How does a credit card work, what is the best card available?
Question by dasnatch20: How does a credit card work, what is the best card available?
First time dealing with credit cards need as much info as possible.
Best answer:
Answer by seaportma
First, go on line. There are a lot of articles on getting into trouble with credit cards. Pay attention to them.
It sounds like you have no experience with credit cards, and are trying to build a credit history.
Apply for a card. Do not spend more than you do today; do not spend more than you can afford. Pay the entire credit statement as soon as you receive it. Since you are paying off the entire statement before the due date, you will not have to pay interest or late payment penalties. After a while, you will get other offers from other credit card carriers. If they have better terms (lower interest rate, better benefits) take a card with the new carrier, and cancel the original card.
Remember: if you do not pay off the entire statement, interest is charged on the unpaid portion. And this is where most newbies get into trouble.
Bottom line — Do not spend more than you can afford to pay off and do not get into debt.
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Insider Secrets To Credit Card Processing (The Complete Guide To Saving Big On Credit Card Processing Costs) Reviews
Insider Secrets To Credit Card Processing (The Complete Guide To Saving Big On Credit Card Processing Costs)
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Is it better for your credit to have several credit cards with moderate limit, or one card with a high limit?
Question by shooter 1: Is it better for your credit to have several credit cards with moderate limit, or one card with a high limit?
I have zero debt. I also have several credit cards. I am wondering how it will affect my credit to request the highest limit for each card, or if I should cancel all but 2 and have those with high spending limits. Along the same lines, how does “available” credit affect one’s credit score negatively or positively? If I get a $ 50,000 limit on a card (with 0 balance) but say, go to buy a car, will I be denied because I have too much credit out there?
Best answer:
Answer by talr
It’s better for your credit to have several cards with modern limit, as the FICO formula used by the credit bureaus consider the number of credit lines in good credit (by their type, e.g. revolving credit, installment loans etc). A lower number of credit lines will result in a lower score (since you’ll have more limited history).
Obviously that assume all of them are in good standing – if they’re not, the picture changes dramatically.
As to the total credit, what they look at is which percenage of your total credit are you using, and for that it’s irrelevant how it’s distributed between the credit lines.
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Is it possible to have a $50000 credit card cash advance limit?
Question by : Is it possible to have a 000 credit card cash advance limit?
I have been trying to learn about credit card cash advances, as I’m curious to learn how they work. How do credit card companies determine this limit? How high can this limit be? Thanks guys
Best answer:
Answer by Barnesy
Neither you or the lender would want a cash limit this high. If you need this level of cash then you would take out a personal loan. The interest rate would be less and the entire arrangement would be more manageable for all parties.
Typically, a credit card issuer does not like to see large cash-advances against a credit card. They often signify that a borrower is in some kind of financial stress.
The most sophisticated credit card issuers can see a cash-advance inside (or nearby) a casino and make rapid status changes on the account. e.g. a customer that has maxed out their daily card limit on debit card cash and then proceeds to run credit card cash-advances is probably not going to be the best credit risk.
This whole area is extremely complex. Banks hire large teams of statistical analysts to perfect lending models around cash advances. They then spend millions on systems that can act upon the models in real-time.
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When does a cash advance get paid off (Before or after credit card transactions)?
Question by Dan M: When does a cash advance get paid off (Before or after credit card transactions)?
Cash advances on credit cards usually have higher interest rates. So when you make a cash advance and pay your credit card your minimum payment for instance, does the cash advance get paid off first or do the credit transactions get paid off. Or does the credit card company make it so you pay the cash advances last when you are about to pay off your entire cc balance?
Best answer:
Answer by bdancer222
New laws that recently went into effect. Your minimum payment is applied to the lowest interest rate. Anything over the minimum payment is applied to the highest interest rate.
Before the new law, your whole payment was applied to the lowest interest rate.
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Categories: Loan Questions Tags: Advance, after, before, Card., cash, Credit, Paid, transactions
Q&A: What is Cash Advance Interest on Credit Card?
Question by : What is Cash Advance Interest on Credit Card?
Just noticed I’m paying Cash advance interest on my credit card at 16.99%.
What am I paying for exactly?
Would I be able to call my bank and get that off my credit card or is it something I’m stuck paying because I have a credit card?? thanks
I don’t use my card anymore, just trying to pay it off quickly.
Best answer:
Answer by Angry Bird
Cash Advance interest is always high than regular interest.
Plus there are flat fees, and no grace period.
Your only option is not to use the card until you can pay all this off.
Once you do this, use your card to build up good credit.
Use it for something you need like gas, and pay the amount in full each month.
This avoids interest and develops amazing credit (with time).
Never dare carry balances again. It can cause serious damage to credit scores.
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If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
Question by : If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
I bought something from a store and signed up to their 6 months zero interest credit. I need to return the item to the store but they said I can’t return it until I pay off the balance. I can’t use my Visa to pay it because you can’t use credit to pay credit, so would getting a cash advance be a good idea for this? When I pay off the balance with the stores credit, they said I’ll be able to return the item.
Best answer:
Answer by Ginger
You will be charged very little interest for the cash advance if paid off quickly but the ca tran fee can be huge, like 3%. I don’t know why they want you to pay it off first and then get credit for the return! I just hate those 6 month and 12 month zero offers that bite you in the end, or in your case the beginning.
Are you not going through with a substitute? This requirement to pay for it and then get a credit makes absolutely no sense to me.
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100% Internet Credit Card Fraud Protected Reviews
100% Internet Credit Card Fraud Protected
This book provides professional anti-fraud methods that can help you protect your business from credit card fraud.
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How to Legally Settle Your Personal and Credit Card Debt for Pennies on the Dollar: Without Filing Bankruptcy
How to Legally Settle Your Personal and Credit Card Debt for Pennies on the Dollar: Without Filing Bankruptcy
The current economic climate is dim for many Americans it forecasts potential recession, trouble for homeowners, and increasing personal and credit card debt. According to Federal Reserve estimates, that credit card debt is already in the trillions of dollars and rising each year. So, what can you do about it without immediately resorting to bankruptcy eliminating the entirety of your finances for years to come? It s a tough question to answer and one that many are faced with regularly, but there are ways to handle these debts legally without reaching for the extreme, final measure that we all dread so much. This book was written to provide every individual who is standing at the precipice of too much debt with the tools they need to settle that debt legally without ruining themselves forever. You will learn everything you need to know about the basics of debt, including what the various kinds secured, unsecured, personal, business, and tax debt entail and how they affect you. You will learn what happens to you when you don t pay, both legally and socially, and what your first steps should be on the road to repairing your debt. You will learn how to assess your overall risks and what your options are with your creditors. You will learn what vulnerabilities your debt collectors have legally and what you can do to legally challenge the validity of your debt. You will learn how to deal with bill collectors and how to create a line of communication that is two ways and not reliant solely on them making demands. Top financial experts, bill collectors, and one-time debt owers have been contacted and interviewed for this book and their interviews have been included here to provide a complete outline of what you can expect when you try to settle your debt. You will learn how to start negotiating settlements with your creditors and what specific things you can and cannot do when dealing with them. You will learn the variety of debtor s rights that exist and why they are never told to you, including details about the Fair Debt Collection Practices Act and how this act is legally enforced. For anyone who has ever spent the better part of their life dodging calls from creditors or trying to figure out how to pay those bills next month, this book will be the tool you need to understand how to tackle and deal with your debt.
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Q&A: is there a difference between a cash advance credit card debt and a regular purchase debt?
Question by Nicolas R: is there a difference between a cash advance credit card debt and a regular purchase debt?
Like, if I owe a lot of money to 3 or 4 credit card companies (like 4k each) on cash advances I know the interest rates are higher by a lot but is there a difference if the debt was for regular purchases? will they come after me more than if they weren’t cash advances? Can I still file bankruptcy to get out of the debt?
Best answer:
Answer by Koku
Absolutely! Your cash advance debt is billed at a much higher rate, and your payments to each card will be applied to the lower debt rate.
Say, you cash advanced $ 1000 at 24.99% APR but had an existing balance of $ 3000 at 9.99% APR
When you get ready to pay the bill, and attempt to pay the total cash advance balance, you’ll be in for a rude awakening. The credit card will apply the $ 1000 (+ fees) to the lesser APR, and if you continue to take out cash advances, eventually all of your debt will consist of the cash advance rate.
Also, your cash advance fees are more than likely immediate– unlike carrying a traditional balance where you can avoid the finance charges if you pay before the bill date. Cash advances should be a very last ditch, emergency option. They will increase your debt tenfold if you’re unable to manage them.
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