Getting a first or second chance to build credit with a credit card has been easier in recent years because financial technology companies have created alternative options. These new cards often evaluate applications differently from traditional credit cards, with algorithms and proprietary methods that may put less emphasis on credit scores while looking at factors…
A Corporate Con Game
Dear Dave, I know you recommend using cash or debit cards instead of credit cards. But can you explain why my husband and I shouldn’t take advantage of credit card points for travel expenses that are required for work but will be reimbursed by the employer? —Cathy Dear Cathy, So, your employer is so poor…
CIBC Fined $3 Million for Billing Irregularities Related to Lost or Stolen Credit Cards
The Canadian Imperial Bank of Commerce (CIBC) has been fined $3 million for billing irregularities affecting more than 130,000 credit card accounts over an 18-year period, according to a decision issued by a national financial watchdog. In her decision published on June 22, Judith Robertson, commissioner of the Financial Consumer Agency of Canada (FCAC), said…
Why You Should Check Your Credit Report Annually
Negative information in your credit report can be detrimental to your finances. This information can prevent you from buying a home or car. Because of this, monitoring your credit report is imperative. But where do you find your credit report, and how do you read it? If you find a problem, how can you fix…
How to Build a Great Credit Score
If you are a legal adult U.S. resident, somewhere there is a three-digit number between 300 and 850 with your name on it. Your credit score measures your creditworthiness, which is the likelihood that you will pay your bills. Establishing good credit has never been as important to your life as it is today. You…
Is the Apple Card a Good Alternative to Traditional Credit Cards?
In 1976, Apple Computer Inc. changed the way people viewed computers. They’ve had groundbreaking developments that allowed people to have small computers in their homes and offices and fit in their hands. But Apple offers more than innovative technologies; they also offer some financial services. What are these services, and should you use them? Apple…
3 Signs You May Need a Credit Card Hiatus
When your finances start to spiral and it becomes increasingly difficult to keep up with credit card payments or build toward financial goals, switching your payment method temporarily to cash or debit could help. Spending with credit cards can stimulate the brain’s reward center and drive you to make more purchases, according to a recent…
Protect Yourself Against Against Credit Card Fees
By Lisa Gerstner From Kiplinger’s Personal Finance Failing to pay your credit card bill on time can result in a hefty fee. The amount varies by card, but under federal rules, issuers can currently charge up to $30 for the first late payment and up to $41 for subsequent late payments within six months. The…
Go Bankless With a Cash-Only Lifestyle
May 23, 2023
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Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless. According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did…
How a Fed Increase Could Affect Credit Card Debt, Auto Loans?
May 6, 2023
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NEW YORK—The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans. On Wednesday, the central bank boosted its benchmark rate by a quarter-point to 5.1 percent. Rates on credit cards, mortgages and auto loans, which have been surging since the…
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