Credit Card Best

Keeping control of your money is one of the hardest lessons we have to learn as new college and university students. For many of us it is our first time away from home, and the first time we have to be truly responsible for all the financial affairs in our lives. Some get a handle on money matters faster than others. That’s just the way she goes. But if you’re not really all that sure where your money is going each month, here are a few things you may want to consider.

I. Avoid Temptations

If you have a particular weakness, and we all do, just stay away from it. If you love shopping, stay out of the malls. If you’re a tech-head, stick to once a year upgrades. Nobody says avoiding temptation is going to be easy. However, it is a must if you want to save money. When you want to give into your temptation, this is the time to use your “allowance”. Your allowance can be a set amount for ‘special’ items, or just a big jar where you put your loose change at the end of every day.

II. Credit Cards

If you have a credit card, use it only for emergency. Although they are really handy, credit cards are dangerous and possibly very damaging to your financial future. Credit cards (and in particular student credit cards) have very high interest rates. If you are only able or willing to make the minimum monthly payments then you will very quickly end up with a HUGE amount of debt because of the interest. The really bad thing is that you will also have to pay interest on the interest you owe. So, credit cards are good in a pinch, but should never be used as an extension of your cash.

III. Credit Card Interest

If you have credit cards and your credit is in good standing, you should take the time to call your credit card company, and ask for your interest rate to be lowered. It is just as simple as that. Most people have no idea they can even do this so they never make the call. Just ask the rep for a better rate on your credit card and they will take care of it for you.

IV. Financial Consulting

Many financial companies, community colleges and even churches offer classes on how to manage money. In some cases the courses are free, but often they cost around 35 to attend: it is money well spent. Another choice you have is consumer-counseling services. This is a great if you are getting into debt trouble. The counselors will work with your creditors to lower your balances, interest rates, and establish workable payment schedule that you can manage.

Miles Credit Cards: Getting The Most Out Of A Frequent Flyer Credit Card

Airline miles credit cards are among the most popular types of rewards credit cards. However, only a handful of frequent flyer miles credit cards provide great rewards and value. The reason for this is quite simple: most airline specific credit cards charge astronomical annual fees and high interest rates. Now, if you travel often and spend more than 10,000 a year, just about any airline credit card will earn you miles. However, if you want to get free miles, airline flexibility, and save money on interest and annual fees, there are only four miles credit cards you should consider: The Miles Card from Discover, The Value Miles Platinum Visa Card, American Express Blue Sky and the Citi PremierPass. Here, we will examine all four cards. First, however, we will examine the average airline specific credit card.

The lure of the “average” airline specific frequent flyer credit card is the bonus mile offering. Who wouldn’t want 15,000 miles? In addition to the substantial free miles offered, the average airline credit card also waives the annual fee during the first year. The combination of free miles and a no fee first year draws in many consumers. However, the initial perks are generally offset by the money it will cost to maintain your credit card after the first year. First, the average annual fee charged by these credit cards is 75. Ouch. And the average interest rate? More than 17%. Sure, you get a lot of miles upfront, but is it really worth paying 5% more in interest and a substantial annual fee? Not when there are much better offers available.

The Miles Card from Discover is a no annual fee airline rewards card that offers a 0% interest rate for 1 year, a low long term interest rate, and the opportunity to earn 1 mile for every pound spent. The miles you earn can be redeemed on any airline with no blackout dates. Plus, you get 5,000 bonus miles when you make your first purchase. The interest rate on this credit card is over 6% less than that of the “average” frequent flyer card. Plus, you pay no interest on purchases or balance transfers for up to 1 year. Although you get 10,000 less miles, you’ll probably end up with a lot more money to spend on traveling with this card than you would with the “average miles card.”

The Chase Value Miles credit card is a no annual fee airline rewards card that allows you to fly on any airline with no blackout dates. They do not give away free miles, but they also don’t charge an annual fee or a high interest rate. Like the Miles Card, the Value Miles card offers a 0% interest rate for up to 1 year and offers an interest rate that is 5.5% lower than than “average miles card.” And, although the Value Miles Card does not offer any free miles, you can get a ticket to fly anywhere in the continental U.S. for only 24,000 miles. This is 5,000 to 10,000 miles less than the “average miles card” charges to get a free ticket. You don’t get free miles, but your miles do have more value.

The Citi PremierPass offers two levels of airline rewards. The regular PremierPass MasterCard offers 5,000 free miles, charges no annual fee, and offers an interest rate that is 4.25% lower than the “average miles card.” Additionally, you can earn 1 flightpoint for every three miles you fly on any airline with a ticket purchased with your card.

The Citi PremierPass also offers an elite level. Now, there is an annual fee of 75. However, you receive 15,000 bonus miles, earn 1 flightpoint for every single mile flown, and double miles on everyday purchases. The interest rate is still 4.25% less than the “average miles card,” plus, this card offers a 0% interest rate for up 1 year.

The BlueSky credit card from American Express does not try to lure you in with free miles. Instead, they offer value. For every 7500 points earned, you receive 100 that can be used for any travel expense, including car rentals, hotels, online travel sites, and cruises. The value here is that every point you earn is worth 33% more than than the average point. Plus, you can use your rewards for all of your travel expenses, not just airline tickets. Additionally, this card offers a 0% interest rate for 6 months, charges no annual fee, and offers a low long term interest rate that is 5% lower than the “average miles card.”

As you can see, airline credit cards offer a variety of perks at a variety of prices. For some, an “average miles credit card” with an annual fee of 75 and an interest rate over 17% might provide the best overall value. However, most credit card users will end up paying more money in interest and fees on their credit card than they would if they simply paid for their ticket in cash. The real value in frequent flyer credit cards can be found with the general miles credit cards that charge no fees, offer low interest rates, and offer more travel flexibility.

2006, Credit Card Depot Inc.

Its hard to imagine that you earn money with a credit card if you manage your debt correctly, but ever since Egg got the jump on its competitors with the 0% Egg Card on Christmas Day in 2000, you can actually make money with credit cards balance transfers is how you do it!

Of course, today nearly all of Egg Cards competitors have had to follow the lead of Egg and not only offer introductory 0% interest rates, but also offer cardholders of other cards 0% interest periods if they agree to transfer their outstanding balances to the new card provider. As a result, if you take advantage of one cards introductory offer of 0% for the duration of the offer and then transfer the balance to another card provider, and there are a lot of card issuers, you should be able to shuffle your debt management around so as to be able to make money with credit cards balance transfers can save you a fortune.

Having said that, some credit card issuers have now cottoned on to the fact that holders have become debt management savvy and are transferring their balances around several difference providers to maximise their 0% interest period and have introduced certain counter measures; some of which include:

The Balance Transfer Fee

This is imposed if you transfer your credit card balance to another issuer. Currently balance transfer rates can be as high as 2% of the transfer balance, with a minimum fee of five pounds and a maximum fee of fifty pounds. So, although you wont pay interest for the introductory period, youll have to pay a rather high fee (comparable to the interest you could have been charged) if you then try and transfer to another issuer. As such, watch out for this one before you agree to transfer your balance.

The 0% Offer

Credit card issuers are now murkying the water as to what the 0% applies to. With some card issuers the 0% applies to the balance transfer, but if you use your new card to purchase anything youll be charged the standard interest rate on that purchase from Day 1; others charge the standard interest rate from Day 1 on the balance transfer, but 0% on any new purchases during the promotional period; and still others will charge you 0% from Day 1 on both the balance transfer and new purchases made during the promotional period. Obviously, if possible, you really only want to be interested in the third type of promotion if you are serious about making money with credit cards due to your astute balance transfers!

Late Payment

the small print of a number of card issuers now states that if you miss a payment or make a late payment on your credit card you automatically forfeit your promotional rights!

So, to make money with credit cards balance transfers must be timely and to friendly issuers. Lastly, keep an eye on your balance and repayment dates and if you have not yet managed to repay the balance in full, give yourself a month to get ready from your next 0% interest rate jump!

Cash back credit cards are a fantastic way for you to make some cash while spending on your credit card, although it does only suit the customers who pay their bill in full at the end of each month.

A cash back credit card will give you the chance to earn as you spend, as a percentage is returned to you on an annual basis for every pound that you have spent. This is usually set at between 0.5% and 2% depending on how generous the credit card lender is. I cannot stress enough, you must be able to pay off your credit card statement in full each month, and this is the only way that a cash back credit card will work for you.

If you are a borrower then a cash back credit card will only cost you, even though you will be earning a little back, you will find that this will be eaten up and more by the interest charges, which are usually on a higher scale of APR.

Is a cash back credit card for everyone?

By not incurring the interest payments, then for every pound that you spend on the card you will see a little coming back to you. If you pay your credit card balance in full every month, then why not switch to a cash back credit card. A cash back credit card is a fantastic opportunity to reward you for spending money!

There is a word of warning that will come with this though, if you decide that you want to balance transfer a amount from your existing credit card company on to a cash back credit card, then you should try and avoid this. As a matter of fact avoid it altogether, as any payments you make to the credit card will only go on to pay the amount transferred and interest will only mount up on any purchases that you have made on the credit card. You will then be paying back more than the cash back card is making you.

Here are some of the best deals

There are a few good deals on the go right now, with the Amex Blue cash back card the Amex Platinum and the First Trust Bank cards worthy at a look if you decide that a cash back credit card is for you.

So if you have a clear statement at the end of each month then go for it and make that bargain in the sales save you even more cash.