When shopping overseas, a merchant may ask you if you would like to convert your credit card transaction from the local currency into U.S. dollars. This is called Dynamic Currency Conversion (DCC), and while it may sound like an enticing offer, this conversion is very expensive for the cardholder and should be avoided.

Generally, when an overseas merchant makes this offer, they will use a conversion rate that is far higher than the actual going rate, as high as 7 percent, and pocket the difference as a fee. They get away with it because many customers are not checking the math at point of sale to make sure the conversion was accurate.

When choosing a credit card for your business, you should consider the advantages of both general consumer and small business credit cards. Even though small business credit cards have the word ‘business’ in the name, the business owner is still personally responsibly for the debt incurred on the card. Therefore, there is no difference in terms of your personal obligation for general consumer and small business credit cards.

Where they do differ is in their protection under the new credit card law (Credit CARD Act). Business credit cards were excluded from the Credit CARD Act, and therefore do not have the same protection from unexpected APR increases or extensive penalty fees that general consumer credit cards do.

When applying for a credit card, it’s best and highly recommended that consumers read the full disclosures before they click ‘Submit’ on an application. However, the reality is that most people do not have the time or the patience to wade through and interpret the dense language in the fine print or all the details of pricing disclosures.

Therefore, we felt it was important to determine how up front credit card applications are without reading the fine print, as this is what most consumers see before they apply. We isolated a few key components of a credit card agreement that people should definitely be aware of before applying for a credit card. The components included clarity on the introductory and regular APRs for purchases and balance transfers, clarity on the balance transfer fee and annual fee, clarity on how a customer earns rewards, and clarity on how valuable their points and miles are for rewards credit cards. Ideally, an applicant should not be able to start filling out an application without seeing this information.

Overview:

A person is considered new to credit if they have had their own loan or credit card for less than 3 years (or have never had one at all). For example, if you are a college student, new to the country, between the ages of 18 and 21, or recently divorced with no credit under your name in the past 10 years, it is highly likely that you have limited or no credit history.

In this article we cover all you need to know about getting a credit card account for your church. We will discuss what you should consider before applying for a credit card, as well as offer advice on how to set up a church credit card use policy that will prevent abuses or misuses of your credit card account. We will also explain how church credit card donations can become a useful tool for both your organization and the members of your church community.

Best Credit Cards for a Church

Before you start looking at your options for credit cards, you should be aware that the Credit CARD Act, effective February 2010, added new rules for consumers under the age of 21 interested in having their own credit card. If you are under 21 years old, you will need to show that you are able to make payments – in other words show proof of income – in order to open a credit card account.

The other alternative is to have a cosigner on your credit card account. This person must be 21 years of age or older and be able to prove their ability to repay the debt incurred on your credit card account. They will assume joint liability for your credit card debt, so it will have to be someone who trusts you to make your payments on time and use your credit card responsibly. If you have opened a credit card account with a cosigner and want to increase your credit limit, your cosigner must agree to the increase in writing.

State Governments Collect Gift Cards as Unclaimed Property
This study focused on the top 10 largest states in the U.S. in terms of population

Below you will find the CardHub.com study that evaluates the policies in the 10 largest states on claiming unused gift cards as unclaimed property. The study identified an opportunity for consumers to reclaim the full value of their expired gift cards, but also discovered a major pitfall for consumers who try to use unexpired gift cards that have already been claimed by the state.

A good way for you to build your credit history if you are new to credit is to apply for a secured credit card. A secured credit card works just like a regular credit card with one major difference: a secured card requires a security deposit and your credit limit matches the amount of the deposit you put down. Since your credit line is tied to your deposit amount, a secured credit card will help you build credit history with low risk to both you and your lender – and your approval is guaranteed.

If you’re new to credit, it’s going to be difficult for you to get a regular credit card because you have no history to indicate to lenders that you are a trustworthy candidate for credit. You can prove it to them by getting a secured credit card in which your deposit acts as collateral against your credit limit. Once you have shown you can manage a secured credit card responsibly for about a year, it is likely that your credit card company will offer you a chance to apply for a regular credit card. People who are likely to have no or limited credit history include college students, recent divorcés or widows (whose credit history was in their spouse’s name), or people who have recently immigrated to this country.

The first thing you need to do to move from a secured credit card to an unsecured credit card is use your secured credit card responsibly. Keep your balance low (well below your credit limit), make your payments on time, and pay off your balance in full as often as possible. If you can do these things consistently, most credit card issuers will qualify you for an unsecured credit card after about one year.

After you’ve proved your reliability, there are three likely scenarios for making the transition from a secured credit card to an unsecured credit card. The first is that you close your secured credit card account completely after being approved for a new unsecured card. As long as you close your account in good standing and carry zero balance on the card, your entire security deposit will be returned to you. Generally your credit card company will send your money in the form of a check.

Overview:

A secured credit card works just like a regular credit card with one major difference: a secured card requires a security deposit and your credit limit matches the amount of the deposit you put down. The minimum deposit is $200, but you can easily increase your credit limit by adding to the initial amount you deposited at any time. This way, you control your credit limit by deciding how much or how little you want to deposit.