Credit Cards Archives - Your Family Finances

Question: I’m brand new to credit cards.

Leave a Comment / Credit Cards / By Tim McMahon

I’m brand new to credit cards. If my limit is $200 is it true I shouldn’t use more than $40? If I immediately pay it off, can I charge $40 to it multiple times per month?

Typically a Credit Card with only a $200 limit is called a “Student Card” so congratulations on starting your credit journey on the right foot by asking these questions.

If your limit is $200, you can charge up to the $200 limit in any combination you like. But you will receive either a “Card declined” message or a penalty fee if you charge over the limit. (So, don’t do that!)

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A Guide to: Making the Most of Cash Back Rewards Credit Cards

Credit Cards / By Tim McMahon

Let’s face it, there’s hardly a day that goes by where you don’t spend money. Whether it’s putting gas in your car, grabbing lunch with coworkers, or stopping at the coffee shop to get your morning fix. So the question is, if you’re frequently spending on everyday purchases, would you want to earn a percentage back? With cash back reward credit cards, you’ll earn a small percentage back on a variety of items. It’s equivalent to constantly shopping at a percentage discount.

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How Paying Interest will Eat You Alive

Credit Cards, Money Management / By Guest Author

Whenever you take out a loan or create some form of debt, you must pay interest. Interest is considered the cost of doing business. It compensates the lender for the use of the money. You can think of it as the rent you are paying for the use of the money. The interest rate that

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Using Credit Cards without Getting Into Debt

2 Comments / Credit Cards, Money Management / By Guest Author

Having a credit card is handy, especially if you are away from home and blow a tire or a fan belt breaks or some other emergency! However, everyone that has a credit card runs the risk of racking up a significant debt. Credit card debt can quickly spiral out of control. Sometimes it feels like the credit card companies will

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Family Action Plan: How to Eliminate Credit Card Debt

Credit Cards / By Guest Author

Credit card debt can sneak up on the best of us. After all, there’s just so much stuff to buy. There are new shoes, video games, and that out-of-state trip to Vegas. Unfortunately, the interest rates cripple your bank balance and you soon find yourself in credit card debt. You can feel as if you

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What is the Best Credit Card?

Credit Cards, Money Management / By Tim McMahon

Choosing the “best” credit card is like asking what is the best city to live in or the best kind of ice cream. It is not a one-size-fits-all all proposition. There are a lot of different factors to consider and what is “best” for me may not be “best” for you. In some ways, the

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Money Management for Kids

2 Comments / Children, Credit Cards, Education, Family / By Lilly

Many grew up watching our parents scrimp and save in order to have money left at the end of the week; many more have watched their parents struggle in order to pay their bills. Regardless of how you were brought up, most of what you first learn about money management and well-being stems from what

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How to Up Your Credit Score

Credit Cards, Credit Rating / By Guest Author

Credit is crucial. In fact, your credit score determines your ability to procure auto loans, credit cards and home mortgages. Some might say that it can make or break your financial future. Main Credit Scoring Agencies There are three major consumer credit reporting agencies that operate in the United States: Equifax, Experian and Transunion. When a lender considers

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Using Credit Cards Can Make Or Break Your Financial Situation

Credit Cards / By Guest Author

Credit cards often come up in discussions about money among friends and family. Some people swear that credit cards have great financial benefits and others stay away from them at all costs. The truth is that credit cards can be part of a good financial plan if used properly, but poor use can be detrimental

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How to Start Your Credit History

Credit Cards, Credit Rating / By Guest Author

Jump Start Your Credit History You know you need a good credit history if you want to apply for a loan or credit card, but if you are just starting out and haven’t developed a credit history this can be hard to do. In some cases, having no credit is almost the same as having bad

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How to Hurt Your Credit Score

Bankruptcy, Credit Cards, Credit Rating, Loans & Mortgages / By Guest Author

Your credit score is extremely important in the world in which we live. Nowadays it’s hard to buy anything without having a good credit rating. In some cases, it’s impossible to get a job if your credit score isn’t very good. Because it’s central to your life, you may be punishing yourself by unknowingly doing

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Don’t Have Cash for the Collection? Just Swipe Your Card

Credit Cards, Family, Giving / By Guest Author

Credit Cards in the Offering Plate? As the hymn begins and the ushers come forward, there is the unmistakable sound of hundreds of people reaching for their wallets and purses to find bills to stuff in the collection basket. Now, a new sound may be heard at this time–the sound of people swiping their credit

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