It may seem simple enough to look through the various credit card offers available and choose the one that offers the lowest APR, but times have changed. Due to the Credit CARD Act that went into effect on February 22, 2010, there are new stipulations on credit lenders regarding APR. Lenders have had to make changes to the way they do business in order to accommodate these new federal requirements while still being able to turn a profit. As a consumer, you will need to pay more attention to the details of any credit card offer before accepting it.
Read the Fine Print
As you compare credit card offers you may be lured in with promises of zero percent interest rates on balance transfers or low introductory rates.
Credit Card Terms Under Microscope
Back in September 2006, the U.S. Government Accountability Office (GAO) published a 114-page report about credit card trends and use. Reading it today, you’re reminded of two things:
Credit Card Rates: Up or Down?
For example, were credit card rates higher or lower in the good old days? Well, the answer to that one depends on who you are (or, more precisely, how healthy your credit score is) and how good you are at managing your money.
But, for most credit card users, rates today are lower. T
Love to Know (LTK): There is a lot of information out there. What do consumers need to know about these laws?
Beverly Blair Harzog (BH): When it comes to credit, there are many laws in place to protect consumers. Consumers need to know what rights are protected by these laws. If consumers know the laws, they’ll know when they’re being treated unfairly and when their rights have been violated.
Protection Under the Laws
LTK: How do the collection laws protect consumers?
BH: The laws are designed to ensure that consumers are protected from illegal or abusive tactics by collectors. The
The Internet has made applying for a credit card quick and easy. Not only has the Internet made online applications a reality, but it also has made finding, reviewing and comparing credit card offers a snap.
While it may at first seem complicated to apply online for a card, it’s really simple. We’ll walk you through the process here, which only takes a couple of minutes. An online credit card application involves just three steps:
1. Compare, review and pick the card you want
2. Visit the card’s secure online application page
3. Fill out the online form to submit your application
Let’s take a look at each of these steps.
Step 1: Compare, review and pick the card you want
The first step is to choose a credit card. We’ve m
FICO stands for Fair Isaac Corporation, which invented the most commonly used credit score in use today. The three major credit bureaus, Equifax, Experian and TransUnion, each maintain their own sets of scores using slightly different criteria, based on the type of data that the companies keep on file.
The scores help prospective lenders and credit card issuers assess the risk of offering accounts to different applicants. The scores are also used as a basis for adjusting interest rates on existing accounts.
Use FICO Credit Score Estimators
These calculators provide estimates, not real scores, so don’t assume your score is exactly the same as what is estimated. The m