Entries Tagged 'Credit Cards' ↓

Step one of getting rid of all that junk mail, that dangerous identity theft risk junk mail, is to opt out of it at OptOutPrescreen.com. That gets rid of unsolicited mailings from companies you don’t already do business with. However, if you have a pre-existing business relationship with a company, they can still send you mailings. That makes sense to me and seems perfectly fair.

However, one of the biggest identity theft risks (or theft risks in general) are those cash advance checks your credit card company sends you. Another risk is that credit card offer your bank sent you. In order to opt out of those, you need to call each company and request that you be removed from their marketing list!

Optoutprescreen is great, but it’s only step one. Don’t forget step two.

Building and maintaining a strong credit history is a must these days. In the past, only lenders cared about your credit score and your credit history. Now, everyone from landlords to employers are checking your credit history and using it as a proxy for reliability and trustworthiness. They believe that someone with a low credit score and a weak history is less trustworthy, which may or may not be true, so it’s important for you to build and maintain a strong credit score and history. This is best accomplished when you’re a student because you’re finally on your own.

The first step is to try to apply for a student credit card such as the Citi mtvU credit card. The Citi mtvU card isn’t just the non-student card with higher interest rates and more fees, it’s actually a tailored card with features a student would like like 5% cashback at bookstores, points for good grades and on-time payment. It also means that students are more likely to be accepted. If you try to get a regular consumer credit card, the rules are going to be more stringent.

If you don’t qualify for that card, consider getting a credit card from a store you shop at in the mall. These cards often have low limits and zero benefits (make sure you get a card with no annual fee!) but you’re looking to build credit, not get access to easy debt. If you can get the mtvU card, or some other student card, don’t bother with getting a store card.

Don’t sign up for a credit card at some random table at school. 95% of these tables are legitimate, but you always run the risk of giving out all that sensitive data to a complete stranger that you shouldn’t trust. That person could use that information to steal your identity. Not worth it.

Good luck!

Did you know that many credit cards offer a price protection program? Yep. If you notice that a particular item you’ve purchased has gone on sale or is cheaper somewhere else, you can contact your credit card company for a refund of the difference. Usually stores will not honor online prices and require the price to appear in print.

With Citi cards that have Citi Price Protection, you can get up to $250 per transaction if you notice a price drop within 60 days, with a maximum benefit of $1,000 a year.

With American Express, the program is called the Best Value Guarantee. Coverage is up to $250 per item, excluding taxes, shipping, and handling, for up to 60 days and up to $1,000 a year.

Other card issuers may also have similar programs.

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Also, be sure to check out this week’s Carnival of Personal Finance in which DMH article Don’t Quit Jobs for Less Than an 8% Raise was included.

Do you have one too many credit cards in your wallet or purse? Are there cards hidden away in your desk drawer never to be used again? Have you considered closing them entirely? Rather than close them, try to consolidate multiple cards into one card and preserve your total credit limit.

Your percent utilization, which is how much of your total credit you currently are using, is a component of your credit score. If you close a credit card, you reduce your total credit and increase your percent utilization - thus decreasing your credit score. While closing off cards may be good for other reasons, you can achieve those same goals by calling your issuer and asking them to consolidate your unwanted cards’ credit limits into the wanted cards.

Saves space, makes your credit more secure, gets rid of unnecessary credit cards and preserves your credit score.

The Preferred Rewards Gold Card from American Express has a promotion where you earn 10,000 Membership Rewards bonus points after your first purchase, which you can redeem for a $100 gift card.

• No annual fee for the first year - $125 Thereafter
• Earn 10,000 Membership Rewards® bonus points after your first purchase with the card - redeemable for a $100 gift card!
• No Pre-Set Spending Limit
• The Membership Rewards® program - Earn 1 Membership Rewards® point for virtually every dollar you spend. You can redeem points for your choice of truly exceptional travel, shopping, and entertainment rewards.
• Gold Card Events - exclusive access to tickets for select concerts, shows, major sporting events, and more in cities nationwide.
• Global Assist® Plus Hotline and many more benefits included.
• Express Approval. Get a decision in less than 60 seconds.

Here’s a slick trick courtesy of Credit Addict, hack your credit card signup bonus by turning off your popup blocker and “canceling” your application. Sometimes the credit card company will pop up a window that increases the bonus, sometimes doubling it from $50 to $100, and sometimes they will simply ask if you want them to email you an application. Skip the ones that offer to email you junk, just apply for the ones that boost the offer.

This won’t work with every single offer out there but I’m sure you’ll be able to find at least one on this list of $1200 credit card bonuses.

15 cards. $1200. One of the most comprehensive lists of credit card offers available.

The vast majority of the cards on that list are Citi and American Express cards, but a lone wolf Chase card made the list as well. Every card gives at least a $50 bonus for signing up and making a purchase, usually in the form of points that can be converted into gas and gift cards.

Many of the cards also have reward points programs that probably rival whatever you’re using, so switching may be better for you in both the short and long run!

One of the techniques I use to boost my credit score is periodically request a credit line increase from my credit card companies. The idea behind the request is that it would increase my total credit limit, thus decreasing my total credit utilization, which are two important factors in determining your credit score.

The key to this trick is to make the request and only accept the offered increases. For example, if you go to Citi and request a credit line increase, there is a chance that they will offer one without a credit history request. Each credit history and score request will count against you when it comes to determining your credit score so you’ll want to avoid those. Also, the offered increases are immediate, whereas the applied increases (where they pull your credit) will take some time to process and be approved.

So, if you’ve got some free time on your hands, go through your accounts and give the old credit limit wheel a spin!

The Citi PremierPass Elite has an insane promotion in which they will give you 20,000 ThankYou Network points after you make $600 in purchases within the first three months. You can usually redeem the ThankYou points for a $200 gift card or, if you prefer, you can exchange it for a round trip ticket in the US. There are a bunch of other sick benefits such as free companion ticket with every coach class excursion-fare ticket of $299 or more, plus the following:

• Get a complimentary companion ticket when you buy a qualifying ticket.
• Earn 1 point for every mile you fly, on any airline.
• Earn 2 points for every dollar you spend at supermarkets, drugstores, gas stations, commuter transportation, and parking merchants plus earn 1 point for every other dollar you spend.
• Earn points for the tickets you buy for friends and family, plus the miles they fly.
• Redeem your points for travel on any airline, with no blackout dates, and for rewards-from merchandise to statement credits.
• Points never expire, as long as you make 1 purchase every 3 calendar years.
• Annual Fee of $75 applies

One big gotcha is the $75 annual fee but after the 20,000 ThankYou points, you still walk away with a net of $125 (or a round trip coach ticket for $75.

If you’ve ever applied for a credit card, you probably remember the box in which you entered in your annual income and whether you had a checking or savings account (or both). Well, did you know that the annual income box on most applications actually says annual household income and that you can include all the income that comes into your home? It’s legitimate as long as you start legitimate in the number you enter in.

For example, if you are married, you can include your spouse’s income in that household income box. If your kids earn money and are a dependent, then they can be included as well. By entering in the highest legitimate amount you can, you get the best credit card terms you could possibly get, including more favorable interest rates, higher balances, etc.