Advice on Letters for Credit Disputes

When you have a charge on your statement that is incorrect, it is important to document your interactions. Often this documentation is in the form of a letter to either a merchant or your credit card company. It is important that this letter follow some basic rules for your protection. While there are laws to protect the misuse of your credit card, there are also some rules you have to follow to ensure the laws protect you. In order to utilize the protection of the Fair Credit Billing Act, you must contact the merchant directly who placed the incorrect charge. … Continue reading →

What to do if you Have a Mistake on your Credit Card Statement

Ideally, you are checking your credit card statement each month to verify all charges. What should you do if you find a mistake? The following are the critical steps. First, was the mistake from a merchant you actually purchased an item from? Sometimes the amount on your receipt is different from the amount on your statement. Sometimes a merchant will accidentally run your amount through more than one time. If it was an error by the merchant, the best step is to contact him first. You can visit the business directly if possible and get a correction documented. If that … Continue reading →

Pre-approval Offers

Are you getting pre-approval credit offers in the mail? Try not to let them tempt you! The best thing to do with these is shred them quickly and toss them in the recycling bin. Many people falsely believe if they receive many pre-approved offers of credit that their credit scores must be high. Many of these junk mail offers are simply fishing scams, as most companies don’t check your credit history until after you actually say “yes” to their offer. Generally, credit card companies get your name from marketing lists. While they do look for certain criteria, an outstanding credit … Continue reading →

Beware of Credit Card Blocking

If you travel frequently, you no doubt have had a run in with a credit card block. Blocking a portion of your available credit is a legal practice used by hotels and rental car companies. They put a hold on anticipated costs that you may incur while staying in a hotel or using a rental car. It is standard practice, but at times it can cause a few headaches. It is good to be aware of credit card blocks to avoid some pitfalls. The two most common both involve your credit limit. The number one hassle with a credit block … Continue reading →

How I Use My Credit Cards to Earn $200+ Each Year

Yesterday I wrote about how I changed my thinking about credit cards and changed my debt status. But in finding spending harmony I didn’t shun credit cards altogether like many financial advisors tout. (Having too many credit cards was never my problem, though. Maxing out the one I did have was.) No, instead I learned how to use credit cards to make them earn for me. Sign Me Up for That Reward Program! For the longest time I couldn’t get a Discover Card because my credit was so bad. (Not only did I have that maxed out balance on my … Continue reading →

No Fees!

Make sure your credit cards are paying YOU and not the other way around. In order to max profits, many credit card companies have a long list of fees they can charge you to use their card. Avoid these fees as much as possible, and instead opt for rewards cards that pay you instead. Shop around for your credit card like any other purchase. There are even vast differences between cards issued by the same company. Make sure you ask the right questions and understand completely the fees and rewards programs offered. The following are some common fees and ways … Continue reading →

Credit Card Facts

Curious to know a little more about your credit card? Maybe you want some fun facts to impress your friends? Let me share some interesting trivia I found out about your wallet’s cards. What do the numbers on your card mean? Let’s break this into some basic parts. The first number indicates the credit card company. MasterCard is always a 5, Visa is 4, Discover is a 6 and American Express is 37. The rest of the numbers indicate the bank issuer and the account number, except with American Express who doesn’t use a bank issuer, the rest of their … Continue reading →

History of Credit Cards

Ever wonder how long our society has been reliant on credit cards? While the concept of credit has been around for thousands of years, credit cards are far more recent of a phenomenon. The first type of credit card appeared in the early 1910s as a department store card, limited to purchases made at a specific store or location. The general use credit card took another 40 years to develop. In 1950, Diner’s Club introduced the first credit card used at multiple stores. Of course, this card could only be used at restaurants, but it was the first time that … Continue reading →

Check for Fees

In this amazing world today, fees are widespread. As companies struggle to keep prices low and compete, they often survive through hidden fees. What does this mean for you?? Diligence is the word of the day. There is no more sitting back and assuming “what you see is what you get.” Some samples of common fees to watch out for: 1. Credit cards. These are truly the fee monsters. Late payment fees, overbalance fees, cash withdrawal fees are common. What also might surprise you are the fees to use your money in a foreign country or balance transfer fees. 2. … Continue reading →

Ensure your Credit Security Through Credit Cards

I realize many people out there shun credit cards entirely. While I can see their point, they are actually bucking a system ingrained in society. By doing this, they are inadvertently hurting themselves. Yes, credit cards can be black holes into debt and financial ruin, except, they are not a loaded gun. You have to use them incorrectly to get yourself in trouble. There is no accidental debt. The problem with not having credit cards is our society has become so reliant on them. Therefore, so have the credit bureaus for their credit reports and scores. By avoiding credit cards … Continue reading →