Credit Card Basics - MoneyTips

Are My Credit Card Rewards Taxable?

MoneyTips Writer — Fri, 21 Oct 2022 19:41:16 +0000

Between cash back, credit card points and travel miles, customer rewards have become a popular way to save money and drive business. If you’ve racked up rewards points you’re ready to spend, you might be wondering if you need to declare them on your taxes. Generally, you won’t be required to pay taxes on credit...

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Credit Card Points: What Are They & How Do They Work?

MoneyTips Writer — Fri, 07 Oct 2022 17:35:26 +0000

If you’re new to the world of credit cards, you might be curious about maximizing your spending power. As one of the major perks of being a cardholder, credit card points offer an opportunity to do just that – without changing much about your everyday purchases. What Are Credit Card Points? Credit card points are...

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A Guide to Credit Card Benefits

Brendan Harkness — Mon, 04 Apr 2022 20:35:51 +0000

Credit cards have, somewhat unfairly, developed a reputation as an easy way to pay for something when you may not have the money to do it upfront. In reality, they’re so much more than that when you use them right and they come with many benefits. So, we’ve put together a guide that’ll detail what...

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How Often Should I Use My Credit Card To Keep It Active?

Brendan Harkness — Mon, 04 Apr 2022 14:57:04 +0000

If you have a spending problem or are struggling to keep up with payments, tucking away your credit card once it’s paid off may seem like a responsible and reasonable choice. But there are potential consequences to the “out of sight, out of mind” strategy you should be aware of. Not using a credit card...

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Using Credit Cards Responsibly

Nathan Grant — Mon, 04 Apr 2022 14:28:10 +0000

Credit cards can make your financial life more convenient and more rewarding. Yet, at the same time, they are serious financial tools. Using credit cards is a privilege, not a right. And no bank is obligated to approve you for a credit card account. It’s also important to remember that your bank can choose to...

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Does Getting Denied for a Credit Card Damage Your Credit Scores?

Michelle Lambright Black — Fri, 01 Apr 2022 04:14:17 +0000

Rejection never feels good. But if your credit card application is denied, that uncomfortable feeling of rejection may be laced with some other unpleasant emotions — namely worries about your credit scores. Perhaps you’ve heard that a credit card denial will hurt your credit scores. Thankfully, that is not true. Keep reading for more details...

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Does Closing a Credit Card Hurt Your Credit?

Brendan Harkness — Thu, 31 Mar 2022 13:46:10 +0000

Whether you’ve got a card collecting dust somewhere or you’re not happy with a card issuer, there may come a day when you decide to close a credit card. But, before you call your credit card company and break the news to them, make sure you understand the potential consequences of your decision. Closing credit...

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Charge Cards vs. Credit Cards — What’s the Difference?

Nathan Grant — Wed, 30 Mar 2022 20:35:12 +0000

The main difference between charge cards and credit cards is how much you have to pay off each billing cycle compared to how much you owe: Charge cards generally require that you pay off the full amount you spend on the card each month. Credit cards only require that you pay off some minimum amount of the total balance...

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How Credit Card Balance Transfers Work

Nathan Grant — Wed, 30 Mar 2022 15:37:04 +0000

Have you found yourself in credit card debt? Are you paying interest every month? Does it feel impossible to make a dent in your credit card balances because you’re paying so much interest? A balance transfer is a way to move credit card debt from one credit card to another with the goal of saving...

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What Happens If You Don’t Activate a Credit Card?

Sean Messier — Tue, 29 Mar 2022 19:38:14 +0000

Are you feeling buyer’s remorse about a credit card you just got? Maybe you felt pressured into getting a credit card at your favorite store’s checkout line, but now you’ve changed your mind. You may feel compelled to simply avoid activating the card — after all, if it’s not activated, the account’s not open, right?...

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Adding an Authorized User to Your Credit Card

Brendan Harkness — Tue, 29 Mar 2022 15:48:28 +0000

Looking to build your credit fast? Becoming an authorized user on a responsible person’s credit card can be a quick path to building credit without a credit check. If you already have great credit established, adding a trustworthy authorized user to your card can help you earn more rewards more quickly, while helping someone else...

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My Credit Card Is Lost or Stolen – What Do I Do Now?

Brendan Harkness — Tue, 29 Mar 2022 15:08:35 +0000

A stolen credit card may sound like a nightmare. But as long as you notice the lost card and act quickly, this situation should be no cause for alarm. If your credit card is used without your permission, your liability for fraudulent charges is limited by law. Plus, the major credit card networks all have...

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