Do you know if secured deposits earn interest? If so, what is the range and what does it depend on?
some secured credit card offers do include interest on your initial deposit. In addition, some of these secured credit cards also allow you to add more money to this deposit in order to collect more interest. However, these features do not apply to all secured credit card deposits. Your card application and terms should state whether or not the secured card you are applying for has this feature. The amount of interest is usually comparable to the amount of interest you?d get with a savings account and varies with each card. The rate can also vary from month to month, so check with your credit issuer about the exact amount. While these secured credit cards may offer you interest accruing perks, these cards normally have annual fee requirements and higher interest rates on your balance owed. As a result, the interest you earn may not even cover the amount of interest and fees you owe back. Take the time to do the math on what a secured card will cost you and earn for you in reality. This could determine whether or not the secured credit card is a viable option for your financial future
Do I have a right to know whats in my report?
Yes, if you ask for it. The CRA must tell you everything in your report, including medical information, and in most cases, the sources of the information. The CRA also must give you a list of everyone who has requested your report within the past year?two years for employment related requests.
Using You Credit Card Card Abroad
taking your credit cards with you on your next overseas trip can make traveling easier. You dont have to carry as much cash or get foreign currency you may not use, and you have a record of all your purchases. Most major credit cards are accepted worldwide, and in many countries credit cards are widely accepted. If your credit cards are lost or stolen and used by a thief, you generally cannot be held responsible for more than $50 in fraudulent charges. That makes carrying credit cards safer than carrying a lot of cash. Some credit card companies will replace your cards (sometimes overnight) if they are lost or stolen while youre traveling another plus.
Precautions for Overseas Trip
Before you go overseas, make a list of your credit cards and the international phone numbers to call in case they are lost or stolen. U.S. toll-free numbers cannot be reached directly from overseas, so make sure you have a number that can be reached from abroad. At the end of this brochure is a place for you to write down the phone numbers of your credit card issuers. Leave one copy of the list you make with a trusted friend or relative and keep the other copy with you, in a safe place separate from your cards. That way youll be able to quickly contact your credit card companies for replacement cards if you lose yours. If your cards have credit limits, check how much credit you have available and pay down balances or request higher credit limits if you need more.
What type of information do credit bureaus collect and sell?
Credit bureaus collect and sell four basic types of information. Identification and employment information Your name, birth date, Social Security number, employer, and spouses name are routinely noted. The CRA also may provide information about your employment history, home ownership, income, and previous address, if a creditor requests this type of information. Payment history Your accounts with different creditors are listed, showing how much credit has been extended and whether f paid on time. Related events, such as referral of an overdue account to a collection agency, may also be noted. Inquiries CRAs must maintain a record of all creditors who have asked for your credit history within the past year, and a record of those persons or businesses requesting your credit history for employment purposes for the past two years. Public record information. Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.
Why Does APR fluctuate?
some credit card plans allow the card issuer to change the annual percentage rate on your account when interest rates or other economic Indicators (called indexes) change. Because the rate change is linked to the performance of the index, which may rise or fall, these plans are commonly called "variable rate" plans. Rate changes raise or lower the amount of the finance charge you pay on your account. If the credit card you are considering has a variable rate feature, the card issuer must tell you that the rate may vary and how the rate is determined, including which index is used and what additional amount (the "margin") is added to the index to determine your new rate. You also must be told how much and how often your rate may change.
What is Consumers Liability for Unauthorized charges?
"If you have a problem with merchandise or services that you charged to a credit card, and you have made a good faith effort to work out the problem with the seller, you have the right to withhold from the card issuer payment for the merchandise or services. You can withhold payment up to the amount of credit outstanding for the purchase, plus any finance or related charges. If the card you used is a bank card, a travel and entertainment card, or another card not issued by the seller of the defective merchandise, you can withhold payment only if the purchase exceeded $50 and occurred in your home state or within 100 miles of your billing address. If these conditions do not apply to you, you may want to consider filing an action in small claims court -- an informal legal proceeding that can be used to settle disputes. While the maximum amounts that can be claimed or awarded differ from state to state, most small claims courts hear cases involving amounts ranging from $25 to $2,000. Some states have recently raised their limits to $5,000. Check Check your local telephone book under your municipal, county, or state government headings for small claims court listings. " * Shop around for credit card terms that are best for you. * Make sure you understand the terms of a credit card plan before you accept the card. Review the disclosures of terms and fees that must appear on credit-card offers you receive in the mail. * Pay bills promptly to keep finance charges as low as possible. * Keep copies of sales slips and promptly compare charges when your bills arrive. * Protect your credit cards and account numbers to prevent unauthorized use. Draw a line through blank spaces above the total when you sign receipts. Rip up or retain carbons. * Keep a list of your credit card numbers and the telephone numbers of each card issuer in a safe place in case your cards are lost or stolen.
Debit or Credit?
Once you become a student, you?ll hear this question almost every time you go to pay for something. If you don?t know the difference between debit and credit, learn fast. A debit card (sometimes also called a check card) is basically cash, not credit. Any time you use a debit card money is withdrawn right out of your checking out. When you pay for an item, your checking account balance goes down. Be sure to keep track of what you spend. Even though you might have $100 in the account today, you might have written a check for $50 yesterday that hasn?t posted yet. If you spend $60 with your debit card, your check will bounce when it makes it back to the bank. This can lead to all kinds of fees and penalties.
Be wary of credit card application
A credit card works differently. With a credit card, someone has given you a fixed line of credit. Say, $1000. Anytime you use your credit card, the amount is deducted from your credit line. Then each month you will get a bill. You can either pay all that you owe or only pay a required minimum of the balance due. What you don?t pay will stay on your account and collect interest each month until it is paid off. This might sound like a great thing: buy now, pay later. However, the interest can quickly multiply and cost you much more than you ever spent to start with.
Previous Balance
Previous Balance. As the name suggests, this balance is simply the amount that you owed at the end of the previous billing period. Payments, credits, or new purchases made during the current billing period are not taken into account. Some creditors also exclude unpaid finance charges in computing this balance. If you do not understand how the balance on your account is computed, ask the card issuer. (An explanation of how the balance was determined must appear on the billing statements the card issuer provides you and on applications and pre-approved solicitations the card issuer may send you.)
