Types of Bank of America credit cards
There are various types of Bank of America credit cards, including those for poor credit, cash back cards, reward cards, student cards, sports cards and small business cards.
What are the Benefits of the Bank of America Credit Card for Poor Credit?
The Visa fully secured credit card has a standard APR rating that is not affected by prime rate and this card is suitable for people who want to improve their credit scores. The standard APR for this card is 18.24% and the annual fee is $39. The fee for balance transfers on this card is 4% of the transaction amount and the minimum amount for balance transfer is $10.
Read the full article →
With the new Credit Card Act of 2009 now in effect, chances are that when you receive your next credit card statement, it will have some new information and disclosures. To assist consumers in understanding and interpreting the new rules, The Federal Reserve has announced the release of an interactive tool that illustrates and explains how to interpret both credit card offers and new credit card statements.
The consumer guide is designed to answer certain questions such as what your total fees are for a given period and where to find them on your new credit card statement. The website also covers standard credit card offers and how to read them effectively. Learn more about this helpful guide for understanding the new credit card laws.
What are Credit Cards for Poor Credit?
Credit cards for poor credit are secured cards that offer consumers an opportunity to enjoy the benefits of a credit card while paying a low fee. These cards are used primarily to repair or build the credit score of people who have a lot of debt or new card members who need to establish credit. Most banks that offer these credit cards for poor credit do not perform a credit check before issuing these cards.
Read the full article →
What are the Various Types of Chase Credit Cards?
Chase has many types of credit cards that provide benefits such as free mileage points, bonus points and reduced fees. Based on the purpose of the card, chase credit cards can be grouped into a few broad categories. These categories are airline rewards cards, hotel rewards cards, retail rewards cards, gas reward cards and points reward cards.
Read the full article →
What are Reloadable credit cards?
Reloadable credit cards can be used like any other credit card to make purchases online or at the store. Unlike conventional credit cards where you owe the bank or financial institution the amount you make a purchase for; with these cards you first load funds onto your card and then make purchases based on the amount of money you loaded onto the card.
The benefits of Reloadable credit cards:
The primary benefit is that since they don’t carry a credit balance, there is no interest rate. You spend money you have loaded onto the card and you negate the need for interest rates and late payment fees. The principal advantage of course is that you don’t accumulate debt.
Read the full article →
American Express Black Card: The Centurion Card
The official name for the American Express Black card is the Centurion Card. This rare, and seldom seen card is considered by the wealthy, and non-wealthy alike, as the ultimate status symbol. With stratospheric credit limits, and a reputation that carries so much weight that it can literally get cardholders into the most elite of establishments, if you’re able to acquire one it must certainly mean that you’ve “arrived.”
The American Express Black card is available by invitation only and as of 2009, has a hefty annual fee of $2,500 and a one-time initiation fee for the first year of $5,000.
Read the full article →
About one month from now, the new credit card reform bill rules will take effect. The new rules are intended to protect consumers against seemingly unfair banking fees and other practices. The rules become effective on February 22nd, 2010.
This sounds like a great move for cardholders, but according to the banks, they are stating that they’ll be losing money as a result of these new rules. In order to make up for these losses, they are expected to increase fees.
Read the full article →
New Service offers iPhone, Android and other compatible cell phone users the ability to charge credit cards on the phone.
Towards the end of last year, Jack Dorsey who is co-founder and chairman of Twitter, launched a new company called square that will allow you to process credit cards on your cell phone. Using a small adapter that fits in the audio jack, anyone can now swipe a credit card and accept payments.
The software makes it super easy to charge a credit card on your cell phone and you can even send an electronic receipt via email once the charge is complete. It also has a system for payer photo verification, and allows the customer to sign their name on the screen. The company will donate a penny of every transaction to a cause of your choice.
Read the full article →
Credit Card Debt Settlement: The Pros and Cons
If you find yourself in a position where you can’t afford to make your credit card payments anymore, then a credit card debt settlement may be the most sensible option for you.
The past couple of years have been tough times for a lot of people. Thousands have lost their homes, lost their jobs and have even migrated out of state where the cost of living is more affordable. Most people in this situation have no choice but to stop making credit card payments because they simply don’t have the money.
So what happens in a situation like this? If you’re buried in credit card debt, then you typically have the following three choices:
- Negotiate a credit card debt settlement
- Work out a repayment plan
- File for bankruptcy
Read the full article →
0% Interest Credit Cards and No Interest Balance Transfers
Zero interest credit cards are a very effective way to save money and reduce your monthly interest payments. Most people use 0 interest credit cards in order to transfer balances from higher rate cards. If you are someone who carries balances on credit cards that have high APR’s, then this type of debt consolidation makes a lot of sense.
One bad habit that you want to avoid is constantly transferring debt from one card to another. This may make sense in the short term, but it does nothing for reducing or eliminating that debt. It’s easy to get excited about what 0 interest credit cards have to offer, but it’s also as easy to find yourself charging up your new card, only to transfer the balance to another card a year later. This can become a vicious circle.
Read the full article →
