Advice

How to Lose Credit Card Rewards

There are occasions when credit card users lose points, miles and cash back rewards. Here are five of the most common credit card pitfalls in this area.

Inactivity

Some credit card programs take away rewards if you don’t continue to use the card. For instance, the NFL Extra Points card from Barclay will the close account of cardholders who do not make a charge for six consecutive months.

Program Changes

Credit card loyalty programs have terms and conditions that allow companies to make changes with little notice. Most of the time, these changes result in rewards being harder to redeem, or requiring more points or miles.

Late Payments

Some credit cards have terms that withhold rewards when the cardholder makes a late payment.

Expiration

Many airline frequent flier programs have expiration dates. For example, if American AAdvantage miles aren’t earned or used at least once in any 18-month period, the miles are lost. Card holders should keep track of loyalty points through the credit card company Website.

Account Closures

When the credit card issuer operates the rewards program, cardholders will usually forfeit rewards when their account is closed for any reason. This includes customers canceling their credit card as well as banks closing delinquent accounts.

Credit card users should be very cautious about accumulating vast sums of points and miles for more than a year or two.


How Credit Cards Work

Taking the time to find the best credit card rates and reading the fine print of credit card terms might save you from falling into the black hole of debt.

How do I get the best credit card deal?

Make sure you know all the details of how your credit card will work. Study terms and costs closely before signing up. Try to avoid credit cards that charge annual fees in exchange for rewards or perks and services. Generally, these perks work to your disadvantage. Reward credit cards work best for those folks who are able to pay off purchases before interest is charged. The people who get the best credit card deals are those who have the best credit to begin with. If you don’t already know your credit score, find out.

Credit Card APR’s

The lower the interest rate, the less money you’ll pay when you carry a balance. Some cards come with a super-low introductory rate. Pay close attention to the interest charged when the teaser rate ends. About 70 percent of all credit cards come with variable rates. Most issuers use The Wall Street Journal prime rate as an index. The interest rate on variable rate credit cards fluctuate with an index and can increase substantially within a year. In recent years, interest rates have rarely decreased. Read more…


Personal Steps Toward Reduced Credit Card Debt

The presence of multiple professional credit card debt management services nowadays are a testament of two things: (one) debt is a major problem in the financial industry, and (two) most people suffering from escalating debts cannot repair or settle those debts on their own. However, doing so is not entirely an impossible job provided that you remain dedicated in your effort to pay off any remaining debt and improve your credit report.

Settling Credit Card Debts On Your Own

One of the biggest dilemma Read more…


Practical Credit Card Debt Solutions

Improving your financial status and becoming free of debt usually only requires practicality on your part. When you learn to become responsible and practical in your use of credit cards, then you would not have had immense debt problems to begin with. However, you can apply the same level of practicality when it comes to paying off or settling debts.

A few companies offer debt elimination programs but you need not jump right into it. You need to consider whether you will end up paying more than you could afford. However, if it saves you time and stress while also reducing Read more…