Under30Finance » Credit Cards http://under30finance.com Tue, 05 Nov 2013 14:58:20 +0000 en-US hourly 1 http://wordpress.org/?v=3.6 Under30Finance no Under30Finance » Credit Cards http://under30finance.com/wp-content/plugins/powerpress/rss_default.jpg http://under30finance.com/category/credit-cards/ 5 Ways to Rent With Bad Credit http://under30finance.com/5-ways-to-rent-with-bad-credit/?utm_source=rss&utm_medium=rss&utm_campaign=5-ways-to-rent-with-bad-credit http://under30finance.com/5-ways-to-rent-with-bad-credit/#comments Thu, 27 Jun 2013 13:00:32 +0000 Under30Finance http://finance.under30ceo.com/?p=1672 RentingThere are three major essentials in life: Food, Clothing and Shelter. Without these three, no one lives a decent life. Without food, you die. Without decent clothing, you won’t be able to go out of the house in a presentable manner to work and keep feeding yourself. Without shelter, you’ll either live off the kindness of others, live as a squatter on other people’s property, or even as a hobo on the street. So you probably will do just about anything in order to find a place to stay, even trying to find someone to rent a home to you despite your bad credit.

The bad part about trying to rent when you have bad credit is that your potential landlord may not trust you enough. Thus, when it comes to finding a bad credit rental, the owner may either flat-out reject you or make you pay a premium on a security deposit. Neither of which will sound appealing to you.

So how do you go about renting your place with bad credit?

Look for rental places with no credit check required.

In this economy, some landlords may consider renting in spite of your bad credit to keep their rental properties occupied. Choosing these places, if you can find them, should be your last option as doing so may result in a vicious cycle.

Bite the bullet and pay the security deposit.

Sometimes, the only way that a landlord will agree to rent a place to a person with bad credit will be if there is a substantial security deposit paid. If you can afford the security deposit, then go for it.

If you can handle a higher rental fee, then go for it.

If your landlord is serious about a credit check and finds that you have bad credit, try and negotiate for a higher monthly fee. This way, he might consider relenting and allowing you to rent.

Consider having someone co-sign the apartment lease with you.

Another way that landlords will feel comfortable enough to rent a place to a person with bad credit will be when there is a guarantee that the rent will be paid even if the renter does default on the payments. Having a guarantor or co-signer may put your landlord’s mind at ease.

Consider moving in with your parents or with your relatives before trying to rent an apartment again.

The time you spend staying with your parents or with relatives will save you what you will otherwise pay on rent. It will also bide you the time to work on turning your credit status around. You could spend this time repaying credit card debt, if you need to. If you’re done paying back your credit card debt, spend this time managing a secured card properly. Having less expense, as in having no rent to pay, will allow you to manage the rest of your budget better, ensuring that you won’t incur new credit card debt.

Private landlords actually abound, and there are reports of these landlords not requiring a credit check. However, staying in the bad credit demographic will cost you so much: credit worthiness, opportunities to apply for loans that may give you the leverage you need, and possibly even a job. Even if you will be able to secure a home or an apartment to rent, bad credit is still going to be a pain for you in other areas of your life. Thus, it is still a good idea to work on neutralizing bad credit.

Neutralizing bad credit will take a while, but with patience and perseverance, you will be able to get back to black in due time. If you must, you may even use those countdown tickers that will help motivate you towards turning your credit from bad to good. Seeing your progress will encourage you to keep going, and before you know it, your bad credit rating may have already turned to a good credit standing. Think about the perks of being in the good credit group, the task may be monumental, but it will be worth it in the end.

Now that you know how bad credit affects you when renting a house, you have to be serious about getting back in the black and neutralizing bad credit. In the long run, it is going to be advantageous to you anyway.

Amy Johnson is an active finance blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances.

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Keeping Tabs on Your Credit http://under30finance.com/keeping-tabs-on-your-credit/?utm_source=rss&utm_medium=rss&utm_campaign=keeping-tabs-on-your-credit http://under30finance.com/keeping-tabs-on-your-credit/#comments Tue, 25 Jun 2013 13:00:15 +0000 Under30Finance http://finance.under30ceo.com/?p=1640 CreditIf you depend on credit to help you get by each month, there is a good chance you may be placing your credit rating at risk. Many people are unaware of the dangers in carrying a balance on their credit card, and how a single late payment can impact their credit score. Since new employers often review the credit rating of potential employees, tracking your credit is more important than ever. Here are some tips to help you understand credit, and how you can maintain good credit.

Common Credit Concerns

A high credit rating is awarded to people based on multiple factors including the following:

· Timely payment history

· Length of credit history (how long ago was your first credit card opened)

· Hard inquiries (limit how often you apply for credit)

· Balances (keep the total balance below 30% of the total credit limit available)

· Number of accounts open

Learning to balance your debt-to-income ratio can make a huge impact on your overall credit rating. It is important to pay your bills on time, and to focus on limiting your dependency upon credit. This will help you to maintain a higher credit rating.

Late Payments

Each payment you make to a lender is tracked each month. A single late payment can drop your credit rating by 90-110 points or more. The amount of points that will be dropped will be based on how late the payment was made, your previous payment history, and how many accounts had late payments. The impact from a late payment will lessen over time, but it will remain on your credit report for seven years.

Co-Signer

While you may not think being a co-signer on a friend’s car seems like a big deal, it can hurt your credit. If the co-signer fails to pay on time, it is your obligation to meet the monthly payments for them. Many co-signers do not receive a notice of the late payment before the derogatory information hits their credit report.

Identity Theft

A person that steals your identity can destroy your credit rating in a hurry. It can take months for the credit bureaus and fraud departments to fix issues related to identity theft. The first thing you need to do is place a freeze on your credit report. All three credit reports must receive a written letter from you that is sent by certified mail. Within five business days after receiving your request, the credit bureaus will place a freeze on the account. You must notify the police immediately if your identity has been stolen. You must fill out an Identity Theft Affidavit from the Federal Trade Commission to help you reclaim your identity. Your lenders may ask for a copy of the affidavit to close your accounts. Many victims of identity theft end up having multiple loans and credit cards opened in their names. It is vital to close all of the accounts in your name to limit the damage done to your name and credit rating.

Review Your Report

If there are errors on your credit report it can damage your credit rating. Review your credit report at least three times per year to check for late payments. Do you have an account that was marked as unpaid that was actually paid on time? Check with each credit bureau to find out where you can send a formal letter to dispute the mistake. The credit bureaus will send you a letter once they have checked the error and fixed it on your report. This can boost your credit score by several points.

This article was contributed by Mark Cunningham, entrepreneur and former financial advisor . If you’re looking for a job in the banking industry –small or large—Mark recommends searching for banking jobs with moneyjobs.com. Just visit moneyjobs.com.

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Safety Features of Credit Cards http://under30finance.com/safety-features-of-credit-cards/?utm_source=rss&utm_medium=rss&utm_campaign=safety-features-of-credit-cards http://under30finance.com/safety-features-of-credit-cards/#comments Mon, 17 Jun 2013 13:00:00 +0000 Under30Finance http://finance.under30ceo.com/?p=1573 Credit Card SafetyWe can’t imagine a day in our life without a credit card. But for many people it’s very difficult to manage a card as compared to the procedure to acquire it. Because using a credit card is way borrowing money that has to be paid back after all nothing is free in this world. Credit cards has their place, and are the most valuable things in a person’s life  most companies knows the competition out there in the market. So one must be very careful will choosing cards.

How to use                                                                                                                    

Before you start using a credit card, you have to own the appropriate one. When you are searching up for your card, there are many points that have to be considered carefully or kept in mind. For example, one of the main points is Annual Percentage Rate that is must for a credit card.

The next point to be considered about credit card is its limit and also the grace period available on it. You must keep our credit to the minimum so as to make payments possible at an affordable rate. One must check out if the company is providing us any grace period before they charge us with the  interest.The best way of using a credit card wisely to by keeping a check on the way we spend money.

Unwanted expenditure and shopping’s beyond our control is inviting trouble, we must never cross the  limit . You can avoid these circumstances by keeping a constraint on our day to day way of expenses.You must keep track of all the expenses we made by keeping all the transaction proofs and all the receipts we receive, maintaining a ledger is also recommended.

Safety Issues of credit cards

There are some safety issues that should be followed to minimize the risk while using such cards. For getting the full benefits from such cards it is essential that you should use them sensibly and follow certain safety measure while using them. It is important to make sure that you do not make unnecessary expenses. While online shopping or any other sites where online payment is allowed one must always choose credit card as the mode of payment, it is mostly recommended due to its safe quality.

Use of multiple cards is not advisable, if you possess multiple cards and personal information must never be disclosed to unknown resources. You must always go through the privacy policy of the website that is asking for your personal credentials.Submitting personal data to a site without privacy policy is getting into trouble also be informed about the item that you intend to buy, its quality as well as its safety features. Especially when the items you are buying are for children’s items. Never leave your card be unattended, always keep it in a safe place, avoiding misuse as well as loss.

Arianna works as a finance writer. She writes a lot of informative posts related finance like best personal lending, running businesses & Melbourne loans. She be happy to share her financial knowledge in her articles.

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5 Sensible Tips to Deal with Credit Card Debt http://under30finance.com/5-sensible-tips-to-deal-with-credit-card-debt/?utm_source=rss&utm_medium=rss&utm_campaign=5-sensible-tips-to-deal-with-credit-card-debt http://under30finance.com/5-sensible-tips-to-deal-with-credit-card-debt/#comments Thu, 13 Jun 2013 13:00:51 +0000 Under30Finance http://finance.under30ceo.com/?p=1594 Credit Card DebtCredit card is a useful piece of plastic but it remains helpful only when your credit card debts are also well under control. Once you lose your control over the credit card debts, it may turn a bit difficult for you to retaliate. The only solution is to follow the right tips and tricks to get rid of credit card debts. It may take time, but you must have patience to deal with your credit card debts.

Following are 5 tips that may help you to pay off your credit card debts effectively. Have a look:

 1.      Get the overall idea first:

You must learn first exactly how much credit card debt you’ve to pay off. Suppose you’ve 10 credit cards to take care of. Point out exactly what amount you owe on each account. Don’t forget to list the interest rates separately. This will help you to decide how grave is your debt problem and you’ll be able to zero in on the next course of action easily.

 2.      Stop aggravating your debt problems:

If you really want to get out of your credit card debts, then you must sincerely think about reducing further debt accumulation. Be resolute not to use your credit cards until you pay off the existing debts. This will only keep the debt load manageable. When the debt load will be under control, you’ll be able to pay that off easily enough.

 3.      Get a low interest credit card to transfer balance:

The thing that makes the credit card debts even worse is the interest rate. Due to high interest rate, the debts you owe on your credit cards, keep growing at an alarming rate. This ultimately wreaks havoc on your financial stability. How to deal with such a situation? Balance transfer can be a smart solution. Get a new credit card with considerably low interest rate and transfer the balance into it. Look for the credit cards that come up with lucrative introductory offers. This will surely make a difference to your credit card debts.

4.      Follow the consolidation program but carefully:

Credit card debt consolidation is an extremely effective option to pay off credit card debts easily. The process may be easy but you must follow it with determination. If you’ll be careless with your repayment plan and miss payments, then obviously the consolidation program will never be a success. That’s why it’s important to go through the consolidation process carefully.

5.      Work on increasing cash flow:

Of course you need money to pay off your credit card debts on time. Some part time job may provide you with the needed extra money. Rent the unused rooms in your house. All these tactics will only help you to increase the cash flow. Use that money to pay off credit card debts faster and live a debt free life.

Apart form these 5 tips you must also learn to be a careful consumer. Avoid accumulating debts at the first place. This will solve most of your financial worries quite instantly.

The article is contributed by Barbara Delinsky on behalf of Oak view law group. She enjoys writing for various financial blogs and forums. She even guides people properly to follow the water fall approach to debt free life.

Image Credit: Shutterstock.com

 

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Types of Inaccuracies on Your Credit Report http://under30finance.com/types-of-inaccuracies-on-your-credit-report/?utm_source=rss&utm_medium=rss&utm_campaign=types-of-inaccuracies-on-your-credit-report http://under30finance.com/types-of-inaccuracies-on-your-credit-report/#comments Mon, 04 Mar 2013 14:00:25 +0000 Under30Finance http://finance.under30ceo.com/?p=1001 Credit ScoresTake a deep breath. That hiccup on your credit report may not be your fault.

There are quite a few causes of inaccuracies that could be hurting your credit history. Before you start blaming yourself for missing a payment, overlooking a hospital bill or carrying a credit card balance, think real hard. A Consumer Protection Financial Bureau (CFPB) report from December 2012 listed a bunch of causes of credit report inaccuracies.

Look for documentation that you made a payment because any one of the following causes could be damaging your credit history.

Data errors

Humans operate the furnishers — such as a credit card company or an auto finance company — that provide information to the nationwide consumer reporting agencies (NCRAs). For the purposes of the CFPB’s report, the NCRAs were Transunion, Experian and Equifax.

Furnishers’ information pertains to their transactions with consumers. For example, a credit card company tells Equifax your Social Security number (SSN) to get this line of credit in your report.

Well, mistakes happen. It can be as simple as misspelling your name or messing up your SSN. The problem? An “orphan” credit file originates that is separate from your actual credit file. Worse yet, a data error can lead to mixing two consumers’ credit files.

Matching inaccuracies

NCRAs may not match your credit file if you start a new line of credit. This may be due to a name change or a credit lender (e.g. a credit card company or bank) not providing identifying information, such as your date of birth or SSN.

Common examples include consumers who change their name after a marriage or divorce. Family members with similar identifying information like a name (Jr., Sr.) or who live at the same address often have files overlap when they should not.

Process errors

Say you disputed an error on your report with the credit bureau that had the error on file. If that bureau fails to correct the error, the NCRAs would have no record of the correction. Your credit report takes the hit. A host of errors may arise as a result, such as:

  • An account with you listed as the owner when you’re only an authorized user
  • A payment being incorrectly attributed
  • Closed accounts listed as open
  • Credit limits being incorrectly reported
  • A payment not being listed
  • A failure to update credit records, such as a resolved tax lien being listed as open

Identity thieves

A clever criminal can start a new account — credit, utility or health care — in your name. Then the thief doesn’t pay for it. Accounts like this go delinquent, forcing collection agencies to take over. Meanwhile, your credit score dives.

Identity thieves can also take over your account. They hide by changing the billing address. Tons of these criminals buy things online. Worse yet, identity thieves can use your SSN, last name or birthday to create fake identities. As a four-time victim of identity theft, I can say it’s painful. Thankfully, I’ve been able to catch it before it affects my credit history, but you must be proactive in checking your credit.

Time lag

Even though you may do the right thing and pay an electric that’s past due, it may not immediately get reported to the credit bureaus. Simply put, it takes time for changes to reflect on your credit score. But if your good behavior isn’t showing up, thus hurting your credit history, it’s time to file a dispute.

Now that you’re enlightened on what causes credit report inaccuracies, it’s time to get to work on disputing problems. If your credit score is already in the high 700s, a 10- or 15-point increase may not be as worthwhile. But for consumers with a credit score of 620 or lower, every point matters.

For some consumers, a 20-point jump could be the difference between being declined a new line of credit and getting approved. Future homeowners want every point possible to ensure they get the best interest rate on their mortgage.

Have you found inaccuracies on your credit report? If so, how did the dispute process go? How many points did you recover on your credit score?

Christian Losciale is a writer and social media specialist for Smart Military Money. Connect with him on Google+.

Image Credit: Shutterstock.com

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Poll: At What Age Did You Get Your First Credit Card http://under30finance.com/poll-at-what-age-did-you-get-your-first-credit-card/?utm_source=rss&utm_medium=rss&utm_campaign=poll-at-what-age-did-you-get-your-first-credit-card http://under30finance.com/poll-at-what-age-did-you-get-your-first-credit-card/#comments Fri, 08 Feb 2013 14:00:30 +0000 Under30CEO http://finance.under30ceo.com/?p=870 We all know credit cards are a part of life these days. It’s actually rare to find someone who doesn’t own one or a store that doesn’t accept them. At the same time credit cards get a lot of people into trouble with debt. The key to owning a credit card is to understand how to manage it and to understand the consequences that come if you don’t. We want to find out how old most people are when they first get a credit card. Getting one at a very young age can be a recipe for disaster as many people don’t understand enough about money at the age of 25 let alone 15.

Take a second to answer!

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Why Prepaid Cards May be Advantageous to People With Bad Credit http://under30finance.com/why-prepaid-cards-may-be-advantageous-to-people-with-bad-credit/?utm_source=rss&utm_medium=rss&utm_campaign=why-prepaid-cards-may-be-advantageous-to-people-with-bad-credit http://under30finance.com/why-prepaid-cards-may-be-advantageous-to-people-with-bad-credit/#comments Mon, 28 Jan 2013 14:00:22 +0000 Under30Finance http://finance.under30ceo.com/?p=741 Prepaid Credit CardsMany people with bad credit are discovering the advantages of using prepaid credit cards instead of using traditional credit cards.  What consumers like most about using prepaid cards is that they do not need a good credit rating to get approved for one. Although consumers must fund prepaid credit cards, they are an excellent choice for consumers who cannot get approved for a traditional credit card.

Prepaid Cards Are Helping Consumers Take Control of Their Finances and Credit Rating

Since consumers must fund prepaid cards, people who use prepaid credit cards are not burdened with having to make monthly payments like consumers with credit cards.  This is because all purchases are immediately deducted from available balances.  As such, consumers do not have to worry about derogatory credit reports to the credit bureaus.

Prepaid Credit Cards Can be Used to Pay Bills and Purchase Items Online and in Stores

Prepaid cards are also advantageous for consumers with bad credit because consumers can use them anywhere credit cards are accepted.  For consumers without a credit card or a bank issued debit card, a prepaid credit card gives them the freedom to make purchases online and in stores.

In addition to the freedom to make purchases, there are no limitations as to how much a consumer can spend each day with prepaid cards.  Once a prepaid card has been funded, the consumer can make small and big-ticket purchases.  This is just one of many advantages of having a prepaid card, but that is not all.  Prepaid credit cards can also be used to pay for bills and expenses.  With a prepaid card, consumers have the flexibility they need to pay their bills when they want.  For consumers who do not like to carry cash, prepaid cards offer the perfect solution.

Prepaid Credit Cards Are Perfect For People With Little to No Credit

In addition to helping people pay for bills and make purchases, prepaid credit cards are also an excellent choice for people with no credit.  Students who do not work or do not have credit history often have trouble qualifying for a traditional credit card.  With a prepaid credit card, students have the ability to make purchases when they want even though they do not have the credit.  In addition, with prepaid credit cards both students and parents can easily add money to their cards anytime they want.

Consumers With Prepaid Cards Can Earn Money and Referral Fees

Depending on the prepaid credit card, consumers are often able to earn rewards each time they use their card.  In addition, some prepaid credit cards also offer referral fees.  For consumers in need of additional money, a prepaid credit card may be a great way for consumers to earn extra money.

Whether a consumer has bad credit or little to no credit, prepaid cards give consumers the flexibility and power they need to take control of their lives in more than one way than one.  From no caps on spending limits to being able to pay for high-priced items, prepaid credit cards are advantageous to people with bad credit in many ways. Regardless of whether consumers ultimately choose the Green Dot Card or a different card, they should always compare cards before making a final decision.

This piece was contributed by Raymond Pinkerton, a freelancer based in the greater metropolitan area of St. Louis, Missouri; he regularly writes on finance, politics and other prominent issues in society.

Image Credit: Shutterstock.com

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Taking Control of the Credit Card Shuffle http://under30finance.com/taking-control-of-the-credit-card-shuffle/?utm_source=rss&utm_medium=rss&utm_campaign=taking-control-of-the-credit-card-shuffle http://under30finance.com/taking-control-of-the-credit-card-shuffle/#comments Wed, 23 Jan 2013 14:00:51 +0000 Under30Finance http://finance.under30ceo.com/?p=682 Credit CardsThere was a time when I did the credit card shuffle every day. When I was in college, I would make purchases on my credit cards just to be able to pay for gas and groceries. Then, when the bill came due each month, I would take out a cash advance in the amount of the minimum payment. Although for a time it seemed like I had hit a magic fountain of free money, eventually reality set in, and I could no longer “shuffle” the credit card dollars around. There were no more dollars to shuffle. Then I got a new card and repeated the process again.

The First Light Bulb Goes Off

This continued throughout my college years until shortly afterward when I read the book Your Money or Your Life by Joe Dominguez and Monique Tilford along with some books about financial planning and responsibility by Suze Orman. The concept that really changed my life, which all of the authors hit on, was that I was trading my life energy for all the debt I was taking on. I also learned to re-calculate my wage in a more realistic fashion. Even if I earned $10 an hour, I hadn’t before thought about the fact that my taxes, uniforms, travel expenses, “decompression time,” drinks after work, and lunches out all lessened the amount of my real hourly wage. After I subtracted all that, I found myself lucky to even come home with $5 an hour.

The Second Light Bulb Goes Off

I also learned that when I bought things on credit, I paid a lot more for them in the long run, sometimes over five times as much as the item originally cost. If I could give you another piece of my best advice it would be this: before you do any of the other things mentioned in this article like consolidating your debts or seeing a financial planner, visit an online calculator to determine the real cost of the items that you buy on credit. That $4 latte may cost you $10 or $20 in the long run, and more expensive items may cost you hundreds or even thousands in interest.

Key Takeaways

* Know what you’re really earning per hour

* Realize you’re trading the hours of your life for your goods

* You’re trading future hours of your life for your current debt

* Calculate the real cost of the items you buy on credit

* Using your real hourly wage, consider how many hours of your life you’re trading for the things you buy on credit

Cut Expenses

Now that you know what you’re really paying for, some of the “must haves” in your life, reassess whether they’re really “must haves” or “I like to haves.” You don’t have to go crazy; life should be fun, after all, so don’t feel like you need to start living like a pauper. However, try to use the information in the previous two paragraphs to separate the worthwhile expenses from the worthless. Is having cable TV really worth the number of hours of your life energy it’s costing you to have it? If your “real” hourly wage is $10 per hour after your work-related expenses, and you have a cable package that costs you $150 per month, you’re trading 15 hours of your life for that cable TV package every month. That’s 180 hours of your life every year!

Sell Unnecessary Items

Go through your home and find all the items you don’t use regularly. Assess whether you can bring yourself to part with some of these items. Do you have fun toys like jetskis or a guitar collection that you rarely use? Do you have TVs for more than one room in the house? Sell what you can and use the money you receive for these items to help pay off some of your debts.

Get Help: See a Financial Planner

Because of the taboos we have around money in our culture, many people feel like they are afraid to ask for help when it comes to managing their money. Asking for help requires you to admit that things aren’t working anymore, and they require you to own up to your mistakes and face them. However, once you’ve taken this difficult step, you’re on the road to repair and recovery regarding your finances. A financial planner can help you see how to live within your means and help you learn how to plan for the future.

Take out a Consolidation Loan

Get a consolidation loan, refinance your home, or put up other collateral for a loan in the amount of your debts. Try to find the lowest fixed rate that you can. Don’t go for a variable rate – you might get a low initial offer but end up paying a sky-high rate later on. Consolidation loans work well when you’ve acquired the skill to live within your means and haven’t taken on any new debt but are having trouble keeping up with high monthly payments on many past debts.

Declare Bankruptcy

This may sound like a drastic measure, and, believe me, it is. Don’t undertake bankruptcy lightly or without a lot of careful forethought. However, if you have what feels like an insurmountable amount of credit card debt, bankruptcy still exists as an option that provides true relief for people who have a lot of debts from credit cards. It can give you a fresh start on a blank slate and relieve the heavy burden of debt from your shoulders. Stay aware, though, that your credit will need repairing and rebuilding after bankruptcy. The bankruptcy will stay on your record for at least seven years, and you will likely encounter difficulty in getting credit extended to you during this period.

 Conclusion

The key to taking control of your finances and stopping bad habits is to realize how much your debts really cost you in terms of your life. Most people haven’t received any training or education to truly understand the real-life costs of living on credit cards. Once you know what you’re really trading for the things you buy on credit, start making life changes that help you take control, such as changing your spending habits and doing what you can to reverse the flow of money in your life from negative to positive.

Steve Gott is always looking at ways to improve his finances. He frequently shares his insights on personal finance blogs. Click here for more information on short term funding alternatives.

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Ten Useful Ways To Spend Cash Back Rewards http://under30finance.com/ten-useful-ways-to-spend-cash-back-rewards/?utm_source=rss&utm_medium=rss&utm_campaign=ten-useful-ways-to-spend-cash-back-rewards http://under30finance.com/ten-useful-ways-to-spend-cash-back-rewards/#comments Mon, 19 Nov 2012 14:15:10 +0000 Under30Finance http://finance.under30ceo.com/?p=368 Consulting the family financier, you’ll find that spending cash back rewards is a no-brainer; use it to repost positive gains onto your credit card account.  Ask the daring, fun, perhaps even edgy family member what should be done with cash back rewards, and you’ll find trips to Barbados, new plasma televisions and perhaps even some nice clothing should be obtained. To settle the arguing couples’  disputes revolving around your monthly point accumulations, here’s ten useful ways to spend cash back rewards to appease everyone.

#1: School Clothing

Your school children will need something nice to wear, and perhaps money remains tight around the plantation; you’d find exponential benefits in taking unused reward dollars and applying them towards rewards malls or stores where points can be traded for clothing items.  Even if you only obtain three garments, it’s still better than forking over cash.

#2: One Month Of Groceries

Give yourself, and your family, a much needed break spending tons of money at supermarkets simply by cashing your unused account credits in for money which can be used to offset one month of food.  Depending on rewards amounts left to redeem, you could even splurge on T-bone steaks or filet mignon.

#3: College Textbooks

Bearing the expense of four-year tuition will already make your finances suffer if inadequately prepared with savings for your child’s future education; if your rewards never expire, build them up high enough to cash out towards academia literature.  The books are pricey; every little bit of relief in buying them helps.

#4: College Tuition

Go ahead, say it now: it’s entirely unfeasible to offset the college tuition of today’s expensive semesters.  Consider this: if your points never expired with two people spending, paying, spending and even signing up for Add It Up features as featured with Bank of America, you literally could take credit cards, save the points and cash in several years down the road towards college tuition.  Give it a try.

#5: Uncovered Medical Expenses

Ingenuity sprinkled with Humana coverage means you’ll have the opportunity to cash out your rewards points and offset your potential out-of-pocket medical expenses which amass your yearly insurance benefit, your copays or even the deductible.  This would require direct deposit of rewards into your checking account in order to effectively pay your expenses, yet it’s definitely a worthy trade.

#6: Christmas Presents

Why force yourself into another debt treadmill by spending cash or more credit on Christmas presents when thousands of cash back rewards are sitting idly inside your credit accounts?  Take your points, transfer to your checking and take the wife or husband gallivanting across town picking up socks, lumps of coal or whatever egregious presents you find the mother-in-law deserves.

#7: Man-Cave Construction

Wife emphatically told you not to build man-caves on the family’s dime.  You have thousands of points sitting around the credit card accounts doing nothing more than yawning; time to build man cave on Chase’s dime while leaving her enough points to buy some Vera Wang purses or Paula Deen cookware. Lumber, roofing materials and required flooring to make the man hut perfect shouldn’t run that high if you know where to buy.  Sorry, guys – living rooms with flower pots and pretty window valances don’t count as ‘man cave material’ and will, in fact, subtract 10 man points for every dollar spent in that room.

#8: Building Online Business

Does your family own some wonderful shop in town and wishes to finally go global with products or services offered, yet lack proper monies to begin the marketing, site building and branding aspects which epitomize online business nomenclature. Gather your cash back points, slap them into your checking account, and begin shopping for inexpensive services to get that ‘Ma and Pa’ storefront online.

#9: Breast Cancer Research

You could definitely show your big heart for humanity simply by donating your uncared for reward balances towards breast cancer research, the most needed medical research and cure I can think of.  Once breast cancer cells are isolated, more types of cancer could be cured.  At the end of the day, your cash back rewards save ‘second base’ and make the most profound impact on women’s and men’s lives.

#10: Donate To Charity

Charities always need government financing which, of course, is starting to spread thin.  If there isn’t some fashion which exists to take cumulative points and trade for cash or donate directly to local charities, their needs to be.  Imagine if 2000 county residents put forth several million points into one coffer to help battered women, children get clothing or feed thousands of homeless folks – wouldn’t than mean something?  Donating always builds monstrous hearts amongst life’s constituents.

In Closing

Cash back rewards can accumulate into the accounts of busy families who simply follow routines of working, paying bills, running kids around and heading back home for more.  Instead of letting these rewards stay dormant forever or wasting them on account credits just to let interest eat them up, spending these much deserved points or dollars on useful items as listed above makes better financial sense.

About The Author: Dave, freelance writer and business marketing specialist, has accumulated points and wasted them in the past, thereby causing him to rethink his strategies.  When he’s not complaining about Chicago Cubs baseball or political agenda, he writes for Technorati, Social Media Today and also operates his cash loans initiative aimed at assisting people with short term financial needs.

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Approaching Credit Cards as a Young Entrepreneur http://under30finance.com/approaching-credit-cards-as-a-young-entrepreneur/?utm_source=rss&utm_medium=rss&utm_campaign=approaching-credit-cards-as-a-young-entrepreneur http://under30finance.com/approaching-credit-cards-as-a-young-entrepreneur/#comments Tue, 13 Nov 2012 14:15:45 +0000 Under30CEO http://finance.under30ceo.com/?p=329 I remember how excited I was when I first decided to open my own custom-made apparel store. For years, I had imagined what it would be like to finally branch out and start selling my own women’s clothing designs, but nothing could have prepared me for the financial hardships I was about to face. Being young and naïve, I decided to take out a series of loans and credit cards in order to fund all that I needed for my new business. At first, it didn’t seem like that big of a deal, but over time, things got out of hand. I was spending way more than I had coming in, and I eventually decided to close the store. It was my first tough lesson in becoming a responsible entrepreneur. Whenever I talk to young entrepreneurs, I always like to give them advice on how to approach using credit cards for their business endeavors, so if you’re a young entrepreneur, listen up; here are three things you should keep in mind when it comes to using a credit card.

Know your credit history

Your ability to receive a credit card with decent interest rates depends upon your credit score and credit history. Unfortunately, many young entrepreneurs don’t know where their credit currently stands. Before you venture out and pursue your entrepreneurial dreams, find out what your chances are of getting a credit card with good rates. The best way to do this is to pull a free credit report from at least three different credit-reporting agencies. In case you didn’t know, a credit report will show your account history and all the factors that have injured your credit.

Know your limitations

Wouldn’t it be wonderful if everyone paid off their credit card balance at the end of every month? Alas, we don’t live in such a world. Before you charge anything to a credit card, take some time to figure out if you’ll be able to pay it off in a reasonable amount of time. If you don’t think you can deal with high-interest rates – ranging from 13 and 20 percent –you should analyze whether or not you’re financially ready to pursue your entrepreneurial dreams.  If you do take out a credit card and discover you’re having trouble making reasonable payments, however, contact your creditor and explain your difficulties. Oftentimes, they’ll be able to help you setup a decent payment plan and even lower your interest rates.

Know how to pay on time

Paying your bill on time is of the utmost importance in maintaining a sound credit score, so always make sure to pay all your bills on time. If you’re afraid you might forget to make payments, go ahead and set up automatic payments. Why? Well, paying on time boosts your credit score and even helps you negotiate lower interest rates. Even if you can’t pay off as much as you’d like each month, always make reasonable, consistent payments. You might think a day or two won’t matter, but in the long run, it could affect your ability to operate a successful business.

If you want to break off and pursue your entrepreneurial dreams, keep these three credit card facts in mind.

As a regular contributor to several finance websites, such as www.CreditScore.net, Stella Walker uses her knowledge of economics, consumer trends and budgeting to help readers better understand their own personal finance issues. Feel free to leave your questions and comments for her below!

This article originally published on Under30CEO

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