Your secured credit card’s security deposit is ultimately a matter of personal preference. Secured credit card issuers generally require a minimum deposit of around $200 and allow you to put down as much as $5,000 or $10,000, but the exact amount is up to you. The reason for this is that your security deposit acts as your credit limit, which ensures both that your issuer will get paid back and that you cannot spend beyond your means.

There are a few of important things to be aware of when deciding how much to deposit. First, as mentioned, the amount of your deposit will be your credit line, so you need to deposit at least as much as you wish to spend per month. Second, your credit score will benefit from low credit utilization—your monthly balance compared to your credit line—so it’s a good idea to only spend about half of your deposit amount each month. Third and finally, your credit score will also benefit from a high absolute amount of available credit, so deposit as much as you can now in order to get positive information flowing into your credit report and add to your deposit over time.

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 co-signers are allowed.  If you are unable to get an unsecured line of credit without a cosigner, you should apply for a secured credit card where a security deposit serves as collateral against your loan in the place of a co-signer.
On the other hand, if by co-signer you mean 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.

When you fill out a credit card application the credit card issuer will check all three major credit bureaus – TransUnion, Experian and Equifax.  Your credit report should be very similar or the exactly the same across all three bureaus.  If it is not, you may want to check for inaccuracies.

Before deciding to approve or deny your application any credit card company will look very closely at the timeliness of your payments across all of your revolving accounts, the length of your relationships with your lenders and the percentage of the credit that’s been extended to you that you are using at the time of application.

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 low risk to both 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 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.

No.  It won’t ruin your credit, and unless you are 30 days or more late, the late payment will not even show up on your credit report.  That being said, this is a very bad habit to get into, so make sure you don’t do it again.  Even if you are just one day late, your credit card company will assess a late fee on your account.  If you are more than 30 days late, your credit card company will report you to the credit bureaus and this one late payment will stay on your credit report for seven years, even though it will only have a marginal impact on your actual credit score after the first couple of years.  The bottom line is that you should everything you can to pay your credit card bill on time EVERY 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.

No.  Making your credit card payments by the due date is what will affect your credit score.  There are no benefits associated with making early payments.  However, making your payment well before the due date on your credit card statement is a great habit to practice.  Waiting until the last minute to make your payment can sometimes cause it to be marked as late.  This can be attributed to the time it takes to process your payment as well as other factors.
The three things that most impact your credit score and that are most important to keep in mind are timeliness of your payments, the length of your relationships with your lenders and the percentage of the credit that’s been extended to you that you are using at any given time.

Cash back credit cards will always earn you the most relative to what you spend as far as rewards are concerned.  The standard rate for cash back reward programs is one percent, so $1 for every $100 spent.  Unlike point- or mileage-based rewards 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 losing 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 that 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 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.

It depends. The only way to lose rewards is by defaulting on a credit card or closing your account before you use your earned rewards.  Rewards credit cards are almost always associated with usage on the account.  For instance, some rewards programs offer one point or one mile for every dollar spent.  If you transfer your balance to another card and have already accumulated rewards on and continue to use your original credit card account, then yes, you will still enjoy the benefits of its rewards program.  If you don’t plan on keeping your old account open any longer, then you will not get any new rewards benefits, so make sure your new account offers a rewards program that you are happy with.

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, not at all.  Debit cards, sometimes referred to as bank cards, are as widely accepted as credit cards, and transactionally, they work the same way.  However, a debit card is linked to your personal bank account, and as soon as you make a purchase with a debit card the money is immediately withdrawn from the account associated with it.  Because of this, there is no bill at the end of the month for the purchases made with a debit card – just an itemized statement.  Debit cards were created for convenience, but they have no more an effect on your credit than would writing a check.

Alternatively, when you make a purchase with a credit card, you are simply lowering your amount of available credit, and you will receive a bill at the end of the month for which you are responsible.

No.  An expired credit card is just like an expired library card.  You simply get a new one at the time of expiration.  Your credit card issuer should send you a new card in the mail automatically.  If you aren’t sure that this will happen, call to find out at least a few weeks before the expiration date on your card.  Once you get your new card, your credit line, balance, and interest rate should all be the same, unless you’ve been notified separately of changes in those areas.

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.

The banks are all bleeding money due to record high credit card default rates.  Compounding their problems is the Credit CARD Act of 2009.  Once the bill takes effect in February, there will be restrictions on interest rate hikes for all credit card issuers, so between now and then, the banks are doing all that they can to shore up their books and this means ratcheting up interest rates.  It’s not fair to consumers, but there will be some correction to these practices once the law becomes active.  Unfortunately, there’s not much you can do.  If you have good credit, you can shop around for a card that has a lower interest rate, transfer or payoff your balance and then close your old account. Other than that your only option is to accept the new interest rate, even if it is only for the period of time it takes you to payoff and close out your account.

Unfortunately some unethical companies and agents are taking advantage of the fact that so many consumers are in serious financial trouble.  Because of this, the term credit card debt consolidation is being abused, and is now being used to refer to both debt management and debt settlement.  So, you must be sure of what you are getting into before you sign on the dotted line.

Debt management should be considered if you are barely able to make the minimum payment on your credit card account.  If you opt for debt management, your card issuer will close your account and reduce your fees and/or the APR.  This will have a marginally negative impact on your credit.

You should contact your credit card or debit card issuer immediately and report the issue.  By law, consumer liability for debit and credit card charges is limited to $50 when fraud is reported.  However, VISA and MasterCard, who control 100 percent of the U.S. debit card market and the majority of the credit card market, have gone one step further and require that all of their credit card issuers (like Capital One, Chase, Citibank, etc.) adhere to a zero percent liability policy for their customers.  They also require that immediate refunds be granted on disputed charges.  Most other major credit card networks have applied these rules as well.

This means that you should be able to get your money back right away, including over draft fees that were the result of the disputed charge.  If the merchant admits to an error after your bank has investigated the matter, that will certainly make things easier.

You can always use whatever available balance you have on your credit card.  So yes, as long as you make the minimum payment and there is a remaining open balance you can use it.  However, in this situation you are being very risky for two reasons.  First of all, if you have maxed out your 500-dollar line of credit and only paid $50 on the balance, the interest on the remaining $450 will likely put you close to your limit.  This means that in actuality, you would not have $50 left to spend and trying to make a transaction for that amount may result in going over your limit or having your card declined.  Secondly, and most importantly, it’s never a good idea to max out your credit cards unless you plan to pay back a large part or all of the balance right away.  Potential lenders like to see that you are using your credit modestly and that you are not up to your neck in credit card debt across all of your accounts.