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Entries in Credit History (2)

Thursday
Jan102013

Top Credit Card Deals of 2013

Justin Sullivan/Getty Images(NEW YORK) -- So you’ve made your financial resolutions – No more bank fees! No more credit card debt! – and you’re determined to stick to them.

Next step? Finding the best credit card deals, which can help you save hundreds of dollars with low interest rates, valuable rewards and credit-building capabilities.

CardHub, a credit card comparison website, released its Best Credit Cards for 2013, which were picked by comparing 1,000 card offers. And there’s something for everyone, not only people with amazing credit.

“Not only are ongoing terms extremely attractive, but issuers continue to offer rewards bonuses and low-interest introductory rates worth hundreds of dollars to new customers with a history of financial responsibility,” said CardHub CEO Odysseas Papadimitriou. This, he added, is especially good news for consumers, since the average household has over $6,700 in credit card debt.

Here are some of the top picks for the year.

If you have:

Excellent credit: The Chase Sapphire Preferred Card is great for people with a credit score of 720 or higher, especially since the 40,000 bonus points you get after spending $3,000 during the first three months can be redeemed for a $400 statement credit. “A lot of other cards might give you a free flight and hotel stays, but this card proves more valuable to more people,” CardHub senior analyst John Kiernan told ABC News. “If you move to ongoing rewards, you really want a card that complements your spending habits well.”

Good credit: Capital One Venture Card has long been one of the most popular and rewarding credit cards for travel enthusiasts. The first year is free; it’s $59 after the second year. As long as you redeem for travel-related expenses, the card will give you the equivalent of 2 percent cash back across all purchases. Spending $1,000 during the first three months will score you a $100 initial rewards bonus.

Bad credit: The Capital One Secured MasterCard charges a $29 annual fee, which makes it the cheapest partially-secured card on the market. With a partially-secured credit card, you may get a credit line that is in excess of your security deposit, giving you more available credit and expediting the credit-building process.

Limited/No credit:  The BankAmericard for Students is unique in that it offers comparable terms to the best credit cards for people with excellent credit.  What’s more, the zero percent intro term this card provides on new purchases lasts 15 months, just three months shorter than the longest zero percent period on the market.

And what about the idea of opening up a credit card simply to get the rewards and then never using them again? According to Kiernan, it’s good to have an array of open credit cards, even if you rarely use them.  In fact, it can actually help your credit rating. "Your credit card depends on the information in your credit report, and the more available credit you have and the longer your account is open and in good standing, it reflects positively on you and your responsibility as a consumer.”

Copyright 2013 ABC News Radio

Thursday
Feb242011

Repairing Your Credit Score? Give Customer Service a Try 

Photo Courtesy - Getty Images(NEW YORK) -- Having a bad credit score can cost a small fortune. Loans cost more, you may fail to qualify for a mortgage and even landlords may charge tenants more rent.

If old late payments are putting a dent in your score, you may be able to persuade creditors to remove them from your credit history, according to Ken Linn of the personal finance site CreditKarma.com.

"If you're a good customer and you've really cured your delinquency in the past, you can call.  It's surprising what a phone call to customer service will do," Linn says.

Linn adds that if the company refuses, "You might want to try multiple times if you don't get a good result the first time."

Copyright 2011 ABC News Radio







ABC News Radio