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Best Credit Cards for Balance Transfers
Did you run up large credit card balances during the holidays this year? If you won’t have enough cash to pay them off in full, those interest charges are going to start adding up quickly. One way to save money is by transferring your balances to a credit card that has a lower interest rate (APR). Chase Freedom, Citi Double Cash, and American Express Blue Cash Everyday are popular credit cards that offer an introductory 0% APR for 15 months on balance transfers. Unfortunately, they all charge a 3% transfer fee. If you’re looking to consolidate $2,500 to one of these cards, the fee will cost you $75. Chase Slate is a…
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10 Strategies to Increase Your Credit Score in 2016
Do you have big travel plans next year and want to apply for credit cards that offer rewards to help you get there for free? Or is 2016 the year you plan to become a homeowner? Then now is the time to spruce up your credit score. Here are 10 strategies you can use to get instant approvals on those rewards cards or the lowest possible rate on your mortgage. Check for Errors on Your Credit Report The first step to a better credit score is knowing what’s in your credit report. There are three companies that report on your credit: Equifax, Experian, and Transunion. Visit annualcreditreport.com for more information on obtaining…
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Credit Card Annual Fees: Are They Worth It?
There are those who would never apply for a credit card that charges an annual fee. Why pay when there are so many other cards that don’t charge one? A valid question, and the answer depends on your spending and lifestyle habits. As you’ll see below, in some cases, those fees could be well worth paying. Annual fees can top out at over $400 for some premium credit cards, but they can include access to airport lounges such as American Airlines, Delta, or United. These private lounges offer travelers free food, snacks, complimentary beverage service, comfortable seating, free WiFi, clean facilities, and other luxurious perks not available to the general public. If you fly frequently…
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Amex Offers = Too Good To Miss Out!
The Amex Offers program is one of my favorite credit card perks. Everyone with an American Express card should be taking advantage of this—if you’re not, you’re leaving money behind! The Amex Offers program is reason enough to have at least one, if not multiple American Express Cards in your wallet. According to the Amex Offers FAQ: “Amex Offers is a program that saves you money or earns you points on shopping, dining and more. You can choose offers from brands you love and get discounts in the form of statement credits on your account or as extra points added to your Membership Rewards account. Amex Offers is available on…
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Chase Freedom Ultimate Rewards vs Sapphire Preferred Ultimate Rewards: Know Your Points!
When it comes to getting the most out of your Ultimate Rewards points, it’s essential to know which points you have, so that you can determine if you’re redeeming them for the highest possible value. I’ll explain the differences to make sure you’re not leaving money on the table. Chase has two flagship credit cards: Freedom and Sapphire Preferred. Every dollar you charge to these two cards earns you points in the Ultimate Rewards program. While each card shares the “Ultimate Rewards” name, there are important differences in how you can redeem your points. Chase Freedom Ultimate Rewards There 6 ways you can use the Ultimate Rewards (UR) points that…
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Cashback vs Rewards Credit Cards
Do you dream of luxury travel, flying in first class and staying in expensive hotel suites–and doing it all for free? Or do you prefer cold hard cash? Ok, I know… you like both! Who doesn’t? But when you start looking for the right credit cards that will give you the best rewards for your own personal spending habits, it’s best to focus on only one type: cashback or rewards. There are countless credit cards out there, all different and each competing for your spending. You certainly can’t apply for all of them, and you shouldn’t apply for any of them without doing your research first. There are cards that,…
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7 Keys to Higher Credit Scores
It’s always a good time of year to review some basic steps to achieving higher credit scores. Here are 7 keys to getting instant approvals on those rewards credit cards or the lowest possible rate on your mortgage. Be Disciplined As is the case with most personal finance strategies, being disciplined is the key. The good news: thanks to the advent of technology, it’s much easier now than in the past to be disciplined in building your credit. If you fully commit yourself to the process of boosting your credit rating, higher scores–and the multitude of benefits and special offers that come with them–can be yours. Auto Pay Is Your Friend The…
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Understanding your Credit Score–TIMES THREE!
When most people start on the journey to understand their credit score, they’re usually expecting to have just one number to deal with. You might be surprised to learn that you don’t have just one FICO Score, you have THREE! And they’re all different! While that seems unnecessarily confusing, and perhaps a bit daunting, here’s the good news—the same strategy can be used to boost all three scores, all at the same time. In this post, I’ll briefly explain why you have 3 credit scores, and why they’re all different, so that you can have a better understanding of my next post, which will give you the tools you’ll need…
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Decoding Credit Score “Mystery Math”
Knowing what doesn’t affect your credit score is every bit as important as knowing what does. Deciphering the methodology used by the “credit score gods” can be intimidating, so PointsYak has done the work for you, breaking down the parts of your credit report that are used compute your score. Of course, only the folks at FICO know the exact math behind that final magical number, but here’s the bottom line on what hurts your score, what helps, and even a few things that—surprisingly—have no impact at all. Payment History How you’ve handled your monthly bills accounts for the largest portion of your overall credit score. Are you one of…
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The Real Value of Good Credit
We’ve all seen the television commercials about the importance of knowing one’s credit score. But how much is good credit actually worth? The answer may surprise you. A low credit score is symptomatic of poor financial habits–habits that can cost you BIG TIME, in addition to any exorbitant interest you may be paying on your monthly credit card bills. How much more could it cost? Let’s say you’re buying a $200,000 house with a 20% down payment. On a 30 year $160,000 mortgage, having a credit score of 650 instead of 750 can cost you nearly $35,000 in additional interest payments over the life of the loan. Check your Credit Report for free The first step to…
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