How to read a credit card statement and dispute charges.

(1) Type of Balance: Numbers to the right of "Purchases" refer to goods purchased. Numbers to the right of "Cash Adv" refer to cash advances (none on this statement example).

(2) Previous Balance: This shows the amount due on the previous month billing. Here is was $1,241.28.

(3) Average Daily Balance: Daily average used to compute finance charges. Not all banks use a Daily Average to compute interest.

(4) Percentage Rates: The interest on amounts not paid before the due date (#9). The Monthly Periodic Rate is simply the Annual Rate divided by twelve. In this example the bank charges the same 16.8% interest on purchases as it does on Cash Advances. Some banks charge more for Cash Advances.

(5) Charges: Amount charged to card in past month. New charges.

(6) Payments: Amount paid during the month. On this example $1,231.28 was paid. Note that the previous balance was $1,241.28 so the bill was not paid in full. A balance of $10 is still owed.

(7) Finance Charges: Because payments (#6) were $10 less than the previous balance (#2), finance charges apply to ALL the new charges (#8) of $1,454.95. The Finance Charge for the month is $21.26. It was computed by multiplying the monthly rate (1.4%) by the average daily balance shown in (#3).

(8) New Balance: The sum of (#5) and (#7). This is the amount that should be paid by the payment due date (#9) to avoid further finance charges.

(9) Payment: Pay by this date to avoid finance charges. The Grace Period in this example is 25 days.

(10) Account Number:  Do not give the number out except to make a purchase.

(11) Credit Limit: How much the bank will let you charge.

(12) Transaction Date: The date an item was purchased or a payment received by the bank.

(13) Posting Date: The date the bank received the charge slip from the merchant. Usually only a few days after the Transaction Date.

(14) Reference Number: Unique number applied to each purchase or payment.

Bad Credit Card Advice: Many consumers struggle with credit issues and there are secured credit cards and prepaid cards for people with less than perfect credit. Credit scores represent the creditworthiness of a consumer and they indicate a credit type. However, a credit score, whether good or bad, does not guarantee approval for any loan or credit card offer.

Credit cards for bad credit may have some of the same services that regular cards offer. For example, quick responses for support from the company, the ability to access accounts by phone, or they may report monthly to major reporting agencies. Even though at times personal credit may be bad, it does not mean credit is ruined forever, or that you may never be able to get approved for any credit. It takes credit and managing credit scores to increase the chances of being able to get approved for loans or credit cards.

Mismanaging credit in less than responsible ways can have a negative affect on credit in different degrees. The worse shape credit is in, more than likely, there will be more rejections when seeking home or auto loans, or credit cards.  Only charge what can be paid on time or in full.

Many kinds of cards are available for people with super credit, no credit history, bad credit, or consumers trying to fix their credit. It depends on individual circumstances which cards will be the best choice. For people re-establishing a credit history, applying for cards designed for bad credit can usually be a good starting place. Search and compare cards and apply for cards that market to your type of credit to increase the chances of getting approved.

Making payments on time for any credit that you have, is one way to improve credit history. Choosing cards that reports to the three major credit bureaus can help when the card is paid on time every month. MasterCard does have cards that report to major agencies. No card will help build or rebuild credit if it is not used responsibly. Not doing anything will not help rebuild bad credit.

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