight away, you need to wait to apply for the card or choose a credit card that does not ask that you make the transfer upfront.

Credit Card issuers don’t enable you to transfer debt from one of their cards into another. For those who have debt on a Citibank card, you cannot move it to another Citibank card. This is very important to keep in mind when looking for balance transfer cards. You may find a terrific deal, but it will not do you much good if it’s with the same issuer which now holds your debt.

Do You Need to Transfer Your Credit Card Balance to a New Bank to Lock In at 0%

Many zero percent balance transfer cards only allow you to transfer balance from another bank. They don’t allow the balance to be transferred from within the same issuer. When you transfer a balance, the bank will charge you a balance transfer fee. The fee is about 3% – 5% of the transferred amount. When choosing a card, you have to take into account the fee in your calculation.

The card only offer the interest free period for a limited time period. The zero interest intro promo will last for 3 – 21 months depending on what balance transfer card you choose. It is important that you note down the date on which the intro promo will end so that you know when the card will start charging interest again.

You must make the repayment promptly if you want to continue to enjoy the waived APR interest fee. If you miss a payment, they may take away the 0% APR deal and you will have to pay interest again.
Balance transfer cards with long zero percent intro promo require a good credit profile to qualify. Some balance transfer cards will approve people with average credit score. If you have a low credit score, you can sign up for balance transfer cards with low ongoing interest rate in the intro promo period.

There are many balance transfer offers from various banks and credit card companies. You can use the credit card comparison tool to compare the length of the 0% APR intro promo and balance transfer fee. You must do some calculation on how much you can pay each month and how many months it will take for you to clear off the balance. This allows you to choose the card with the right 0% APR period. You can sign up by filling in your information in the online application. They will give you a preapproval response within 1 – 2 business days.

When you are finally approved and received the card, you can transfer the balance. You can transfer the balance by making a phone call to the customer service center. The representative will ask you for the information of your old credit card account information and the amount that you want to transfer. It takes 1- 3 weeks for the balance transfer to complete. During this time, you have to continue making payment to the old issuer.

You should create a strict spending plan to free up some more cash every month. Although you just have to make a minimum payment, paying more will help you to pay off the balance faster. You should always track your budget and make sure that you are staying on track in your goal. You can continue following the budget plan even after you have cleared the credit card debt.

How Can Your Short Term Loans Derail Your Finances in 2018

People who are not responsible in their finances will take out loans just to get out of their difficult financial situations temporarily. After taking out the loan, they forget about paying back the loan. If you don’t pay back the loan, you must understand that it will result in serious consequences on your finance. The lender reports each of your payment to the credit bureau. Failing to make repayment on the due date will cause you to lose some points on your credit score. Eventually, your credit score will drop to the level of bad credit rating.

Besides, the lender will hand your account to the debt collection agency when you repeatedly fail to make repayment. The debt collector will keep coming to visit you and they will also make a lot of phone calls. You will not have peace and you will be constantly worrying every moment. If you still did not make repayment, the bank may sue you and you will end up in bankruptcy. The bankruptcy record will be on your credit profile for 7 years or more. It will be hard to get a loan when you are in post bankruptcy.

If you want to get a loan, make sure you have the income to afford in paying back the loan on time. It is important that you don’t miss the payment as you will be charged with late fees and penalty APR. If possible, you should try to come up with the funds to pay off the loan early. Many online signature loans allow you to pay off the loan early without charging the prepayment fee. If you are on time in making repayment, you will be able to increase your credit score to a higher level. With a good credit score, they will give you a lower interest rate when you apply for another loan in the near future.

As a rule of thumb, you should always shop around 2 – 4 loans to compare their features such as interest APR and other fees, and unemployment program. Doing research will help you to find an affordable loan that meets your budget. When applying for online personal loans, make sure you get preapproved first to find out the estimate interest rate quote.

The interest rate shown on the loan comparison search engine or the lender site is inaccurate. The estimate interest rate quote that you receive after submitting the online application form is more accurate. You can base the comparison on the estimate interest rate quotes that you receive from submitting the preapproval loan request application. Before signing the agreement, make sure you read through it and understand all your responsibilities as a borrower. If you are a newbie, you can ask someone experienced to explain the agreement.

How Many Credit Cards Does Wells Fargo Offer

Wells Fargo offers 8 credit cards for consumers including cash back, rewards and balance transfer. All the regular credit cards that Wells Fargo do not charge any annual fee. The following is the list of 8 credit cards that Wells Fargo are currently offering.

1. Wells Fargo Cash Wise Visa Card
Wells Fargo Cash Wise Visa Card is a cash back credit card that offers $200 cash back when you spend a minimum of $1,000 within a period of 3 months after account opening. It offers 1.5% cash rewards for per dollar spent on all your purchases. There is no cap on the spending limit or quarterly rotating bonus categories.

2. Wells Fargo Propel American Express Card

Wells Fargo Propel American Express Card offers up to 20,000 bonus points when you meet the minimum spending level of $1,000 in 3 months after account opening. With Wells Fargo Propel American Express Card, you earn 3x points on gas and 2x points on dining.

3. Wells Fargo Visa Signature Card
Wells Fargo Visa Signature Card offers 20,000 bonus points for those who spend a total of $1,000 in net purchases within a period of 3 months. You earn 5x points on spending in three categories including gas, grocery and pharmacy of up to $12,500 in 6 months.

4. Wells Fargo Propel 365 American Express Card

Wells Fargo Propel 365 American Express Card offers 20,000 bonus points when you spend at least $3,000 during the first 3 months. The card allows you to earn 3x points on gas and 2x points on dining.

5. Wells Fargo Rewards Card

Wells Fargo Rewards Card rewards card holders with 20,000 bonus points after spending $1,000 in the first 3 months. It offers 5x points on gas, grocery and pharmacy in 6 months up to the spending limit of $12,500. It offers 1 year zero percent introductory APR for purchases and balance transfer. After that, you will be charged with an APR in the range of 18.15% – 26.99%.

6. Wells Fargo Platinum Card
Wells Fargo Platinum Card offers 18 months zero percent introductory APR for purchases and balance transfers. After that, you will be charged with an APR in between 16.15% – 25.99%. The card provides features such as money map, zero liability, and cell phone protection.

7. Wells Fargo Cash Back College Card
Wells Fargo Cash Back College Card is a student cash back credit cards that offers 3% cash back rewards whenever you purchase gas, grocery and pharmacy. The 3% cash back is valid in the first 6 months. The regular 1% cash back applies to all other purchases.

8. Wells Fargo Secured Credit Card
Wells Fargo Secured Credit Card is a secured credit card suitable for building credit history and can be applied by foreign nationals. It requires a $300 security deposit and the annual fee is $25. The APR on purchases and balance transfer is 19.99%.

Which Rewards Credit Card Should You Sign Up Before The 2017 Holiday Shopping Season

With the holiday season approaching in a few months, it is a good idea to sign up for a rewards credit card to take advantage of the discounts and cash back that you can enjoy during the sale. Rewards credit cards let you earn rewards points that can be exchanged for vouchers. The following are the top 4 rewards credit cards that you can sign up prior to the 2017 holiday season.

1. Barclaycard Arrival Plus World Elite MasterCard
Barclaycard Arrival Plus World Elite MasterCard is offering 40,000 miles for qualifying cardholders who have spent at least $3,000 in 90 days. The 40,000 miles is worth for about $400 value. It has a rewards program that let you earn 2x miles on all your purchases. This makes the card great for those who don’t want to keep track of rotating categories. In your next redemption, you get an additional 5% miles from the accumulated miles. The miles can be redeemed with various stuff such as statement credit and gift card.

2. Capital One Quicksilver Cash Rewards Credit Card
Capital One Quicksilver Cash Rewards credit card offers cardholders the opportunity to earn 1.5% of cash back on all their purchases without any spending cap. The card also have a signup bonus promotion where you get to earn a $150 bonus if you charge at least $500 on the card in 3 months. The card has a zero percent introductory rate for 9 months after which you will be charged with a variable APR in between 13.99% – 23.99%. It offers features such as zero foreign transaction fee, zero fraud coverage, auto and collision coverage, extended warranty and concierge.

3. Starwood Preferred Guest Credit Card
Starwood Preferred Guest Credit Card allows you to earn 30,000 Starpoints when you have spent a minimum of $3,000 in 3 months after the account opening. You can earn 5x Starpoints when you make purchases at Starwood hotels. The Starpoints that you have accumulated can be redeemed for free nights at 11 partnered hotels. If you hold a SPG elite status, you can get 5 free nights and 2 free stays each year. Cardholders can also enjoy free internet access in the room. During the first year, the annual fee is waived and you will be charged $95 afterward.

4. Citi Double Cash Card
Citi Double Cash Card allows you to earn 1% cash back rewards on all purchases. You will earn the remaining 1% cash back as you pay off the minimum that is due at the deadline. There is no cap on the spending limit and you don’t have to purchase items in the rotating categories to redeem the cash back. It offers an 18 months zero percent APR promotion on purchases and balance transfer. The card does not charge any annual fee.

Can You Get A Zero Percent Credit Card Until 2019

Zero percent credit cards are very popular with millions of consumers each year. These credit card with a zero percent intro period during which you are not subjected to paying any APR interest fee on the balance. There are many zero percent credit cards that offer zero percent intro period long enough to last until 2019. The following are the top 4 zero percent credit card with zero percent intro period that can last up to 2019.

1. City Simplicity Card
City Simplicity Card offers along zero percent promotion for up to 21 months on purchases and balance transfers. After the promotion period ends, you will be charged a purchase APR of the card in between 14.99% – 24.99%. The balance transfer fee is 3% if the transferred amount and the minimum charges are $5. Personalized concierge service is available for 24/7.

2. Discover it
Discover it offers 18 months of zero percent promotion for balance transfer. For purchases, the zero percent promotion only lasts for 6 months. The card offers 5% cash back incentives for shopping expenses in rotating categories every quarter up to $1,500. The rotating categories include categories of everyday purchases such as dining and gas. Discover it does not charge any annual fee Just like Discover it Cashback Match, you can double your cash back at the end of the year provided that you clear your monthly payment promptly.

3. Citi Diamond Preferred Card
Citi Diamond Preferred Card has a zero percent promotion that lasts for 21 months on both balance transfer and purchases. The card provides bonuses such as Citi Private Pass, concierge, and City Easy Deal. With City Easy Deal, you can get discounts on travel tickets and merchandise online. Citi Diamond Preferred is more suitable for use in making large travel ticket purchases because it charges a 3% balance transfer fee. The card will have a high APR after the intro period ends. So, if you plan on using the card for the balance transfer, make sure you are able to pay off the debt before the intro period ends. Citi Diamond Preferred has no annual fee and it also has no rewards program in place.

4. Wells Fargo Platinum Visa Card
Wells Fargo Platinum Visa Card provides up to 18 months of zero percent intro period that apply towards all your purchases as well as the balance transfer. At the end of the intro period, you will get charged with an APR interest in between 16.15% – 25.99%. If you use the card to pay your mobile phone bill, you will get a fee $600 coverage for your mobile phone but you have to pay a $25 deductible to activate it. The mobile phone coverage offers protection in case it gets damaged or stolen.

What is the Right Credit Card to Consider If You’re Traveling Only Once a Year

If you travel at least once per year, you should get a travel credit card. Most travel credit cards will offer a signup bonus and rewards programs to encourage people to use their cards to pay for their travel expenses. The bonus and miles that you earn can be used for exchanging flight tickets or discount towards your travel expenses. The following is the top 4 travel credit cards that you can consider in signing up if you are only going to travel one time every year.

1. Bank of America Travel Rewards Credit Card
Bank of America Travel Rewards Credit Card offers a signup bonus of 20,000 bonus points when you have spent a minimum of $1,000 within 90 days. The 20,000 bonus points can be exchanged for a statement credit that worth $200. There is no annual fee and it offers 0% intro APR on purchases during the first year. After the first year, you will get charged with an APR interest of 15.99% – 23.99%. The card does charge a penalty APR of 29.99% or more when you neglect in making repayment.

2. Barclaycard Arrival Plus World Elite MasterCard
Barclaycard Arrival Plus World Elite MasterCard offers 50,000 bonus miles as signup bonus when you have spent $3,000 on purchases in 90 days. The value of the 50,000 bonus miles is equivalent to $500. The annual fee is waived in the first year and $89 in the subsequent years. It allows you to earn 2 miles for per dollar spent and miles that you earn can be exchanged for a statement credit. You get an additional 5% miles back each time you redeem the miles. The card has a variable APR that vary from 16.99% – 23.99%.

3. Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card offers 40,000 miles for signup bonus incentive when you reach a minimum spending level of $3,000 in the first 90 days. The 40,000 miles can be exchanged with $400 of travel statement. The annual fee is $0 during the first year but you will be charged a $59 fee in the subsequent years. Besides the signup bonus, you will get to earn 2x miles for every dollar spent. The miles can be redeemed for a number of travel expenses such as flights, hotel accommodation, and cruises.

4. Chase Sapphire Preferred Card

Chase Sapphire Preferred Card rewards customers who spend $4,000 in the first 90 days with 50,000 bonus points. You can use the 50,000 bonus points to redeem a travel statement worth $625. The card has a variable APR in between 16.99% – 23.99%. You get to earn 2 points on selected categories including dining and travel. All other things that you purchase will qualify you to earn 1 point per dollar spent. In the first year, you don’t have to pay the annual fee. In the second year, they will charge you $95 for the annual fee.

Which Credit Card Promotions Should College Students Consider This Fal

Student credit cards allow students to make a purchase at the store without having to pay it first with their own money as well as build credit and establish some financial responsibility. You should get a student credit card if you have a part time job and can afford to make the monthly repayment on time. By using a credit card for shopping, you will be able to save money by earning cash back. The following are the top three student credit cards that college students can apply for this Fall.

1. Capital One Journey Student credit card
Capital One Journey Student credit card allows you to earn 1% cash back on all purchases without any restriction on spending limit or bonus category. In addition, you can get 0.25% cash back bonus on all purchases if you make at least the minimum repayment. You can get access to a higher credit line if you make on time repayment for at least 5 months. Capital One Journey Student credit card does not have any annual and foreign transaction fee. The late payment cost is $35 and the cash advance cost is $10 or 3%. The purchase APR is quite high and starts from
24.99%.

2. Discover it for Students
Discover it for Students allows you to earn 5% cash back up to $1,500 limit per quarter on rotating bonus categories. Other purchases made on the card will earn 1% cash back. Cash back for Discover it for Students card is redeemed in the form of a statement credit, direct deposit into bank account credits that can be used to purchase stuff on Amazon. It automatically doubles cash back at the end of the first year and you are entitled to get $20 cash back if your GPA is above 3. The annual and foreign transaction fees are waived. Besides, the late fee is waived on the first late payment. With Discover it for Students, you can enjoy 0% introductory APR in first 6 months, after which you will be charged with an interest rate in between 13.99% – 22.99%.

3. Discover it Chrome for Students
Discover it Chrome for Students allows you to earn 2% cash back on dining and gas purchases up to $1,000 per quarter. If you spend above the limit, you will earn 1% cash back. Other purchases will also earn you 1% cash back. You can get $20 cash back for up to 5 years of GPA stays above 3.0. The cash back can be redeemed in a variety of ways including statement credit, check, direct deposit into bank account and gift card that can be used on Amazon. There is no annual fee or foreign transaction fee or late fee on first late payment. Discover it Chrome for Students features a 0% intro for first 6 months, after which the purchase APR is 13.99% – 22.99%.

Business Credit Card Promotions Offers For Business under One Million In Revenue

Small businesses should charge their expenses onto a credit card so that they can earn some cash back on their yearly expenditure. Getting a business credit card is the best option because it can separate your business expenses from your personal expenses. Many of the business credit cards in the market offer great rewards program and signup bonuses. Business credit card is ideal for small businesses earning annual revenue of less than millions. The following are the top 4 business credit cards for small businesses.

1. Capital One Spark Cash For Business
Capital One Spark Cash for Business provides is a flat rate card that allows you to earn unlimited 2% cash back on everything that you spend which can help you to save thousands of dollars. After spending $4,500 in 3 months, you will get to earn a $500 cash bonus. The card is best for small businesses that are going to spend a minimum of $11,800 per year. At this level of spending, the rewards points you earn will be able to cover the $59 annual fee.

2. Ink Business Cash Credit Card

Ink Business Cash Credit Card offers a huge signup bonus of 80,000 rewards points for those who have spent at least $5,000 within a period of 3 months. You will earn 5% cash back for expenses in categories including internet/cable/phone, advertising and shipping. You will also earn 2% cash back on gas and dining for the first $25,000 spent. You get a free coverage of up to $600 for your phone and your employees’ phones if you use the card to pay your mobile phone bill. Ink Business Cash Credit Card offers 0% APR for a 1 year period.

3. SimplyCash Plus Business Credit Card
SimplyCash Plus Business Credit Card offers a 5% cash back on office supplies and service providers for the first $50,000 spent after which you will earn an unlimited 1% cash back. Additionally, it offers 7 categories where small businesses can choose one category to earn 3% cash back provided that they spent a minimum of 50,000 year. The 7 categories are gas, dining, media advertising, shipping, airfare, hotel, car rental and computing purchases.

4. Amex Starwood Preferred Guest Business Credit Card
Amex Starwood Preferred Guest Business Credit Card offers a signup bonus of 25,000 for the first $5,000 spent within a period of 3 months. The card allows you to earn 5 Starpoints at a SPG hotel and 2 Starpoints on purchases in approved categories. You will also earn 1 Starpoint on other purchases. The annual fee of $150 is tax deductible. Starwood Preferred Guest Credit Card is suitable for small businesses with a minimum expenditure of at least $9,000 per year. Amex Starwood Preferred Guest Business Credit Card offers perks such as free Wi-Fi, complimentary access to lounge, free flights and no foreign transaction fees.