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Posts Tagged ‘rewards cards’

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How To Find A Better Rewards Card

February 25th, 2010 by Matthew C. Keegan | 4 Comments | Filed in Credit Cards

So, how are the new government credit card regulations working out for you? If you are like most cardholders, the terms of your credit card agreement have changed, perhaps requiring you to pay a higher minimum amount monthly on outstanding balances. Or, you may find that your card issuer plans to introduce an annual fee, an unheard of “feature” in recent years.

Rewards Cards

credit cardsIf your credit card offers rewards, switching to a new card may not be on the table especially given that you have not used up all of your points yet. But, with higher interest charges and new fees in the mix, can you afford to keep that once trusty rewards card?

Perhaps it is time for you to make a switch by dumping the old card once you secure a new one. In that case you need to shop around for a card that meets your needs while not hitting you up with a bunch of fees.

Card Offers

In the March 2010 issue of “Money” magazine, two websites are mentioned as being good sources to check out and compare credit card offers. Nerdwallet.com is the most comprehensive of the two, but Billshrink.com is worth a look too.

Nerdwallet allows visitors to filter results by the type of card sought, such as one with airline miles, cash rewards, or other perks. Once you select your reward category you can choose cards by best rewards, best cash advance APR and best ongoing APR.

Comparing Cards

I ran some tests with Nerdwallet and was pleased with the results. For example, when searching for cards offering cash rewards I found 13. Now 13 cards is not a lot, but given that this field has thinned out tremendously over the past two years, I was still surprised to find that more than a handful were still offered. What is nice about this site is that they rank the cards for you—putting the best cards at the top of the list, leaving the worst for last.

Few sites are as comprehensive, perhaps because they want to direct you to certain cards. Yes, you can apply for a card through this site which likely means Nerdwallet gets a commission. Still, if you are shopping for a new card, then having a one-stop resource containing all of the information you need is extremely helpful.

Other Features

While Billshrink.com does not include as many as cards, the results for each category are easy to sort. Moreover, there are other features on this site worth noting including a gas station locater to help you find the lowest price per gallon, a comparison tool for wireless plans and a tool to help you find savings accounts and certificates of deposit.

Lastly, you may not even know that the terms of your credit card have changed, even though notification was sent to you. Why not check your last few statements and log on to your account to see if these changes make a difference for you. If so, it just may be time to switch to a different rewards card.


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Credit Card Consolidation Options For You

September 1st, 2009 by Matthew C. Keegan | 1 Comment | Filed in Credit Cards

If you owe money on various credit cards, then credit card consolidation can work for you. You may not be able to wipe out all of your debt at once, but you just might discover that an important part of your credit card expense has been removed due to credit card consolidation. Are you looking for ways to get out of debt? If so, credit card consolidation may be the most helpful tool for you.

Even in this economic climate, consumers can still find credit card consolidation options that are favorable to them

Even in this economic climate, consumers can still find credit card consolidation options that are favorable to them.

Owing money on credit cards is no fun sport, especially when those cards have sizable balances and the interest being charged is just too much. You may be able to make the minimum monthly payments, but achieving a big dent in the debt can be nearly impossible to do without intervention. Happily, credit card consolidation can help reduce your costs and help you get rid of some debt. When searching for a new credit card you’ll want to make certain that the card offers the following features for you:

Balance Transfer Options — Your most important goal is to transfer at least a part of your debt from a high rate card to a new card offering a low, fixed rate. Be on the look out for a card that charges no yearly fee, dispenses with balance transfer costs, and provides you with a fixed rate on your new balance until it is paid off.

Reward Plans — While searching for a card one offering a valuable balance transfer offer, why not get rewarded for making a change to a new card? Acquire a card that offers free miles, hotel stays, travel rebates, and other incentives to help you get ahead of the game.

Trimming Your Remaining Balances — If your good fortune helps you find a card that will pay off all of your existing balances, then you are in a good place. If not, then begin working on reducing your debt by paying off the lowest loan first, followed by the next largest, and the next biggest one after that. You can take your time paying off the new card’s balance especially if you received a fixed, low rate for the life of the balance. Compare paying 2.9% to 15.9% or more and you’ll quickly see the advantage of working on your other debt first.

In some cases you may be able to get two new credit cards at the same time with both offering similar benefits. Should that be an option for you, then use both cards to bring down your debt. In concert, the new cards may offer decent balance transfer options to help you in eliminating the balances on your old cards.

Adv. — Are you looking to refinance your home? Interest rates haven’t been this low in years! If you have very good or excellent credit, you could find a home loan with an interest rate of about 5% for a fixed rate, thirty-year mortgage.  Visit SayLending.com for more information!


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Not All Credit Cards Are The Same!

August 26th, 2008 by Matthew C. Keegan | 1 Comment | Filed in Consumer Financing, Consumer Tips, Credit Cards

How many credit cards do you carry? 2? 5? 11? If you were to add up all of your store cards, gas cards and your MasterCard, VISA, American Express, Discover and other national cards, you might be surprised at that number. Then again, maybe you have several cards but are considering finding a new card, one with a special deal not offered by your current card issuer.

Credit CardsCompare Credit Card Offers

You probably already know this, but not all credit card offers are the same with some offering high rates and absolutely no rewards to others which will can provide for you a low, fixed rate and special rewards. Before you shop for your next card, let’s review the variety of credit card choices out there for your consideration.

Low Interest Rate Credit Cards — Higher interest rates have made these cars a bit less common, but there are still credit cards available with low rates, even 0% financing for balance transfers. In most cases, these special rates are in place until the transfers are paid off with newer purchases charged at a higher rate.

Low Introductory Rate Credit Cards — To entice you to use a particular credit card, some credit card issuers will offer to you a special “teaser rate” that will run for a number of months, usually for as long as six to twelve months. You can make purchases at the very low rate (let’s say 2.9% for twelve months) and then pay 12.9% or more on balances after that time. These cards can be a great way for consumers to make an expensive purchase and paying off their balance over a few months time without incurring a lot interest charges.

Pre-paid Credit Cards — Consumers who have bad credit as well as students who are off to college, a pre-paid credit card allows people to build up their credit rating while still having the convenience of shopping with a credit card. No need to carry around a lot of cash, if you misplace the card you haven’t lost your money and can get a new card.

Rebate Credit Cards — Use your credit card and get paid for using it! This may sound like a scam, but it isn’t: some credit card providers will give you cash rebates on certain purchases. Spend $500 and you could have $10 credited to your account, depending on the offer.

Award Credit Cards — Also known as rewards cards, an award card works like a rebate credit card: you get to select gifts based on points you have accumulated with your purchases. In many cases, one point is awarded for every dollar spent and you can redeem those points online or through a catalog sent by the credit card company. Some issuers will automatically give you 500 or more points with your initial purchase, even throwing in a bonus offer through special promotions which can double or even triple your points during a special promotional period (for example, the holiday shopping season).

Other Special Card Deals Too

The previously mentioned credit cards choices are typically MasterCard or VISA network special offer credit cards, but American Express and Discover have deals which may be worth a look too. Manage your various rebate cards with this free download to help you get the rebates and rewards coming to you.


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Sifting Through The Credit Card Fine Print

July 25th, 2008 by Matthew C. Keegan | 6 Comments | Filed in Consumer Financing
Pictured: The Schumer Box

Pictured: The Schumer Box

Shopping For A New Credit Card

You’re shopping for a new credit card and you’ve narrowed down the offers to a handful that seem right for you. This was no small task on your part as there are thousands of credit card offers available today, even scores from the same provider.

Picking the “winner” will depend on a number of things, key elements you value and expect from your card. Unfortunately, you may still be having a problem going through all of the fine print, trying to determine exactly what you’re getting and just what your responsibilities are as a card holder.

There is a way for you to determine if a particular card meets your needs without stinging you with a bunch of surprises later on. Thanks to the work of U.S. Senator Charles Schumer, every credit card must come with specific disclosure information, details known in the consumer industry as the Schumer Box.

The Schumer Box

The Schumer Box mandates the following information be disclosed with your credit card offer:

Annual Percentage Rate (APR) for purchases: The interest rate you must pay on your credit card balances. This line will tell you whether you are receiving an introductory rate and how long that rate will last. Many rates are variable and will change as the prime rate goes up or down.

Other APRs: Features the rates you will pay on cash advances and balance transfers if you choose this option.

Penalty Rates: On the same line as “Other APRs” the credit card issuer must tell you what your penalty rate is if you are late making payments and what action triggers the higher rate. In this example your interest rate suddenly skyrockets to 30.99%.

Method of Computing the Balance for Purchases: There are different ways a credit card issuer can compute balances. Average daily balance calculates your interest charges on one-cycle billing; while two-cycle average daily balance will mean you pay interest on debt you’ve already paid off. Choose the former if you want the better plan.

Annual fees: Most issuers do not charge an annual fee, but if they do that information must be included. Airline cards and some rewards cards typically charge a fee while most other cards do not.

What’s Missing?

Of course, the Schumer Box isn’t perfect as some information that consumer advocates say should be disclosed is hidden away within the fine print. These include:

Default rate applied to other creditors. If you are late with your electric bill, will your credit card issuer suddenly jack up your interest rate even if you are on time with them?

Rate hikes. If your credit card issuer has a provision where they can hike up your interest rate at any time or for any reason, then you’ll want to avoid these cards.

Ultimately, you as the consumer will make the final determination about a credit card offer and whether it is worth it to you. Do your homework and compare credit card offers to find the best card for your particular needs.


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