Prepaid credit cards seem to be the new wave, especially for the younger generation and those with credit issues who may not be able to get a regular 0% APR credit card in any other way. These credit cards are opened up when you make a deposit for the amount you choose onto the card. You can then use the card for any purchases, as long as you don’t go over the deposited amount. With each purchase you make, your balance goes lower (kind of like a gift card) and when the balance reached zero, you can no longer use the card unless you refill it. The great thing about prepaid cards is that there are no bills to pay, no interest charged and you can’t get into debt. Here is a look at when a prepaid credit card may be a good fit. (more…)

Many financial products are designed for consumer convenience, but are we paying too much for that convenience?  As banks and credit card companies charge increasing fees and use the extra money they earn marketing to show us how the fees make sense – we should really consider whether or not the fees we pay are necessary or if there are better financial options.

Banking Fees

It is getting increasingly difficult to find free checking accounts.  Many banks are charging as much as $10 to $12 per month for a monthly maintenance fee on checking accounts, although some will let you waive the fee if you meet certain requirements like a minimum balance.  (more…)

With every credit card you possess comes a terms of use contract. While many of us tend to skip over reading these terms and conditions pages, the information contained in them is very important. Whether you have read the card terms or not, you are agreeing to them when you apply for credit card offers. Yes, the pages are in small print and might seem like they contain nothing you don’t already know, however they are important and you should be aware of the terms described and outlined in the contract. Here are some of the more common terms and what they mean to you as a credit card user.

Introductory APR

If you are applying for a 0% APR credit card, be aware that this rate won’t last forever. Before you apply, be sure to examine both the introductory APR as well as the long term APR. If the long term APR is extremely high, then you may want to look for a lower interest credit card.

Foreign Transaction Fees

If you plan to travel abroad, look in the fine print to find a no foreign transaction fee credit card. All Capital One credit cards don’t charge this fee. (more…)