There has been a recent move to force credit card companies to review and rewrite some of their more controversial practices. Right now, consumers are complaining that they are at the mercy of the industry’s whims. Interest rates change frequently and, sometimes, without any good reason. The companies argue that their own circumstances – with rates of default and delinquency the highest they’ve been in years – make such practices necessary. But customers and their advocates aren’t buying it. The credit card industry takes in billions of dollars each year, critics say, and can afford to treat their customers better. <p> Some of the practices under review include: universal default, too-short customer notice of changes to terms and conditions, and the retroactive application of new interest rates to a customer’s entire existing balance. <p> Universal default occurs when a customer’s credit score is lowered and their credit card company raises their interest rate as a result. There are many problems with this practice. For one, it’s too easy to implement. If a customer makes a late car payment, their credit card interest rate could suffer as a result. And higher interest rates make credit card payments higher, increasing the likelihood that the customer will default with many lenders instead of just the original one. <p> Credit card companies are also being asked to give more notice to customers when their rates are about to change. Right now, companies are only required to give a fourteen day notice by mail. Customers argue that, by the time they receive the mailed notices – if they receive them at all – they only have a few days to decide how to deal with the changes. If the new bill is passed, that notice period will be increased to nearly a month. Companies will also be required to send out bills 25 days in advance of their due dates, compared to the two-week cycle now in place. <p> The new bill could also change the way card companies handle punitive interest rates. Some companies will take the higher rate and retroactively apply it to the full amount of the customer’s balance. Customers feel that this is unfair; if they have been paying in a timely manner for years, why should they have high interest applied even to the debt that has been meticulously paid month after month? Companies are being asked to apply such rates only to the portion of the balance that caused the increase. <p> Credit card companies aren’t happy with the proposed changes. They are facing difficult times, they say, and rules and regulations forcing them to change their practices will only hurt their ability to offer credit to a large number of customers. They maintain that the credit card industry is competitive already, and that customers have no need of legislation to protect them from creditors. <p> Whichever stance you take, it’s possible that the credit card industry will be making a major overhaul in their business practices. In addition to the bill proposed last month by the House Financial Services Committee, the House Judiciary Committee wants merchants to be able to negotiate the amount they have to pay for credit card transaction fees. Despite card companies’ protests, change is on the horizon. <p><br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

America is seeing a surge in charitable endeavors. More people are opening their wallets to donate to good causes year-round. The kind-hearted are even electing to take volunteer vacations, where they spend weeks building homes for disaster victims or rebuilding habitats for endangered animals. Even when times are tough, giving to others makes us feel better about ourselves. <p> Affinity credit cards play on our desire to help others. These credit cards are branded with the credit card company’s logo, as well as the logo of a charity. When card holders make purchases using their affinity cards, the card company donates a percentage to the partner charity. There are affinity cards that support all kinds of good causes. That’s the good news. <p> The bad news is that the donations generated by these cards don’t amount to much. Card holders would be better off donating cold, hard cash to help the needy. Some of the leading affinity cards donate about fifty cents for every one hundred dollars of charges. If you charged two hundred dollars a month in hopes of supporting animal rights, your affinity card contributions would add up to twelve dollars a year. Every little bit counts, but any given charity would be better served by larger up-front donations. <p> Since we’re more likely to part with our money passively than actively, these affinity cards do ensure that we give something. And when thousands of people give a little, the benefits can add up to a lot. Target, for example, has generated over 19 million dollars for Take Charge for Education. The cards are also great conversation-starters. People like to show that they care, and they like to talk about the organizations they support. As word spreads, more card holders come on board, and more donations are generated. <p> Before you get an affinity card, you should be aware that they usually come with higher rates and fewer perks than other credit cards. Also, since your donations are made as part of a contractual obligation, they are not tax-deductible. Still, it feels good to add your drops to the financial bucket to help those in need, which is why affinity cards are still hugely popular despite their less-than-stellar terms and conditions. Some of the most popular affinity card causes include child welfare, animal welfare, crime, public education, and environmental causes. <p> If you’re the type to give big, you’re probably better off making a donation to the charities of your choice and keeping your regular credit cards. But if you’d like to donate some spare change just by using your credit card for everyday purchases, an affinity card could be the right choice for you. <p><br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

Many small business owners might feel the need to shy away from credit cards, to avoid the temptation to overspend or because they prefer to pay for everything in cash. What business owners may not be aware of, however, are the often-overlooked “extras” that come with business credit card rewards programs. <br><br> Think about the typical credit card rewards program- it may offer one point per dollar spend on the card, and be rewarded in the form of cash back or points redeemable for merchandise or travel. While these can be beneficial when used correctly, credit cards can offer a whole range of additional benefits to the business owner. <br><br> <b>Get a Mini-billboard!</b> Some credit cards are customizable, and literally let you put your business name and/or logo directly on the card. Every time you take your credit card out to make a purchase, you are placing your company in front of prospective customers. <br><br> <b>Client gift possibilities just by re-gifting the rewards you earn.</b> Whenever your credit card rewards program offers you gift certificates as rewards, you can use these as a wonderful client gifts. Enclose them in a nice card and mail to a deserving client. <br><br> <b>Reduce the amount of money you owe.</b> For any credit card that offers cash back rewards; look for one that offers the rewards in the form of a credit posted to your credit card account. This actually reduces the amount you have to pay for your purchases; and a 5% cash back rewards card is the same as shopping a 5% off sale! <br><br> <b>Manage your employee spending.</b> If you have employees that must make purchases on behalf of your business, you can select a business credit card that offers free employee credit cards on your account, with customizable limits. This means you can limit the amount of purchases people are allowed to make, and you don’t have to keep as close an eye on it. Most business credit cards offer quarterly statements, with purchases divided by each individual credit card on the account- making it easy to see who’s buying what and how much it’s costing you! <br><br> <b>Travel benefits.</b> For anyone who travels, no matter how infrequently, you should never discount the travel benefits that come with credit cards. From travel accident insurance coverage to lost baggage coverage, these benefits can save you hundreds of dollars if you ever need to use them; and don’t cost you anything to have them when they’re included with your business credit card. <br><br> <b>Personal assistant.</b> Some credit cards even come with a concierge service, which is similar to having a personal assistant at your disposal, 24 hours a day, 7 days a week. Call the phone number on your card and you can have someone help you with directions, make last minute reservations at a local restaurant, get your travel arrangements scheduled, or send your wife flowers- all while driving to your next appointment. <br><br> As a small business owner, using business credit cards can offer you a wide range of benefits that are not as well known to the majority of people. Before you rule out a credit card you should look into the “extras” and see whether or not they’ll benefit you and your business.<br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

There are a variety of credit card companies that are trying to help you save money on gasoline. As gas prices are either holding steady at their already-too-high rate or increasing all the time; any option for saving money on gas is helpful! <br><br> Gas cards may offer cash back when you make a gas purchase (and sometimes other purchases as well). This means you get a rebate every time you fill up your car- which can help offset the pain you feel when you pay for your gas! If the card offers a 10% gas rebate, it's the same as getting a 10% discount when you fill up your car. <br><br> If you use a gas rebate credit card, you pay for your gas purchases using the card, and then you'll receive your rebate from the credit card company. Depending on the terms of the card, you might receive the rebates in the form of a credit back on your credit card, a certificate, or check in the mail. <br><br> To maximize the benefits of a gas rebate credit card, be sure to pay off yoru entire balance each month before the due date listed on your statement. If you carry a balance from month to month, you are paying interest on your gas purchases- which will basically eliminate the rewards you are earning. For cardholders with a 0% interest rate introductory offer, you may choose to let your gas purchases accumulate over the entire period of the introductory offer- and make a single payment at the end of the free interest period. This will allow you to maximize your rebate benefits. Just be sure to send in the payment before the introductory offer ends to avoid paying a monthly interest fee. <br><br> Spend some time looking at the various gas rebate credit cards. Some cards allow you to purchase gas from any station that accepts credit cards for your rewards; while others require that you purchase gas from specific gas station brands. If you plan to use the credit card for more than just gas purchases, you'll want to find one that gives you cash back on purchases other than gas as well, to help maximize what you earn in rewards. <br><br> You can further save money on gas with the following vehicle maintenance tips: <br><ul> <li>Keep tires inflated to the proper pressure as indicated on your owner's manual. Tires that are inflated correctly can save up to 7 cents per gallon in gas costs.</li> <li>Fuel economy decreases when your vehicle is traveling at speeds over 60 miles per hour. </li> <li>Extra weight in your car will decrease the fuel economy.</li> <li>An idling engine wastes gas. Most vehicles only need to “warm up” for two or three minutes before driving, even when it's cold.</li> <li>Combine errands and plan your trips. Why take three trips in one day to various places when you could do all three in one round trip and save on gas and miles?</li> </ul><br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

Credit cards can be your best friend or worst enemy; it all depends on how you use them. Getting the most out of your credit card is often counter-intuitive or requires you to be aware of features that aren’t regularly advertised. This list of credit card hacks will provide you with the info you need to make the most of your credit cards. <br><br> <b>1. Price Protection is a Geeks Best Friend</b> – Don’t you hate it when you drop $600 on an iPhone or your now obsolete HD DVD player and it drops in price by a couple hundred bucks a month or two after you buy it? Many credit cards offer a price protection program which will refund you the difference when you purchase an item with the card and you find a better price within 30-90 days. <br><br> <b>2. Read the Terms and Conditions</b> – They are not nearly as long as you may think and fairly easy to read. The card companies are not always forthcoming with the details in their advertising and this is where you’ll find the hidden fees and rate information. <br><br> <b>3. Balance Transfers Aren’t Always Worth It</b> – Especially when your plan is to pay off the card anyways. There’s almost always a balance transfer fee and that fee, plus the interest accrued from it delaying the repayment of your card, often ends up being more expensive than just keeping the higher rate card and paying it off. <br><br> <b>4. Choose Longer Intro Period over Lower Fixed Rate with Balance Transfers</b> – This may seem counter-intuitive, but having a 6 to 18 month jump on paying off your debt, interest free usually ends up being a better deal than getting a lower fixed rate when you plan on paying off the debt. For more information <a href="http://blog.creditorweb.com/index.php/2007/09/08/low-intro-rate-vs-low-fixed-rate/">click here</a>. <br><br> <b>5. Get Cards That Offers Rewards for NOT Using Them</b> – Believe it or not they exist. Many will offer you free airline miles for just signing up or for making a single purchase. The <a href="http://www.creditorweb.com/creditcards/citi-drivers-edge-card-for-college-students.html">Citi Driver’s Edge</a> card offers you rewards just for driving your card; enough for free oil changes. <br><br> <b>6. Don’t Carry A Balance</b> – Credit cards are rarely the best source for financing a purchase long term. Most likely you can open a line of credit with your bank that offers much better terms. You can still use the card for the convenience but if you need to carry over the balance from month to month, transfer it to this line of credit. <br><br> <b>7. Get Rewards You’ll Actually Use</b> – If you travel a lot, an airline or hotel rewards card may be the best choice for you. If you don’t, don’t plan a trip around the rewards. Find a card with rewards you’ll use anyways like gas cards, saving for college, or funding a retirement account. <br><br> <b>8. Cash Back is King</b> – As we mentioned in a <a href="http://www.creditorweb.com/articles/quit-wasting-money-on-ppc-advertising.html">previous article</a>, almost all credit card rewards are essentially the same, 1% cash back in one form or another. Knowing this, why would you want to deal with blackout dates, restrictions, expirations, etc. Just get the cash back card and use that cash to pay for whatever you want. <br><br> <b>9. Take the Purchase Protection, Leave the Extended Warranty</b> – Many cards offer purchase protection for items you buy with them, which not only act as an extended warranty, but will also often cover the item if you damage it or it’s stolen. <br><br> <b>10. Have More Than One Card</b> – If you insist on carrying a balance and for whatever reason are previous advice on opening a line of credit won’t work for you, then at least have a separate card for this. Ignore all the rewards and similar factors and just get the lowest rate you can. Use your rewards card for making everyday purchases and use this low interest card to cover expenses you plan on financing. <br><br> <b>11. Track Your Expenses</b> – Most banks offer the same reporting on credit card accounts as on checking accounts. This includes the ability download to Quicken or MS Money. Don’t just log one big expenses for ‘credit cards’ on your budget, download and log your entertainment, dining out and other expenses as you would if it was your checking account. <br><br> <b>12. Beware of ‘Poor Credit’ Cards</b> – There are definitely some legit credit cards for those with poor credit, but there’s also no shortage of absolutely horrible ones. Some charge you so much in hidden fees upon opening the account that it adds up to near the available amount of credit you have on the card! Sadly that is no exaggeration. You should always read the terms and conditions on the cards, but this is especially true with those designed for people with poor credit. <br><br> <b>13. Use a Separate Card for Business Expenses</b> – No matter how small your business is. If you run an internet business or any other kind of small business odds are you use a credit card or at least debit card for most of your expenses anyways. Even small businesses (or with some cards, individuals) can qualify for a business credit card. Get one and use it and come tax time, those deductions will be a snap! <br><br> <b>14. Closing Credit Cards Doesn’t Always Help Your Credit Score</b> – By closing a card that is paid off, you end up raising the ratio of your used vs available credit which can often hurt your credit score. If you have an excessive amount of cards that you want to close out, that’s fine, but think twice if your reasoning for doing it is to improve your credit score. <br><br> <b>15. Pay Off Your Highest Balance Card First</b> – When getting out of debt you may be tempted to pay off your smallest debt first. While this give you a sense of accomplishment sooner, the best technique is to pay off debt with highest interest rate first, which is usually a credit card. <br><br> <b>16. Everything Is Negotiable</b> – If you’re a good customer, or even a mediocre one, odds are you can get out of paying late fees or get your bank to lower your interest rate just by asking. Here’s a <a href="http://blog.creditorweb.com/index.php/2007/09/27/stop-paying-credit-card-late-fees-and-high-interest/">video</a> explaining how. <br><br> <b>17. Beware of Two-Cycle Billing</b> – The amount of interest you pay is based on your average daily balance. Many card companies have come up with a new method of calculating your average daily balance by considering not only this month’s average balance but also the previous months. The problem with this is that amount is usually higher when you’re in the process of paying off your debt making it even harder to do so. <br><br> <b>18. Sign the Back of Your Card</b> – Many people refuse to do this thinking they want the person accepting the card to be forced to check ID. The only problem with that, is if your card is ever stolen, the thief will have no problem signing the back of the card for you and will now have a perfect signature match. Not that most people really check the signature anyways, but don’t make it even easier on the thief. If nothing else, write “Please Check ID” in the signature box. <br><br> <b>19. Personalize Your Card</b> – You might as well have a card that reflects your personality. Most banks will let you personalize your card in a number of ways such as putting your team logo on it, your photo, or even provide your own card art. Take advantage of this, it’ll give you a card you love and make a great conversation piece. <br><br> <b>20. Have a Discover Card</b> – Have you ever noticed that although many merchants don’t accept Discover, at certain government agencies and wholesale clubs, the only accepted credit card is Discover? The reasoning behind this is somewhat complicated, but if you hate writing checks as much as I do, do yourself a favor and have at least one Discover card. <br><br> <b>21. Never Pay the Minimum Payment</b> – No list of credit card advice would be complete without the classic advice to never pay the minimum payment on a card. I’ll spare you the math but in short by doing so you’ll usually end up paying somewhere in the ballpark of three times what you borrowed and end up paying it over twenty or so years.<br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.