credit card
Avoid Store Cards for a Better Credit Score
2:10AM Kevin Purdy | Budget blog Wise Bread discusses financial products and deals that almost everyone should avoid, and at least one of them has been offered to likely every single reader of this blog—store-branded credit cards, often with a same-day savings pitch. But even if you pay off that purchase the minute you arrive home, it’s generally a bad idea: Do not be enticed to sign up for these cards even if the store gives you 30% off on the day you sign up … These are different from a cobranded credit card that can be used anywhere. An example of a co-branded credit card is the Costco Amex Card, which can be used outside of Costco. Co-branded cards generally have better rates and better internal controls than store specific cards. As noted by BankRate.com, each store card opened automatically knocks 20 points off your credit score, making a discount on one sweater not as appealing. Hit the link for five more items to keep your distance from. Six Horrible Financial Products You Should Avoid [Wise Bread] More »
Spend 5 Minutes a Week Checking Credit Charges
2:00AM Kevin Purdy | Personal finance blogger Ramit Sethi says it only takes him five minutes a week to make sure he’s not being over-charged, intentionally or not, by restaurants and other places where humans swipe his credit cards and enter a deduction amount.By collecting his human-swiped receipts in a folder right on his desktop, he can pull up his online credit card statement once a week and quickly run a “Ctrl-F” check of each total from his receipts. If he can’t find the amount he was supposed to be charged, it likely means someone messed up—or intentionally tried to scam a few bucks off him. It’s a quick and easy way to save yourself a few dollars, as well as add a feeling of security and it’s-all-taken-care-of-ness to your weekend. Got a better way to prevent small over-charges? Share your tip in the comments. Photo by Dan4th. Handling credit-card receipts [I Will Teach You to be Rich] More »
