That's My Credit Cards

Credit cards can be very useful in the right circumstances, but if you’re not careful they could also end up being very expensive. Here are some of the costly mistakes many people make with credit cards – are you making them, too?

Making Cash Withdrawals

Credit card cash withdrawals are becoming more and more expensive, but many people do not realise the true cost each time they make a credit card withdrawal. Once you’ve checked the charges and fees it’ll probably put you off doing this. Cash withdrawal fees, also known as ‘cash advance fees’, can be particularly steep when making credit card withdrawals abroad.

Not Knowing your Credit Card Limit

If you don’t know your credit card limit then you’re far more likely to go over it – and incur large penalties as a result. Always keep track of your credit card limit and balance and, for most credit cards, try to pay off any outstanding balance before the end of each month where possible.

Not Being Aware of the Different Types of Credit Card

There is a range of different credit card types, and you should choose according to your particular situation. For example, if you have no outstanding debt and want to use a credit card to make purchases, and are able to pay it off before the end of the promotional period, you might want to choose a 0% on purchases credit card. But if you want to reduce the interest you are paying on debts, and don’t want to make purchases, a 0% balance transfer card could be the best choice. Again, you will need to make sure you can pay off the balance before the promotional period ends.

Failing to Compare Credit Card Deals

Different providers will offer completely different terms for the same kind of credit card, so it’s wise to shop around. Credit card APRs vary wildly from place to place and, along with other costs and fees, the APR is one of the main considerations you will make when choosing a credit card. Bear in mind that there are interest free credit cards on the market which might be suitable for your needs, and that the interest incurred otherwise can be very high.

Not Considering Charges for Spending Abroad

In the rush to get ready for a fabulous holiday, credit card fees might be the last thing on your mind. But in many cases travellers can end up seriously out of pocket as a result of exorbitant fees and costs for using their credit card abroad. When you apply for any credit card, if you travel at all then this should be one of the first things you check – it could save you a lot of money.

Not Noticing Added Fees

Along with the APR, fees for cash withdrawals, fees for using the credit card abroad and a range of other added costs and expenses, some credit cards actually charge annual fees just to be in possession of them. Sometimes, these ‘premium’ cards offer certain perks, but unless you really need those perks it is normally a good idea to turn these costly credit cards down.

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For investors, now is a great time to buy a home. With interest rates low and lots of housing options on the market, it’s nearly impossible to pass up a good deal. Then again, furnishing a new home is a whole different ball of wax.

While most people only think about initial home costs, many new homeowners are surprised to discover that they do not have enough funds to cover decorating costs. This might seem rather futile to those that have never owned a home before, but putting in the money to properly furnish a home is crucial.

Why? If you have purchased a home for investment purposes, you’ll probably want to “flip” that home eventually. This means that you will also have to find a way to make your home look great. Otherwise, potential buyers might walk in (and then quickly out) of your new investment.

The only problem is that most people do not calculate the cost of furnishing a home when they take out home loans. To combat this issue, there are two possibilities: using a credit card or opting for a private loan. The first possibility, credit card usage, may sound appealing, but it might not be the right choice.

Even with tougher Canadian credit card regulations set in place, credit card companies are still finding ways to take advantage of consumers. This often manifests in the form of higher interest rates, higher credit limits, and other less-than-appealing details.

In addition, maxing out a credit card is a great way to fall into some serious financial debt. When the current job situation is considered, adding to any amount of debt might not be a desirable thing to do. In contrast to credit card debt, a private loan will not simply add to mounting debt.

A private car title loan is a great way to gain the necessary funds to furnish a new home. Unlike credit card debt, borrowers will be able to pay back a private car title loan quickly and efficiently. Since creditors and borrowers agree upon repayment terms, there are no surprises attached to a private loan.

In addition, a private car title loan is relatively easy to achieve, while boosting your credit limit might not be. Most private lenders will perform a small credit check, though these lenders do not base loan applications upon credit.

Instead, car title loan applications are based upon the overall worth of the current car that you own. Once this worth is determined, a loan will be granted using your car as collateral. As soon as your loan is approved, the funds that you need will be deposited into your bank account (usually within hours or days).

Furnishing your new home is important, but it shouldn’t mean falling into the credit card trap. Instead, opt for a private car title loan that’s easy to pay back, clearly outlines, and simple to attain. If furnishing your new home escaped your notice, you can easily gain a car title loan and start creating the perfect home right away.

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Millions of so-called contactless credit cards have been mailed to Americans on the theory that we just don’t spend money fast enough.

While you’re absorbing that little nugget, consider this as well: The cards, which wirelessly communicate information about you and your account, don’t have an “off” switch.

Contactless smart cards rely on radio-frequency-identification (RFID) technology to speed retail transactions. Instead of handing our credit cards to a clerk or swiping them through card readers, we just wave our plastic in front of a scanner. Often, no signature is required; it’s whoosh and go.

Mobil’s Speedpass was an early example of this technology. After trial runs in several cities, MasterCard, Visa and American Express began issuing contactless cards in earnest.

The technology looks cool; the card issuers assure us these transactions are encrypted and safe. But privacy advocates aren’t so sure.

Grad students from Johns Hopkins University hacked a Speedpass a few years ago to get free gas. More recently, two researchers at the University of Massachusetts pulled unencrypted names, account numbers and expiration dates off contactless credit cards using a homemade scanning device.

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