During
the year there are several holiday seasons during which credit cards are used
more often to charge gifts, do extra shopping, to prepare meals, or help prepare
festivities for family and friends. Lists are made, groceries and gifts are
purchased, and all of this makes for fun activities and making holidays special.
The great thing about using credit cards during all the rush of shopping and
purchasing special items, is that when the statement arrives it is easy to see
where all the spending took place. Those same statements can help make returning
purchases easier and faster in the event the receipt was lost. The item can be
matched to the transaction numbers on the statement and the credit card can be
credited with the return. It does not get much better than that.
Using
a credit card when there is not any extra paycheck, has helped fund many special
occasions for people who have been unsuccessful in getting approved for personal
loans. When charging is kept within reason, just like only borrowing money,
it is not a problem later. There is always credit card abuse and taking out too
many loans that can be repaid back by some people. Those people who try to be
financially responsible and repay their debts, use credit cards and fast cash
loans as financial tools.
Holiday
seasons do not have to land people into debt from overspending, when the
spending is planned and limited. Getting into debt can happen not only during
special occasions but can happen throughout the year. People every day damage
their credit due to over spending, without it being a holiday. Holidays, for
some people, may encourage a spirit of giving, which may lead to exhausting the
monthly income. Credit cards can help for those times when gifts need to be
purchased or bills need to be paid before the next paycheck arrives. It is about
setting limits and making some wise choices.
To
eliminate the need for cards and loans, having a savings account can be helpful.
Some consumers are good about having an emergency fund for those periods when
extra spending is needed. Yet many people never have a savings account. It is
surprising the people who do not even use a checking account. Since there are
options to apply for prepaid
or debit cards, regular unsecured
cards are not the only choice to be able to use plastic for spending. Using
a piece of plastic can be rewarding without getting into debt. Prepaid cards are
often advertised as guaranteed approval cards. The wonderful thing is that a
credit card balance will not be due when the statement arrives. If money is not
loaded onto the card, the card can not be used for purchases. The cardholder can
only spend what they have funded on the card.
Many
of these cards require only small deposits and a monthly or yearly fee. The
important thing to remember is that if the card has not been funded, it can not
be used. These cards can have online statement features to track spending,
online account management, and easy ways to preload the card as needed. The
great thing is that if it is lost or stolen, the money is not gone forever like
cash that is lost. However, the card should be reported lost or stolen as soon
as possible.
Visa News: Visa Certifies Smartphones for Use as Visa Mobile Payment Devices
NFC-enabled smartphones from Samsung Electronics, LG Electronics, and Research In Motion approved for use with Visa payWave, Visa’s mobile application for payments at the point-of-sale
Visa Inc.and Visa Europe today announced that NFC-enabled smartphones from Samsung Electronics, LG Electronics and Research In Motion (RIM) have been certified for use with Visa's mobile application for payments at the point-of-sale, Visa payWave. The Samsung Galaxy SII, LG Optimus NET NFC, BlackBerry® BoldTM 9900, BlackBerry Bold 9790, BlackBerry® CurveTM 9360 and BlackBerry Curve 9380 have been added to the list of Visa compliant payment products available for commercial deployment by financial institutions.
All the new devices certified by Visa host the Visa payWave application on a secure SIM card and feature NFC (Near Field Communication) technology, the short range communications standard that enables mobile phones to securely transmit payment information to a contactless payment terminal.
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Credit Card Balance Tip: Some people, even those with good credit histories, have recently seen their credit limits cut back. Reductions in credit lines can be harmful because your borrowing power will be diminished. Also remember that your credit score is based, in part, on what percentage of your credit limit you are using and how much you owe. Borrowers who carry large balances in proportion to their credit limit may see their credit scores fall. And a lower credit score can make it difficult or more expensive to get new credit in the future. How can you reduce the risk that your credit limit will be cut or your credit card account will be canceled? One factor that credit card companies consider is how you pay your bills. "It's important to show a steady, timely payment history," reported Evelyn Manley, a Senior Consumer Affairs Specialist at the FDIC. Paying all your credit-related bills by the due date - that includes your credit card bills as well as your car loan, mortgage and other debts - shows that you're a responsible borrower. Also, pay as much of your credit card bill as you can each month. If possible, pay in full, but definitely try to pay more than the minimum balance due. What should you do if you’ve already had your credit limit cut? Put a renewed focus on lowering the amount of money you owe on your credit cards. Also, consumers who have difficulty making their minimum payments on time may benefit from speaking with a reputable credit counselor to get help or guidance at little or no cost.
