credit cards News and Advice

Credit cards love to dish out teasing promises: “0% interest on purchases and balance transfers for 12 months”; “9.9% fixed APR”; “3.99% life-of-balance transfers!” But these promotional rates are sometimes just a guise; they have little to do with how much a credit card will actually charge you. If you carry a balance on your credit card – even sometimes – the interest rate you pay can make the difference between credit cards being a convenient financial tool and or a personal finance nightmare.

Sorting Out Credit Card Interest Rates

Every credit card has to clearly list its interest rates, fees, and other card member terms – either on the back of a printed card solicitation or on a webpage linked from the bottom of a credit card application page. (Hint: Check the fine print at the bottom). Knowing how to read these credit card terms is critical to finding a credit card that will not rip you off.

When reading credit card terms, you will encounter several different types of interest rates. Here is what they all mean:

Which is better: the Discover More Card or the Discover Motiva Card?

The Discover More Card and Discover Motiva Card are both excellent credit cards offering competitive interest rates, generous balance transfer offers, and cash rewards. How do you know which one is right for you? In a nutshell, the Discover Motiva Card is best for those who want to transfer a balance that will take more than one year to pay off.

If you are an entrepreneur, freelancer, or already a small business-owner, perhaps you have wondered: Is a small business credit card right for me? In a word, probably. Why? Of course, it is smart to separate your business expenses from your personal expenses, but that’s not all. Business credit cards offer some substantial advantages versus consumer, or personal credit cards:

This collection of frequently asked questions about business credit cards is designed to help you decide whether a business credit card is right for you and help you with the selection of and application for a business credit card. Questions addressed include the difference between consumer and business credit cards, what you need to apply for business credit, and how carrying a business credit card affects your credit and the credit of any employees you also put on the account.

Beginning on November 12th, American Express Cardmembers will be seeing new designs on the Delta SkyMiles Gold Card and the Blue Cash Credit Card. The new Delta SkyMiles Card will change from the semi-transparent credit card to a gold card with the red Delta logo coming across the left side and the blue American Express logo in the lower right.

Since I have started writing about personal finance, a question I get asked a lot is: “I’m 18 and want to get a credit card. What can I get approved for?” Obtaining a credit card at an early age can be an excellent way to build a credit history that can make it easier (and less expensive) to finance a car or home later in life. Of course, getting a credit card before you understand how credit works can be disastrous. My first piece of advice to anybody thinking about their first credit card is to get it for the right reason. If you want a credit card because you’re thinking of all the things you could buy with the $500, $1,000, or $5,000 credit line it might give you. Stop!

The Federal Reserve meets next week to decide whether to lower interest rates for the second time this year. What could their decision mean for borrowers? The interest rates set by the Fed affect the prime interest rate, used by many credit card companies to set the regular interest rates consumers pay on purchases and balance transfers. If the Fed cuts rates again next week, chances are your credit card interest rates will go down. The Federal Reserve typically makes interest rate adjustments in quarter-point intervals, meaning its target rate would drop from 4.75% to 4.5% and the prime rate will drop from 7.75% to 7.5%.

Citi Credit Cards announced Friday user interface changes to its two consumer credit card account management websites: Citicards.com and AccountOnline.com.

Citi credit card customers will notice easier access to the sites’ most popular features such as online bill paying, recent credit card activity, credit card fraud alerts, and personal information updates.

In addition, Citi credit card customers will be able to request .pdf credit card statements from up to the past 15 years.

What does it take to get an American Express Centurion Card (aka the Black Card)? Lots and lots of money. The American Express Centurion Card is perhaps the most exclusive credit card in the world. Despite urban legends of a black credit card offering unlimited spending and elite privileges circulating for decades, the American Express Centurion Card did not exist prior to 1999. Now, legend is reality.

What does it take to get a Centurion Card, the only credit card made from titanium, not plastic?

Many credit cards advertise “no pre-set spending” limits. But if you think you can just sign up for the card and go out and charge a Ferrari, watch out. No pre-set spending limit does not meet no credit limit. It means there is no pre-set spending limit.

The Fine Print

In fact, most no pre-set spending limit credit cards come with a credit limit. The card then gives the card holder the ability to exceed that credit limit in some instances if the amount of the balance over the credit limit is paid in full before the due date.