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Cardworthy's Corner™

Professor Cardworthy's Corner™

"Are You Cardworthy or Cardsavvy?"™

The Professor Sez...

FUTURE PAYMENTS. Exciting!!!

-- Credit card companies and mobile phone companies are testing a new system to allow you to make purchases by pushing a button on your phone or placing your phone near the credit card machine. permalink

Is there an advantage to using a credit card that earns miles with one airline or a credit card that offers miles good on any airline?

-- Generally, a card tied to one carrier offers a better overall redemption value, especially with international travel, while the cards offering miles ... more

LOW-BALL SPECIALS. Smart!!!

-- Don't pass up a great balance transfer rate. Just mark your calendar for expiration date and enjoy the ride. permalink

How much does the average family owe on their credit cards?

-- Based on current industry statistics and consumer surveys the average American household with at least one major credit card owes $9659. However, ... more

DUE DATES. Decisive!!!

-- If offered, select a payment due date that meets your needs and one that does not fall on a holiday or Sunday over the next year. This will give you maximum flexibility with your budget and payment options. permalink

How do you factor in the balance transfer fee with a new interest rate in order to calculate your total savings over your existing account?

-- Most balance transfer offers have rates that expire after one year. In this scenario you simply multiply the new APR by the balance to be transferred ... more

CREDIT LINES. Colossal!!!

-- You can get a low APR at a small credit card bank but credit lines tend to be tiny. Look for the lowest rate at a big issuer to consolidate balances. permalink

Is it true that even with bad credit I still obtain a major credit card?

-- If you have filed for bankruptcy, had a repossession, a foreclosure or just gave up paying your bills then you still might be able to qualify for a ... more

AVOID POINT COBWEBS. Masterful!!!

-- Points that you earn with a credit card can lose value and become invalid. Set a reasonable goal then use them promptly before the issuer changes the rules. permalink

I fell on hard times many years ago, lost my good credit rating and was forced to live paycheck-to-paycheck with cash. I now have a good job and need a credit card to travel. What do I need to do?

-- Request a copy of your credit report, it's free. Then try to clean up your past and/or apply for a secured credit card to restore your credit. more

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