Know when to call…and when to keep quiet

You should call your credit card company if:

*You always pay on time but are charged a late fee after missing a payment once. In this case, you can usually get the credit card company to waive the fee, but don’t try this if your record of payments is spotty.

*You don’t recognize a payment on your credit card. Sure, it may be embarrassing to realize on the phone that you charged Aunt Ethel’s present and forgot about it, but you need to report any suspicious activity just in case you are a victim of identity theft.

*You need a limit increase, a waived transfer balance, or a lowered interest rate. You should call when you have been a cardholder for some time and have made payments on time for at least six months. If your payment track record is not great, try paying on time for at least a few months before the phone call.
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Get ready to call

Have your credit card in hand, as well as your past statements, arranged by date. If you need to find information about a past payment, you want to have proof on hand and you’ll only get flustered if you have to weed through months of statements to find it. Have a pen and paper ready to note down any information. Find a quiet area of your home where you are unlikely to be interrupted and find something to read or work on in case an agent can’t take your call right away.

Know what to say

When an agent picks up, make sure that you get their name so that you can address them by name (and so that you can report any trouble if they are less than polite). Introduce yourself and state what you are looking for in a sentence or two. Then sit back and wait for the agent’s first response. When talking on the phone, it’s important to stay professional and to avoid over-talking. If you give the entire back story of why you need a late fee waived – your dog died or you had a terrible cold – you will sound desperate. You have very little to lose in your phone call – you’re not even paying long distance – so try to keep it cool and calm. In fact, it’s a good idea to check your emotions before you pick up the phone. Work on the facts: “I am in need of a limit increase and I wonder if you could help?” Do not be afraid to mention that you are willing to take your business elsewhere, but don’t make silly threats. Something as simple as “I’d like to continue to be a cardholder, but Card Company X is offering me a much better rate so I am facing a tough decision” should do the trick.

Finally, stay persistent. If the first phone call doesn’t get you the results you want, call back again the following month.

*This post was contributed by Jonathan Leane, who writes on the  subject of how to tame your credit card debt now, at  Master Your Card. He invites your feedback at contact at masteryourcard dot com.

It is believed to be the largest hacking and identity theft case ever prosecuted by the Department of Justice. The charges include conspiracy, computer intrusion, fraud and identity theft.

“While technology has made our lives much easier it has also created new vulnerabilities,” U.S. Attorney Michael J. Sullivan said in a statement. “This case clearly shows how strokes on a keyboard with a criminal purpose can have costly results.”

They used sophisticated computer hacking techniques, that would allow them to breach security systems and install programs that gathered enormous quantities of personal financial data, which they then allegedly either sold to others or used themselves, and in total, they caused widespread loses by banks, retailers, and consumers.

After the credit card information was stolen it was either sold or encrypted onto credit cards and used to make purchases and withdraw money from ATMs.

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Of those charged, three were Americans and one was a U.S. Secret Service informant.

While the reports don’t reveal how consumers can know if they were affected, there are ways you can find out. Start by checking your credit card and checking account billing statements, especially if you shopped in any of the stored mentioned. If notice charges you didn’t make dispute them with your creditor.

Since the theft involved stolen credit and debt card numbers, it’s unlikely that your identity was abused, but it doesn’t hurt to check. Free credit reports are available through annualcreditreport.com. 10 Ways to Prevent, Detect, and Fight Identity Theft lists other ways you can find out if your identity has been stolen and tells you what steps to take if you’ve been a victim.

If you see fraudulent charges on any of your accounts, you need to report them within two days.

Do that and your liability is only $50, wait two months and your liability is unlimited.

I often hear remarks about ones Beacon Score for Credit Cards being low because of poor credit management. The Beacon Score (also called Fico Score) is one of the major factor in a credit analysis. Whenever you apply for a credit card, a mortgage, a personal loan or a line of credit, the financial institution will pull out a credit report and look at your score. If it’s not high enough, you could be declined base solely on this information.

Many consumers are aware that they can obtain a credit report, for a fee, from the three major credit reporting agencies. These include TransUnion, Experian and Equifax and they provide your credit report to loan officers, credit card companies, financial institutions and anyone whom you give permission to obtain a copy of your credit file. While many consumers know that credit reports can be obtained for a fee, many do not know that everyone is entitled to a free copy of their credit report from each of the 3 credit bureaus each year. Once every 12 months, you can visit and gain instant access to your free credit report online no fee needed.

When looking at a copy of your credit report, you will be able to view payment histories as submitted by each of your creditors, current and previous addresses along with any information included on public record. This may include civil judgments, bankruptcy or foreclosures, etc. If any of the information contained in your credit file is incorrect, you have the right to dispute that information directly with the credit bureau. At the time a dispute is submitted, the credit reporting agency will investigate and correct any errors that are made.

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Additionally, if you are turned down for credit at any time, the creditor must provide you with a written reason for the decline. At that time, you may request a free copy of your credit report from the agency that provided the information to the creditor. By sending a copy of the denial letter to the credit reporting agency, they are then required to provide you with a copy of their entire file relating to you and your credit history.

It is recommended that consumers check their credit file every 6 months to ensure that information is accurate and to prevent or detect identity theft. If you notice an invalid address or credit line that you never applied for, this is an indication of possible identity theft and should be dealt with immediately by calling the credit bureau and having a fraud alert placed on your file. An informed consumer is a happy one

Such special offers are designed to encourage people to swap credit card companies in return for a honeymoon period in which they pay little or no interest. Of course, the purpose is to gain a lot of customers who do in fact end up paying interest.

You can get credit cards with low interest from a number of different credit card providers. Monthly credit card interest costs place such a burden on many families that they struggle to meet everyday needs as a result. You can transfer your balance again as your low or zero interest periods come to an end. By doing this, you can ensure you are always paying little or no interest on your credit card balance.

No annual fee credit cards imply no charge for annual servicing of your account. No annual fee credit products may also include a balance transfer fee card offers card.

Most people who get credit cards with low interest or no interest do not think to transfer their balance to other balance transfer credit cards to avoid interest rates. It is certainly not an advertised strategy. However, if you have a large balance which will not be paid off within the special rate period, it is in your best interest to continue to transfer your balance until you have paid off your credit card entirely.

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All in all, the decision to get credit cards with low interest can make a profound difference to your financial position. You and your family can breathe easier immediately and in the long term you will find yourself debt free and able to build wealth. It’s worth the small inconvenience required to gain such a substantial benefit.

For example, how many people could save up hundreds of thousands of dollars to buy a home with cash? It can be done, but it might take a few decades to reach that goal. Instead, by borrowing money you can use leverage to make the purchase now instead of waiting.

When you Apply for a Credit Card it is always advisable to search, compare and select for the right Credit card suitable to your needs. One of the most costly mistakes you can make with credit cards is getting into the habit of only paying the minimum amount due each month. While the minimum amount may be affordable; it will also cost you more money in the long run.It is easy to get into the habit of making only the minimum payments. They are low and it can free up cash flow for other areas of your finances. Unfortunately, paying the minimum can be very costly as demonstrated above. Even a very low balance can cost you more in interest and take over a decade to repay.

Compound this problem with multiple credit cards and higher balances and you can see why it can be so difficult to get out of debt.Credit cards do have their place in business just as they do in personal finance. They are a convenient way to make purchases and potentially receive cash back or other rewards. What you have to realize is that you should treat a Business Credit Cards just like you would a personal card. Only charge what you can afford to pay back, keep interest rates low, and make payments on time.

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When using a credit card issued by bank, the charges are deductible when charged. This is a big advantage for business owners. You can make a major business purchase at the end of the year and take the deduction in the same year even if the charge is paid in a subsequent year.This rule applies even if your business operates on the cash basis of accounting. However, this rule is only applicable for credit cards issued by banks. If you use a store credit card and operate on the cash basis, the items are deductible when paid and not when charged.

We all want credit card deals that offer great value! If you are one of those people who quite rightly want the best financial deals at their fingertips right now then have we got the site for you! There is everything from credit cards to mortgages to home insurance! About your money boasts to be the best financial comparison site on the Internet, but does it live up to its promises or fall flat on its face?

The site itself is highly organized and extremely accessible. You can literally lay your hands on anything you want from anywhere is the site within a matter of seconds, from interest free credit cards to home insurance quotes, which is something that cannot be said about the majority of comparison sites!

You can jump from balance transfer interest free credit cards to the home insurance best buys table in one click of the mouse, and find great deals on both! In fact, it seems that you can find great deals on all of the pages on the site. There is not one category that lets the site down so whatever you happen to be looking for; you are pretty much guaranteed to find it!

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Which ever card you choose, it is essential to check the associated standard interest rate charged for purchases after any low interest initial introductory rate has expired. By comparing the interest rates and features of each card you should be able to successfully use credit cards for short term borrowing whilst avoiding paying unnecessarily high interest on new purchases and existing balances.

Credit cards can be an excellent tool to help you manage your finances and buy the things you want or need. But when things go on a ride and your bills get out of hand, which happens to even the best of us, choosing a personal loan as a way to consolidate those bills will help you reduce your interest rates and set up a fixed amount of payment. Reduced interest rates will ultimately increase the amount of money you keep and a fixed amount due every month will help you plan your budget.

Gather together all of your credit card bills and add up the amount that you owe. Factor in the extra expenses you haven’t heard on your credit cards since you receive those bills. Add to that about ten or twenty per cent, which is the “whoops, I forgot about that” factor. Then, with that figure, start shopping around for a loan.

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Get the loan and pay off your credit card bills. If you think that you may still use your credit cards, you may want to hide them away so that you reduce the temptation to use them. Now, instead of having several credit card bills at a high interest rate due by the end of the month, you now have one bill that is due once a month at a lower rate. This is called consolidation. At first glance it may not seem obvious why you’d want to do this but there are two reasons:

The first reason is that you will save a lot of money on interest rates. In fact the interest rates might be as much as half of regular credit card interest rates. The second reason is that you will get one bill with a fixed amount due every month rather than several bills with several amounts due throughout the month. This will help you budget.

As the name suggests, it is the theft of the personal information of another. The theft would be incomplete unless the information was used for some nefarious process, and it is in many different ways. Keeping your personal information from falling into the wrong hands will help you from becoming another identity theft victim.

The most common form of identity theft is not the stealing of credit card numbers. Instead, the devious individual is aiming for your social security number. Why? That number is the basis of many different financial transactions.

With a social security number, an identity thief can take many financial steps. They can open multiple credit card accounts. They even apply for a loan once they establish a second address.

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If you social security number is stolen, you may be shocked to learn where it turns up. Given the attitude towards illegal immigrants these days, many are trying to procure such numbers and identity thieves are now selling them to them.

The sale of social security numbers to people who need them to hold a job causes another massive problem for the victim.

Then there is the classic bank account scheme. The first identity thieves simply took social security numbers, opened bank accounts with them and wrote bad checks. It still happens today and banks will come looking for you eventually.

The horrific thing about identity theft is it occurs without the victim knowing it. The identity thief always uses an alternative address, so you have no way of discovering what is going on until it is much too late. Unfortunately, many consumers learn that their identity has been stolen after some damage has been done.

Sooner or later, you will figure out that you have been a victim of identity theft. It may be when collectors call or when your ATM card doesn’t work or when a credit card charge is rejected. Whatever the occasion, it will not be pleasant.

Some people discount identity theft because it is not a crime causing physical pain. Obviously, they have never had it happen to them. It can take months and even years to resolve it, so take steps to prevent it.

Should you ever become a victim, contact your banks and credit card issuers, the three major credit bureaus and file a police report.

Gather together all of your credit card bills and add up the amount that you owe. Factor in the extra expenses you haven’t heard on your credit cards since you receive those bills. Add to that about ten or twenty per cent, which is the “whoops, I forgot about that” factor. Then, with that figure, start shopping around for a loan.

Get the loan and pay off your credit card bills. If you think that you may still use your credit cards, you may want to hide them away so that you reduce the temptation to use them. Now, instead of having several credit card bills at a high interest rate due by the end of the month, you now have one bill that is due once a month at a lower rate. This is called consolidation. At first glance it may not seem obvious why you’d want to do this but there are two reasons:

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The first reason is that you will save a lot of money on interest rates. In fact the interest rates might be as much as half of regular credit card interest rates. The second reason is that you will get one bill with a fixed amount due every month rather than several bills with several amounts due throughout the month. This will help you budget.

Credit cards can be an excellent tool to help you manage your finances and buy the things you want or need. But when things go on a ride and your bills get out of hand, which happens to even the best of us, choosing a personal loan as a way to consolidate those bills will help you reduce your interest rates and set up a fixed amount of payment. Reduced interest rates will ultimately increase the amount of money you keep and a fixed amount due every month will help you plan your budget.

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Most of the insurance agents offer packages that include home insurance as well as car insurance. With a little extra payment, even dental insurance can be included in the package. Consumers who keep up with free insurance quotes are usually the ones who know of these side-deals.

In fact, as far as most consumers are concerned, there is no real difference between the two. They are both very widely accepted in over one hundred and fifty countries and it is very rare to find a location that will accept one but not the other.

However, neither Visa nor MasterCard actually issue any credit cards themselves. They are both simply methods of payment. They rely on banks in various countries to issue credit cards that utilise these payment methods. Therefore, the interest rates, rewards, annual fees, and all other charges are issued by your bank and when you pay your bill you are paying it to the bank or institution that issued your card and not Visa or MasterCard.

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How Visa and MasterCard make their money is by charging the retailer for using their payment method. So the truth of the matter is that a Visa issued by say the Bank of New York will have very little to do with a Visa issued by other banks and may in fact by more similar to the Bank of New York’s MasterCard.

What this means for the vast majority of customers is that you do not have to overly concern yourself with whether a credit card is MasterCard or Visa. You would be better off concentrating on the interest and other charges on the card, the balance transfer possibilities or their reward scheme. You are very unlikely to ever be effected by the fact that it is one and not the other.

If you prefer, if you are going to have two credit cards, you may decide that you want one of them to be Visa and the other MasterCard, this means that if something drastic were to happen to one company, or if you were in the unlikely position of finding a location that accepts one but not the other, then you would have the option of paying with either.

At the end of the day however, much more depends on the bank that gave you the card, than on the type of card it is.