Prior to October 1, 2011, individuals were able to apply for credit cards using their household income. However, this is no longer the case. When you apply for a card now, credit card companies consider your income on the individual level in order to match the way they evaluate debts. If you are a stay-at-home parent, it’s understandable if you’re concerned about your ability to build credit under your own name. After all, homemakers generally aren’t compensated monetarily for all that they do, but that shouldn’t mean they aren’t allowed to get credit cards…should it?

No. Luckily, this is neither what the rule regarding individual income was intended to bring about, nor its ultimate effect. The thinking behind the rule was that an apples-to-apples means of evaluating an applicant’s ability to pay his or her own credit card bills was needed in order to lower the charge-off rate and help prevent people from getting in over their heads, as was the case for many of us during the Great Recession. This individual-income system corrects previous problems, such as severely indebted households getting approved for additional credit by pooling their income and hiding their collective debts and liabilities by having the person with the smallest debt load apply.

There comes a time in one’s life when it’s necessary to use a credit card. Actually, scratch that. There are many times throughout life when a credit card comes in handy, and because your financial needs evolve as you age, the type of card you need does as well. Credit cards are no different than anything else that remains part of your life as you grow older. The clothes you wear in high school, for example, are likely far different than those you don when you have a career and a family, both because your tastes change and because your lifestyle requires a different wardrobe.

While the constant fluctuation of credit card offers prevents us from listing specific products, understanding the type of card to look for in each stage of life will make selecting a specific card that much easier when the time comes. Below you can find our recommendations grouped by life stages ranging from high school all the way to retirement.

If you’re in the market for a credit card and have bad credit, you should consider the reason you need a credit card before making your selection. Options for bad credit credit cards have improved since the new credit card law (CARD Act) became fully effective on August 22nd, 2010, but the fees for unsecured credit cards (what most people would consider regular credit cards) remain high.

If the reason you need a credit card is simply to rebuild your credit, a secured credit card is your least expensive option to do so. A secured credit card works just like a regular credit card with one major difference: a secured credit card requires a fully refundable security deposit and your credit limit matches the amount of the deposit that you put down. The minimum deposit is $200.

When choosing a credit card for your business, you should consider the advantages of both general consumer and small business credit cards because even though small business credit cards have the word ‘business’ in their name, they are not necessarily the best vehicles for business spending.  Such a fact proves true because of both the debunking of a popular myth and the passage of legislation that has altered the make up of the credit card industry.

Many small business owners believe that business credit cards protect them as individuals from any financial struggles their companies may endure by placing liability on the businesses themselves.  They, in turn, believe that personal credit cards leave them vulnerable to such liability and therefore represent a dangerous option.  However, small business owners are personally responsible for the debt incurred on their credit cards irrespective of whether they are using business or general consumer products because, in the minds of lenders, these individuals essentially are their businesses.

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
We often get questions from people asking what kind of credit card is best for a church or non-profit organization. The simple answer is this: when it comes to credit cards, it does not make a difference whether your organization is a church, non-profit, or for-profit company.

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.

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.

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 holidays.  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.

On May 22nd, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 into law.  The CARD Act will change the way credit card companies do business, and it will also prohibit consumers who are under 21 years of age from getting credit cards without proof of their ability to repay their debt, or a co-signer in the form of a parent or legal guardian.  This latter point makes it foreseeable that secured credit cards will become the preferred cards for college students, the majority of whom are under 21.

With a secured credit card, undergraduates can open their accounts by putting down a security deposit, which is equal to their credit limit.  For example, if a student wanted a credit limit of $500, they would put up a $500 security deposit to cover their debt in case they became unable to pay their bill.  The presence of a deposit fulfills the letter of the new law by providing ample proof that the consumer in question will be able to repay their debt.  Thus college students will be able to receive secure credit cards without need of a parent or guardian as a cosigner.  If the consumer defaults, the credit card company simply takes the security deposit. Other than this security deposit, a secured credit card acts just like a regular credit card.

No need to wait.  If you want a 100 percent guarantee that you will be approved, apply for a secured credit card.  A secured credit card will help you build credit history with low risk to you and the lender.  Secured credit cards work just like regular credit cards and are reported to the three major credit bureaus.   The only difference between a secured card and a regular credit card is that a secured card requires a security deposit and your credit limit matches the amount of the deposit you put down – the minimum is $200.  Your credit limit can be as little or as much as you choose – you can increase your limit by simply adding more to the amount that you initially deposited.  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.

Eighteen is the minimum age that you need to be in order to get approved for a credit card. Until you turn 18, your parents, guardian, or some one else you are close to can add you as an authorized user on one of their existing credit card accounts.  Alternatively, they can open a new credit card account and add you as an authorized user there, with the agreement that you will be responsible for the bill.

It’s simple. The best starter credit card is the one that approves people that either have no credit history or a limited credit history (i.e. less than 3 years) AND has the lowest fees. If you are a college student, then a student credit card represents the best credit card for your needs. If you are not a college student, we recommend that you apply for one of the starter credit cards.

Finally, if you want a 100 percent guarantee that you will be approved, apply for a secured credit card.  Secured credit cards work just like regular credit cards and are reported to all the major credit bureaus.   The only difference is that with a secured card your line of credit (i.e. credit limit) matches the amount of the security deposit you put down – this usually starts around $200.

A cosigner on a credit card account guarantees that the issuer will have a secondary means by which to collect payment should the primary signer become delinquent on their account.  The most important thing to remember about a cosigner is that their credit scores and history are directly affected by the activity on the account that they’ve signed for.  However, because you are only seventeen you will not be able to be the primary signer on a credit card account.  Until you turn 18, your dad can add you as an authorized user on one of his existing credit card accounts.  Alternatively, he can open a new credit card account and add you as an authorized user on that account, with the agreement that you will be responsible for the bill.

Sorry to tell you, but likely no one.  Your best bet is to ask a friend or family for the money to pay your security deposit.  If you find someone that’s willing, ask for a total of $1000 and use the remaining $200 to open a secured credit card account.  A secured credit card can help you rebuild your credit at low risk to you and the credit card issuer.  With a secured card, your line of credit matches the amount of the deposit you put down – this usually starts around $200.00.  However keep in mind that, even though you’ve deposited money, being delinquent on your payments with a secured credit card will further negatively affect your credit history and score.

If you can’t get a loan from friends or family in time to make the security deposit for your apartment, you can get a payday loan if you are currently employed.  However, payday loans need to be paid back within two weeks and are accompanied with astronomical amounts of interest.  Make sure you have $800 coming from somewhere else before you decide to go this route.

The only cards that do not have foreign transaction fees and are widely accepted in Europe are the Capital One Credit Cards.

Just remember to call Capital One and notify them of your trip prior to leaving the country. This is so that they do not think that someone has stolen your credit card and will ensure that they will not decline your transactions while traveling abroad for fraud reasons.

Yes.  You will always have to give your personal information, including your social security number, when applying for any type of credit card.  However with a prepaid card, you will not receive an itemized bill, unless you request one, and the account associated with the card will not show up on your credit report.  On the merchant side, your purchases will still be traceable. 

You can build up your available balance on your prepaid card simply by making cash deposits at most major grocery stores and gas stations.  A prepaid card works a lot like a debit card – once the money is gone, it’s gone.  A prepaid card will not allow you to charge over the available balance and there are no bills or interest fees.

We are often asked which credit card is right for a church or for a non-profit organization. Our simple answer is that when it comes to credit cards, it does not make a difference if your organization / company is a non-profit or a for-profit or a church.

Having said that, let us walk you through the steps for picking the right credit card for your church.

There are many different ways to apply for a credit card:

If you are convinced that submitting a credit card application through a credit card comparison website – like CardHub.com — is better than applying any other way, then please read how Card Hub is different than the competion and about the Card Hub promise.

Before we explain how to get a credit card that best meets your needs, let us recommend that you use our step-by-step credit card advisor if you are looking for quick and interactive experience. On the other hand, if you are interested in a more detailed explanation, please read below.

The first step in getting a credit card is knowing how good your credit is. You can get a good estimate of your score by using our free credit check or checking your credit score through a credit monitoring service. Once you have a pretty good idea of your credit standing, it is important to know that a credit card is good for one of the following: