Fast Credit Card Application

The majority of credit card offers sent out in the mail today promise a 0% APR (annual percentage rate) introductory period which lasts anywhere from three months to a year, depending on the credit score of the potential applicant, the credit card issuer and the specific terms of the product on offer. Interest-free introductory periods can be used to repay existing outstanding balances without incurring additional interest charges and they can also be used to save money on new purchases. The following information discusses several ways 0% APR credit cards can help to save money on existing balances and new purchases.

0% APR Credit Cards for New Purchases

The amount of money which can be spent on new purchases during an introductory period, without incurring interest charges, depends on a variety of factors like the introductory period and the overall credit limit available to the cardholder. If, for example, the credit card has a 12-month introductory period, and the cardholder has access to a credit limit of $1500 or more, they could theoretically make a $1200 purchase, and then make a $100 repayment each month of the year to avoid incurring any interest charges on their purchase.

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Tags: Credit, Credit Cards

When consumers begin receiving their notices pursuant to the new Risk Based Pricing rules that went live on January 1, 2011 they will receive one of two notices.  The first is the Risk Based Pricing notice that simply states that the creditor uses risk based pricing and that they didn’t get terms as favorable as others have gotten.  The second notice is the Score Disclosure Notice, whiches with the score used to make the decision.  I wrote about this at length here.

Here’s something to consider when you begin receiving these notices…the credit reports that you can claim for free aren’t exactly the same.  First off, both notices contain “get your credit report here” language, but that’s where the similarities end.

The credit report that you’re directed to by the Risk Based Pricing noticees directly from the credit bureau where the data was purchased by the lender.  And, most importantly, that report does NOT count against your allocation of free credit reports as provided by the Fair Credit Reporting Act.

The credit report that you’re directed to by the Credit Score Disclosure noticees from Annualcreditreport.  And, that one DOES count against your allocation of free credit reports as provided by the Fair Credit Reporting Act.

Keep that in mind when/if you start getting letters from your letter that notify you of your credit score.

Tags: Based Pricing, Based Pricing Rules, Pricing Rules, Rules

Co-signing someone else’s loan is a big risk. Many people co-sign thinking they’re just helping the other person qualify for a loan. Sure, that’s part of it, but there’s more. Whenever you co-sign for someone, you’re basically saying if the person defaults on the loan, you’ll take responsibility for the payments. Is that what you mean to say when you co-sign for someone else? Probably not.

Read: Why You Shouldn’t Co-Sign for Someone Else

If you can’t qualify for a loan without a co-signer, you should work on improving your credit so you can qualify alone. Asking someone else to guarantee your debt isn’t fair to that person. Even if you pay on time, you temporarily limit their ability to get new credit cards and loans of their own.

Share Your Co-Sign Horror Story

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The AARP Platinum Visa card has an excellent new offer, evoking memories of the good ‘ol days of the now-defunct Citi CashReturns card: an unlimited 5% cash back rebate on all purchases for 6 months.

After the first 6 months, the card earns a 3% rebate on travel-related purchases and 1% on everything else. Rewards are earned as points, which are redeemed at a value of one cent per point. For example, 2,500 points can be redeemed for a $25 check. There is no maximum number of points that can be accumulated in the program.

Before you rush out to apply, do first note that you must be an AARP member to be eligible for this offer. If you are not already an AARP Member, you can join by calling 1-800-424-3410 or visiting www.aarp.org.

Tags: Rebate, Rebate Months

Consumer confidence is up … but spending intentions remain flat, says the latest Discover U.S. Spending Monitor. The Monitor is a poll of 8,200 consumers which tracks confidence and spending intentions on a daily basis, with results released monthly.

The poll shows the highest level of consumer confidence (rated at 93.1) since November 2007. Yet, that’s not as optimistic as it looks at first glance. Only 10 % of consumers rate the economy as “good” or “excellent,” and more than half (51%) still rate it as “poor.” Thirty-seven percent of consumers polled say the economy is “fair,” a 3-point increase from last month.

Optimism Highest Amongst Middle Income Consumers

It’s the middle class, says the report, who are driving the optimistic statistics. Thirty-two percent of middle-income consumers (making between $40K and $75K annually) feel the economy is getting better; this number is up 7 points from December.

Meanwhile, 38% of middle income consumers says their finances are good or excellent. This number is up 6 points from December, which makes sense as people recover from their holiday spending. For individuals in sa

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Tags: Confidence, Consumer Confidence, Spending Monitor