Healthy Financial Habits

A good credit card deal is something that everybody would like but seems to be more and more difficult to find. With rising credit card rates, card companies are cutting back and being less generous. One card that stands out above the rest is the Discover card. Here are a few pros and cons of the card”

Pros:

- 5% cash back in many categories such as department stores, gas and restaurants.

- 1% cash back on all other purchases

- Save 5% to 20% on all purchases made through their exclusive online store

- Promotional 0% APR for 6 months

Cons:

All of this would be nice if you can find merchants who will accept discover. One of the reasons why they can offer higher rates to their customers is because they charge a higher fee to merchants. I recently used my discover card after it was not used for several months. After only 6 purchases I remembered why I stopped using it. Two out of six or 1/3  of my attempts were failures.  Whenever I hand someone a Discover card I brace myself for the “I’m sorry, we don’t accept Discover”. I always come prepared with a back up method of payment. Do not carry this card exclusively. You might find yourself washing dishes.

Cash back credit cards are an excellent means to put a little more cash back in you wallet. What could be more exciting than to receive money back on your credit card and spend it the way that you choose rather than to sign up for some points system that only allows you to choose from a list of items when it comes time to redeem your hard earned points?

Cash back credit cards come in all different forms. You have Mastercard, Visa, Discover, and American Express just to name a few.  They are offered by several credit card companies and each comes with its own perks. There are currently a handful of cash back credit card deals out there.

The Capital One No Hassle card gives you a solid 2% at gas stations and most major groceries stores. All other purchases earn 1%. They do not place limits on how much you can earn and your cash back does not expire.  This card comes with no annual fee and a promotional APR of 0% until may 2010. From there it goes to a 14.9% variable rate.

The Discover More card offers an even sweeter deal with 5% cash back in categories such as travel, gas, home improvement stores, department stores, pet stores and many more. They also give 1% cash back on everything else. If you use their exclusive online store you can save anywhere from 5%- 20%. This card comes with a 0%APR on purchases and balance transfers.

Chase Freedom card has an offer that only gives 1% cash back on all purchases, however;  they give you $50 cash back after you make your first purchase. They do offer a rotating 3% in select categories such as gas, home improvement and department stores. By rotating they are saying that you can earn the higher interest rate only in certain categories at during certain months. Another perk is that this card comes with a rate as low as 12.24%.

TrueEarnings card From Costco and American Express gives 3% cash back up to $3,000 on gasoline, 3% cash back at restaurants, 2% cash back on travel, and 1% on everything else. There is no annual fee if you hold a Costco membership and if you earn $25 cash back after you make your first purchase!  Enjoy a 0% intro APR for 3 months.

These are some of the more popular cash back credit cards that are out there right now. It is up to you to search for them and find the one that best fits your needs and lifestyle.

Credit card deals are everywhere. You hear advertisements on TV, you get offers in the mail, and you see advertisements on the internet for low APR credit cards. So where can you find these great deals? Well one place to start is at www.creditcards.com Here you will find a fairly comprehensive list of credit card deals that are offered to the general public.  Here you can search for credit cards by category such as bad credit cards, 0% cards, gas cards, instant approval cards, etc.

So what great deals are out there? Well it depends on what kind of deal that you are looking for.

If you fly frequently the Right Miles card by Discover may be just what you need. It offers one mile for every dollar that you spends and double miles on travel and restaurant and travel.  There is flexibility when it comes to redeeming your miles. They give you options for travel, gift cards, or even cash. If you purchase through their exclusive online shopping site you earn double miles. As an added bonus this card comes with an APR as low as 11.99%

If your credit is not so great you can choose one of the many options available for bad credit cards. Here you will find an array of cards that do not volunteer their APR or annual fees. Usually the APR is in the mid to high 20’s and they charge an annual fee.

If you have good credit and you want a card that has some great perks then you should try the Discover More card. The more card offers 5% cash back on categories such as travel, home improvement stores, department stores, gas, restaurants, pet stores and many more.  It offers 1% on everything else. They also offer 5% – 20% cash back through their exclusive online shopping site.

With many cards out there to choose from you can find all kinds of deals. Start by performing an online search. Beware of sites that attempt to steal your identity.

Want to apply for a credit card?  Need help choosing a credit card?  Credit card shopping can be an exciting task. The number one rule to follow while applying for a credit card is to do your homework. Don’t just apply to the first credit card that comes your way. You have to be selective and choose the one that is right for you.

With a slowing economy comes less credit card offers that arrive in your mailbox. I can remember a time when I checked my mail to find several credit card offers in the mail each day. Now it’s more like a slow trickle. Credit card companies are making offers to less people and not offering as much in return as they once were.  Because of this your options may be a bit more limited than they once were when you could receive several in the mail.

Thankfully we have the internet. You can still apply for credit cards directly through creditors’ websites or through credit card search engines such as creditcards.com.  Many of the applications can be filled out online thereby decreasing processing time. Usual response time is about 1 to 2 weeks. You will either receive a rejection letter or a new card in the mail.

Before you make that decision to fill out the application you may want to consider exactly what you are applying for.  Carefully read over the terms and conditions and make sure that you know exactly what you are getting into. At a minimum you must know what the APR is and what this equates to as far as how much interest you would end up paying over the course of the year.

There are other factors such as rewards and incentives, introductory periods, annual fees, credit limits, etc., that you must understand before you take on the responsibility of holding a credit card.

After your decision is made either fill out the paper form and mail it in or fill out the application online and submit it. It’s as simple as that! A couple weeks later you get either a “yes” or “no”.

Choosing a First credit card can be a difficult task when you have never dealt with a credit card companie before. At first glance the terms and conditions can be overwhelming. You may ask – What is APR? Compounding interest?  How much would my minimum payment be? What is a credit limit and how much will mine be?

Well it doesn’t have to be that difficult. My journey began when I was about 18; I had no money in my wallet and needed a couple new tires for my car. After eliminating the possibility of asking my parents for money I decided to take matters into my own hands and apply for a credit card.

I applied for the first credit card that I found in my mailbox. When your tires are about to fall off of your card and you have no cash there are not too many options. I filled out the little boxes with all of my information and sent if off in the mail. A couple weeks later a shiny new credit card appeared in the mail. After charging several hundred dollars on this card I read the statement that they sent at the end of the month. 23.4% interest? Are they crazy? I quickly found a way to pay that card off and never used it again.

Afterward, I received more offers in the mail and ultimately figured out which ones to apply for and which ones to pass up.

I use the following criteria while selecting a credit card:

1. Nice introductory period  – I go for 0% for at least one year
2. Cash back rewards – nothing beats cash
3. Low interest rate after intro period -  this is important especially if you plan to keep the card for a while
4. No annual fees – Why pay annual fees when most cards offer great rewards and no fees.
5. Low balance transfer fees – if you are interested in transferring balances from your other credit cards
6. Credit limits – I want the largest credit line that you can offer

Theses are 6 basic criteria that I look at while selecting a card. You will have to look at your individual needs in order to determine which card is best for you. One word of advice is not to get too carried away with credit cards. Only charge what you know you can pay off in the immediate future.

Credit card companies seem to pop up out of nowhere. There are gas cards, airline cards, internet cards, small business cards, student cards, cash back cards, rewards cards, hotel cards, and the list goes on.

So how many are out there and which one is right for your?  The answer to the first question is tens of thousands. There are banks everywhere who want to give you their money (at a hefty rate of interest of course).

Making the decision of which credit card company to go with can be overwhelming. After all, you want to choose the credit card that is right for you. You would not want a Disney credit card that offers Disney perks if you have never visited Disney and do not plan to in the future.

You must first ask yourself questions about your lifestyle. Travel a lot by vehicle and gas price are high?  Try a cash back gas card. What if you travel a lot by plane? How about a sky miles card? Do you have a large family to feed? Try a card that offers a high percent cash back on groceries.  Are you a small business owner who needs a card to purchase office supplies? Try a small business card.

The possibilities are unlimited. You don’t have to pick a card that is specific to a particular area of spending in your life. Discover offers great cash back discounts on many areas such as travel, dining and retail.  But beware while carrying a Discover card. Many merchants do not accept Discover so be prepared to pay with an alternative method. Mastercard and Visa are rarely rejected at places that accept credit cards.

By: Germaine Greer

A community garden is a great way to help you, your family, and your neighbors. Before grocery stores, folks only had two ways to obtain food; grow it or trade it. There are all types of gardens. You can start with a simple backyard garden or maybe you are interested in a community garden. A garden on a larger plot of land will help feed not only yourself, but your neighbor. In these difficult times, especially with the rising food costs, it is something to definitely consider. Living in a city area? No problem. City folks have started gardens on their rooftops, and in vacant lots. A community garden is also a great way to get neighbors together, communicating in ways besides computers, and cell phones. It harkens back to simpler times, before economic stressors, job pressures, and worrying over job losses. It’s a great way to get children in touch with going back to nature, and participating in the actual process of growing, (and eating!) something they have personally created. It can be a way of starting to get people back to being, “neighbors”, again. The “seeds of hope-harvest pride,” site has good basic information and a number of links that can help people get started in community gardens.

What better inspiration than our first lady, Michelle Obama, who started a garden on the white house property this spring! Her children helped participate in the start of the garden. The produce that is grown is prepared in the white house kitchen, and served to the first family and guests who attend dinners at the white house itself. Michelle Obama certainly planted the “seeds” in many peoples’ minds about starting a garden of their own. Another good site to research is http://www.communitygarden.org. It’s a national organization that oversees many of the community gardens in the nation. They also have tips on starting and maintaining a community garden.

Maybe you just want to start small. That’s fine! Start with your own family garden.  It’s a great way for mom, dad, and the kids to relax in the outdoors on the weekends. Turn off the TV, cell phones, computers and all other excess, “noise.” Get back to nature. Children will love the idea. All children love to get their hands in the dirt, and get dirty digging holes. Children have a short attention span, so let them begin by planting radishes. They will come up in 3-4 days. Children also have an endless fascination with growing things. When they grow their own produce, it’s a given that they will eat their OWN vegetables! After all, they created it!  Another idea is to take the kids to the library, (its free!) and take books out on gardening for children. They can read with you and learn all about the process of gardening for themselves. Let them choose a small area of the garden for their own, “vegetable patch” and let them choose what type of veggies they would like to grow in that patch. The learning process is invaluable for children, and not only will this help in the family food budget, but bring families closer in these hard economic times.

Financially, you cannot go wrong. All you need are a few good books (remember your local public library is a great resource, and it’s free). A few packets of seeds, a few tools, fertilizer, water, and a patch of land, and you’re off growing your own nutritionally packed food. All organic and naturally grown! If you find you have grown more produce than you can consume, why not share with local food banks/pantries? Share your harvest with neighbors in the area, who maybe less fortunate than you. One such organization is Ample Harvest.  It is an organization that enables backyard gardeners to share excess garden produce with your local food pantry/food bank.

Feeding yourself, and/or your community, whatever you choose, is a small investment with great returns. You/they are eating the best food nature has produced at a relatively low cost, and gets you out in the great outdoors away from all the noise of modern society. It also takes your mind off your troubles for a time, and gets you together with family and friends, and you may meet a few new friends, too! If you have grown more than you can possibly eat, you will be helping others in need. What’s more spiritually satisfying than that? It’s a win-win situation for all involved! So, research online, gather family and friends, get a few good books, or experienced gardeners, comfortable clothes, your own little “patch of heaven,” and begin! HAPPY GARDENING TO ALL!

A low interest credit card can be a real life saver when you are short on cash and need a line of credit to buy things such as groceries, clothes, gas or even pay the rent. There are several credit card companies out there that are offering great deals on low interest credit cards however these rates are usually teaser or introductory rates. True low rate credit cards are usually available to those with good credit. If your credit is questionable or bad, then credit card companies look at you as a high risk customer and normally adjust your rates accordingly.

Here are a few deals that I found:

-Discover and Citi bank are offering rate of around 11.99% with a 0% introductory and no annual fee.

-Capital one is offering a similar deal but at 13.9%.

-Gold Delta Sky Miles is currently offering 9.99% plus prime. One downfall is that the card carries and annual fee of $95

Right now credit card rates seem to be a bit on the high side. This is due in part to the recently signed Card Act. You can read about it here: Credit Card Act Of 2009 – How Will It Affect you.  If you keep an eye out you will eventually come across a low interest credit card that is right for you.

“I want to pay off credit card debt” – does this sound familiar?  This may have been your New Year’s resolution or something that you discuss with your wife or significant other every night before you go to bed. The fact is that millions of Americans are in some form of credit card debt. For years credit card companies have made it easy for you to fall into debt by offering low introductory rates and easy credit.

Well just because you are in credit card debt doesn’t mean that you have to remain there.  There is a way out and it can be very simple if you discipline yourself to monitor your spending habits. Like many other bad habits, the first thing is to admit that you have a debt problem. From here you can make a plan to pay off and eventually eliminate your credit card debt.

One strategy is to eliminate unnecessary spending by evaluating your current spending habits. Do you really need 500+ television channels to surf or can you get by with just 50?  Is that gym membership really necessary when you only go once every 3 months? Once you free up some money you can move onto the next step which is paying off your credit card debt.

One of my favorite methods  is Dave Ramsey’s “Snowball effect”. The strategy behind his method is to pay off your debt starting from the highest APR card to the lowest APR card meanwhile making the minimum payment on your other cards. Every time a card becomes free and clear you continue to pay the amount you were paying on the previous card on your next card. Once the first two become clear you apply the money that you were paying on the first two to the third. Repeat this process until your debt is eliminated.

You may have noticed that your credit card payments have been on the rise.  So you may ask yourself why is this? In my previous article Credit Card Act of 2009 – How Will It Affect You? I explained the Credit Card Accountability, Responsibility, and Disclosure Act of 2009. This was signed by president Obama at the end of May and goes into effect the beginning of next year.

Credit card companies have been taking a proactive approach to the restrictions that the new laws will now place on them. They are tightening down the clamps and trying to squeeze every dollar that they can out of credit card holders.  Some credit cards that never charged annual fees are now beginning to do so.

In addition to pressure from the CARD Act the office of the comptroller of currency is putting additional pressure on card companies to increase minimum payments in order to encourage holders not rack up such high balances. It is very easy to become deeply in debt when your minimum payment is only $50 per month.

You will find that in the upcoming months your credit card minimum payments will be on the rise. It would be wise to make a plan to pay off those credit cards now if possible. If you find yourself in a situation where you can not make your minimum payment then it would be a good idea to consider refinancing using a balance transfer.