Yesterday when checking my organizer for the next week’s plans I looked at the date, and guess what… I’ve suddenly realized that it’s just 3 weeks left before summer is here! I love summer. Everybody does. Summer is the season of vacations and trips. Summer… beach, a lot of sun, sand, light sea breeze… That’s the way I spend my vacations. While many people choose a more active way of spending holidays – travelling.

Some just travel across the country, some go to see Europe, others decide to explore some remote corners of the world. Every type of “vacation activity” has its advantages. But not every budget can afford travelling. Actually, you can spend your total annual income during a couple of weeks of your vacation.

And what can save the situation? Right, airlines miles rewards credit cards. These deals are really profitable for travelers. Well, of course, I do not mean that a frequent flyer card can save you enough money to go on a world tour, but it is a good way to save money and get quality service.

Here are a few airmiles credit cards that are among top plastics for travel aficionados.

British Airways Visa Signature Card

This card gives you 15,000 miles after your first purchase. Plus you get a wide choice of international and domestic flights. Besides, if you pay the full price for an airline ticket, when using the card for the first time you are granted a free companion ticket.
The interest rate it comes with couldn’t compete with low interest credit cards but this card’s perks are worth 16.49% APR to be paid for. And the card comes with a $75 annual fee, which is quite normal for an airmiles card.

Northwest Visa

You get 10,000 miles for signing up. With this card you can earn miles beyond $10,000 a month. The rewards program implies no mileage cap and no blackout dates on booking tickets. This plastic is very for vacationers who go to Europe or Asia. Northwest visa offers a lot of options for them. The card comes with 18% rate on purchases and $55 annual fee for its Platinum version, and $90 for a Signature one.

JetBlue Card from American Express

If you choose travelling within U.S. borders, this card is a smart choice for you. Once you earn 100 miles (which means spending $20,000 with this credit card) you get a roundtrip ticket on JetBlue. But you are given 50 miles for just opening the account. So, your round trip ticket will cost you $10,000 in purchases made. The annual fee JetBlue Card comes with is moderate - $40, the APR is $17.49.

Delta American Express SkyMiles

With this combination of Delta – one of the most famous airline companies with partners all over the world, and worldwide accepted AmEx – one of the leading credit card networks with numerous outlets all around the globe you can choose any destination to travel. 10,000 SkyMiles after the first purchase, double miles for Delta purchases. you can also redeem your SkyMiles at other 13 international carriers. However, there are such pitfalls as $85 annual fee starting with the second year of use, an earning limit of $60,000 for eligible purchases a year, and this card is considered to be not that beneficial in everyday life. But this card gives you service of the first-class standard and worldwide acceptance. The APR is 17.49%

And there is one more beneficial offer for travelers. Citi Platinum Select American Airlines AAdvantage World MasterCard. It combines the great opportunities of a banking empire that allows you to earn, probably, the biggest amount of miles, and the services of one of the largest airlines of North America.

So, choose the right card for travelling and spend a perfect getaway. Bon voyage!

A credit card with no credit limit seems to be the dream of every card holder. It feels so good to buy whatever you want and just overlook prices. Unlimited credit card freedom attracts a lot. Like in the Nickelback’s song “I need a credit card that’s got no limit and a big black jet with a bedroom in it…” Well, maybe having a black jet with a bedroom inside is really a prerogative of big rock stars, but getting a no-limit credit card is available to ordinary people with good credit.

But even if you are sure that you can afford having a no-limit plastic, I mean, you feel confident about your income, do not rush to apply for it. Have you thought how such a credit card can damage your credit score?

So, how can a credit card with no limit affect your credit score? “Credit utilization” is one of the basic components that make up your credit score. To be more exact, it is about 30% of your credit score. Credit utilization is the ratio of your actual debt to your potential debt. So, if you have a credit limit of $ 10,000 and a balance of $ 5,000, the credit utilization equals to 50%. The lower this percentage is, the higher your credit score rises.

When a card comes with no limit, credit reporting agencies cannot calculate this ratio. Here how it is reflected in your credit report. It looks like you have no credit limit and using all of your available credit. This makes your credit utilization amount to 100%, which causes your credit score drop.

But here is the way out offered by credit card companies. Most of them allow the credit bureaus to take the highest balance for a credit limit in order to calculate the credit utilization ratio. This is really a good idea. Besides, you can improve your credit score this way. You need to pay off your monthly balance in full. This will reduce your credit utilization ratio and make your credit score go up.

But if only everything was so simple! Alas! Unfortunately, not all credit card companies report the highest balance. In this case not only your credit limit is reported as 0, but your highest balance is also reported as if it does not exist (as $0). This situation is much more complicated. In this case you have 2 options. You can either contact your creditor and ask them to report your balance, or just close the account. But in practice, even if your credit company agrees to report your balance, you do not get a guarantee that they will do it accurately month to month.

The bad thing is that many card holders don’t even notice how their good credit score that allowed them to qualify for most enticing reward credit cards, plastics that offer generous cash rebates and other deals with very beneficial features and perks, drop 50, 60 or more points. So, just remember to check your credit report at all 3 credit bureaus. Besides, at least once a year you can do it for free at every bureau.

So, next time you dream about a no-limit credit card, think about your credit score damage it might cause, and maybe you will decide to leave this “boundless freedom” a no-limit plastic gives to rock stars…

Remember that “Pimp My Ride!” show on MTV with Xzibit, if I didn’t mess up with his name? My son was watching it the other day, I saw it out of the corner of my eye. And what I think of all that is that you can pimp your ride not through replacing your old wheels with 20” cast-steel wheels, painting it in loud colors with fire on the sides, and stuffing it with 12 DVD screens inside. Getting a gasoline credit card will not make your car look “hot”, but it will really save you money.

Living in America and having no car means that whether you are an immigrant recently arrived to the U.S., or you have a private jet. Nearly every household in this country has at least one car. Almost every 16-year-old kid here can drive. No matter if you need to get something for dinner in the nearest grocery store that is 10 minutes’ walk from your house, or you want to visit some of your cousins who live in the neighboring state, - you go there by car. You’d better get a credit card that helps you to save on groceries, rather that walk to the store in order to save on gas.

Oil prices keep rising, and gasoline is a considerable item of expenses in your financial budget. A gasoline credit card will help you to save money on nourishment for your iron horse and get discounts on its maintenance.

Today you can find a great variety of credit cards designed specifically for car drivers on the credit card market. Personally I find gasoline plastics to be the most beneficial among all point rewards credit cards. While most airmiles cards, for instance, offer 1 or 2 rewards points for a dollar spent, with gasoline cards you have a chance to earn 5 points per dollar spent.

I use Citi Diamond Preferred Rewards MasterCard. It has really favorable terms and grants generous rewards. It allows me to earn 5 rewards points for every $1 spent at gas stations, supermarkets, and drugstores during the first year of use. It comes with no annual fee, no setup fee, 0% intro APR on balance transfers, and numerous options when it comes to redeeming points. Another feature that drew my attention and made me stop searching for a gas plastic I need, was the ongoing APR. It is 9.74%. I guess, you won’t argue that such a low interest rate is hard to find when you look for a rewards credit card.

Another good option for car drivers who want to save on gas is getting a gasoline credit card that offers cash rebates for gas purchases. Chase Bank BP Rewards Visa, for instance, gives you 10% in cash rebates during introductory period. After the intro period is over, the company rebates you 5%.

You can choose a gas credit card issued by a gasoline company, or one issued by bank. The advantage of bank-issued cards is that you can accrue rewards points pumping at any gas station, while a credit card issued by a gas company allows you to earn rebates at particular stations belonging to that company. However, gas company-issued cards offer higher rebates.

There is also one trick you can use to save more money on gas with gasoline plastics. You can get a pre-paid gas card or a gift gas card, offered by some gas company, for $48. Such a card enables you to make gasoline purchases of $50 worth. This equals to a 4% discount. If you have a gas credit card of the same company that offers you 10% rebate during promotional period and you use it to buy a pre-paid (or gift) gas card, you get double benefit. This way you can increase your gas rebates to 14%. That is the secret.

Choose the right gas credit card, pump your ride and save money! So, you’ve been officially pimped!

In one of my previous articles titled Transforming Extra Calories into Extra Money on Your Credit Card I apparently paid no due attention to a traditional and perhaps the most effective method of clearing your credit card debt – using a balance transfer credit card. Customers who manage their credit with balance transfer services are called rate tarts and their main object is to find a low interest credit card to move the outstanding balance on.

Irrespective of the credit score, a customer is  eligible for a balance transfer plastic, but mind a certain unfailing regularity – the lower your rating, the more expensive the deal will be for you.However, a balance transfer credit card is always a good tool for you to reduce or even do away the annoying debt as it usually offers a more acceptable interest rate than that on your current plastic.

Let me remind you of some key points involved in doing the balance transfer, that guarantee you a successful cure for the racked up debt. A smart rate tart should by all means know the difference between an Intro rate on balance transfers (usually 0%) and a low ongoing APR on balance transfers that remains valid until you are through. If you mean to repay your debt at one fell swoop and admit paying no interest on it, then a 0% Intro APR card with balance transfers will be your way to go.

However, in practice, not many cardholders can afford the funds necessary to eliminate debt in a year or even half a year. This category of debtors should try luck with a low ongoing APR on balance transfers which is usually about 5% until you repay in full. If you have drawn nothing really new to you yet, then it is almost a must to go on reading!A rate tart differs from a regular debtor, who industriously, slowly but surely pays back the debt to a bank, in his/her bent to keep debt at a steady 0% by constantly moving it from one card to another.Until recently it was quite ok and credit companies readily and warmly welcomed new customers.

Surprisingly, it appeared that rate tarts do not generate much revenue to creditors because they close the line as soon as the 0% intro period is over. The natural response of the card providers is the transfer fee cap increase.Being previously 2% to 3% (which is, however, still valid with a number of issuers), the transfer fee may hike to as much as $75, spoiling the customer’s interest in the deal.

Eliminating the caps on balance transfer fees is equally bad news for both, good and bad credit customers, but it is expected to bring additional profit to banks.If you have been planning to kill the debt long bothering you, it’s time to decide which way to go – a balance transfer, fast and effective but now costly, or reducing your spending and improving payment habits

Credit issuers and credit consumers are supposed to make win-win deals and live in peace and harmony. However, lenders and borrowers’ confrontation seem to never stop. And their coexistence can be called love-hate relationship.

Both fight for their rights and want to get maximum profit from deals. But in this eternal battle credit card issuers manage to gain the upper hand more often than credit card holders. But borrowers cry for justice and their appeals are not overlooked by the government.

Credit card owners are complaining that they cannot feel confident about tomorrow. They have to rely on the Divine Providence of credit card industry’s changes. So, the government has made a decision to make credit card companies give up some of their controversial practices. The three main issues under review are: too-short card holders notice of changes in terms and conditions of their card offers, universal default, unreasonable changes in interest rates.

Lenders claim that they are also going through hard times after all those credit card defaults, delinquencies, mortgage crisis. But consumers and their advocates, supported by financial analysts’ opinion, declare that credit companies earn billions of dollars and can treat their clients better.

Universal default is when a credit card company raises customer’s interest rates due to lowering of his or her credit score. This seems to be a reasonable penalty for credit score damage. But the problem is that the rules and regulations of this practice are vague and ambiguous. For instance, you are late with your car loan payment and your credit card interest rate can be increased. Your interest rate goes up, your credit card payments grow larger, and your chances to default on several (not just one) creditors also increase. Even your low interest credit card won’t save you.

As for notices, currently credit card issuers are obliged to send a two-week notice by mail before they change customer’s credit card terms and conditions. This time period is dramatically short. By the time a card holder receives the notice (if they do receive them), they have just a few days before the day new terms are applied. And, as you guess, 2-3 days are not enough to figure out how to deal with those new requirements.

If credit consumers mange to assert their rights and the bill is passed, the notice period will be extended to almost a month. Credit companies will be required as well to send card holders their credit card monthly bills 25 days before the due date. This is supposed to change the currently existing two-week billing cycle.

The penalty interest rates that some credit card companies apply now to the overall balance on a customer’s credit card are questioned as well. Say you’ve been accurately paying off your debt for months or even years and after you are just a couple days late just once, you get accrued punitive interest rates to the debt as well. Credit card issuers are being required to attach the penalty rate to only that part of the balance which caused the rise.

The bill was proposed about a month ago by the House Financial Services Committee. There is no guarantee that it will pass, but if you remember like it goes in that Beastie Boys’ song, “You gotta fight for your right…” to claim a better and fair attitude from your lender.

Do you know what an interest rate or an APR is? Of course, you do. But can you enumerate all types of APR? And tell what is the best rate for you? The lowest one, you say? Absolutely agree. But let’s get more precise about interest rates types. If you ask why I need it, I know that there are low interest credit cards with favorable rates, and those for bad credit with sky-high interest, and I am after low APR plastics, I will tell you the reason. There is much more to the interest rate than just low and high APR.

The Types of Interest Rate

I’ll remind you once again that the APR (annual percentage rate) is just the same thing as the interest rate. Some people think that the APR is one of the interest rate types. In fact, this is just another term for the interest rate. Now let’s move on to the types.

The Prime Rate

The prime rate is a kind of interest rate benchmark used by banks to set the rates for their loans. This is the rate at which banks lend money to their favored clients, as a rule. The latest reported rate is 5.25%. This is considered to be the average prime rate currently. This figure is something like a starting point for all US banks and credit card companies. If you see a credit card offer with an interest of Prime + 6%, for instance, it means that you will get a credit card at 11.25% rate.

A Fixed Rate (Fixed APR)

If your card comes with a fixed rate, it means that the rate remains unchangeable. Until your creditor decides to change it. Even if your credit card terms promise you a fixed APR for life, your credit card issuer is eligible to change your rate. But your interest will not change under the trend of overall interests rise. So, in a situation of increasing APRs on the credit card market, a plastic with a fixed rate is what you are to look for.

A Variable Rate

A variable rate is subjected to change together with the fluctuations of certain indexes it is tied to (the prime rate, LIBOR, T-Bills, and others). When does it make sense to apply for a credit card with a variable APR? When interest rates go down (like in the situation with the recent Fed Rate Cut). You can come across an offer with a “variable rate for life”, or the one with “prime rate for life”. This gives you a guarantee that your interest rate will not go above the prime rate.

A Teaser Rate

A teaser rate (also introductory rate, promotional rate, limited-time-only rate, etc.) is a special rate that a lender offers you for a limited period of time. This feature can be attached to any type of the card (with variable or fixed APR, to business, student, rewards, bad, good credit cards, etc.) As a rule, this rate is very favorable, it can be whether 0% on purchases, or balance transfers, or even both, or a very low one. It usually lasts no longer than 18 months on the most beneficial offers. After your promotional period is over, your card is attached an ongoing APR. So, keep in mind your teaser rate expiration date.

A Penalty Rate or Default Rate

You can trigger a penalty or a default rate by breaking some of the credit card terms. If you are late or miss your credit card monthly payments, carry a great balance on other credit cards, default on other credit cards, you get accrued an enormous interest rate. So, be careful with credit card rules and regulations.
And choose the right interest rate!

The statement that a payday loan is your sheet anchor when you badly need cash is very questionable. Payday loans, undoubtedly, have their advantages. But there are some shortcomings to this type of loans. Personally I try to stay away from this kind of lending services. But let’s count all merits and downsides to payday loans in order to form an objective opinion on this credit product.

In fact, payday loans are cash advances. When you get stuck between your pay days without cash in your wallet, you badly need some money from an outside source. Plus if you face some unexpected expenses, you have poor credit, and credit cards are no option for you, a payday loan is what can help you to get through till you receive your next paycheck.

Dealing with such a loan is just like dealing with any other loan. You borrow a certain amount of money with a commitment to pay it back at the agreed rate and fee.

Payday Loans Costs
Different lenders issue loans at various rates and fees. And this issue is a sore point of payday loans. You will generally pay from $ 15 to $ 30 for obtaining $ 100. As for interest you will have to pay, it is really drop-dead enormous. The rates range between 390% and 780%. And this is the worst part about payday loans. Now let’s move on to the more pleasant ones.

Applying for a Payday Loan
The payday loans application process is simple. You can do it on the Web, or go to a loan office. You fill out an application and provide some personal information for a lender to make a loan decision. The requirements are generally the same: you have to be at least 18 or older, must have a steady job with a minimum monthly income of $ 1,000, and a checking account. You will, probably, be asked to provide your social security number, copies of bank accounts and pay stubs. If you meet all these requirements, you can be sure that you will be approved for a loan. Then you usually have to wait for 24 hours (or less in some cases) and you will have the access to your money.

Payday Loans Highs and Lows
Payday loans are a way out for cash-strapped people. If you really need to get some cash and you need it fast, taking a payday loan is better than robbing a bank. Another good thing about such loans is that getting one you do not expose yourself to a long-term commitment, like when dealing with a traditional bank (when you get a mortgage, a car loan, or a reward credit card. You are to pay back the money borrowed after you get your next paycheck. As a rule, the cap on the maximum amount of money you can borrow is $ 2,500. So, this is another pro of such loans. You won’t burry yourself in huge debts. And payday loans turn out to be less expensive as compared to bounced checks.
So, if you find a pile of bills to pay one day and no cash or credit line available to do it, think of getting a payday loan. It can be a good backup plan for you. But be responsible about paying it off promptly, otherwise, you will face hefty fines and might get the sticky end of the stick. Remember about payday loans only in some cases of emergency, not when you feel like buying a new designer’s suit or jewelry.

You know about business credit cards, what they are designed for and who applies for them. But you have, probably, also heard about corporate credit cards. Many people suppose that business and corporate credit cards are the same things. Actually, some years ago I was no exception. I also believed that corporate credit cards is just another name for business plastics.

So what are these two notions? Different credit products or just differently-named credit cards created to meet the needs of business owners?
In fact, business and corporate credit cards are not just two different names for the same product. They can be defined as sub-types of the credit card deals designed for satisfying business people’s demands and help advancing businesses. To be more exact, we can single out small business credit cards and corporate credit cards. I bet the difference is becoming clearer to you. Let’s go into some details.

Small Business Credit Cards

Small business credit cards are created to cater for the needs of entrepreneurs engaged in small and medium sized business sectors. You can see and hear a lot of small business credit card ads on the Internet, TV, radio, newspapers, and other media sources. Entrepreneurs can find a plastic for small business that will suit their specific type of business activity. Good credit score, as a rule, is the only qualifying criterion to get a small business plastic.

The basic features of credit cards for small businesses are quarterly (monthly) and yearly business account summaries available online as well – reports of all purchases made on the credit card account –, profitable finance rewards programs for travel and business-related expenses, 0% introductory interest rates, reasonable ongoing APR, and 24/7 online access to the account.

These card offers really offer great benefits. But if you decided to apply for this sub-type of business credit cards, remember that when it comes to paying off the credit, no one but you will be responsible for it. You can easily find an appropriate small business credit card on one of the web sites devoted to credit cards and apply for it online.

Corporate Credit Cards

As for corporate credit cards, they were developed specifically for large businesses, not for individual entrepreneurs. If your business is large enough to be called a corporation, and your credit score doest need any improvement, you can qualify for corporate credit card deal. This kind of credit cards offers special benefits for their owners.

Every corporation deal is discussed on an individual basis. A corporation informs a credit card issuer about the services they would like to see on their offer, and the lender develops an individual credit card offer for the company. However, applying for a corporate credit card requires a more sophisticated and complex application process due to security measures, that it is with small business offers.

They responsibility or paying off credit is placed upon the shoulders of managers or executives who run the company. Corporate credit card owners have an option of distributing additional cards to their employees. The workers are enabled to use such cards to cover company’s business-related expenses. All the expenses are reflected on the monthly and annual reports that a credit card company provides for the client to keep track of the employees’ expenses.

So, I hope, this explanation made the difference between corporate and small business credit cards clear for you. Now you can see that it’s all one big business tree, just its different twigs.

Spring is associated not just with nature blossom and love. Spring is the time for spring cleaning and getting yourself ready for the summer. Some people clean, wash, and dry their places and rush to the gyms to lose a couple of pounds they have gained during the winter. But have you thought about alternative ways of shake off the winter sleep?

What about losing some weight and cleaning your credit cards of debts? But I won’t offer you traditional methods of losing pounds through training and eliminating credit card debt with a balance transfer card. You can turn your excess weight into extra money to pay off your debts. Wanna know how to do it?

Actually, it is pretty simple. No magic. I will break no new grounds. You just need to get both your spending and your eating habits under control. But first, let’s define how deep is too deep in credit card debt for you.

If you spend about 15% of your monthly income on paying your credit card bills, this is one of the first warning signs that the debt on your credit cards is getting out of control. Or it already has. Another wake-up call for you is when you take out cash advances on other credit cards in order to make credit card monthly payments.

Does all this remind your financial behavior? Do not be afraid to admit that your needs and spending habits do not meet your earning level. You are not alone. About 40% of credit card holders make just the minimum payment every month. And you perfectly know that this is a fair way to make your debt lifetime long. If you realize this, all you need is just a good advice on how to change your credit card habits.

Maybe my idea is not a panacea from all credit debt problems, but I am sure that it is pretty useful for those who struggle with credit card debt.
Many financial experts advise to cut down your spending that goes toward some luxury goods. In other words you are just recommended to restrict yourself in buying occasional-use items. But you can save on primary commodities. Without detriment to your health.

Take groceries, for instance. People buy brand-name cereals for breakfast and other food using grocery store coupons. This seems to save money. In fact, using coupons is a waste of money, as those coupons are printed only for the items with an enormous markup. So, what do you get buying processed foods? A hole in your pocket and eating disorders, for processed foods do not give you good nutrition. Try home-made food. You will be surprized how much money it will save you.

Soft drinks, like soda, are another great money waster. You know that they are dangerous for your health. And though $ 3-4 for a coke is dirt cheap, if you drink 3 cokes a day, that is $12, multiply it by 30, and you get $ 360 a month! Drink filtered water, it is way cheaper and healthier.

Think about dining at fast food restaurants rarer. This will also save you money and stomach.
So, changing your eating habits alone can dramatically change your financial situation for the better. You will reduce your credit card debt, improve your credit history, which will allow you to qualify for some very favorable airline miles rewards cards before going somewhere on your summer vacation. And you will be fit and healthy. Sounds to be a good idea to me…

The U.S. dollar is losing its value to other currencies. Initially, it was caused by a large deficit in trade and spending over a few recent years, according to analysts. This situation causes financial experts’ concerns. This might threaten the U.S. financial stability, as slowing economy is not the most attractive factor to investors. But let’s not go into the details of U.S. economy. I am offering you to figure out how the dollar decline can influence students. Study-abroad programs, to be more exact.

The dollar sags, the costs for college study-abroad programs rise. Over the last few years the prices have gone up to 10-15%. And that is quite a sufficient jump. The dollar went down by 5% against the pound, and by 10% against the euro (over the last year alone). Provided that Europe is the most popular place for study-abroad programs with American students, affording tuition fees becomes a serious financial problem for most young people.
Nearly 60% of U.S. students engaged in study-abroad programs opt for Europe. Italy, United Kingdom, France, and Spain are among Americans’ favorite study-abroad destinations. So, is there a way out for those who do not want to give up the idea of getting an education abroad, except for quit college?

If you are attracted by the idea of studying abroad, do not fall for the most popular places. Try to find a cheaper program in one of the countries, where the dollar has more value. This way you will reduce the amount of your student loan, and other necessary expenses.

Think about studying in Africa, South America, Russia, or Asia. The dollar out there has more buying power and is estimated higher. Though it might seem less romantic than the Eiffel Tour, Big Ben, or the Leaning Tower of Pisa, the study in these less mainstream destinations will not leave you with a hole in your pocket.

Choose a short-term program instead of a year- or semester-long one. Find out whether the program you want to participate in qualifies for federal financial aid. If this option is available to you, your college loans and federal grants will be of great assistance to you in paying the program’s fees and tuition.

A student credit card is a smart choice for students here, in America. But as for study-abroad programs, it is no option. When going abroad to study you are to get a federal parent student loan, graduate student loan, or undergraduate student loan, according to your status. Besides, you can try to win a scholarship for study-abroad programs.

N.B. Remember that federal student loans come with more favorable terms and give more options rather than private student loans. And you should not forget that when it comes to student loans your credit also matters. It will be easier for you to qualify for one of the student loans with a good credit or an excellent one.

Of course, education these days is very expensive. And far not everybody can afford it. Especially an experience of studying abroad. But education is, probably, the best possible investment that you can make, particularly when you are young.