Many people believe that credit scores, credit cards and credit history is very boring topic. Nowadays a plastic card that is credit or debit cards are present in almost all the wallets. Here are some of the most interesting and fun facts that will be shocking for you.

1. Visa Logo on the Credit Card

This is an amazing fact about Visa logo on the credit card. A visa logo’s Blue and gold Portions on a credit card represents the color of the California sky and California hills respectively, which is the state where Bank of America was founded.

2. Americans Fear of Debit or Credit Card Fraud

Americans are full of fear not because of terrorism, computer viruses, heath or personal safety. They are frightened because of the credit and debit card fraud according to a source: Unisys Security Index: United States, March 2009.

3. Worse Interest Rate

Suppose you are having it worse with a matched up 29.9% interest rate? Retail giant Argos rocked out with a branded credit card with a ridiculous 227% APR, UK in 2008.

4. Credit Score

1/3 of American adults do not want to check their credit score. Moreover, 2/3 of American adults who are 144 million people have not even checked their credit balance for many years. Don’t be the part of this list, which are unaware of their credit result from a long time, so for getting your score free as soon as possible contact at Credit Karma.

5. Credit Card Marketing

Each American family gets an average of six credit card offers per month in the mail. You can stop those irritating deals by going to ‘OptOutPrescreen’ in your mail. However, now you can save trees while reviewing credit cards on Credit Karma.

Read the full story

The first “Modern Credit Card” that can be used for paying parties other than the card issuer was started in 1950. It was issued by Diners Club in New York City. Initially they were issued to about two hundred people, most of them known to the owner. These were used mainly at the restaurants and were accepted at 14 places initially.

Since then there have been many developments in the credit card industry. Here is a choice of 10 interesting facts about credit cards.

1. Most Expensive Credit Card

Black Centurion Card offered by American Express is the most expensive credit card at the moment. It has an annual fee of $2,500 and requires the cardholder to spend at least $250,000 a year through credit card transactions. In some countries it also requires a
one-time joining fee.

2. How Visa Card Came Into Existence

In 1958 a credit card was issued by Bank of America. In 1970 the other American banks also joined and its control was handed over to a joint financial venture. In 1976 the name Visa was given to this operation.

3. Cash Back Bonus

Sears introduced its Discover Card in 1985. It was a big hit not only because it did not charge any annual fee, but it also actually offered an up to 5% Cash Back Bonus.

4. Is Low Minimum Payment Good For You?

The answer is a big NO, because that means more of the unpaid debt, which ultimately means more INTEREST.

Read the full story

Normally many banks are charging different fees for checking accounts and people are not in the condition to pay extra and more for the checking accounts. There are many ways through which you can save fee against checking accounts. Following are six ways to save you from fee against checking accounts.

1. Pay for those services that you really need

It is very important to find out that what you need and what you do not need. Select and pay for those services which you need. If you need just simple ATM, bill pay or debit card transactions, try to find a bank that provides such services for free. Do not pay fee against every item. Try to find a bank which provides you a package with fewer fees.

2. Use online banking and check out the differences on internet

Normally there are many types of checking accounts. Search internet and find difference in rates of different accounts. Many banks also offers free services if you use more banking services. Do not open more than one account if there is no need of that account to save more money which the banks charge against different services.

3. High yield accounts so that you can maintain very low balance

Normally banks deduct a fee if you are not maintaining the balance that was decided at the time of opening account. There are some high-yield checking accounts that allow you to maintain a very low balance but there are some requirements that you have to accept, such as using a debit card for 10 or 15 transactions per month, having a monthly direct deposit or automatic bill payment, and accepting electronic statements. You can select such option if it suits you. Read the full story

There are many credit card companies that sell credit cards, meant for small business-owners. They offer different credit cards according to the nature of the businesses. So the question arises, which type of credit card is best for you?

Small business credit cards offers plus advantages apart from providing feasibility of personal and business expenses. Small business credit card tracks and controls expenses and maintains an audit trail for tax season. The better credit card plan helps you to consolidate spending records, it means that it decrease paperwork and operating costs.

Same like consumer credit cards, there are many small-businesses cards that offer valuable savings or rewards plans. Business credit card helps more with the credit card history as compared to the consumer credit card. The rewards that are usually offered on small business cards are airline miles or cash-back rebates.

Important Features

No doubt, that credit card companies have found a new huge market in small business. Figures show that only 10% small businesses maintains its expenses on small-business cards, and only total 35% of small businesses use such cards. Though the small business credit cards are growing rapidly, but still a huge part of small business area remains untouched. Read the full story

Recently, the congress passed a misguided credit card law, the Credit Card Accountability Responsibility and Disclosure Act of 2009, which makes you pay more on every credit card bill, even if your credit is good, or your credit card balance is low.

You may end up paying an annual fee, losing your percentage rebates, your cash back, or your rewards program.

The new law puts a limit to the credit card companies’ ability to increase rates on credit card balances, even if a cardholder’s balance has been rapidly increasing.

Read the full story

If you need to get a large amount of money and have some equity in your home, then a home equity line of credit (HELOC) can be a real help to you. There are various options available related to HELOC and a degree of control that you do not have with other type of mortgages. Here are some things you need to know to help you decide if you want to go for it or not.

What Is A Home Equity Line Of Credit?

A home equity line of credit can be obtained as a second mortgage option, and it can also work if you need to refinance everything. Similar to a mortgage, this line of credit is taken out against the equity you have in your home, or against the home itself. The money that is given out can be used in any way want. You draw it out as you need it, or if you need it, and then only pay interest on the portion of money that you actually use.

Read the full story

A secured credit card is the best option for people with bad credit rating. A secured credit requires a certain amount of money to be deposited into an account (usually between $300 and $500) and that becomes your credit limit. Your deposit, in fact secures the credit card. In case you don’t pay your bills, your money becomes the issuing credit card company’s security against default.

After you have established good credit, the credit card company might extend you more credit without an additional deposit. In addition, you can always increase your credit line by depositing more cash.

But if you are thinking that why get a credit card when you already have the money to pay for the purchases you want to make, then do consider that nowadays a credit card has become a necessity. You will require it to make airline reservations, booking a hotel room, getting membership for video shop, everywhere you go you will be asked for it.

Read the full story

Building a credit history and a credit score is extremely important as it affects your life to a great extent. Having a low credit score can make your life hard, while high credit scores can open the doors to your dreams. Many people take the first credit card offer that comes their way in order to get a line of credit no matter how much it is. Some customers don’t even bother to read the terms and conditions that they are agreeing to due to the excitement of getting their cards.

Look out for dishonest companies

Dishonest and deceitful sub-prime card companies look for such customers. Such companies can take advantage of desperate people who are in dire need of cash by:

• Spelling out contract details in vague terms
• Down-playing changes to interest rates after a specified length of time
• Extending pitifully low credit limits
• Charging exorbitant fees

Read the full story