Category: Credit Cards

How to Increase Your Credit Score with a Secured Credit Card

A good credit history means good rates on loans and other credit facilities. Once damaged though, rebuilding your credit can be difficult. However, you can get started by using a secured credit card that is easier to acquire than most other lines of credit. In this post, we shall look at how to increase your […]

The post How to Increase Your Credit Score with a Secured Credit Card appeared first on Credit Absolute.

Source: creditabsolute.com

Alliant Reduces Points Value of Platinum Rewards Points (From 1¢ To 0.66¢)

Alliant offers the Platinum Rewards Card, this offers 2x points per $1 spent. Previously points were worth 1¢ each but unfortunately that is no longer the case and points are now worth 0.66¢. This means it has gone from a card that effectively earned 2% cash back on all purchases to 1.32% back. We will remove it from the best credit cards for everyday spend.

Hat tip to Mike & Dave C

Source: doctorofcredit.com

Should You Get Another Credit Card? What to Consider

A woman looks at her laptop computer with a thoughtful look on her face.

Credit cards play a significant role in your financial life—from establishing credit and determining your buying power to potentially being a financial lifeline during times of crisis.

Before you add another credit card to your wallet, you should consider your buying habits and financial strategies. The answers to the following five questions may help you decide if another credit card is right for you.

New Cardholder? Wait a Year

If you’re a new cardholder, try holding off for one year before applying for another credit card. It can take six months to a year for your card usage to affect your credit score.

Without an established credit history, it may be difficult to get lenders to extend you credit. A short credit history can also impact your interest rates, keeping them higher than desirable. If you’ve had your credit card for less than a year, getting a new one may not be the best choice right now.

What to Do

Be patient. Use your current credit card on a regular basis and pay on time and in full each month. Your payment history is the largest factor that determines your credit score. When you do apply for a second credit card, the lending company will see how responsible you’ve been. They will then be more likely to extend you credit with a lower interest rate.

Trying to Build Credit? One Card May Be Enough

If you want another card because you’re trying to build your credit, one card may be enough. The most important part of building credit is using your existing accounts wisely—not adding more. Two cards could improve your credit utilization ratio, as long as you don’t rack up debt on either card. And if you don’t plan on actually using your second card, keep in mind that some credit card companies have a policy of canceling credit cards due to inactivity—and a canceled credit card can cause your credit score to take a dip.

What to Do

Instead of getting a second card, focus on using your current cards more effectively. Pay your balances on time and in full to help improve your credit score. If you’re ready to open a new type of account to increase your account mix, consider a small personal loan.

Already Have Multiple Cards? Review Your Payments

It may be tempting to have more spending power at your disposal, but before you apply for another credit card, make sure you can financially handle it. Examine how you’re currently managing your credit cards.

Are you struggling to pay the minimum each month? Are you unable to make payments on time? If you answer “yes” to either of these questions, it’s probably not a good idea to apply for another card right now.

What to Do

If you’re already having a hard time paying your credit card bills, ask yourself why you think you should get another credit card. Is it because you’ve already maxed out the cards you have in use? Don’t open yourself up to more debt by opening another line of credit.

Instead, develop a plan to lower your current credit card balances and create a budget to help organize and control your spending. A balance transfer credit card may be a solution if you’re looking to consolidate your debt into one, easy-to-track payment plan.

TD Cash Credit Card

Apply Now

on TD Bank’s secure website

Card Details
Intro Apr:
0% Introductory APR for 6 months on purchases


Ongoing Apr:
12.99%, 17.99% or 22.99% (Variable)


Balance Transfer:
0% Introductory APR for 15 months on balance transfers


Annual Fee:
$0


Credit Needed:
Excellent-Good

Snapshot of Card Features
  • Earn $150 Cash Back when you spend $500 within 90 days after account opening
  • Earn 3% Cash Back on dining
  • Earn 2% Cash Back at grocery stores
  • Earn 1% Cash Back on all other eligible purchases
  • $0 Annual Fee
  • Visa Zero Liability
  • Instant credit card replacement
  • Digital Wallet
  • Contactless Payments

Card Details +

Running a Balance? Check the Interest Rates

Carrying a balance from month to month can affect your credit score by increasing your utilization rate. It can also put a big dent in your wallet depending on your interest rates. If you regularly make your monthly minimum payments but keep a balance, it could be beneficial to get a new card with lower rates—as long as you can use it responsibly. If you want to keep your old card active, split the same amount of spending between the two cards, rather than doubling your spending, and your utilization rates and fees could go down.

What to Do

Check the interest rates on your current card. If you’ve been keeping up with your payments and your overall credit score is good, you could qualify for a better interest rate to replace this one with. While some credit cards may hit everything on your perk and benefit checklist, if the interest rate is too high, skip it. Look for credit cards with low interest rates that will be sustainable for long-term use.

Got Excellent Credit? Try a Rewards Credit Card

If you have established excellent credit, you may be receiving offers from a variety of credit card companies. If you know that you can financially handle another credit card and are looking to take advantage of the many perks and rewards available, you may want to consider applying for another credit card.

What to Do

Before you move forward, do your research on each one. Don’t get taken in by flashy offers that won’t benefit you in the long run. The best perks and rewards are the ones that suit your lifestyle. Decide which are most important to you and would give you the most bang for your buck.

Chase Sapphire Preferred® Card

Apply Now

on Chase’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
15.99% – 22.99% Variable


Balance Transfer:
15.99% – 22.99% Variable


Annual Fee:
$95


Credit Needed:
Excellent-Good

Snapshot of Card Features
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.

Card Details +

Ready to Apply? Go for It

Once you’ve learned how your charging and payment habits can affect your credit score, you can determine if and when the time is right for you to get another credit card. Our Credit Card Finder makes it easy to find the best card for your needs.

Find Your Credit Card

The post Should You Get Another Credit Card? What to Consider appeared first on Credit.com.

Source: credit.com

All About Credit Card Processing Fees

All About Credit Card Processing Fees

When you make a payment with a credit card not all of that money goes to the merchant. Your payment has to be authorized by multiple companies or banks along the way and some of them will deduct fees for their services. A portion of your payment goes to your card issuer’s bank, the merchant’s bank, the big payment networks such as Visa and Mastercard as well as payment processing companies. Here’s what you need to know about credit card processing fees.

What Happens When You Make a Credit Card Transaction

Before we break down the individual credit card processing fees, it’s helpful to give a quick rundown of what happens when you make a payment with your credit card.

When you try to make a purchase with your card, whichever credit card processor the merchant uses will need to receive authorization to complete the transaction. To do that, the first step is to send your information and the transaction details to the appropriate payment network, Visa, Mastercard, American Express or Discover.

The payment network then contacts the bank that issues your credit card. Your card issuer has to confirm that you have enough available credit to cover the purchase you are trying to make. If you have enough available credit, it will approve the transaction. If you don’t have enough, it will deny the transaction. That approval or denial goes back to the payment network, who sends its approval (or denial) of the transaction back to the merchant’s bank.

This entire process only takes a few seconds but it happens every time you make a purchase with your card. It doesn’t matter whether you swipe, insert a card with an EVM chip or manually enter your credit card number.

Average Credit Card Processing Fees Average Credit Card Processing Fees Visa 1.40% – 2.50% Mastercard 1.60% – 2.90% Discover 1.56% – 2.30% American Express 1.60% – 3.00%

The table above lists an an average range for credit card processing fees from each major credit card provider. These ranges are meant only to give you an idea of how it works. There are a number of things that go into the final processing fees for any individual merchant (more on that later). Credit card issuers also are not always transparent with their fees and how they change over time. This is particularly true of Discover and American Express. However, credit card processing fees generally average around 2%. Another key trend is that American Express regularly charges higher fees.

Credit Card Processing Fees: Interchange Fees

All About Credit Card Processing Fees

An interchange fee is money that merchants pay every time they make a credit or debit card transaction. It’s typically a percentage of the transaction plus a flat rate for each transaction. For example, an interchange fee might be 1% of the transaction plus a flat fee of $0.25 per transaction.

This fee goes to the credit (or debit) card’s issuing bank so that it can cover its own fees. In general, a credit card issuer will charge higher fees for cards that offer more perks of benefits. However, the biggest fee that your card issuer has to pay is an assessment fee. This goes to the credit card network (e.g. Visa or Mastercard) and all networks charge the same assessment fee.

Interchange fees make up the majority of credit card processing costs for a merchant. There is a base part of the interchange fee that is non-negotiable because it is the same no matter what credit card companies a merchant works with. There is also a markup fee, which is an additional cost on top of the base fee. The markup goes to credit card processing companies (learn more about them in the next section) and they vary between processors. These fees are negotiable so a merchant should always compare these fees before choosing a company to process their transactions.

Credit Card Processing Fees: 
Merchant Service Providers

Even though merchants have to contact card-issuing banks to approve every transaction, they do not directly contact those banks. Instead, the transaction goes through a middle man that allows merchants and banks to communicate. This middle man is a merchant service provider (MSP). Common MSPs are Square and Payline.

MSPs charge merchants a certain fee for every transaction, whether it’s a sale, declined transaction or return. They may also charge the merchant a setup fee, a monthly usage fee and a cancellation fee.

Some merchants may have a bank that provides these services, but the majority of merchants have to use a third party MSP.

Online Versus In-Store Transactions

Credit card processing fees are cheaper if you pay in-person versus online. That’s because there is a greater risk of fraud with online payments. If you buy something in a store, the merchant has the ability to confirm that someone if using a real card and that they are the cardholder. This is harder to do with an online payment. The result is higher fees as companies try to protect themselves from fraudulent payments.

MSPs also charge additional fees for providing the software that makes an online payment transaction possible for a merchant.

The Bottom Line

All About Credit Card Processing Fees

It only takes a few seconds for a credit card transaction to go through, but there is a lot going on behind the scenes. Multiple banks and companies help facilitate transactions and they all want their cut of the profit. This is where credit card processing fees come in. A merchant has to pay an interchange fee every time a transaction is made, some of which is non-negotiable and some of which varies depending on the merchant service provider that a merchant uses.

A merchant bears the brunt of credit card processing fees and some merchants cannot afford to pay all the fees. This is a common reason why smaller merchants do not accept credit cards. These fees are also the reason that some merchants will require a minimum transaction amount in order to use a credit card.

Common Credit Card Fees to Avoid

  • Some credit cards charge an annual fee. This is a fee the cardholder pays each year simply for the privilege of having the card. Annual fees are particularly common for credit cards that offer valuable rewards. Shop around though because you can avoid an annual fee with some of this year’s best rewards credit card.
  • If you plan to travel, using your card outside of the U.S. could leave you paying a foreign transaction fee. Luckily, we have some cards with no foreign transaction fee in our list of the best travel credit cards.
  • One fee that you can avoid with responsible credit card usage is a late payment fee. This is a fee that your card issuer will charge if you do not pay your bill by the due date. You should always pay on time because paying late will not only result in a fee but your credit score could also be negatively impacted.

Photo credits: ©iStock.com/Juanmonino, Â©iStock.com/NoDerog, Â©iStock.com/andresr

The post All About Credit Card Processing Fees appeared first on SmartAsset Blog.

Source: smartasset.com

Tips And Services To Help Your Bookkeeping Go Paperless

The COVID-19 pandemic wasn’t a catalyst to shift businesses toward digital transformation, it merely sped up the process. Businesses needed to scramble to move much of their operations online so workers could efficiently collaborate with each other and maintain business continuity during a difficult time.

Fortunately, departments not traditionally associated with the digital universe, like Bookkeeping, had an easier time adapting thanks to online services like Bookstime.com, a provider of digital bookkeeping tools with unique experience in difficult areas like sales tax automation, health benefits administration, and more.

Advantages of digital bookkeeping

Keeping track of every business transaction is among the most important and perhaps underappreciated tasks. Failure to keep track of transactions in a professional manner can result in a business owner making wrong decisions because they have inaccurate information.

Even worse, they might think they end the year with a profit but in reality, a bunch of small bookkeeping mistakes over several months means the business owner really lost money.

A shift to a digital platform eliminates these concerns. Online digital platforms make use of the most up-to-date accounting automation software that erases nearly every careless mistake. This is especially useful for a business owner who does the tedious but necessary job of bookkeeping themselves to save money. The more time a business owner spends on ancillary tasks, the less time they have to generate revenue and keep clients happy.

Some of the other advantages associated with going online include:

  • Eliminating clutter: keeping a clean home office is challenging enough but a digital platform means more space for higher priority files.
  • Save time: A digital bookkeeping platform is always available online with a few short clicks of the mouse. It can be accessed as needed and when needed in a few short seconds.
  • Environmental benefits: It isn’t unusual for a company to use at least 10,000 sheets of paper each year. Shifting resources online may seem like a small benefit but everyone has a responsibility to do a little bit more to protect our environment.

Case in point: Fill in a W-4

Every business owner is happy to hire new workers because it means they are expected to provide value to the company above and beyond their salary. But that doesn’t mean that the formal process is enjoyable.

One of the more undesirable parts of the hiring process is the pesky W-4 form that every employer has to ensure is properly filled in before a worker’s first day. Simply put, the W-4 form confirms how much income tax a worker wants to have withheld from their recurring paychecks. Under-withholding taxes means a worker will likely experience a shock come tax season as they owe money to the government. Over-withholding taxes means a worker is paying the government too much money and has to wait for a refund.

Digital bookkeeping can help simplify this process so you're less prone to errors. When other people’s finances are at stake, small careless mistakes could impact a worker’s desire to give the business owner 100% of their focus.

Businesses that shifted their bookkeeping process online to better navigate through the pandemic quickly realized this was a move that should have been done years ago. The advantages of having access to a clean and organized online tool far outweigh the costs.

Source: quickanddirtytips.com

American Express Sends Out Surveys For Possible Changes To AmEx EveryDay Preferred & Blue Business Plus

American Express is in the process of revamping all of the credit cards it offers. Usually American Express sends out a series of surveys trying to gauge the interest of different benefits. Today surveys were sent out for the EveryDay Preferred & Blue Business Plus asking for a ranking of the following benefits ($10 monthly for EDP and $25 monthly for BBP): PayPal, Walmart, Target, Home Depot, Nike, Streaming.  I suspect we will see both of these cards refreshed later this year.

Source: doctorofcredit.com

4 Credit Cards with No Spending Limit

Life can be unpredictable, and you never know exactly what you may need to spend money on tomorrow. In these situations, you may suddenly need more spending power on your credit cards than you previously anticipated. Fortunately, there are credit and charge cards that allow you to make the charges you need.

If your credit score is good enough, you might be able to score an “unlimited credit card”—one without a preset spending limit. That’s not a free pass to go on a months-long shopping spree, of course, as these credit cards technically do have some limitations. But they can be a flexible way to manage your finances, especially if you manage large monthly expenses or travel a lot. Find out more about credit cards with no limits below and whether one might be right for you.

What a No Limit Credit Card Really Means

The phrase “no limit credit card” is a bit misleading. Technically, all credit cards have limits. It’s not in the interest of lenders to allow card holders to drive up balances with no end in sight.

When people talk about unlimited credit cards, then, they usually mean one of two things. First, they could mean a credit card with a very high limit—one you’d be unlikely to hit in the normal course of spending if you’re regularly paying off the card. These types of cards include exclusive invitation-only “black cards.”

Second, and more commonly, they mean cards with no preset or published limits. Cardholders on these accounts are given a limit that’s unique to them, and it’s based on factors such as creditworthiness, income, and how long you have had an account. The credit limit might even fluctuate as you demonstrate continued or increased creditworthiness.

How to Determine if No Limit Credit Cards Are Right for You

Typically, these cards require good or excellent credit, so they aren’t something everyone can qualify for. The most exclusive cards with no preset spending limits are available only to individuals who receive an invite.

Cards with especially high credit limits or extremely flexible limits may also not be the right choice for someone who is in financial distress or already struggling to manage debt. It’s an unfortunate paradox that if you really need the larger credit line, you might be at greater risk of running up the credit card balance and digging yourself deeper in debt—and therefore unlikely to be approved for the larger credit line.

Need a card for fair or poor credit? We’ve got you covered.

Find a Card

Alternatives to No Limit Credit Cards

If you don’t have great credit, you might want to consider a different option, such as a balance transfer card. If your credit is good enough, you can get a balance transfer card with a preset limit that lets you transfer high-interest debt and pay it off faster at 0% interest for a specific period of time.

If you’re doing well financially and would like the flexibility of a credit card with a high limit without the temptation of ongoing debt, you might consider a charge card. Charge cards are a type of credit card—often with high limits—that you have to pay off each billing cycle.

4 High Limit or No Limit Credit Cards to Consider

If a high limit card does sound like a good idea, you’ll want to research available options and choose the best one for your needs and preferences. Here are four to consider.

1. Chase Sapphire Preferred

Chase Sapphire Preferred® Card

Apply Now

on Chase’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
15.99% – 22.99% Variable


Balance Transfer:
15.99% – 22.99% Variable


Annual Fee:
$95


Credit Needed:
Excellent-Good

Snapshot of Card Features
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.

Card Details +

  • Type: Rewards credit card
  • Credit Needed: Excellent,Good
  • Ongoing APR: 15.99% – 22.99% Variable
  • Signup bonus: 60,000 bonus points if you spend $4,000 in the first three months—that’s $1,000 in travel credits because points are worth even more if you use them on travel.
  • Rewards: Earn 2 points for every dollar spent on qualified travel and dining, and 1 point per dollar for all other purchases.
  • Annual fee: $95

Once you’re approved for the Chase Sapphire Preferred card, Chase will designate a credit access line for your account. However, you are permitted to exceed the account on a case-by-case basis. And when you do exceed this amount, you will not be charged an over-limit fee. The decision to allow you to charge beyond your credit access line is based on your payment history, your income, and other factors.

2. American Express® Gold Card

American Express® Gold Card

Apply Now

on American Express’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
See Pay Over Time APR


Balance Transfer:
N/A


Annual Fee:
$250


Credit Needed:
Excellent-Good

Rates and Fees

Snapshot of Card Features
  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months.
  • Earn 4X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery.
  • Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations. This can be an annual savings of up to $120. Enrollment required.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.

Card Details +

  • Type: Rewards
  • Credit Needed: Excellent,Good
  • Ongoing APR: See Pay Over Time APR
  • Signup bonus: 60,000 Membership Rewards® points if you spend $4,000 on eligible purchases with your new card within the first 6 months.
  • Rewards: Earn 4X Membership Rewards® points at U.S. supermarkets or at restaurants, including takeout and delivery, and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • Annual fee: $250

The American Express® Gold card is a card with a high-limit. With its Pay Over Time feature, this Amex card allows eligible charges of $100 or more to be carried across statements with interest. Other charges are due each month. You also get up to $120 in dining credits a year by earning up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations. This can be an annual savings of up to $120. Enrollment required.

3. Mastercard Black Card

Mastercard® Black Card™

Apply Now

on Luxury Card’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
14.99%


Balance Transfer:
0% introductory APR for the first fifteen billing cycles following each balance transfer that posts to your account within 45 days of account opening. After that, your APR will be 14.99%.


Annual Fee:
$495 ($195 for each Authorized User added to the account)


Credit Needed:
Excellent

Rates and Fees

Snapshot of Card Features
  • Patented black-PVD-coated metal card—weighing 22 grams.
  • 2% value for airfare redemptions with no blackout dates or seat restrictions. 1.5% value for cash back redemptions. Earn one point for every one dollar spent.
  • 24/7 Luxury Card Concierge®—available by phone, email and live mobile chat. Around-the-clock service to help you save time and manage tasks big and small.
  • Exclusive Luxury Card Travel® benefits—average value of $500 per stay (e.g., resort credits, room upgrades, free wifi, breakfast for two and more) at over 3,000 properties.
  • Annual Airline Credit—up to $100 in statement credits toward flight-related purchases including airline tickets, baggage fees, upgrades and more. Up to a $100 application fee credit for the cost of TSA Pre✓® or Global Entry.
  • Enrollment in Priority Pass™ Select with access to 1,300+ airport lounges worldwide with no guest limit. Includes credits at select airport restaurants for cardholder and one guest.
  • Cell phone protection for eligible claims of up to $1,000 each year. Plus additional World Elite Mastercard® benefits.
  • Annual Fee: $495 ($195 for each Authorized User). Terms and conditions apply.

Card Details +

  • Type: Rewards/Cash Back
  • Credit Needed: Excellent
  • Ongoing APR: 14.99%
  • Sign up bonus: n/a
  • Rewards: Earn redemption cash back in the value of 2% if you redeem on airfare or 1.5% if you redeem for cash back.
  • Annual fee: $495 ($195 for each Authorized User added to the account)

One of three products offered by Luxury Card, the Mastercard Black Card is truly luxurious. There is no official minimum starting limit for this card—but that flexibility comes with a cost. The annual fee is steeper than many can afford, but the card comes with $100 in airline credit and $100 in TSA Pre-check application credit every year, Exclusive luxury travel perks, and around-the-clock access to a concierge. It also includes a full range of traveler perks. Coupled with the rewards, this card can pay for itself when used by frequent travelers.

4. American Express Blue Cash Preferred Card

Blue Cash Preferred® Card from American Express

Apply Now

on American Express’s secure website

Card Details
Intro Apr:
0% for 12 months on purchases


Ongoing Apr:
13.99%-23.99% Variable


Balance Transfer:
N/A


Annual Fee:
$95


Credit Needed:
Excellent-Good

Rates and Fees

Snapshot of Card Features
  • Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
  • 1% Cash Back on other purchases.
  • Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • $95 Annual Fee.
  • Terms Apply.

Card Details +

  • Type: Cash Back
  • Credit Needed: Excellent,Good
  • Ongoing APR: 13.99%-23.99% Variable
  • Sign up bonus: Earn a $250 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.
  • Rewards: 6% cash back at U.S. supermarkets and some streaming services, up to $6,000 per year, then 1%; 3% cash back when spending at gas stations or on public transit; and 1% cash back on other purchases.
  • Annual fee: $95

The American Express Blue Cash Preferred® card comes with a lot of standard Amex benefits. There’s no overlimit fee, and its “Plan It” features allow you to create monthly payment plans with a fixed finance charge each month, rather than the ongoing APR.

No Limit Credit Cards and Your Credit Score

Paying on time and keeping your balance low is as important with these types of cards as with any other card. But you also need to consider your revolving credit utilization. Since these cards may not have a set or published limit, it’s important that you understand what the actual limit is and how it’s being reported. Check your credit report to see what limit is being reported so you know whether your credit utilization is high. Charge cards may not affect your utilization rate at all.

If you really want to dig in to your credit reports and the factors affecting your credit scores, consider signing up for ExtraCredit. ExtraCredit lets you access this information from all three credit bureaus whenever you want. That helps you best manage all of your debt, whether you have an unlimited credit card or not.

Sign Up Now

At publishing time, the Chase Sapphire Preferred, American Express Gold, Mastercard Black, and American Express Blue Cash Preferred cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply for and ultimately sign up for either of these cards. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

The post 4 Credit Cards with No Spending Limit appeared first on Credit.com.

Source: credit.com

How to Contact a Real Person at a Credit Bureau

How to Talk to a Credit Bureau

The information that credit bureaus collect affects just about every aspect of your life. Whether you’re approved for a credit card, get a good mortgage rate, can rent an apartment or even get a job – they all can hinge to varying degrees on your credit score. So when a credit bureau has something wrong, it’s imperative that you tell them. The three major bureaus – Equifax, Experian and TransUnion – offer online services and prefer that you use their online forms instead of calling. But sometimes you need to talk to a live person. Here’s how to make contact.

Why Would I Need to Contact a Credit Bureau?

The three big credit bureaus or credit reporting agencies – Equifax, Experian and TransUnion – create credit reports that reflect consumers’ creditworthiness. The reporting agencies are for-profit businesses and sell their reports to other businesses, such as insurers, credit card companies, banks and employers.

These businesses in turn factor in these credit reports when making decisions such as whether to offer you a credit card and at what interest rate. So it’s  important to monitor your credit reports and make sure the information on them is correct. If you ever find a mistake, you should contact the credit bureau to correct the information. You may also need to contact to a credit bureau if you think that you’re a victim of credit fraud. That could mean placing a fraud alert on your account or freezing your credit so that no one can open a new line of credit in your name.

Talk to a Real Person at Equifax

talk to a credit bureau

Equifax has multiple phone numbers that you can use to speak with a real person. The number that you use will depend on what you need help with. We recommend trying to contact the correct number. If you call the wrong number, they will simply say they cannot help you and then direct you to call another number. You can find all of Equifax’s contact information on its website, Equifax.com.

If you want to contact Equifax with a general inquiry, you can reach the company via phone at the number 800-525-6285. Just make sure to call between the hours of 9 a.m. and 5 p.m. ET, Monday through Friday.

Equifax has also been in the news recently because it suffered a large data breach in 2017. If you have questions about whether your information was compromised in the breach, Equifax has a dedicated phone line at 888-548-7878. Again, be sure to call between 9 a.m. and 5 p.m. ET, Monday through Friday.

The table below has some common reasons why you might want to call Equifax and the number that you should call in order to speak with a representative.

How to Speak With a Real Person at Equifax Reason for Calling Phone Number General inquiries 800-525-6285 Canceling a product or service (Equifax customers) 866-640-2273 Request a copy of your credit report* 866-349-5191 Place a fraud alert on your credit card 800-525-6285 Dispute information in your credit report 866-349-5191 Place, lift or remove a freeze on your credit 888-298-0045 Dedicated phone line for information on the 2017 data breach 888-548-7878

*Don’t forget: You can get a free copy of your credit report three times per year.

Talk to a Real Person at Experian

Experian makes it relatively hard to talk to a real person on the phone. The company encourages people to use its website for most things. However, there are three main phone numbers that you should know if you want to talk to someone at Experian.

Call 888-397-3742 if you want to order a credit report or if you have any questions related to fraud and identity theft. The number 888-397-3742-6 (1-888-EXPERIAN) will also work. You can place an immediate fraud/security alert on your credit with this number.

If you have a question about something on a recent credit report (such as incorrect information), you will need to have a copy of the credit report. On the report you will find a 10-digit number. This number is different for each credit report and you will need it for the representative to help with any issues related to your specific report. Once you have that number ready, you can call 714-830-7000 with questions about your report.

If you need help with anything related to your membership account with Experian, you should call the company’s customer service at 479-343-6239. You will need to call while the Experian office is open in order to speak with someone. The hours are 9 a.m. to 11 p.m. ET, Monday to Friday, and 11 a.m. to 8 p.m. ET, Saturday and Sunday.

How to Speak With a Real Person at Experian Reason for Calling Phone Number Buying a credit report,

Placing a fraud alert on your credit file 888-397-3742 or

888-397-37426 (888-EXPERIAN) Question about a recent credit report 714-830-7000 Question about Experian membership account 479-343-6239 Talk to a Real Person at TransUnion

TransUnion has one general support number that you can use to talk to a human for help with your credit report (such as to dispute information, freeze your account, or report fraud), your credit score or any general questions. That number is 833-395-693800.

Note that a human representative is only available Monday through Friday 8 a.m. to 11 p.m. ET,  Monday through Friday.

You will hear an automated service when you first call this number. Press 4 in order to speak with a representative. Then you will need to press 1 if you have a TransUnion File Number or 2 if you do not have a number.

A TransUnion File Number is a unique identification number that you can find in the top right of your TransUnion credit report. You do not need a number to speak with a representative, but you will need it to do anything related specifically to your credit report. For example, the file number is necessary for disputing incorrect information.

The Takeaway

How to Talk to a Credit Bureau

If you ever need to buy a credit report or address an issue on your report, you will need to contact a credit bureau. Each of the three national credit bureaus, Equifax, Experian and TransUnion, has a website where you can do most things you may need to do. In fact, they prefer that you use online forms instead of calling. But sometimes it’s comforting to speak with a real person who can answer your specific questions.

The first step is figure out what phone number you need. The credit bureaus all have multiple numbers. Not all of the numbers will allow you to solve your specific issue. Of course once you have the right number, you will also need some patience. Hold times can be long, particularly during the coronavirus slow-down. The credit bureaus have also experienced higher phone traffic since the Equifax breach in 2017.

Tips for Using a Credit Card Responsibly

  • Correcting inaccuracies on your credit report by contacting a credit bureau can help to improve your credit score. Another potential way to improve your score is to get another credit card. It will increase your available credit and improve your credit utilization ratio. You can find the best card for you with our credit card tool. Of course, you should only get another card if you can responsibly handle the credit you already have.
  • One good piece of credit card advice is always to avoid as many fees as possible. Fees can make it harder for you to keep your spending down. Higher bills, in turn, could be harder for you to pay back in full. Here are 15 credit card fees that you should avoid.
  • It can be tempting to keep swiping your credit card, but make a budget and stick to it. A financial advisor can help you create a road map to make sure you’re hitting your goals and not getting into debt. SmartAsset’s free matching tool can help you find a person to work with. It will connect you with up to three advisors in your area.

Photo credit: ©iStock.com/Milkos, Â©iStock.com/sturti, ©iStock.com/fstop123

The post How to Contact a Real Person at a Credit Bureau appeared first on SmartAsset Blog.

Source: smartasset.com

How Can Your Small Shop Get Off To a Roaring Start?

Are you just trying to get your own shop or retail business off the ground? Do you have physical items to sell but don’t have the capital to open a brick-and-mortar store? With the latest iPad point-of-sale (POS) systems, you can sell your products, manage your inventory, show your products to potential customers, and even analyze your progress. This allows you unparalleled flexibility to alter your business strategy for the best results in today’s rapidly changing retail landscape.

Whether your own shop or retail boutique is still a glimmer in your eye or you’ve investigated avenues to making it a reality, you may not realize just how easy it can be to get up and selling. Renting retail space may not make as much sense during a pandemic, but there are other ways to get your products in front of your prospective customers beyond the online arena.

One such way is to investigate opportunities for popup store locations in your area. Farmers markets are great for this, but you need a location that’s equally effective in warm or cold weather. All across the country, malls are looking to repurpose themselves as their anchor department stores go bust. Many mall owners, noting the consumer trend toward buying local, are looking to fill these spaces with small-scale merchants like you. Combining a popup location when it’s cool with an outdoor spot when it’s warm could give you an effective high-traffic spot without shelling out what it would cost to rent, say, space in a strip mall or downtown location.

Get up and running

When you think of opening up your own store, you probably picture a daunting checklist as long as your arm and myriad expenses that would make launching such a venture unacceptably risky. But it doesn’t have to be that way. Today’s POS providers offer packages that can get you up and running for less outlay than you might imagine.

Part of the problem with traditional POS systems was that they were so cumbersome to learn that you could spend a month digging into their complexities and still be unable to perform some basic functions. iPad POS systems are far more intuitive, which means you’ll be able to take advantage of everything the system can do within hours, not days, weeks, or months. At first, you’ll barely be scratching the surface of your system’s capabilities, but as you grow you’ll be well served to take advantage of key features such as inventory management and customer tracking.

Optimize your inventory

The true power of today’s mobile POS systems lies in their ability to track your sales and help you manage your inventory based on your results over time. What do you sell the most and when do you sell it? What’s collecting dust? You’ll be able to view all of this at a glance, and more importantly, you’ll be able to take appropriate actions to load up on what sells and rid yourself of what doesn’t. If you do have an online store, most systems allow you to integrate your inventory management so that someone shopping online isn’t surprised that an item they want is actually out of stock because it was sold to a walk-up customer or vice versa.

Customer tracking and rewards

These days, customers have become accustomed to sharing some data with their favorite shops. This is especially true when they're rewarded for doing so. Forging mutually beneficial customer relationships takes time and can cost you a bit in the short term. However, in the long term, they can pay huge dividends not only in frequent repeat business but also when it comes to spreading the word about your shop on social media and among friends and colleagues. It’s never too early to start identifying and rewarding your loyal customers.

Fortunately, most POS software makes this easy. Simply by providing the phone number or email where they would like their receipt sent, you can start building a profile of their likes and dislikes. You can also use this info to send them promotional messages, though you will need to make sure they opt in to this service.

Customer tracking is a win-win. They win because you can use their preferences to recommend products in which they will likely be interested; you win because you can keep presenting them with products that they’re eager to buy.

If you do start building an email or SMS list, that’s an excellent way to reach out to them with a killer deal when things are slow, or to let them know about an item that you're sure they’ll want to see. Take care, though—it’s very easy to overuse these capabilities, which can drive customers away and turn them into brand ambassadors of the worst kind, former customers who tell prospective customers to stay away. However, done with the right touch, direct marketing programs can bring in a solid core of business on which you can expand.

Contactless payment

With the pandemic raging, no one is eager to touch surfaces outside their home. That’s why it’s so critical to employ a contactless payment solution. iPad POS providers charge a bit more for these card readers, but being able to loudly tell potential customers that you have this capability will pay for the additional expense and then some.

Setting up your own shop is far from a walk in the park, but with a solid plan and a simple iPad POS solution, it need not be nearly as complicated as it has been in the past.

Source: quickanddirtytips.com