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Credit Card Consolidation Tips

Rate Nerd — Sat, 29 Oct 2011 19:01:02 +0000

Credit card consolidation may be the easy solution to eliminate debt problems.

Student life is the best part of life when you do not have to worry about anything. It has been seen that when you enter your college life, your parents give you multiple credit cards so that you can use them in case you face any financial problem. As soon as you get credit cards in your hands, you forget the emergency importance of using them and thus swap them for every little purchase that you make.

Since credit cards usually charge high rate of interest, it becomes difficult for the students to repay the outstanding credit card balance on time with their low income. This is one of the main reasons that a student falls into credit card debts. In order to pay off your debts, you may take advantage of credit card debt consolidation so that you can free yourself from the clutches of credit card debts.

Credit card consolidation benefits for students

When you find yourself sinking in the sea of credit card debts, you spend sleepless nights thinking as to how you will be able to come out of your debts. Go through this article to know about the 4 benefits of credit card debt consolidation that will help you solve your credit card debt problems.

1. Interest rate gets revised - One of the main reasons why the students fall into the trap of credit card debts is the high interest rate charged from them on their outstanding debts. But, when you enroll in a credit card consolidation program to pay off your debts, the interest rate charged on your debts gets lowered. This gives you the relaxation to pay off your outstanding credit card debts at a low interest rate.

2. Enjoy single monthly payment – When you fall into multiple credit card debts, it is quiet obvious that you will have to pay to the multiple creditors. But this is not possible for you when you are already trapped into enormous credit card debts. In such a situation, it is best that you take the help of credit card debt consolidation where you only have to make a single monthly payment on all your outstanding debts. Thus, you do not have to face the harassment of paying your several creditors individually and you will be able to pay off your credit card debts with ease.

3. Boost your credit score – Your credit score will fall down when you have huge credit card debts to pay off. Being a student, it is very important on your part that you try to repay your debts as soon as you can and regain your credit score so that you may be able to get the best job once you pass out from your college. Thus, by taking the help of debt consolidation, you will be able to pay off your entire debt amount and, in turn, boost your credit score.

4. Eradicate late fees and penalties – You may have mounted up late fees and penalties on your credit cards because of the late payments that you make on your outstanding dues. However, you can get rid of the late fees and penalties by enrolling in a debt consolidation program. You pay off your debts with the help of the program and they abolish the late fees and penalties on your outstanding debts. Thus, your monthly payments get lowered than what you were supposed to pay.

Thus, credit card debt consolidation can be said as the most suitable solution that can help you pay off your outstanding debts in a much convenient manner. This will help you come out of your debt problems and, in turn, live a debt free life.

Credit Card Consolidation Tips is a post from: RateNerd - unadvertised deals from banks.

Credit Card Advice For College Kids

Rate Nerd — Tue, 13 Sep 2011 15:30:11 +0000

Heading to college with a credit card this fall?

Whether it’s your first year in school or your last, you probably already have some expectations about how things will go. Freshmen may be dreading the infamous weight gain, sophomores and juniors may be happy to be a year closer to graduation, and seniors will look forward to finally getting a degree.

It’s probably safe to say, however, that you’re not planning on racking up a lot of credit card debt as you go through college. Unfortunately, that’s exactly what happens to many college students.

The average credit card debt for college seniors is $4,100, according to a 2009 study by Sallie Mae. Eighty-four percent of college kids have at least one credit card, and the average balance for all college kids is $3,173, the study showed.

If you haven’t already been offered a credit card while at college, chances are you will be. More than three quarters of college students say credit card companies have marketed to them through tables set up on or near campus, one U.S Public Interest Research Group study showed.

While that offer of a free iPod just for applying may seem like a great deal at the time, don’t forget your credit card application will affect your credit report. Credit bureaus track new credit applications as part of their reporting process. Total available credit and number of credit inquiries are also factors in determining your credit score.

If you’re thinking about getting a credit card for college, keep these tips in mind:

Check your credit report and score first. Websites like RateNerd.com allow you to view your credit score, which is a snapshot of your credit history and status. The site’s Credit Score Center can help you understand how your score works, how it’s calculated, what factors impact it and when is the best time to apply for credit.

Be skeptical and inquisitive about credit card offers. Be sure you understand the terms and conditions that will apply to your new card. That zero percent interest rate for the first 12 months may sound great, but will the rate leap to 30 percent if you’re a day late making a payment?

If you don’t already have one, open a checking account first. Consider making it a joint account with a parent. You’ll need that account to pay your credit card bill, even if you pay online and never write a check. Setting up automatic payments online can be a great way to ensure your payments are never late or missed. Make sure you also have a high yield savings account like Discover Bank High Yield Savings Accounts.

Avoid using your credit card for consumables. For example, it makes sense to use credit to buy a new laptop; it will allow you to divide the cost into smaller, manageable payments that you can make over a few months. It doesn’t make sense to use credit to pay for a tank of gas or lunch at a fast-food joint. The debt will linger longer than the item you purchased.

*If you can’t afford to pay off a purchase in a couple of months, you probably can’t afford that purchase at all. Only use your credit card for items you know you can pay off quickly, because the longer you carry the balance and pay interest, the more expensive the item becomes.

A credit card can be a useful tool to help you through your college years. Just be sure to follow good credit use practices to ensure student loans are your only debt once you graduate.

Credit Card Advice For College Kids is a post from: RateNerd - unadvertised deals from banks.

$150 Gift Card with New Credit Card – Daily Deal

Rate Nerd — Mon, 29 Aug 2011 17:50:41 +0000

Get a $150 gift certificate, and up to 2% cash back bonuses with

The Discover More Credit Card.

This credit card from Discover offers cash back rewards for every purchase. In this case you get extra rewards for using the card at gas stations and restaurants. Click here to apply. Here’s the current offer:

Free $150 Restaurant.com Gift Certificate with first purchase
2% Cashback Bonus automatically at any gas station and any restaurant
Up to 1% unlimited Cashback Bonus on all other purchases
0% intro APR on Balance Transfers and Purchases for 12 months, then the Regular APR (11.99 – 20.99%)

Here is how the $150 Restaurant.com Gift Certificate works:

Get a $150.00 Restaurant.com Gift Certificate when you are approved for an account and make your first credit card purchase within 6 months of approval. Certificate code will be mailed within 8 weeks of meeting purchase requirement. Certificate is redeemable online for over 15,000 restaurants nationwide. Valid for parties of 2 or more unless otherwise stated. Offer valid only at participating restaurants. Minimum purchase at restaurant required. Other restrictions may apply. Visit www.restaurant.com for complete terms and conditions and participating restaurants.

More information about the Discover More credit card is available here.

$150 Gift Card with New Credit Card – Daily Deal is a post from: RateNerd - unadvertised deals from banks.

Paying For College – College Savings Accounts, Student Credit Cards

Rate Nerd — Wed, 04 May 2011 12:52:37 +0000

Use these two Tax Free College Savings Accounts To Fund Your Child’s Education, and use this student credit card to let them buy books (or beer and pizza…).

When it is time for your children to go to college, they will need a lot of money. The cost of education is rising year by year, a factor that makes it very difficult for you to fund your child’s education.

But you can easily give your child a college education if you make the necessary financial preparations for it when your child is very young. You can do so by starting an educational fund and letting it grow. The best solution for you is a tax free savings account for your child’s college education.

529 College Savings Account

You can use any of the several tax free savings accounts available to raise a fund for your child’s education. The 529 account is immensely popular.

You have to pay taxes for the money you deposit in a 529 account. But you don’t have to pay annual taxes on the interest, and you are not taxed for the money you withdraw from a 529 account on condition that you use it only to meet your child’s educational expenses such as books, tuitions, housing , and so on.

In a 529 account, the maximum annual amount you can deposit is $200,000. You need a money manager to handle the funds you contribute to a 529 account. The biggest advantage of this plan is that the money in the 529 plan is the property of the owner of the account. If the parents of the kid set up this account, the kid stands a better chance of getting the required financial help.

If one of your children is averse to a college education, you could spend that money on another of your children who might long for an education.

Coverdell Education Fund

The Coverdell Education Fund is yet another tax free savings account to raise funds for education. Basically, it is the same as the 529 plan, but with a few differences.

The maximum amount you can deposit per year in a Coverdell Fund is only $2000, which won’t be insufficient if you have begun saving for your child’s education very late in life. However, you don’t need a money manager here, and you are in total control of your Coverdell Fund.

The biggest disadvantage is that the Coverdell Fund belongs to the student, which he or she can misuse and therefore, get lesser financial aid. Your child owns the money that you put in a Coverdell account and gains complete control over it once he or she turns 21. Children could misuse this money and spend it on things other than their college education. This won’t happen in a 529 plan.

You are the best person to decide which is the best type of tax free savings account to fund your child’s college education. Education is expensive, and to give your child the best there is, creating a fund at the earliest possible is absolutely necessary.

Discover Student Cash Back Credit Card

This credit card is desinged for students and helps them to learn the responsible use of credit. Here’s why the Discover Student Card is the simple solution for building your student’s credit:

Easy online account management (Personal E-mail Reminder; Paperless Statements; Online Bill Payment; Online Cashback Bonus Redemption)
Cashback Bonus on every purchase
$0 Fraud Liability
24/7 Customer Service
Choose the card design that fits your style

Discover also has a great offer for new student card holders:

A $20 Cash Back Bonus with first purchase
No annual fee
0% intro APR for 7 months on purchases, then the standard variable purchase APR of 12.99% – 19.99%

Discover Student Card with $20 Cashback Bonus

Paying For College – College Savings Accounts, Student Credit Cards is a post from: RateNerd - unadvertised deals from banks.

$75 Restaurant.com Gift Card With New Credit Card – Daily Deal

Rate Nerd — Mon, 04 Apr 2011 17:02:39 +0000

The Discover More Credit Card has a great offer for a $75 gift certificate, and up to 2% cash back bonuses.

This card is another from Discover that offers cash back rewards for every purchase. In this case you get extra rewards for using the card at gas stations and restaurants. Click here to apply. Here’s the current offer:

Free $75 Restaurant.com Gift Certificate with first purchase
2% Cashback Bonus automatically at any gas station and any restaurant
Up to 1% unlimited Cashback Bonus on all other purchases
0% intro APR on Balance Transfers and Purchases for 12 months, then the Regular APR (11.99 – 20.99%)

Here is how the $75 Gift Certificate works:

Get a $75 Restaurant.com Gift Certificate when you are approved for an account and make your first purchase within 6 months of approval. Certificate code will be mailed within 8 weeks of meeting purchase requirement. Certificate is redeemable online for over 15,000 restaurants nationwide. Valid for parties of 2 or more unless otherwise stated. Offer valid only at participating restaurants. Minimum purchase at restaurant required. Other restrictions may apply. Visit www.restaurant.com for complete terms and conditions and participating restaurants.

More information about the Discover More credit card is available here.

$75 Restaurant.com Gift Card With New Credit Card – Daily Deal is a post from: RateNerd - unadvertised deals from banks.

What Goes Into Your APR?

Rate Nerd — Mon, 07 Mar 2011 16:46:06 +0000

Your credit card carries an annual percentage rate (APR) – Do you know what goes into yours?

An annual percentage rate (APR) is a periodic interest rate that determines the finance charges you pay on your account if you carry a balance. Some card companies charge different APRs depending on the transaction. For example, your rate for cash advances may be higher than your rate for balance transfers. Card companies may increase your interest rate if you miss a payment deadline.

Your interest rate will differ by card, but most credit cards are variable-rate which rise and fall according to a particular economic index, such as the U.S. prime rate.

Credit card APRs tend to be higher than some other types of loans because they are the primary source of revenue to cover a variety of items, such as:

The bank’s cost of funds
The risk/cost of bad debt and fraud
Benefits such as interest-free grace periods and rewards
Operational costs for servicing high transaction/low average loan accounts
The bank’s profit requirements

There are a number of reasons why your APR might increase. Some examples include:

You are late making a payment, or you miss a payment altogether
Your low introductory APR has expired
Your credit history has changed and has affected your credit score

It is important to note that the new Credit Card Accountability Responsibility and Disclosure (CARD) Act has significantly changed the disclosures card companies must provide regarding the terms of your account and limits certain credit card practices such as the ability of card companies to increase rates on existing balances. Now, cardmembers must be notified, in writing, at least 45 days before a significant account change, such as rate or fee increases. Here’s a good article from Discover Card on how the new CARD Act works.

For more information on how your APR is determined, call your credit card company’s toll-free number.

What Goes Into Your APR? is a post from: RateNerd - unadvertised deals from banks.

0% Credit Card Balance Transfer for 2 Years – Daily Deal

Rate Nerd — Mon, 17 Jan 2011 15:05:07 +0000

Get a two year 0% balance transfer with Discover More card.

But hurry – you need to apply before the end of February, 2011.

If you’re looking at a credit card balance with double digit interest rates, a 0% balance transfer will help your cash flow and to reduce your balance. This is the year to be smart about using credit cards.

Apply for the Discover® More Card today! (this link goes directly to application page)

In addition to the balance transfer, you also are enrolled in Discover’s Get More program. It’s a rewards program that will pay you 5% cashback on seasonal promotional items. For everything else, you get 0.25% cashback on the first $3,000 you spend followed by a full 1%. You can read our full review on the Discover More credit card here.

Here are the 2 year 0% balance transfer offer details:

Limited Time – 0% intro APR on balance transfers for 24 months, then the Regular APR
Promotion only valid through February 28, 2011
0% intro APR on purchases for 6 months, then the Regular APR
5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
Up to 1% unlimited Cashback Bonus on all other purchases
No Annual Fee
The balance transfer fee is 5% of the transfered balance with no maximum. So it works out to 2.5% a year for the 0% balance transfer due to the fee, but still a great deal.

Alternatively, Discover More card has an offer for $100 cash back after you make your first $500. Click here for details.

Apply for the Discover® More Card today! (This link goes direct to application page.)

0% Credit Card Balance Transfer for 2 Years – Daily Deal is a post from: RateNerd - unadvertised deals from banks.

New U.S. Bank Credit Card Earns Free Kroger Groceries – Daily Deal

Rate Nerd — Thu, 18 Nov 2010 14:42:35 +0000

Save money at Kroger with this new U.S. Bank Credit and Debit card offer.

U.S. Bank and The Kroger Co. announced that U.S. Bank will issue credit cards and reloadable prepaid debit cards with rewards to help Kroger customers save money on groceries and fuel.

Customers who shop at Kroger’s family of stores – including Ralphs, Fred Meyer, Fry’s, King Soopers, Dillons, QFC and City Market – will earn free groceries and fuel discounts with every purchase when they use their 1-2-3 REWARDS MasterCards.

This offer includes a variety of cards, including U.S. Bank 1-2-3 REWARDS MasterCards , Fred Meyer Rewards MasterCard, Ralphs rewards plus MasterCard, or Visa prepaid debit card with 1-2-3 REWARDS from U.S. Bank.

Beginning Nov. 8, existing cardholders’ accounts will transfer to U.S. Bank, which gives Kroger customers access to new benefits like mobile banking and 24-hour customer service.

What you can earn with this offer:

Cardholders who make purchases using their rewards card automatically earn points toward reward certificates for free groceries.
Every dollar spent earns rewards points, with double points earned for purchases made in Kroger’s family of stores and triple points for buying store-brand products.
Additionally, cardholders may earn an extra five-cents-per-gallon discount on fuel purchases at participating Kroger-operated fuel centers.

“Kroger is thrilled to partner with U.S. Bank to offer an exciting suite of rewards cards that help Kroger customers to earn free groceries and fuel discounts,” said Kathy Kelly, president of Kroger Personal Finance. “U.S. Bank shares our commitment to listening to customers and offering the right financial products that reward them for their loyalty.”

“This is an exciting milestone for U.S. Bank, and we’re confident the card program will offer Kroger’s loyal customers more value by rewarding them every time they shop – whether it’s inside one of their nearly 2,500 supermarkets or for everyday purchases,” said Cliff Cook, chief marketing officer for U.S. Bank Retail Payment Solutions.

Visit www.krogerpersonalfinance.com for more details about the entire suite of cards.

U.S. Bank’s extensive financial services relationship with Kroger, the nation’s largest traditional grocery retailer, began in 1930. U.S. Bank currently provides a number of retail, corporate banking, trust, capital markets and credit services for Kroger. Kroger has nearly 2,500 locations operating under several brand names and U.S. Bank operates bank branches in 191 of those locations through an in-store banking relationship.

New U.S. Bank Credit Card Earns Free Kroger Groceries – Daily Deal is a post from: RateNerd - unadvertised deals from banks.

$100 Bonus After $500 In Credit Card Purchases – Daily Deal

Rate Nerd — Mon, 15 Nov 2010 14:04:36 +0000

Get $100 Bonus When you spend $500 in 3 months with the Discover More credit card.

New card-members can get $100 as a special sign up bonus, and earn 1-5% cash back on purchases.

The Discover More credit card gives you 5% cash back on various categories throughout the year. If you go through this special Discover More Card link, you can qualify to get a $100 bonus after $500 in purchases. This credit card rarely gives out cash sign-up bonus this high, so sign up today through the special link that goes directly to the application page Apply for the Discover® More Card today.

Here’s why we like the Discover More credit card:

5% Cashback Bonus in categories like travel, home improvement stores, department stores, gas, groceries, restaurants, and many more
5% to 20% Cashback Bonus at top online retailers through the exclusive online shopping site, ShopDiscover
Up to 1% unlimited Cashback Bonus on all other purchases automatically
Unlimited cash rewards that never expire
Increase, even double, your rewards every time you redeem for gift cards or instant eCertificates from over 100 brand-name Partners

Sign up today before the promo goes away there is no set expiration date yet - Apply here for the Discover® More Card today.

Earn a $100 Cashback Bonus when you make $500 in purchases within 3 months after your credit card account is opened. Offer valid for new accounts only; limit one per account. Promotional reward will be applied within 8 weeks.

5% Cash Back Seasonal Promotions with the Discover More Credit Card

The Discover More credit card also has seasonal promotions where you can earn up to 5% on specific purchases:

From January through March, card members can earn 5% Cashback Bonus on up to $800 in Travel purchases.
From April through June, cardmembers can earn 5% Cashback Bonus on up to $400 in purchases at home improvement, department and clothing stores.
From July through September, cardmembers can earn 5% Cashback Bonus on up to $300 in purchases at gas stations, hotels, movies and theme parks.
Throughout September, cardmembers can earn 5% Cashback Bonus on up to $200 in purchases at grocery and drug stores.
From October through December, cardmembers can earn 5% Cashback Bonus on up to $300 in purchases at restaurants, department and clothing stores.

How To Earn cash rewards on all your purchases with the Discover More credit card.

Up to 1% Cashback Bonus – Automatically earn 1% unlimited Cashback Bonus on purchases after your total annual purchases exceed $3000; purchases that are part of your first $3000 earn .25%. Warehouse purchases (those made at select warehouse clubs, discount stores and their affiliates) earn .25%.

5% Cashback Bonus program – Earn 5% Cashback Bonus on category purchases up to the total purchase dollar amount specified in each program. You must sign up for each 5% program. Category purchases in excess of the specified amounts will automatically earn up to 1% Cashback Bonus. Warehouse purchases and category purchases are not included in determining your total annual purchases eligible to earn 1% Cashback Bonus.

Full terms and conditions will be sent with your Discover Bank credit card.

$100 Bonus After $500 In Credit Card Purchases – Daily Deal is a post from: RateNerd - unadvertised deals from banks.

Lessons Learned From America’s Credit Card Hangover

Rate Nerd — Fri, 10 Sep 2010 15:07:26 +0000

Studies show Americans wising up about credit cards.

Americans seem to be learning their lesson when it comes to using credit cards wisely, two new studies indicate. The average American has fewer credit cards, is relying on them less, and is trying to pay down their debt.

However, in many metropolitan areas, the credit card debt level still exceeds the national average. In about 65 percent of the top 20 major metropolitan areas, average debt per consumer exceeds the national average of $24,775 , according to a study by Experian, the global information services company. But while many urbanites may have more debt than average, they’re also making strides toward using their credit wisely, a second Experian study reveals.

“As expected with the current financial environment, we can see that the average person has fewer cards in his or her wallet and is using credit differently than in the past,” says Michele Raneri, senior director of analytics for Experian. “This implies that many Americans are relying less on credit cards and are potentially trying to pay down debt.”

Nationally, consumers are opening 26 percent fewer credit cards than they did three years ago, the studies found. The number of open cards one has, as well as the amount of unused credit available on those cards, directly affects your credit score. Even in areas where people had more open cards, such as New York, the data showed they aren’t using those cards as much.

“It’s important to look at the whole picture when evaluating how consumers are actually managing their credit,” says Maxine Sweet, Experian’s vice president of public education. “For example, according to one of our studies, Seattle ranks the highest in terms of average debt per consumer. However, additional data shows that Seattle’s consumers have very few late payments and are not maxing out their credit cards, so they are using their credit wisely and maintaining higher credit scores.”

Here are some tips to help manage your credit:

Pay bills on time. If you have an overdue bill, an unpaid debt or a tax lien, pay it off.
Set up a budget and live within it. In the age of self-help and empowerment, managing your finances should top your list.
Use your credit cards responsibly to demonstrate that you can manage credit well, but keep balances low on all your cards and maintain reasonable revolving credit amounts.
Review your credit report 60 to 90 days before making a major purchase. Do not open or close accounts, but concentrate on paying down balances.
Pay off debt rather than moving it around. Also, do not close unused cards as a short-term strategy to improve your credit score. Owing the same amount but having fewer open accounts may lower your utilization ratios and your credit scores.
Shop around for credit. Lower interest rates, lower or no annual fees, cheaper service charges and additional benefits such as frequent flier miles or special insurance rates are available. Find the credit that is right for you.
Once you have signed a credit agreement, you are responsible for it unless the creditor agrees to release you from the agreement.

To learn more about managing credit, visit ratenerd.com/your-credit-sucks, or you can find reputable credit repair firms at ConsumerCreditGuide.org.

Courtesy of ARAcontent

Lessons Learned From America’s Credit Card Hangover is a post from: RateNerd - unadvertised deals from banks.