Save Money Personal Finances

Looking for a Credit Card for Christmas Shopping? Before you submit a credit card application, first review the main points which will help you choose the right credit card for your needs.

What Charges You'll Make - If you're going to use the credit card mainly for booking airline reservations and hotels, it might be best for you to get a travel credit card that offers sky miles and hotel points or cashback. If this will be an emergency credit card only, then your main concern may be for a low interest rate credit card with low fees.

When You'll Repay Charges - Will you pay off credit card charges in full every month, or will you carry a balance month to month? If you're going to carry a balance, you want the lowest possible interest rate as well as a low introductory rate. But if you'll payoff balances in full every month, then interest rate really doesn't matter so no annual fee and/or a long grace period would be a bigger concern. If you're going to carry a balance, be concerned about how the finance charge is calculated. The most common method is the Average Daily Balance, which means that the daily balances are added together and then divided by the number of days in the billing cycle. Stay away from credit cards that compute the balance using two billing cycles, as this method costs more money in financing fees.

What Amount You'll Charge - If you're going to use the credit card for all your monthly expenses, then you need a card that has a high credit limit and a high cashback percentage.

More info about Interest Rates, Credit Limits, Incentives, Fees and Penalties

Interest Rates - The interest rate (Annual Percentage Rate) APR can either be a fixed rate or a variable rate that is tied to another financial indicator, most commonly the prime rate. With a fixed rate credit card you know what the interest rate will be every month, whereas a card with a variable rate can fluctuate. Of course, even the interest of a fixed rate card can change based on certain events, such as paying your credit card bill late, exceeding your limit, or simply because the credit card issuer decides to change it after providing you ample advance notice.

Credit Limit - This is the amount of money the credit card company will let you charge to the card. This amount varies depending upon the card offer and your credit history. Be sure to get a credit card with an ample limit, because getting close to your max can hurt your credit score. Just remember that you don't have to max out your limit just because it's available.

Incentives - To compete for and to gain customers, many credit card companies offer rewards. Even if you normally use cash, why not use your credit card and then use the cash to make the payment during the grace period? You still won't pay interest and meanwhile you'll rack-up rewards. A credit card with 5% cashback will earn you $5 for every $100 charged. If your total bills come to $2,000 per month, you'll earn a free $100 every month. Look for a rewards program that you'll use and which offers flexibility, such as cashback or travel.

Fees and Penalties - Compare common charges such as late fees, overlimit fees, balance transfers, cash advances, and for making payments by telephone. Regarding balance transfers, look for credit card offers with no transaction fees and zero percent interest for at least 12 months.

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Save Money Personal Finances

By Credit Federal | Published 09/19/2008

Free software to save money and to protect personal finances.

As financial markets struggle in an already troubled economy, it's highly important for Americans to continue doing their part of borrowing on credit, yet to also save money and take steps to protect personal finances.

Here's what Americans can do for their country and for themselves:

Continue responsible use of credit. This not only helps preserve capitalism and our financial markets, it also helps you to maintain a favorable credit rating or to improve credit. Responsible use includes:

not overextending your ability to repay
reading the fine print to ensure you understand the terms for each line of credit (read about credit card fine print reform)
repaying timely
not adding new charges until existing balances are paid down

Save money. A savings account is your buffer against financial hardships. Those people with savings accounts suffer less with rising costs, such as the escalating gas prices. Saving money includes:

establishing and routinely contributing to a savings fund
planning for long term needs, including retirement
avoiding late fees
avoiding or reducing interest charges via balance payoffs or advance payments

Protect personal finances. The continued use of credit and saving money are two steps you can take to protect personal finances.

Credit management: To help you manage credit payments, download our free bill reminder software.
Expense management: To help you save money, download our free software to track expenses.

Other ways to save money and to protect personal finances:

Balance transfer high interest credit card debt to a 0 intro credit card
Use the equity in your home; or auto, to payoff high interest debt
If you're about to be hit with a late payment fee because you don't have money to pay a bill, consider a short term cash loan. The short term loan fee may be less than the late fee, especially if a late payment will result in a damaged credit score that will cost you higher interest rates in addition to the late fee. Be sure to payoff the short term loan immediately upon your next paycheck.

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Save Money Personal Finances - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">Free software to save money and to protect personal finances. As financial markets struggle in an already troubled economy, it's highly important for Americans to continue doing their part of borrowing on credit, yet to also save money and take steps to protect personal finances. Here's what Americans can do for their country and for themselves: Continue responsible use of credit. This not only helps preserve capitalism and our financial markets, it also helps you to maintain a favorable credit rating or to improve credit. Responsible use includes: <ul><li>not overextending your ability to repay</li><li>reading the <a target='_top' href="http://creditfederal.com/article/articles/151/1/Credit-Card-Fine-Print">fine print</a> to ensure you understand the terms for each line of credit (read about <a target='_top' href="http://creditfederal.com/article/articles/369/1/Credit-Card-Fine-Print-Reform">credit card fine print reform</a>) </li><li>repaying timely</li><li>not adding new charges until existing balances are paid down</li></ul> Save money. A <a target='_top' href="http://creditfederal.com/article/articles/326/1/Personal-Savings">savings account</a> is your buffer against financial hardships. Those people with savings accounts suffer less with rising costs, such as the escalating gas prices. Saving money includes: <ul><li>establishing and routinely contributing to a savings fund</li><li>planning for long term needs, including <a target='_top' href="http://creditfederal.com/plan-retirement.html">retirement</a></li><li>avoiding late fees</li><li>avoiding or reducing interest charges via balance payoffs or advance payments</li></ul> Protect <a target='_top' href="http://creditfederal.com/personal-finance.html">personal finances</a>. The continued use of credit and saving money are two steps you can take to protect personal finances. <ul><li>Credit management: To help you manage credit payments, download our <a target='_top' href="http://creditfederal.com/reminder-pay-bills.html">free bill reminder software</a>.</li><li>Expense management: To help you save money, download our <a target='_top' href="http://creditfederal.com/track-expenses.html">free software to track expenses</a>.</li></ul> Other ways to save money and to protect personal finances: <ul><li><a target='_top' href="http://creditfederal.com/balance-transfer-credit-card.html">Balance transfer</a> high interest <a target='_top' href="http://creditfederal.com/credit-card-debt.html">credit card debt</a> to a <a target='_top' href="http://creditfederal.com/0-intro.html">0 intro</a> credit card</li><li>Use the equity in your <a target='_top' href="http://creditfederal.com/home-equity-loan.html">home</a>; or <a target='_top' href="http://creditfederal.com/auto-refinance-loan.html">auto</a>, to payoff high interest debt</li><li>If you're about to be hit with a late payment fee because you don't have money to pay a bill, consider a <a target='_top' href="http://creditfederal.com/short-term-loan.html">short term cash loan</a>. The short term loan fee may be less than the late fee, especially if a late payment will result in a damaged credit score that will cost you higher interest rates in addition to the late fee. Be sure to payoff the short term loan immediately upon your next paycheck.</li></ul></div> This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.