When You Don’t Have A Credit Card Grace Period


Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full by the due date and there will be no interest charges on any of your purchases. Carry a balance over to the next billing cycle, and you will be charged interest on the remaining balance.

However, the grace period usually does not apply to cash advances. Without a grace period, interest starts accruing from the date that a transaction is posted. To avoid unexpected interest charges, you must check the terms and conditions of your credit card and adjust your payment strategy accordingly.

Credit card companies love cash advances because they generate significant income. Payment indust…

Video: The Difference Between Debt Settlement And Debt Consolidation


Any way you can save on your debt payments is worth it, right? Not if it damages your credit so that you struggle to get loans or credit cards in the future! Watch our exclusive video above to see MoneyTips Consumer Advocate Kristin Malia explain the important difference between credit card debt settlement and debt consolidation.

If you want to reduce your interest payments and lower your debt, join MoneyTips and use our free Debt Optimizer tool.

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Your Low Credit Score Could Cost You $45,000


Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?

According to a new study from LendingTree, if you have only fair credit instead of very good credit, the difference can cost you over $45,000.

LendingTree analyzed loan data from their database to assess the costs of a lower credit score as applied to five different sources of borrowing (credit card debt, personal loans, auto loans, student loans, and mortgages). Interest was calculated based on the average loan amount for each type of credit. Combined, the loans totaled $310,263 – dominated by the average mortgage loan of $234,437.

At interest rates available with very good credit (740-799), the total interest payment over the lifetime of all five credit sources was $212,498. At t…

Received A Credit Card Rate Increase Notice?


How many times have you tossed notices from your credit card issuer without reading them? The best answer is “never.” You could be discarding a credit card interest rate increase notice.

Credit cards can change annual percentage rates (APRs) under various circumstances dictated in the terms and conditions of your credit card agreement (another document that you might have tossed).

Generally, the card issuer is required to provide notice of a rate change 45 days in advance, so you have at least one billing cycle to pay down your balance or consider alternatives. However, you should know that you don’t always receive explicit notice of an impending credit card rate increase.

When you incur a penalty APR from actions like missed payments, the effect is immediate because the terms were already spelled out in your card issuer’s terms and conditions (along with how …

4 Out Of 5 Americans Lie For Money


Have you ever lied for financial gain? The odds are strong that you’ve done it at least once. According to a new study from finder.com, almost 4 out of 5 Americans have admitted to lying for some type of financial gain – and many don’t feel guilty about their lies.

Over 2,000 U.S. adults were asked if they had committed any of the financial lies presented in a list, from the illegal to the merely unethical. A surprising 78% of respondents admitted to at least one of the transgressions. Assuming a random sample, the study implies that almost 193 million American adults have lied for financial gain at some point in their lives.

Over half of respondents had lied in two specific areas – pocketing found money that wasn’t theirs (56%) and accepting an undercharge or excess change without bringing it to a seller’s attention (52%).

Close to one-third of respondents lied about

Use The Digit App To Pay Down Credit Card Debt


Are you having trouble saving money while simultaneously dealing with excessive credit card debt? Mobile savings apps such as Digit and Qapital can help you establish an automatic saving routine – but Digit has introduced a new Digit Pay feature to assist with paying down credit card debt while you save.

According to the company, approximately 75% of Digit’s customer base carries credit card debt. It’s likely that a significant number of those customers only make minimum payments on their cards each month. Repayment times and interest charges grow quickly when you are only making minimum payments – and it only gets worse if you continue to rack up new charges each month.

Digit Pay assists by allowing you to set a credit card debt goal to chip away at your debt. The Digit app analyzes your spending and income patterns, determines how much you can affo…

We Paid $104 Billion In 12 Months Just On Credit Card Interest!


According to Federal Reserve data compiled by MagnifyMoney, Americans paid $104 billion in interest on credit card purchases over the twelve months ending March 2018. That’s not outstanding credit card balances, which are near $1.04 trillion as of May 2018 – that’s just interest charges on the outstanding amount.

How much did you contribute to that $104 billion total in interest payments? Your outstanding balance may not be $1.04 trillion, but every dollar of outstanding balance that you carry cuts into your overall purchasing power. You’re slicing into the funds you need for future purposes.

If you do carry balances, you’re likely to pay even more for the privilege. The Federal Reserve has been raising interest rates in small increments for years now to bring them back toward typical historical levels. Rates have increased twice in 2018 by 0.25% and are likely to increase two more times this year. Banks generally pass those rates on to you in the form of h…

Nearly Half Of Millennials Feel Held Back By Credit Score


Is a bad credit score dragging you down? Almost half of millennials (46%) feel that way, according to a new survey conducted by OppLoans.

It’s an understandable feeling, given that millennials came of age during one of the worst recessions in decades. Many millennials emerged from the recession with delayed careers or lower-than-expected earnings and burdened with excessive student loan debt before they even started.

As a result, millennials tend to have lower average credit scores. According to Experian, millennials had an average VantageScore of 638 in 2017 – well below the overall average score of 675. In the previous year, TransUnion found that 43% of millennials had scores considered to be subprime.

The ripple effects of bad credit are reflected in many of the survey results. One-quarter of millennials claim that poor credit adversely affected their housing opportunities, while 14% of millennials continue to live with roommates because bad …

How To Best Pull Off A Balance Transfer


By Tracy Scott

Have you been ignoring those credit card offers that arrive in your mailbox each week? If so, reconsider slam-dunking them into the circular file… especially if you have credit card debt you’d like to eliminate. Sound counterintuitive? A balance transfer may be the quickest way for you to pay off your current credit card debt. Learn how to spot the best ones (often found online) and how to perform an easy transfer that can help you pay off your debt quicker and with less interest.

Step 1. Understand the Basics

All balance transfer credit cards are not created equal. Before you apply for a zero-interest credit card, you need to know the important aspects of selecting a new card that should impact your final decision. Banks are competing for your business, so be sure to compare different balance transfer fees, post-introductory rates, and bala…