Credit Card

Credit Card questions and answers

Learn more about Custodial Account at TeenAnalyst.com; The number one website for young investors.

Q: credit card?
ok, i'm planning to get a credit card for first time, i don't have credit backgrownd,so, how do i start or what do i have to do to start credit backgrownd?, and what's APR?, thanks if you can help me.

A: Hi there. First of all, let's take a quick look at what APR is. This stands for annual percentage rate, and is a means of determining how much interest you pay on a credit card. The high the APR, the higher the interest payable. Therefore, you will definitely want to select a credit card that has the lowest possible APR rate. Many credit cards offer an introductory APR of 0 for a pre defined period of time, after which a new APR is applied to balance on the credit card. As mentioned before, you definitely want to select a card that will charge you the least amount of interest on your outstanding balance. Another important aspect of choosing a credit card is selecting one that best suits spending habits and your lifestyle. For more information on this, please go to: http://www.smartecredit.com/fyi/credit/1340.php Now to your main question. I have found out over time that the best type of credit card for persons in your predicament, our credit cards issued by Orchard Bank. For more information on these credit cards and to possibly select one that will best suit your needs, please go to: http://www.smartecredit.com/hsbc_credit_card.php I hope this information is of value to you. Wishing you all the best in your future endeavors.

Q: <<<<<>>>>>>?
do we have to pay the credit card company if we are not using it even for a penny?

A: if you dont use it and there is no balance then you do not have to pay nothing unless the card has an annual fee.

Q: What credit card would you recommend for someone trying to re-establish good credit history?
I have decent credit but I had cancelled all my cards when trying to get out of debt. I am now free of all unsecured debt but I need to have a card so in the future I won't be hurt by having no credit. I'm thinking I want a card with no annual fee and a low APR. The card would only be used very occassionally and paid off immediately. I have no desire to repeat previous mistakes. Does anyone have any recommendations for a good card for this purpose? Okay, as I said, but everyone is skipping, is that I have decent credit. My credit score is 700. When I got into trouble I went into debt consolidation right away BEFORE my credit got screwed up. But I do appreciate those of you who are taking the time to answer.

A: Congrats, on your cleaning up your debt and your credit score. What you want to do is compare credit cards and the good news is there are many internet sites that will allow you to. Check www.creditland.com, www.bankrate.com, www.credit.com On these sites you can look and compare the credit cards that have no annual fee and a low APR. Also if you belong to a credit union, they have excellent rates. You may also consider doing a search for LOW credit card rates in search engines. USA Today does a comprehensive list every year. I hope this helps you out. Good Luck

Q: Is it possible to transfer credit card balances to others' credit card accounts?
Situation: Person A has multiple credit card balances on high interest credit cards and Person B has a credit card with a much lower interest rate. Due to a poor credit history, Person A can't obtain a low interest credit card. They've agreed to transfer it to Person B's low interest credit card and have Person A pay Person B the monthly payments to make it easier to pay down their high interest balances. Is this possible?

A: I think in this case person B would need to add A as an authorized user on the account and then the transfer can take place. Most companies will not transfer debt if the names on the account are different, but if person A is authorized on the account then there should be no problem and also person A could then check the balance remaining when ever and also make payment on line with out having to bother person B. Good luck and I hope that I have been able to help.

Q: Should I get a credit card? How do you choose the best credit card?
I just finished college, and work full time. I have a debit card, and building good credit from paying off loans. A lot of people have been telling me to get a credit card, but I wonder if it really is necessary. Please give me some good reasons to get a credit card other than building good credit. The only other advantage I know about is those point-system/rewards credit cards, that earn you miles or other things. And what is the best credit card to get for a first time credit card holder? The number of choices are a little overwhelming. How did you choose your first/main credit card?

A: Well, let me be the first to tell you that a credit card can be a "safety net" in the event that you're in a crunch in between paychecks, and especially renting cars. Granted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely different in that respect. But even if you just make small payments that you pay off in full every month, it's another way to build credit, which you can't build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle different types of credit both installment(car,furniture,appliance,personal signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment account. Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it's important to know the true meaning of needs vs. wants. Credit cards are not bad, it's the judgement of some people that use them. They easily confuse the 2 and that's where the problems arise. As long as you keep your priorities straight, and use credit like it's supposed to be used, then you should be ok. A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway. Chase, Bank of America, and Citi all offer fairly good cards I hope this answer helps out, Good luck!

Q: What credit card companies give you a credit card with bad credit?
I have terrible credit!! The only card that I am able to sign up for is a pre-pay card where I basically borrow my own money. I need to establish good credit somehow any suggestions?

A: Some services can help you to get small amounts of credit to rebuild your credit http://index-go.com/debt-consolidation-refinance-loans-mortgage.asp

Q: What is a good credit card to get that you almost will never get turned down for?
I currently have two credit cards, but would like to get one final one. I've been getting turned down for a few recently that I thought sounded good. What are some good cards and websites where I can get a credit card that almost every gets approved for? I'm young(21) and trying to establish some more credit. My friend got approved for a Best Buy credit card tonight and his credit isn't that good. However, I just want a main card(for example: visa, discover) and not a store card. Thanks for any help.

A: The sure-fire way of NEVER being turned down for a major credit card would be to apply for secured credit card. Basically what type of card this is, is that you give them money up front (say you ask for a $500 limit), and everytime you use that card, the money will already be in your account with that card and it will just come out. This secures to both the credit card company and to yourself that the money will always be in there, therefore there will never be any over-ages, late fees, and the the like and will guarantee you a strong credit building account. I hope that my answer has helped you.

Q: What credit card should I look into getting?
I am looking into getting a credit card for emergencies only, though slowly building up my credit is a bonus. I am mainly looking to get a credit card because I will be studying abroad in Ireland in January and would like the security of a credit card for emergencies. What types of cards would be best for a 19-year-old college student that would be accepted in Ireland and what types of things should I look for in my search for the best credit card for me? Again, this card would only be used for emergencies. Thanks!

A: Go to the link I included in my response. It has a Q&A section and some really good advice. Credit cards are international, so your main consideration will be the Annual Percentage Rate (APR) you will have to pay. If you don't have a credit history, you might wind up paying a higher APR, sometimes over 20% of the amount owed. You also might wind up paying an annual membership fee, which might not be avoidable. But, if you intend to use the card conservatively, then that might not be an issue. Also, research what travel-related services are available with the credit card. If you do get into trouble, CCs offer a variety of services for travelers. But, your attitude is good. Starting to build your credit history now is a good thing. Take your time, read what the CCs have to offer, and have safe travels.

Q: What credit card company offers the best deals on Business Credit Card?
I have good credit and im in the market for a business credit card. What company offers the best rates, offers, cash back programs ect? Please give me some ideas on programs i should look into from the major cards like, AE, Discover, MC, and Visa.

A: I use Discover for business and Chase for personal. Here is why: Discover has had a long tradition of being different. When the Discover card was first introduced there was no annual fee, - that may not seem like a big deal but back in the day it absolutely was. Discover credit cards also offer cash back rewards. For a business using Discover for their corporate credit cards this is a big advantage - you get cash back for spending. And the best part about using these particular corporate credit cards is that the cash back rewards are targeted at specific purchases that you will make as a business, such as gas, travel and office supplies. The current standard APR on Discover corporate credit cards is 13.99%. There is also a 0% APR introductory offer. Remember - these cards come with a grace period of at least 25 days when you pay the balance in full each month. This means you can run your business interest free on Discover's money in 25 day cycles. A lot of the others have shorter grace periods - something most consumers don't think to check up on.

Q: Is credit card debt considered an open account or a written contract?
I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80's or early 90's. Thanks.

A: Spiff! Man you are starting to disappoint me something terrible! The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything. An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400.....and each month you have a varying amount of payment. You can pay it off, and then run it right back up again....that's why they call it a 'revolving" line of credit. This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts. Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below. Once again....poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.

Q: Is a credit card number really valid for a deposit on a service?
I own a small business which often takes credit card numbers over the phone as a deposit. We recently had a customer no show, and she contested through her credit card company when we charged her (she claims it wasn't explained when she gave us her #). The credit card company took her side and said it is policy to allow anyone contesting to get their money back if there is no signature. How can this be? So many hotels and services take card #'s as deposits!

A: Most credit card companies state in their cardholder terms that if a consumer is not satisfied with any goods or services through a merchant they can dispute the charges and or have them reversed. Even with a signature I think they can refund the customer. Unfortunately this happened at my job last year.