According to CreditCards.com US Student Credit Cards charge whacking great annual percentage rates (APR’s) that top rates applied on other card categories.
Figures listed below:
Low Interest 11.41%
Balance Transfer 11.41%
Bad Credit 12.81%
Cash Back 13.13%
Reward 13.66%
Business 13.95%
Instant Approval 14.18%
Airline 15.08%
Student 17.88%
The problem is that fluctuations in the Fed’s prime rate is heaping further misery on student cardholders because a majority of banks base their credit card APRs on an index tied to the prime rate.
According to the U.S. central bank: “54% of credit card issuers tie card interest rates to prime.”
That’s a whole lot of misery for young students struggling to meet interest repayments.
Posted by Tom Wilkins on Fri 17th August 2007 at 06:00 AM, Filed in Credit News
There has long been some scepticism about the wisdom of using credit cards for online gambling. But now a financial expert has spoken out, by warning online gamblers that it’s easy to lose track of expenditure which can result in huge overspend. This makes complete sense.
With the rapid increase in UK online gambling many banks are blaming some of the rising bad debt on gambling addictions fed by the online phenomena. In a reaction to this, many online gambling sites have stopped accepting credit cards. About time to I say.
An expert from Moneyexpert.com, Sean Gardner, is quoted as saying:
“It’s very easy to lose track of the money you owe on your credit card, particularly with online gambling. If you have wracked up debts through gambling the important thing is not to bury your head in the sand. If you can’t meet repayments it’s always better to tell someone or to seek professional help.”
(Via CardGuide)
If you’re looking to be rewarded for your spending habits then you need to select your credit card carefully.
The two best examples we have been able to find are as follows:
TOP CASHBACK CREDIT CARDS
Capital One Cashback with World Mastercard Card
• Earn 4% cashback on all purchases for the first 3 months.
• Continue to earn 1% Cashback on all purchases after the first 3 months.
• Free Travel Insurance and Travel Assistance for you and your family.
Not bad!
American Express Platinum Credit Card
• 3% for first 3 months.
• Followed by 0.5% for spend up to £3,500, 1% from £3,501-10k, 1.5% thereafter.
The great thing about these deals is that every bit of spend counts - the more the better. Maybe consider paying for weekly shopping, utility bills, holidays etc on these types of cards. The rewards can really add up.
In addition, why not double up your spend on these cards by nominating other cardholders for the same account.
If you’re a devoted Football fan then the Barclaycard Football Credit Card could be right up your alley.
With the new football season just beginning you could enjoy some really interesting features with this new offer from Barclays.
Features include:
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The MBNA Platinum Plus Credit Card isn’t going to win any prizes for originality with it’s design. Unimaginative, might be the best way to describe it!
However, it does offer some reasonably interesting features to make up for it’s lack of credit card cool…
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