Many online applications give a fairly rapid response which can vary from virtually instantaneous to a very sluggish several weeks (this is usually reserved for the more exclusive cards).
A general rule of thumb is that the better the credit rating the quicker the response.
Notifications are made by email or postal mail.
The credit card company will issue miles to a frequent flyer account once a month. These are added to a running total of miles earned from flying with affiliated airlines, hotels and car rentals.
How does this really work?
Earning air miles is usually done at 1 mile per dollar spent on your credit card. Some cards run at a rate of $1.20 per mile like Southwest Airlines Signature Visa.
“(but they make it easier to earn with a low threshold of only 16,000 miles and you can earn double mileage credit when booking flights on their website).”
Posted by Peter Brady on Thu 19th October 2006 at 06:00 AM, Filed in Credit Tips
Every time you spend on your credit card, that action is logged and stored as part of your personal financial history.
If you pay your credit card bill on time or not, that is also stored and fed into your credit history.
Why is it worth keeping that history clean?
1. The ability to buy expensive items, like a home or new car.
2. An option to draw additional funds when needed.
3. Allows the option to fund unexpected expenses.
4. A poor credit history doesn’t only affect your ability to acquire credit cards, it affects many other things too, like getting a mortgage or hiring car.
What’s the best way to keep a good credit history?
1. Keep to a budget.
2. Set up a direct debit to pay off your credit card balance each month or set a reminder to pay off the debt before the expiry of the interest free period.
3. Put away a little money each month into a savings account.
4. Consolidate credit card balances into one cheaper form of credit.
5. If you own a home, consider taking out a home equity loan to pay off the balances on your credit cards.
6. Make sure you have sufficient funds to cover checks. A bounced check will impact on your credit score.
There seems to be growing evidence of the UK slipping even further into personal debt hell.
Only recently a warning issued by a charity indicated that many in their 50’s have the most acute credit card problems. That was quite a surprise to me as it might be to others. I guess the cliché of the spend thrift parent from the post war generation has been well and truly put to bed.
According to the study:
Read more...
