It is true that nothing quite compares to losing a credit card. You must have had that sinking feeling when you realize that you have left behind a phone, a shopping bag full of purchases, or even dropped some cash on the floor without realizing it. While those losses can be expensive, none of those losses can become someone else’s opportunity for a high-limit shopping spree.
These are some of the best steps to take after losing your credit card.
Thankfully, federal law caps your total liability for a stolen or lost credit card to just $50. Moreover, many credit card companies have zero-liability policies whereby you’re not on the hook for a single cent. Even in the worst case scenario, you will probably be okay.
Contact credit card company
When it comes to limiting your liability, time is of the essence. If you report that your credit card is lost before someone has a chance to use it, you won’t be liable for their expenditures. As we said before, though, if they make purchases before you report that your card is missing, you’re liable for up to $50 in unauthorized purchases on a credit card.
Do keep records
Most card issuers are available 24/7 to assist you with reporting your lost credit card. You can find your creditor’s phone numbers on the issuer’s site or on your billing statements. Be ready to tell your creditors the date and time you noticed your card was missing. If you noticed any discrepancies on your billing statement, be sure to mention that as well, and keep all relevant documents handy in case you need to answer any specific questions.
Now that you reported your lost card, your creditor can take the necessary steps to replace it. Your account won’t be cancelled, which might be good news for your credit score, but the old card will no longer be associated with your account. Provided you pay off anything you’re liable for, your credit won’t be negatively impacted.
First congratulations! You have just been approved for your very first credit card. While you might be thrilled at this latest development, you need to make sure you know the basics before you whip out the plastic. Mishandling credit can have negative repercussions for many years to come. If you’re going to use credit, make sure you handle it wisely. Here are three tips for managing a credit card for the first time.
You have many options when it comes to choosing a credit card. Take time to pick one that is right for you and your financial goals. It is absolutely crucial to know what you want to do with the card and find one that fits your lifestyle and your goals. Are you just trying to build credit? A secured credit card might be a good choice. Are you looking for rewards? Well, if you never fly anywhere, you may not want to bother with an airline miles card. Try a simple cash-back card instead. Is the card just for emergencies? Make sure that you find a card with a low interest rate. After all, emergencies usually are not cheap, and if you can’t pay your balance off at the end of each month, interest can grow more quickly than you’d believe, CreditCards.com Senior Industry Analyst Matt Schulz told The Cheat Sheet.
Schulz said CreditCards.com has a tool called CardMatch, which matches you with the right card for you based on your credit profile. Using the tool would not impact your credit score at all and you will save yourself a lot of time and possible rejected applications by being connected with offers that are the right fit for you,” said Schulz.
There is no free lunch
Credit is not free money. Keep this in mind when you are at the mall and you see a new bag, shoes, or clothing item that you feel compelled to add to your collection. Eventually, you will have to pay for these purchases, generally with interest. So think carefully before you swipe your card. Also stay far away from cash advances and convenience checks, which tend to have much higher interest rates. A CreditCards.com survey found that interest rates typically ranged from 9.99% to 36%.
Use the card for emergencies only. However, if you are trying to build credit make small purchases and pay them off the next day. Avoid using your card as a primary means of payment. Rewards and points cards are not worth it and require you to spend more money to get the perks.
Just one late payment could ding your score
If you have not taken deadlines seriously before, now is the time to break that habit. Whether or not you pay your bills on time is one of the first things lenders will look at. In fact, your credit payment history accounts for 35% of your FICO score. Some of the account types that are reviewed for payment history are credit cards, finance company accounts, and installment loans. Freeman says it’s best to send funds electronically so that you can keep on top of payments. When you have payments automatically debited from your bank account, this will ensure timely receipt of funds and reduce your chances of negative marks on your credit report. You will have one less thing to check off of your to-do list and practically guaranteed on-time payments as long as there is money in your bank account. It is a win-win for everyone.
Gone are the days of the good old-fashioned purse snatcher. With little brute and more skill, thieves only need a minute, sometimes a second, to pilfer your credit card data. This spring criminals hacked, phished or skimmed their way into the systems of Michaels Stores, Sony, marketing firm Epsilon, Citibank and even security expert RSA, among others. In some cases, they only obtained names and emails. In the worst cases, they got credit card numbers.
These are the best things to know about the procedure in which credit card information is compromised with.
The waiter/waitress whisks away your credit card and swipes it through the restaurant’s register. Then, one pulls out a small device, about the size of an ice cube, from her apron and swipes it through that, They are one of the suspects.
Credit card reader
The operator switches the credit card reader at the register with a modified one of his own, says FICO’s Fraud Chief Mike Urban. For the next week, the sales clerk unwittingly collects credit card data on the modified reader until the trio returns, takes back the modified reader and restores the original terminal.
The hackers puts malware on public computers and gathers the information you share with that computer, says Urban. They also infiltrates the computer system of banks, retailers and other businesses and extracts personal account information.
The information buyers
The person who buys the information verifies it and then sells it to a person who creates fraudulent credit cards with your account information attached to it. The card maker then sells it to other criminals who buy goods such as stereos or baby formula and sells them to regular consumers.
Credit card fraud happens when someone gains access to an individual’s legitimately opened credit card account and uses it to buy items, take out cash advances and create other illegal schemes. Credit card fraud costs credit card companies millions of dollars per year. But the consumer isn’t generally responsible for any of it, as many companies have zero dollar fraud liability guarantees.
Given is the list of the top guidelines to evade credit card fraud.
Keep your credit cards safe
Keep your credit cards in a purse or wallet close to your body where it cannot easily be snatched away. Ladies, make sure your purse is zipped. If you are shopping in a high traffic area, carry a smaller purse. For both men and women, carry only the one or two credit and debit cards you’ll be using that day. Leave all your other credit cards at home. Thieves can take pictures of your credit card with a camera or cell phone, so don’t leave your credit card exposed any longer than necessary.
Shred anything with your credit card number on it
Rather than toss your credit card billing statements directly into the trash, shred them to keep dumpster divers from getting their hands on your credit card number. The same thing applies to old credit cards that have expired or been cancelled. You might even put the shredded pieces in different trash bags to thwart clever thieves who can put shredded pages back together.
Do not sign blank credit card receipts
To avoid credit card fraud, always verify the amount on your credit card receipt before signing it. If you get a credit card receipt that has blank spaces in it, write $0 in those spaces or draw through them before putting your signature on the card. Otherwise, the cashier could write in an amount and send the purchase to your credit card issuer.
Avoid giving out your credit card information
Only give out your credit card number or other sensitive information on calls you initiate to customer service using the number on the back of your credit card. Don’t return calls to a phone number left on your answering machine and do not give your credit card number to anyone who calls you requesting the number. Credit card thieves have been known to pose as credit card issuers and other businesses to trick you into giving out your credit card number.
Maximizing your points is just a matter of paying attention and making the right choices. Do you pay for everything possible with your credit card, including your nanny and your yard guy? Do you look for opportunities to double and triple your points? It is free money,
These are some of the best awesome tips of handing credit cards.
Many credit card gurus have found that signing up for four to six credit cards a year, and then canceling them once the rewards have been issued, has had only a small impact on their credit scores. Of course, it is probably not a good idea to do that if you know you’re going to refinance or apply for a big loan like a mortgage soon.
You can use your credit card to loan money to a screened applicant from one of 60 countries. The borrower pays you back over time, and it claims a low 1 percent default rate. You get the points, and you know you are doing something worthwhile.
You can also use your card to pay friends back by using a payment service such as Amazon Payments, PayPal or Venmo. Some rewards buffs report in travel forums that they take that to the next level, using payment services to regularly pay a family member large amounts.
Some cards give you extra points for gas; others give you a bonus when you use them for groceries or travel. Make sure you are making a conscious choice about which card to use where. At restaurants, use one that pays extra points for dining out, at gas stations, use the one that gives you back more for gas, and so on.
The credit cards offer flexibility, valuable rewards and better security than cash. But they can also get unwary users into a lot of trouble. So when it comes time to give your kids access to a credit card, it is important that you teach them how to use it responsibly. This can help them understand both the benefits and the dangers.
Given is the list of the top points for handing over credit cards to children.
The best way to prepare kids for things is to start to instill good habits when they are young. That includes credit cards. Helping children learn to budget, manage credit and keep their spending within their means can give them the financial literacy skills they need to become independent money managers.
The children will eventually need to qualify for credit cards on their own. Adding them as authorized users on one of your credit card accounts can help them build a credit history while they are still in their teens, which can ease the way when it is time for them to apply for their own cards.
The card also came in handy again when there is any kind of emergency situation. The parents of children have their own credit cards but in adversities like the cards being lost or stolen, the cards of the children can be used for the transactions.
Credit card transactions are easier to track than cash, both for the parent and for the young shopper. Morrison recommends teaching kids to use the online tools offered by the credit card issuer, so they can see how their spending fits into different categories.
Using a rewards credit card can be a smart way to earn free travel or cash back from purchases you’re already making. However, not all cards are created equal, and seniors may find that some programs are difficult to navigate and redeem for rewards.
For seniors who like to travel, Barclaycard Arrival Plus gets high marks from all three experts for being both lucrative and easy to understand. Cardholders can earn double miles on every purchase made and then redeem those miles for a statement credit toward their travel expenses.
The Arrival Plus card also offers 40,000 bonus miles to new cardholders who spend $3,000 in the first 90 days after receiving their card. Those bonus miles offer the equivalent of a $400 statement credit. However, the credit can only be applied toward travel expenses, which means this card is best for those who travel regularly.
The Capital One Venture card is almost identical to the Arrival Plus card. It lets cardholders redeem miles for travel statement credits, and it also offers 40,000 bonus miles worth $400 to new cardholders who spend $3,000 in purchases during the first three months.
However, the Arrival Plus has a slight advantage in that it offers a 10 percent rebate on all travel redemptions. For example, if you redeem 40,000 miles, the card puts 4,000 miles back in your account for future use. On the other hand, the Venture card has a lower annual fee of $59, also waived in the first year, which could appeal to some seniors.
Seniors who already belong to frequent flyer and hotel loyalty programs may be inclined to look for cards affiliated with these programs. However, travel experts say it’s better to look for a card that will let you transfer points and miles to a number of partner programs. These cards give seniors the flexibility to earn points for multiple loyalty programs without having to juggle multiple cards.
Among these cards, Chase Sapphire Preferred gets high marks. Cardholders earn Ultimate Rewards points that can be either redeemed through Chase or transferred at a 1:1 ratio to other travel programs, including United MileagePlus, Hyatt Gold Passport, Marriott Rewards and Amtrak Guest Rewards.
Rewards credit cards can be a great way to earn money or free travel from everyday spending, but carrying a balance and paying interest negates those benefits. Seniors on a fixed income should carefully monitor their spending to ensure they aren’t charging more than they can comfortably repay each month.
From presents for the kids to special food for family get-togethers, holiday traditions have the potential to put a significant dent in your wallet. However, you can take the sting out of that spending by earning rewards for every purchase. Rewards credit cards come in many flavors, with some offering cash back and others providing miles or points that can be redeemed for travel, gift cards or merchandise.
Given is the list of the top credit cards for shoppers to use while shopping.
Citibank Rewards Card
The card owner gets 10X Rewards (or 4 Miles) for every S$1 spent on shoes, bags, clothes or departmental stores or online shopping websites. You get up to 10% rebate at over 700 merchant outlets including Burger King, Cold Storage, Shell and Starbucks and also get up to 30% off Online Shopping at Luxola, Blue Nile and more.
Standard Chartered SingPost Platinum Visa Credit Card
By availing this card, you get upto $120 worth of vPost vouchers and enjoy 7% CashBack on eligible online spending (min. $600 spend per month) and also have 10% off Speedpost Priority Service package, 5% off SMARTPAC with minimum order of three pieces. For Omigo, you have $20 off with minimum spend of $80 for new customers and 15% off subsequent purchases.
American Express Platinum Credit Card
This card holder receives 10X Membership points at over 300 Platinum Partner outlets including G2000, Topshop and Harvey Norman along with 90-days return guarantee, return almost any purchase made in Singapore for a refund up to S$800 per item and also redeem vouchers with points at various shops including Dorothy Perkins, TOPSHOP, Ben Sherman, Robinsons, Isetan, OG, Courts and many more.
OCBC Robinsons Group Credit Card
With this credit card, you get 10% cash rebate with purchases above $5,000 at Robinsons, Marks & Spencer and John Little along with 5% cash rebate for purchases below $5,000 at participating 19 retail brands including Robinsons, Marks & Spencer, John Little, Royal Sporting House, Golfhouse, Lacoste, Nautical, Speedo, Vans and Quiksilver.
The credit card has hugely evolved through the years. There are some credit cards that have business-specfic and are ideal for business persons. Big entrepreneurs to small businesses with few employees, sole proprietors, and independent contractors can all use business credit cards to manage cash flow and earn rewards on their spending.
These are some of the best business credit cards to use.
Ink Cash Business Credit Card
This card has the same bonus rewards categories but caps rewards at $25,000 spent in each bonus category annually instead of $50,000. Earn $200 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. The card owner can earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year with 0% introductory APR for 12 months on purchases and balance transfers.
American Express SimplyCash Business Card
By using this card, you can get 5% cash back at U.S. office supply stores and on wireless phone services purchased directly from US service providers. The interesting twist to SimplyCash® is that AMEX lets you pick one additional category to earn 3% back in. This adds some flexibility for you because you can analyze your spending and select the best category to max out.
Ink Plus Business Credit Card
This business card has no foreign transaction fees, the ability to earn 5 points per dollar at office supply stores. The card owner also earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards with chip-enabled for enhanced security at home and abroad when used at a chip card reader.
American Express OPEN Starwood Preferred Guest Business Credit Card
The Starwood Preferred Guest Business Credit Card from American Express OPEN might be the perfect card for your wallet. By signing up and earning points in the Starwood Preferred Guest program, you can earn free nights at any of the programs 1,200 properties in nearly 100 countries and you can use your points to book flights directly on 150 airlines with no blackout dates through SPG flights.
Applying for a secured card is a simple way to begin building your credit history. Secured cards are a way to prove to a lender you can be responsible without a lender having to take much risk. When you open a secured card, you put down a deposit and the lender gives you a line of credit. Typically, your line of credit matches the amount of your deposit. But just like credit cards, not all secured cards are created equal.
Given is the list of the top credit cards needed to build credit for yourself.
State Department Federal Credit Union
You are eligible to join the SDFCU if you are an employee of the Department of State or one of the extensive organizations with ties to the credit union. If you don’t work for the Department of State, you may also be eligible through the American Consumer Council. You can join the ACC for only $5 if you have used any major consumer product or service within the past 12 months and you probably have.
Visa Classic Secured Credit Card
One of the eligible associations for membership is the National Sheriff’s Association. It costs $38 to join the NSA as an auxiliary member or student. By joining the NSA first, anyone can then become a member of the Justice Federal Credit Union. This brings the cost of membership to $43. It provides financial services to employees of Justice, Homeland Security and the Law Enforcement Community, as well as their family members.
Digital Federal Credit Union
You must be a member of DCU in order to apply for the secured card. You can be eligible to join DCU if a relative is already member, if your employer offers membership or your community is included within field of membership. If none of these apply, you can join an organization with member privileges. Joining these organizations range in membership cost from $25 to $120. Once you join DCU, you have a lifelong membership, so you could cancel a membership with the other organization after joining.
Capital One secured card
If you currently cannot afford the $110 – $500 deposit, consider the Capital One secured card with a $49 minimum deposit for a $200 line of credit. Capital One used to have an annual fee of $29, but now provides no annual fee. However, this deposit is based on what Capital One deems as creditworthy. It is possible it will ask for a deposit of $99 or $200.