Ideally, you shouldn’t rush into every credit card application you like as denial will affect your credit score badly. It is advised not to apply for credit cards three times within six months. But even when you qualify for a credit card, there is still something you need to know in order not to end up accumulating credit card debt that can be quite difficult to pay back.

Be watchful for interest rates that can be fixed and variable. If a credit card has a promo interest rate, be careful about go-to APR that can skyrocket after the introductory period is over. Avoid such credit cards with higher interest rates if you don’t want to pay through the nose.

Annual fee associated with credit cards is another point you need to be aware of. If you are looking for a no annual fee credit card, make sure that there is no annual fee on the credit card at all and the fee is not waived the first year only. There are other fees you need to pay your close attention to including balance transfer fee, cash advance fee, foreign transaction fee, and more.

When shopping for a rewards credit card see if the credit card comes with or without annual fee and always dig into every detail of the rewards programs. For instance, check if there is a cap on the number of points you can redeem, say in a month.

In a nutshell, when choosing the credit card that will be right for you, please read the fine print with utmost care since oftentimes credit cards are not what they seem to be.

The study speculates that this discrepancy might be a result of borrowers ignorance – possibly because credit card charges and balances can be difficult to keep track of. This finding comes with rising trends of credit card debt.

How can you stay on top of your debt?

• Know your FICO scores. Monitor your credit report, the summary of your borrowing and repayment history—any new accounts, closed accounts, unpaid bills, late bills, and other activity. If you have a loan, mortgage or credit card, it will show up. The FICO score is a three-digit number between 300 and 850 calculated from a formula that’s designed to gauge your creditworthiness.
• Watch your statements. Make a habit of scanning your financial accounts daily, or at least weekly. Some banks will let you to set up your alerts to notify you when online transactions are made with your account or when a purchase exceeds a specified amount.
• Pay as much of your monthly bill as possible. If you do find yourself in credit card debt it’s important for you to pay as much of your bill as you can. The longer you work to pay off a bill, the higher your balance will get due to interest rates.
• Use the credit cards that are best for you. Pick the one or two major credit cards that feature the lowest annual interest rate and only use them when you need to. Resolve to only spend what you can afford to.
• Ask for a lower rate. Try calling any account charging you see charging more than 14% interest, and ask them for a lower rate based on customer loyalty. It may help if you suggest that you have received other credit card offers with lower rates.
• Create a budget. Plan your expenses and anticipate costs ahead of time. Track what you spend either by saving receipts or recording your expenses. Keep track of your bill cycle and plan to pay the full balance.

Credit card debt is something that consumers should keep their eye on, and know how much they owe at all times.

The elderly are becoming victims to Vacation Time Share scams.

There are two main schemes that people use to lure victims. The first scheme uses a telemarketer who represents a false company. The telemarketer then calls the victim and explains that they have found a buyer for the customer’s property. In actuality, no buyer has been found. The scammers then use this entry way to gather more information about the victims account and how to access their finances.

The second scam targets customers under a fund that was supposedly set up by the Attorney General which is hypothetically being used to reimburse victims of the first time share fraud. In actuality, the telemarketer is really a previous time share resale marketing employee looking to prey upon the victims’ finances.

Florida isn’t the only state where Time Share Fraud is an issue. But the Florida Attorney General has connected with multiple business groups and individuals to enforce legislation to counteract the deceptive methods that some of these companies pursue.

In Boca Raton, the Center for Legal Justice, LLC, a consumer advocacy group and a private lawyer referral service, has begun referring affected citizens to consumer protection lawyers that specialize in helping citizens affected by unfair lending practices and Time Share Fraud.

The Center for Legal Justice has been working diligently to help affected senior citizens acquire their funds. Victims have seen incorrect balances, as well as extra charges on monthly statements. “This is one reason why it is so important to watch your credit card statements, you could be getting charged for vacations you’ve never took and activities you’ve never enjoyed,” said a representative at Credit-Land.com.

The federal response to helping the elderly isn’t as fast as it should be. Many are fed up at the snail pace that the relief effort has taken. A spokesperson for The Center for Legal Justice who has been advocating for the elderly victims affected by this terrible situation found other organizations that are willing to help the cause. So far the Office of the Comptroller of the Currency, Federal Depository Insurance Corporation and Office of Thrift Supervision have been made aware.

The Center for Legal Justice in coordination with the Delta Law Firm have figured out that by using the part of the contract called “Your Rights if You Are Dissatisfied with Your Credit Card Purchases,” to obtain an over $300,000 in credit for the elderly.

Secured Credit Cards and Prepaid Credit Cards are advertised for people with a poor credit history. The consumer should first understand the working of both these cards and then choose one. Both cards require you to deposit a pre-determined amount of money before you can use them. Both the cards can be used at all places where credit cards are used.

With Secured Credit Cards, you will be allowed to authorize your card only after the Security Deposits against your credit limit have been done. This security deposit is kept in your savings account or certificate of deposit (CD). The credit card you use for buying will go against your credit limit. After you pay off your credit card bill, the balance is automatically adjusted – just like with regular credit cards. The security deposit is required only because you are a high-risk customer. If you want to work on your credit score, Secured Credit Cards work best for you. Read the terms and conditions carefully. Some cards automatically get converted to unsecured upon timely payments.

With prepaid credit cards, the amount you deposit is directly credited to your card. The purchases you make are automatically debited from the balance. You can re-deposit the desired amount and use it once the balance is down.

People who wish to avoid going to banks can use this card. Some banks do not offer debit cards. Such people can used prepaid credit cards. Most employers can directly deposit money into a prepaid card. The employees can then use this card as a corporate card. Parents can deposit the allowances of their teenagers into prepaid cards. Using them will help them manage money better. Prepaid cards can also be used as gift cards. Your loved ones can use these cards for shopping at places where electronic cards are accepted.

Prepaid cards work in a manner opposite to conventional credit cards. In credit cards, you pay through credit, whereas in prepaid cards you pay through debit. In many ways, prepaid cards are better than credit cards. You will only be spending what you already have. You will not have to worry about loans or interest rates. With credit card, you spend what you don’t have and have the responsibility of repaying it. Prepaid cards work like debit cards provided by banks. People who use Prepaid credit cards do not have to worry about making purchases they cannot afford and getting into debt. It fosters responsibility and freedom from uncertainty.

Prepaid cards do not help you in any way to re-establish your credit image. If that is the goal, you are better off going for a Secured Credit Card.

The current model for calculating the FICO scores favors customers who have a long history of holding credit cards and using them wisely. If you have been a customer of a particular bank for long and the bank now wants to increase your interest rates, the option is not to just close your account and move on. In fact, the interest rate hikes on these cards may be nominal as compared to applying for a new card after closing this one. In fact, closing the oldest card just because of an increase in interest rate or addition of annual fees may have a negative impact on your application form for the new card with the chances of rejection being higher. This implies that there are chances that you may be left without a credit card in your wallet even during emergencies.

The report from First Data Corp for the month of May has noted a growth in volume year after year (which was only around 6.6% at some of these merchant locations)on its processing platforms for about a year. This is the lowest growth rate per month during 2011. The rate at which transactions increased was also at 5.1% which was the lowest rate since the last 12 months.

But there was a surge in the credit card charge volumes and a steady growth was noted in the signature debit cards which outpaced the PIN debit cards.

While summarizing the entire report, First Data stated that consumer spending had hit a low during the month of May due to the high rate of unemployment. This raised concerns over recovery. Lower and middle-income groups are cutting back on their spending due to the pressures of inflation. There was a hike in gas prices during early May and have continued to remain high. As a result of this, consumers are saving less and are using credit to cover their daily expenses.

According to the study conducted by Pew the lowest APR on the credit union credit card was 9.99% as compared to 12.99% which was the lowest APR among all credit cards being offered by banks. Though the credit card lenders did increase the interest rates on their cards before the CARD Act came into being, the current study by Pew has countered predictions about long term rates increases and newer charges, said Nick Bourke, Pew’s Safe Credit Cards Project’s director. He also went on to say that the increases in interest rates noticed in the beginning of 2010 have not extended into 2011. The APR is now more or less stable and deceptive practices by financial institutions have now become a thing of the past.

The Director of Family Services, in an effort to curb the menace of growing credit card debts, has drawn up a list of purchases that should not be made using credit cards.

Stay away from using credit cards on gambling websites. With the concept on online gambling gaining popularity, a large number of people are willing to wager money using credit cards in an effort to turn fortunes around. Rather than using credit cards, if you are addicted to gambling set aside a budget and stay within your spending limits.

Tuition payment is another aspect which should not be paid for using credit cards. The government has made provisions to avail student loans at favorable terms. It is worth exploring those opportunities as compared to reaching out for credit cards.

Weddings cost a lot of money, and if you are planning on lavish one just because you got yourself a new card, think again. Do you want to start your new life with huge debts to pay off? Instead, plan well and give yourself time to save some money and stay within the budget while making your wedding plans.

If you are considering a liposuction, rhinoplasty or any other cosmetic procedure, don’t bank on your credit cards for payments. There can be nothing more foolish that this considering the amount of time you will need to repay the amount and the interest it will incur during this time frame.

The Thank You Premier Card is one of the newest credit cards from CitiGroup Inc. Travelers can benefits a lot from this particular credit card. Every year, the card holders can take along a companion free of charge in a coach when you travel to any of the states within the country. Though there are certain terms and conditions that are applicable, this offer is something not many lenders offer their patrons. Card holders can also enjoy 15 percent discount on air tickets for domestic as well as international travel. They can enjoy trip cancellation insurance up to $1500 and baggage lost up to $3000 is covered. This card carries an annual fee of $125, but does not charge any transaction fees.

The Thank You Prestige Card is another new offering from the CitiGroup. Card holders with gold membership can enjoy benefits of the Hilton’s frequent stay program. They will also gain access to the Priority Pass program and can avail personal concierge services. This card that offers an APR of 15.24% carries an annual fee of $500.

Over 90% of the people in the United States have at least one credit card adorning their wallet. Despite this huge number, there are over thirty million businesses in the country that do not accept payments through credit cards. The cost associated with accepting credit cards for payments is what makes small businesses think twice. What makes this even more frightening is that a majority of the businesses that do accept credit cards are not aware of the hidden costs and misinformation that plague the credit card industry.

Most of the business owners are only aware that the cost per transaction they will be charged is 1.65% of the total transaction value in addition to 15 cents per transaction. In reality, there are tiered rates that are applicable to the transactions that most business owners are not aware of.

The hidden fees are also aspects that cause problems to business owners. The fees are not disclosed to owners beforehand which lead to issues between business owners and merchant services. Batch fees and gateway fees are the most common fees which small businesses are unaware of.