Usury laws specify the maximum legal interest rate at which loans and credit card accounts can be extended.  A bill for one such law is soon to be introduced to the House of Representatives and would cap the interest rate on all credit card accounts at 16%.  While the goal is to lower interest rates for applicants that represent a high-risk to creditors, usury laws will actually hurt this very segment of consumers.

If passed, banks are not likely to respond to usury laws by extending credit to everyone that applies at a rate of 16 percent or lower.  The more likely repercussion is that banks will deny credit to consumers whose credit histories do no warrant an interest rate at or below the usury law’s cap. Thus, if passed, usury laws will prevent an entire segment of consumers from acquiring credit when they need it the most.

Credit card companies report you as being delinquent to the three major bureaus after you have been late on your payment for 30 days or more.  In your case, you have been late for 67 days, so your credit score will have already been affected.  Your credit card issuer reports to the three major credit bureaus every thrity days, so it is very important that you make a payment immediately to avoid being reported as 90 days delinquent, at which point your credit score will take another hit.  The effect that your late status will have on your credit score will be marginal and can be repaired, if you practice responsible behavior for the next 12 months.
However, you should check your next credit card statement carefully or call your credit card company now, because your interest rate very well may have gone up (perhaps considerably) due to your late status.  Being this late on your credit card payment could have a costly effect on your wallet, depending on if or how much your interest rate has increased.  If it has skyrocketed, you should try to pay your balance off in full.  If you can’t do that, you may want to consider a balance transfer.

The minimum deposit needed to open a secured credit card account is $200.  However, with a secured card, your security deposit represents the amount of credit that will be extended to you, so the higher the deposit the higher the credit line.  The activity on a secured card is reported to the major credit bureaus just as is the activity on an unsecured credit card.  Given that lenders like to see that you have been extended long lines of credit, a large deposit on a secured account looks favorable on your credit report.  Plus, if you plan to make purchases with the card, a larger deposit will get you more usage.

If all you have right now is $200, the go ahead and apply for your secured card now.  You can add more money to your deposit account, thereby increasing your credit line, any time you like.

There are no credit cards that you can apply for with a co-signer.  All credit card offers, terms and interest rates are based on the credit history of the individual.  Credit cards are not like auto loans or home loans, in which cases, co-signers are allowed.  If you are unable to get an unsecured line of credit without a cosigner, then you should apply for a secured credit card, where a security deposit serves a collateral against your loan in the place of a co-signer.
On the other hand, if by co-signer, you meant authorized user, then yes, this is something that you can do with a credit card.  An authorized user on a credit card is someone who has access to usage on the account, but is not responsible for the bill.  The primary account holder is fully responsible for the bill, however, the activity on the card will show up on the authorized user’s credit report.

Given that you have excellent credit, you may be able to get a very low or zero percent introductory interest rate on a balance transfer credit card.  Before you fill out your new credit card application, make sure you can afford the standard APR associated with the card.  This will be your rate once the introductory offer expires.   You should compare credit cards based on other factors such as annual fees and reward programs and can do so by visiting CardHub.com.

You don’t need a co-applicant to get approved for a secured credit card.  A secured credit card will help you build credit history with both low risk to you and your lender.  The only difference between a secured card and a regular credit card is that with a secured card, your credit limit matches the amount of the deposit you put down – this usually starts around $200.00.  This deposit acts as your collateral.  Your credit limit can be as little or as much as you choose – you can up your limit simply by adding more to the initial amount you deposit.  The great thing about a secured credit card is that it can act as a personal savings account while building your credit history at the same time.

You can pay back the cash advance you take against your credit limit over time, just as you would any other purchase you make with your credit card.  Any cash advance you take will be added to your existing balance.  However, this is a very expensive way to borrow money, unless you plan to pay it back immediately.
This is because there is almost always a high fee associated with cash advances on credit cards, and your credit card company will begin assessing interest on the cash advance immediately, usually at a rate above 20 percent.  Unless you are sure you can afford the finance charges that are associated with cash advances, you should probably try to find another way to come up with the cash you need.

Cash back credit cards will always earn you the most as far as rewards are concerned, relative to what you spend.  The standard rate for cash back reward programs is one percent, so $1 for every $100 spent.  Unlike point or mileage-based reward programs, with cash back rewards what you’ve earned is yours to keep, and your rewards can’t be devalued in any way.  Another benefit of a cash back rewards program is that if you become unhappy with your credit card issuer and want to switch to a better credit card you do not have to worry about loosing your cash back.  You can simply request a check for your earned cash back rewards and then close your account at no risk.

It’s very hard to get the interest rate on a credit card account lowered in this economy, even if you have excellent credit and a superior track record with your credit card issuer.  Now that you’ve made two late payments you’ve weakened your negotiating power considerably.  Your APR was also raised because – simply put – it’s a sign of the times.  Banks are doing all that they can to increase profits before the Credit CARD Act, which restricts their ability to raise rates, takes effect in February.  We would suggest a balance transfer, but any credit card application you fill out now will likely be declined, given that you’ve made two late payments so recently.  The best you can do at this point is to prove your case with good behavior.  Make sure you pay your bill on time every month and pay more than the minimum amount due.  Do this for several months and then try calling your credit card issuer to negotiate your rate down.  You may see some relief.  If not you can try transferring your balance at this time.

Most credit card issuers state that notice will be given as to whether or not a credit card application has been approved within 10-14 days, sometimes sooner.  This usually only includes business days and not the weekends or holiday.  During this time the issuer is reviewing your credit history and matching that up with a credit limit and interest rate offer.  If you haven’t heard back in 14 days, you can always call to follow-up.  There are some credit cards that will give you an instant decision online, but most do not.