meeny's Blog

Student credit cards are fairly easy to get, simply because credit card issuers view high school and college students as a segment of the population with money to spend. Of course if you're the parent of student, you know that may or may not be true.

What is true is that even when not required to co-sign for the student credit card, parents will generally back their youngsters and pay the bills when the kids can't. So parents need to spend time discussing the use of the card - and setting some rules of their own.

Students do often need to have access to money for unexpected expenses. A professor may demand an extra textbook or they may become ill and need to have a prescription filled in a hurry. They may even need funds for transportation back to school after an ill-advised side trip with other students. (We've all done silly things, after all!)

But unless you've set up the student credit card as a way to access to a pre-set allowance for the student, using the card for day to day expenses should be out of the question. The student should view his or her student credit card as a safety net and use it only for emergencies. And contrary to some beliefs, needing a few new CD's or a pizza are not emergencies.

If your child handles it responsibly, that student credit card will help him or her begin to build a solid credit rating. On the other hand, irresponsible use will cause him to begin his working life with the handicap of low credit scores.

And unless you're stepping in to pay all the bills, it can also cause him to carry a heavy burden of debt. Over-limit fees and late fees on student credit cards can be excessively high, so that $20 pizza that pushes the card over-limit could end up costing $50 or even $60! Plus interest, of course.

If your student is paying his or her own bills - either via money you provide as an allowance or from a part-time job - impress upon him that his student credit card bill must be paid on time. If he's going to be short and unable to pay it, he needs to call home before the due date, even if it's embarrassing. Late fees are already hovering at the $40 mark, and could go higher as credit card issuers seek to expand their profits.

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Having multiple credit card debts is a very real and frightening problem that will only get worse if not taken care of quickly. Even if you do stop charging, which is a first and important step, the notoriously high interest rate of credit cards still makes finding the end of debt a problem. This is where credit counseling, and possibly consolidation loans for credit card debt come in. You can get out of credit card debt with patience and good credit counseling.

The advantages of a consolidation loan will be a lower interest rate, which shouldn't be hard with credit card debt, and the ability to make one monthly payment. When looking at companies watch out for consolidation loan fees, make sure the fees are manageable for you and comparable to other companies.

If you have good credit you can look into unsecured consolidation loans, though these will typically still have higher interest rates than secured loans. If you can use your home or vehicle for collateral you can look into secured credit card consolidation loans which will have lower interest rates, but be aware that if you fail to make payments your property can be repossessed.

A popular option for credit card consolidation that should be considered with extreme caution is credit card balance transfers. In some situations people can obtain a new credit card with an introductory low rate. You can then transfer the balances on your high interest cards to the new low interest card. However, in a few months when the interest rate rises you are back in trouble and may have damaged your credit further, making your other options more limited.

Whatever you decide to do with your credit card debt it's important to consider the short and long term possibilities. Credit card consolidation loans can be a good option for a lot of circumstances, evaluate carefully.

For more information on using consolidation loans to safely get out of debt and finding top debt consolidation loans visit Unsecured Debt Consolidation Loans

When students apply for credit cards and sign on the contract, credit card issuers assume that they have gone through every detail. Even though majority of the authority rests with the issuers, you need to understand your basic rights over the use of student credit cards. Fair Credit Billing Act bestows certain rights on students. While exercising such rights, students need to ensure they do not go against the rules as stated in the act.

Disputable rights

Any action students wish to take has to be in order and within a specified timeframe. Students may come across problems, while using credit cards, most of which are concerned regarding purchases. As such, they own the right to dispute over some issues. The disputes mainly arise in billings you receive from merchants. What if someone has unauthorized access to student credit cards? To tackle such complicated issues, Fair Credit Billing Act (FCBA) offers certain disputable rights to students.

Nature of Disputes:

Billing: Often you, as credit card holder, may have a dispute with merchants for goods, which either you do not receive or are not in good condition. If this happens to you, follow the steps as below:

1. Within two months from the date of receipt of first statement that lists the dispatched item, contact your credit card issuer in writing. Use separate address for billing inquiries. In addition, make sure you mail the letter including your name as it appears on your account. Mention the account number, complete information of the item you wish to dispute and your specific need, be it rectification of mistake from the (merchant) delivery end.

2. Sign the letter before sending across. Preserve a copy of it for future reference. Any supporting documentation you send such as receipt, maintain a copy of it too. Stick to mailing method, which proves you have disputed over anything with the credit card issuer and it acts as certified mail. Accordingly, expect a notification from the issuer within thirty days, since the day of sending the mail. The issuer will then investigate into the matter in question and get back to you.

While investigation is on, you neither make payment for the disputed item nor for any charges that may arise due to it. You are free from any potential liability, if the case is in your favor. Otherwise, you are responsible for paying as mentioned in the cardholder agreement.

Charges without official authorization

These problems are often times associated with student credit cards. For student credit card holders, their responsibility for disputing unauthorized charges is restricted to $50. It may seem uncomfortable to pay $50 for you. Many credit card holders suffer heavy losses, as many cardholders are falling prey to identity theft.

Disputes normally arise as with the use of student credit cards. Often, due to identity mismatch, you might suffer greatly. Be the dispute of any nature, you have the right to fight for it with the credit card issuer. Make sure you dispute in a legal manner and as stated by the FCBA. It is best to talk to an attorney to know more on your rights as a student credit card holder.

Tom Tessin is an exclusive author to FINDcollegecards.com which specializes in Visa Student Credit Cards.

Looking for the best business credit cards? You're not alone. Millions of business owners want to carry the best cards, but don't know where to look or how to find them. Fortunately, there are a few pointers that can get you on the right track. When looking for the best credit cards for your business, keep a lookout for these three things that all great business credit cards have in common.

1. A Low APR

Don't ever sign up for a card with an interest rate of 20 percent or more, no matter how pretty the perks may be. A low interest rate can save you quite a pretty penny if you're in a pinch and you find that you can't pay your entire balance off in full one month.

Even if you never plan on carrying a balance, you need a credit card with a somewhat-decent APR. Emergencies come up and there's no way to predict the future. You may find yourself carrying a balance, even if it's only for a couple of months. That's why the best business credit cards have a low interest rate, regardless of what rewards are offered.

2. Business-Related Perks

Not all rewards cards are created equal, and the best business credit cards understand this. Sure, rewards that can be redeemed for video rentals and movie tickets are nice -- for personal credit cards.

Make sure your business credit card features rewards that benefit your business, not your personal life. Free office supplies or business travel may come in handy when you need it most.

3. Detailed Statements and Online Banking

The best business credit cards offer detailed line-item statements and online banking. Okay, technically these are two different things but they are related to one another. Not only will you be able to tell what types of purchases were made with your cards and where they were made, you'll be able to access the information online each and every day.

There's something to be said for having daily access to updated credit card activity -- especially if employees have access to your business credit cards. And online bill payment can make it easier to get those statements paid on time!

Remember, not all credit cards are created equal and business credit cards are no different. If you want to make sure you have the best business credit cards in your wallet, remember the above three tips.

The convenience of using a credit card for purchases of all kinds and cash transactions cannot be disputed. When you see an item that you want to buy but for which you do not have the cash on hand, you can easily get what you want when you use a credit card for the purchase. Just about all retailers accept a wide variety of credit cards, which makes it easy to use wherever you are. You can even shop online and make purchases from other countries. You do not have to pay back the full amount of the purchases you make in a month if you do not wish to and you can spread the repayment out over a length of time.

When you receive your monthly statement, you are required to make the minimum payment amount, but you can pay whatever amount over this that you wish.
Most consumers have several credit cards and carry a balance on all of them, which means that they are paying out a lot of money each month in the high interest charged by credit card companies. This means that only a very small portion of the minimum payment actually goes towards paying off the outstanding balance of each card. You can save yourself a lot of money each month when you start taking steps to pay off your credit card debts.

One way of reducing the amount of interest you pay each month and getting the unpaid balances paid off much sooner is to transfer the balances to a 0% credit card. Many credit card companies offer you this incentive for an introductory period of six months or a year. It is the ideal solution to helping consumers get out of debt quickly. When you make the same amount of payment that you previously made on your card, all of your payment will go towards paying off the outstanding balances. You may have to pay a small fee for the transfer, but this is very small compared with being able to pay off the credit card without incurring any further interest charges.

Another option is to transfer balances to a credit card that offers a very low interest rate on balance transfers. There is no time limit on paying off the balance and the low interest rate will stay in place until you have the balance transfer amount repaid in full. It is important to be aware of how much interest you are paying each month and take steps to reduce this amount. If you know that you will be unable to repay the full amount of the balance within the time frame set for 0% interest, then a low rate life of balance transfer card would be the best option for you.

You should take stock of your credit card debt and keep one card for emergency use only. Then if you pay off the balance at the end of each month on this card, you won't be putting yourself deeper into debt. When you have several credit card balances to pay off, then you can start with the card that has the lowest balance and concentrate on paying this one off first while still making the minimum payments on the others. When you do accomplish the repayment, instead of considering the payment as extra money you now have, apply it to the next highest balance in addition to the minimum payment. It won't take you long to become credit card debt free.

Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Credit Cards and Personal Loans Visit Loans