Live Your Finances To The Fullest

Cash Cards (2)

How to Get the Most Out of Your money Cards

Cash credit cards are a growing new trend in the monetary world and look as if they are almost for the position where they could take off and terrain in each and every Americas hands in the very near future. Similar to the credit card, the world of cash charge cards has been rather gradual in its beginnings, but will surely be a winner over time as more and more people start to adopt them. Because of so many different rewards and incentives, it would practically be imbecilic for someone not to receive their own cash card in the next few years. Within the very near future, prepaid credit cards could spell the finish of cash as we see it provided that both buyers and retailers have the ability to adopt this system as soon as possible.

When it comes to cash cards, there are many different categories that one could talk about. A true money card is part of what is called an electronic cash system where coins and bills are left both at home and a card is instead used for all acquisitions. However, this card is much more like a debit card than the usual credit card since it usually doesn’t front you the money and require that you repay it later. Instead, a cash card will usually distance themself money directly from your bank account just like a debit or even check card. Cash debit cards, while already taking off in America since they are typically issued at financial institutions, credit unions and other financial institutions, are also in position to take within the international market. This means that for travelers, the bucks cards international success is certainly looking bright and you’ll be able to use your United states issued card in just about any up-to-date foreign country. Several countries such as Singapore really already have a highly created cash card system exactly where their citizens make use of either a cash card or even a cash plus card all over the country instead of regular bills as well as coins. It seems to work flawlessly at this point, however there may still be a few kinks to work out later on.

The next category of cash charge cards are the credit cards that give you cash back. They’re great options for those who have a hard time saving money on their own, as these cash credit credit cards help you by possibly giving you some money back again each time you spend or by depositing money directly into a savings account. Due to their great incentives, cash back cards are gathering popularity like crazy here in The united states, and pretty soon almost every credit card company will offer their own version of the cash back program. A few of the cash advance credit cards on this category will also go above and beyond the call of duty and give their clients even more unique advantages that are not offered by a great many other creditors. For example, some funds reward cards may issue out money gift cards with their customers who spend a certain amount of money each month or even each year. Usually the present cards are worth an excellent amount of money and can be utilized at any store enabling you to have used your credit or debit card. Finally, you may be enticed by many of the credit card companies that are now providing cash rebate charge cards at your favorite stores. Chances are you have seen the credit card at some point in time that was branded by a organization you enjoy shopping together with. Those are the cards that are designed to give you cash rebates at certain stores with all of your regular, everyday purchases.

  • Summer says:

    Sharese thinks that it is about time for her to get a credit card. She would like to buy a car in the not-too-distant future and knows that she needs to establish a credit history. She has received several offers in the mail and has downloaded offers from several card companies from card websites. As she reviews the various offers, she finds that the process of evaluating cards is more complicated than she expected.
    What you know: Credit Card Offer Details as of 4/2004
    Citi® Platinum Select® MasterCard®
    •No Annual Fee
    •8.99% APR on purchases
    •19.99% Cash Advance APR
    •Cash advance fee: 3% or not less than $5 or more than $50
    •27.99% Default Rate
    •0% APR on balance transfers for 12 months
    •$0 liability on unauthorized charges
    •20-day grace period if your total new balance is paid in full each billing period
    •$35 over credit limit fee
    •Late Fees: $15 on balances up to $100; $25 between $100–$1,000; $35 over $1,000
    •$12,000 minimum annual income required
    •Free online services
    •Personal information privacy
    •Photocard option available
    •Dedicated 24/7 Customer Service
    Blue Cash® from American Express®
    •No Annual Fee
    •0% introductory rate for 6 months
    •After 6 months, 8.99% to 13.99% depending upon payment history and credit record
    •18.99% Cash advance APR
    •Cash advance fee: 4% or not less than $5 or more than $50
    •23.99% penalty APR if you do not pay your minimum payment
    •Up to 5% cash back on purchases

    Total Annual SpendCash Back on Everyday PurchasesCash Back on Other Purchases
    Up to $20000.5%0.25%
    Bonus % if you carry a balance2.00%0.50%

    •Late Fees: $15 on balances up to $100; $29 between $100–$1,000; $35 over $1,000
    •$29 fee for bounced check payment
    •$29 over the credit limit fee
    •Automatic bill pay available
    •24/7 Customer Service
    •Online account access
    •Grace period if balance is paid in full each billing cycle
    •Emergency Card Protection
    •Purchase Protection Plan
    •Up to $20,000 personal credit limit
    •Undisclosed minimum annual income
    Collegiate Visa® Card
    •$12 annual fee (waived the first year)
    •14.75% APR
    •14.75% Cash Advance APR
    •18.75% APR Penalty APR
    •$20 late payment fee
    •$20 Over the credit limit fee
    •$15 Bounced payment check fee
    •$1000 credit limit
    •Online account access
    Discover® Card for Students
    •No annual fee
    •17.99% APR
    •19.99–24.99% Default APR
    •22.99% APR cash advance
    •Cash advance fee: 3% or not less than $5 or more than $50
    •25 day grace period when balance is paid in full each month
    •1% cash back, up to 2% cash back if credits are used to buy goods through the Cash Back Bonus Partner system
    •Late Payment fee $15–$35
    •Over the limit fee $15–$35
    •Variable credit limit
    •Travel Insurance
    •Free Discover 2GO® card upon request
    What you are looking for:
    1.Which credit card fits Sharese’s needs?
    2.Which fits Sharese’s needs?
    3.Which fits your needs?
    Solution plan:
    1.What questions should a consumer ask before accepting a credit card?
    2.Utilize the table below to evaluate the various credit card offers. It is possible that not all information is available for all cards.
    Card NameInterest Rate on PurchasesCash Advance RateAnnual FeePenalty APRGrace PeriodLate Payment FeeOver Credit Limit FeeMinimum Annual IncomeCash Back
    Citi Platinum Select
    Blue Cash from American Express
    Collegiate Visa
    Discover Card for Students

    3.Based upon the information, which credit card is the most appropriate for Sharese? Why?
    4.If you were choosing a credit card from this list, which credit card would you select? Why?
    5.What are the advantages of a good credit history?
    6.What are the disadvantages of having access to credit?
    7.Why is it important for most people to have a relationship with a bank?

    June 11, 2013 at 9:27 am