MONEY 09/20/2018 02:14 pm ET Don't make the same mistake I did ― start building credit while you're in school. By Casey Bond As a college student, I didn’t have a credit card. I considered myself to be pretty responsible with money ― I worked part-time for a financial planner, after all ― and a credit card seemed like an unnecessary temptation to overspend. Sure, I racked up more overdraft fees in my checking account than I care to admit. But hey, at least I was debt-free. So you can imagine my surprise when, at the age of 22, I decided I was ready for my very first real adult credit card, yet couldn’t get approved for one. It turns out you need to use credit to get credit ― something no one ever bothered to tell me. In order to avoid this frustrating Catch-22, you should start using credit as early as possible. And considering that student credit cards can have some pretty great perks, college is the perfect time to get started. … [Read more...] about 5 Key Things To Look For When Choosing Your First Student Credit Card
Best starting credit card
Last Updated Aug 23, 2010 12:56 PM EDT went into effect yesterday, August 21, but consumers shouldn't expect any dramatic improvements in their card agreements. Rather, the grand cat-and-mouse game between consumers and their card issuers will ratchet up. Here's how the new rules look, and how to make your next move.The new late fee limit. Issuers will be prohibited from charging more than $25 for a late fee, unless you've been late more than once in a six-month period, or the issuer can prove that late payments cost it more than $25 per issuer per month. Also: issuers won't be able to charge late fees that are higher than the minimum monthly payment. If your minimum payment is $15, they won't be able to charge you any more than $15 for being late. The takeaway for consumers? Expect your monthly minimum payment to rise. Oh, and you should still avoid being late anyway; that could still hurt your credit score and limit your ability to get the sweetest mortgage and car loan rates. That … [Read more...] about New Credit CARD Act Rules Limit Fees, Rates
Last Updated May 18, 2010 5:59 PM EDT On a recent campus visit to Penn State University, I volunteered to help solve students' financial blunders for the day. As it turned out, college students are deeply fascinated with credit cards. How do I pick a credit card? Do I need a credit card? How do I establish credit? Is it safe to open up a store credit card? These were all important questions to ask at this stage in life. After all, the earlier you establish credit, the better for your credit history. The length of your credit history on credit accounts makes up 15% of your credit score. I know if these students were scratching their heads over credit cards, many more must be as well. To help, here's my roundup of the five biggest campus credit myths - busted. 1. Credit Cards Are the Only Way to Establish Credit Credit.com tells me, there's more to it than you may think. "To establish credit, you have to establish credit accounts that are reported to the major credit reporting … [Read more...] about 5 Biggest College Credit Card Myths
By Jason Steele/Credit.com When you're unemployed, applying for a new credit card is probably one of the last things on your mind. But even when you don't have a job, you might still need a card for the security, convenience, rewards and benefits it offers. If you're eyeing a new piece of plastic, read on to learn how to apply for a credit card, despite your situation. Reporting income Not having a job doesn't preclude you from being able to repay a loan. In fact, when asked to provide your income, you are permitted to include many sources besides a day job. Retirees can include income from Social Security or investments, while others can list disability payments. Alimony and child support payments may also be mentioned. Married applicants can list any household income they have access to, even if they're unemployed. Originally, the Credit CARD Act of 2009 prevented using household income on a credit card application, in order to prevent adult children from applying for a line of … [Read more...] about How to apply for a credit card when you’re unemployed
The selfie might not be just a self-indulgent American pastime. It could end up battling credit card theft. MasterCard (MA) will start testing a new type of facial recognition software later this year aimed at verifying that the person making an online purchase is the actual cardholder. About 500 people will test the new online service for a few months, Jennifer Stalzer, vice president of corporate communications, wrote in an email. How does it work? When consumers make an online purchase, MasterCard will prompt them during the checkout process to snap a photograph of their face using a MasterCard app on their smartphone. The key is that consumers are required to blink during the process, which "demonstrates proof of life (for example you are not just trying to scan an existing photo)," Stalzer wrote. One benefit to consumers is that the selfie-check could eliminate the need for passwords, which are sometimes forgotten or hacked by cybercriminals. "Today's consumers are connected … [Read more...] about Selfies: The next big thing for credit card security?