My Money: CASH BACK: Get Paid for Using Your Credit Card

Friday, May 9, 2008

CASH BACK: Get Paid for Using Your Credit Card

Cash Back??? FREE MONEY??? Yes you heard right, some credit cards actually pay customers to use the credit card. If you are able to pay off your credit card every month...the company actually pays you! Last year, we were able to pay 25% of our Christmas off using the credit card's money back program. When is the last time someone has given you FREE MONEY!!!

BEST CASH BACK CREDIT CARDS

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Credit Cards: The Good, The Bad, and The Ugly

The Good... (People with Good Credit) Depending on the credit rating, a number of credit cards are willing to business on very favorable consumer terms. For instance, a trip to credit mall suggests that there are nearly 100 companies that are willing to extend credit at 0% APR from three all the way to fifteen months! After all, the best credit risks deserve the best cards. Aside from low interest, credit cards are available in other reward categories such as cash, gas, and travel. The Bad... (People with No Credit) Students find themselves in a unique situation. While bad credit is viewed as a bank risk, no credit in some circles is viewed as too risky. Interestingly enough, most cards for students all had an initial six months with 0% APR as well. However, the terms of this deal are much different. For instance one offer shows “Two Cycles Average Daily Balance" method when determining finance charges. Wikipedia explains this as "The sum of the daily balances of the previous two cycles is used, but interest is charged on that amount only over the current cycle. This can result in an actual interest charge that applies the advertised rate to an amount that does not represent the actual amount of money borrowed over time, much different that the expected interest charge." In layman's terms, an unfavorable borrowing situation. The Ugly... (People with Bad Credit) Consumers with poor credit need plastic as well. And there are several banks which offer them. However, the terms as one would guess are unfavorable including some with no introductory rates. Most of these cards come with a hefty membership fee, an APR that is in the Ozone Layer, and a number of penalties that would make a consumer's toes curl.

My Money

Friday, May 9, 2008

CASH BACK: Get Paid for Using Your Credit Card

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Credit Cards: The Good, The Bad, and The Ugly

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