A Gas credit card, which is also referred to as a Gas rebate card, is a card that gets rebates and discounts on gas purchases. Gas cards can be issued by credit card companies or gas companies. The card works by getting card holders a rebate when they fill up gas using the card, and though the amount of money saved is small per transaction, it adds up to a significant savings after a few months. These are times of high oil prices and so, every consumer must exercise financial prudence and use his gas card while tanking up.

Gas cards can be of 2 types -

1. It can be issued by a gas company in collaboration with a card company like Visa or Discover. Such cards can be used by the card holder to make purchases anywhere, but they are allowed to save on gas only when they buy it from outlets affiliated with the card issuing company, i.e., the gas company. A gas card can be issued by a particular gas station as well, and in such cases, you must fill up gas from that particular station if you want a rebate.

2. Another kind of gas credit card is issued by credit card companies, and such cards allow card holders to get rebates when they buy gas from any gas station.

It makes sense to take the 2nd type of card because it gives you the freedom to choose a gas station. If you are bound to a particular gas station, then, though you will get a rebate, you may lose out on gas prices (because the card-issuing gas station may not offer a lower gas pricing as compared to other gas stations).

A gas credit card gets a rebate on gas purchases ranging between 3% and 5%. General rebate cards offer discounts on gas, grocery and other purchases as well. When you fill in gas, you swipe your card at the station and the credit card company calculates the rebate and records it in your account. You can redeem this credit (when it builds up to a sizable amount) against your regular credit card monthly payments. Some credit card companies reimburse the rebate credit by check or by way of a direct deposit.

You can get a gas credit card at an attractive APR (Annual Percentage Rate) if you have a good credit history and score. If your credit history is average or below, then the credit card company will charge a high APR, assuming you manage to qualify for the card.

Check for the following before choosing a gas credit card:

1. What is the rebate rate, and does it drop after a certain period.

2. Can the card’s terms be changed by the issuing company? If yes, then ask the issuing company what they will offer in place of the altered terms.

3. Do you have to spend a minimum amount per year to qualify for the rebate?

4. Are all gas stations eligible? Or, are you allowed to fill up from selected stations?

5. How is the rebate reimbursed? Does the card holder have to ask for it? Does it lapse after some time if the card holder does not ask for it?

The guide above will help you avail the right gas card. Remember to pay your dues on time and do not exceed your credit limit.

A bad credit history can be a real financial nightmare. You are refused loans, or given loans that carry abnormally high interest rates, and you feel low-down and bad about your condition. So, it makes sense to raise your credit score and get some financial normalcy back into your life. One way you can raise your score is by taking and efficiently using a new credit card. Yes, you heard that right – you can actually use a credit card to rebuild credit, and here’s how:

1. Get a new credit card. You may have had a bad experience with your previous credit cards and may have vowed to stay away from credit cards, but that’s not how you should approach your problem.

2. If your credit history is way below average and if you are unable to get a regular credit card, then go ahead and get one from your local department store or get a secured credit card. A secured credit card works best because your credit limit is based on a deposit that you have to make. You cannot use more credit than this, and you must pay the credit card bills on time, else the card company will forfeit your deposit. Secured cards help you spend wisely and their APR is very low as well. Some card companies offer credit cards for people with a bad credit history. But such cards carry a high APR and high fees. Our suggestion is to go with a secured credit card or a department store credit card.

3. Here’s a tip: Don’t take a prepaid card because its transactions are not reported to credit bureaus, and so, such cards are of no help.

4. While applying for a new credit card, ensure that you do not paint the town red by making too many applications. If you do, your credit score will be negatively impacted. Apply only when you are reasonably sure you will get the card.

5. The next step is to start using your brand new credit card. However, remember that you got into trouble in the first place because you did not pay on time, and so now you must ensure that you develop financial discipline by following good financial practices. If you’re serious about improving your credit card score, pay on time and pay in full. If you make minimum payments, you will be charged interest and your credit score will not improve. So learn to spend what you can afford and make the full payment in time.

6. Ensure that every payment is on time because if a debt collector is appointed to go after you, a note will be made in your credit report and this sticky, ugly note will stay for 7 whole years.

7. Over time, you credit score will start improving along with your financial habits. Remember not to expect results overnight. You must persevere in your effort to boost your credit.

So, once your credit score starts improving, lending companies will start looking at you in a new, positive light and the smile will return to your face. One last thing before you get ready to start: Do not take many credit cards for rebuilding credit – just go with one or two cards, and good luck.

As the name suggests, a students’ credit card is a credit card for college students. It helps the student learn financial concepts and become more responsible. It also helps parents control their children’s spending. Here are the pros and cons of credit cards for college students:

Advantages

1. Students learn financial responsibility. All they have to survive in the world is a credit card, and so, they realize that they must use it judiciously and always keep it active by making payments on time. If they don’t, they will not be able to spend until the outstanding is paid, or, unless their parents are ready to bail them out. College students realise the importance of paying on time and maintaining good credit and understand what it’s like to be without money. They get introduced to how it’s like in the real world, and such financial training makes them tougher and ready to face financial challenges in the real world.

2. A students’ credit card helps college students build up a credit history. Students get a head start on building credit scores because they start building from a relatively young age. Every time they swipe their card and build a small balance, it goes into their credit history. Year after year, the credit history accumulates and by the time they are out of the college and into a job, they can easily get loans to rent out an apartment, buy a car, avail loans, and do much more. They become financially independent as soon as they graduate.

3. A credit card helps students become financially independent. By the time they become adults, they are already hardened veterans who have spent a lot of time deep in the trenches. A credit card makes matured adults out of students. It’s a whole game changer!

4. A card can help students in times of need. Let’s face it – all students are short of cash most of the time. If an emergency occurs, they may not have enough cash for help. But a credit card will help them get out of a car accident or buy expensive reference books, and more.

Disadvantages

1. As parents support the children’s spending by paying their card dues, the child does not actually learn fiscal responsibility.

2. If the college student misuses the credit card, then there can be hell to pay. This is because his credit history starts getting scarred from a young age and at a later stage, while reviewing his credit report, lenders may get the impression that the borrower is a financially reckless person.

3. Instead of using his credit card on necessities, a student may spend it on unwanted luxuries like partying with friends, holidaying, etc. His parents will end up paying the credit card debt, but the student will learn nothing and instead become a spend thrift.

So there are two sides to a credit card for college student – good and bad. That said, the advantages of a student owning a credit card are far greater than not owning one. Even if the student slips up, he gets to learn the second time, and it’s easy to get up and pick up the pieces when you’re young. So, the argument closes in favor of college students owning a credit card.

Instant credit cards, also referred to as instant approval credit cards, are cards that you can apply for online and get approved in a matter of minutes. We live in a fast-paced world and have no time to fill in paper forms, submit these and wait for a credit card company to mail us our status. Everything’s online now, and so are credit card applications. However, though you may get instant approval, the physical card takes several days to arrive.

Instant credit cards are available for people with different credit scores. People with excellent credit, fair credit, or bad credit – anyone can apply online for a credit card and get instant approval (or, disapproval). Though people with excellent or fair credit will not face any issues getting instant credit cards, folks with bad credit must be careful before applying. So, what should these folks with bad credit do to ensure that they are approved? Here’s a guide that can help:

1. The first thing to do is to choose a credit card that is available for people with a bad credit score and then reconcile the credit card with your card usage habits. For example, if you want to use the credit card to buy groceries or gas, then choose from rebate cards that are available for folks with a bad credit score, and so on. Credit card sites provide you with a variety of credit cards and all you have to do is filter through to the ones that are applicable, compare these, and choose a card that works best for you.

2. Do not apply for multiple credit cards over a short period of time. That will lower your credit score, thereby ruining whatever approval chances you just had.

3. Choose carefully and apply for a credit card that you are likely to get. If your application is denied, your credit score goes down.

4. Know your credit score before applying for instant credit cards. The credit score is a reflection of your creditworthiness. Obtain your credit history from all the 3 major credit bureaus – Equifax, Experian and TransUnion. Check these and get errors rectified, if any. Remember, the credit card company will pull your account history from any of these bureaus, so it’s better that all errors are eliminated from all the 3 reports.

5. Next, use an online calculator to double-check your credit score before applying. Online credit score calculators can also help you manage your credit card repayments by conducting a what-if analysis.

6. Finally, know that if you have bad credit, you may be offered credit cards that have a high APR (Annual Percentage Rate) and high fees. There’s no escaping this.

Follow the steps outline above to apply for instant credit cards. You can get approval within 60 seconds if you do things right. And, once you get your credit card, remember to pay all your dues on time and never ever exceed your credit limit.

A rewards credit card is one that rewards you every time you use it. There are many different types of rewards – cash back cards give you cash back based on the number of points or rewards you have collected, gas cards get you rebates on filling gas, airline miles credit cards help you accumulate air mile points that can be redeemed for air tickets, and so on. Best credit card rewards are the rewards most suited for your lifestyle. These rewards cards can be issued by credit card companies or individual companies in partnership with a financial institution or a credit card company.

Let’s say for example that you have to travel to different companies on business purposes. You can buy air tickets and spend abroad using an airline miles credit card or frequent flier credit card. These spends will help you accumulate points (rewards) and you can later redeem these points for air tickets, thereby reducing the cost of your air travel. Likewise, there are different cards for different purposes and you must choose a card that is suited to your lifestyle.

As mentioned earlier, there are many types of rewards credit cards available in the market. The most popular of these are:

Cash back cards, that send you a check after you have accumulated the minimum stipulated reward points;

Airline miles or frequent flyer credit cards, that allow you to redeem accumulated rewards points for air tickets;

Gas credit cards, that get you a discount on gas or get you cash back after you have earned enough rewards points;

Shopping cards, that reward you every time you shop by getting you discounts from retail outlets.

Choosing the best rewards credit card

Choosing the right rewards card is not easy even though you have identified the type of card that’s best suited for your lifestyle. You must research online and compare which company’s rewards card is offering the best terms. Read consumer reviews as well and research the negative comments. Here are the terms that you must look for:

1. Annual fees (choose a card with low or no annual fees);

2. APR (Annual Percentage Rate) – a high APR can take away all your rewards benefits (assuming that you do not pay your bills in full and on time).

3. Is there an expiry date on redeeming the accumulated rewards? Many companies stipulate that the rewards must be redeemed within a certain period. Check whether an expiry date exists and if it does, does it reconcile with your credit card planning.

4. Look for the words “up to.” Up to 50% can even mean 1%. So, clarify all doubts while choosing your best rewards credit card.

5. Check if you have to spend a minimum stipulated amount before cashing rewards.

6. If your spending is not much, choose a rewards card that offers quick rewards.

7. Look for caps on rewards. Ensure that there are none, or if there are caps, then these should be liberal enough.

These were the different types of rewards cards and the strategies you must employ in choosing one. The best rewards card for you will be one that suits your lifestyle, is highly affordable, has no annual fees, carries a low APR and does not hamper your spending with its fine print.

You’d have the term “Credit Cards for Fair Credit” many times, and you’d have likely thought that fair credit means average credit, and let it go at that. But there’s more to the term “fair credit” than you think. Though it does mean average credit, it is important to know the concept behind the term. Here is the lowdown:

Every lender wants to know the borrower’s FICO (Fair Isaac Corporation) score. The FICO score is calculated depending on your financial records that are kept by the 3 major credit bureaus, Experian, TransUnion and EquiFax. If your Fico score is high, you can get a low-annual fee, low-interest loan. If your FICO score is low, you can even be refused a loan.

To initiate a FICO score, you must have at least one financial account that has been in existence, and active, for minimum 6 months. The credit bureaus take the financial activity into account and use it as a base for calculating your FICO score. FICO scores are very important – even your landlord may not agree to lease his house to you if you have a low FICO score.

How are FICO scores evaluated?

FICO scores range between 300-850, with 300 being the worst possible score. Most folks’ score lies between 600 and 700. A FICO score over 700 is considered as a good score and anything below 600 is considered as below-average. So, a fair credit score is between 600 and 700. Many factors are taken into account while calculating the score – payment history, total debt, credit limit, length of credit history, new credit, etc.

Credit cards for fair credit folks

A person with fair credit can be viewed differently by different lenders. Each lender has his own criteria for assessing a borrower, and this due diligence extends beyond the credit score. So, even if you have a fair credit, your credit card application may be turned down. In extreme cases, you may be able to land a low APR (Annual Percentage Rate) credit card though your score is fair. So, it depends from lender to lender, but the key takeaway is that if you have fair credit, you will be charged the regular rates and fees.

How to get a credit card for people with a fair credit score?

You must search online. Many credit card websites now allow you to filter through and compare from a variety of credit cards issued by different credit card companies and banks. These sites clearly mark cards that are meant for people with fair credit, and finding and comparing such cards is not tough because the credit card websites equip you with comparison tools.

Having found a bunch of credit cards for fair credit folks, you must compare these based on APR, fees, features like rebates, balance transfer facility, and more. The comparison will take time, but you must do it because it will help save you money over the short-medium term. Apply for a card that you are sure of getting because if you make multiple applications, your credit score will get negatively impacted. Finally, once you get your fair credit credit card, use it to improve your credit score by paying in full, and on time, and not crossing your credit limits.

A Balance Transfer Credit Card can help you shift high-interest to low-interest debt and make your financial life simple and manageable. If you use it wisely, you can even get out of debt and enhance your credit score.

Credit cards for balance transfer are cards that allow you to shift all your outstanding balances from other cards into one outstanding balance.

You are given the benefit of a low APR, and you have to make a single monthly repayment instead of making multiple payments across many cards. Here are the pros and cons of a balance transfer card:

Pros

1. Many credit card companies offer an introductory 0% APR that’s valid for a few months. This rate’s valid so long you pay in full and pay on time. So, if you have large outstanding balances across many cards and you feel you are caught in a debt trap, you can take full advantage of the 0% APR and consolidate all your balances into one. In this sense, a balance transfer credit card helps save money by charging no interest.

2. The card makes life very simple. It consolidates all your credit card debts into one and you now have to make just one repayment every month. Tracking many credit cards and managing their payment, which often fall on different dates, is a daunting task. The balance transfer card takes this headache away. It increases your focus as well, because you are now focussed only on 1 debt.

3. Most balance transfer credit cards offer rewards. So, you repay your debts and enjoy the rewards programs too.

4. No collateral security (house, car, shares) is required to avail of a balance transfer card. So, you don’t have to worry about losing your home or other assets.

Cons

1. The new card company may charge high up-front balance transfer fees, and these fees can negate the advantages. Fees are charged because the credit card industry is of the opinion that card holders keep switching cards to take advantage of the 0% introductory APR without making a conscious effort to reduce their debt. Credit card companies typically charge 3% as balance transfer fees if the APR is 0%. The fees are lower for a higher APR. Tip: you must take the higher introductory APR and low balance because the APR is charged only when you do not pay in full and are late in making payments.

2. If you do not pay in time, or go above your credit limit, or if your check is returned, the APR will shoot to the maximum level and your credit score will plummet.

As you can see, the advantages of credit cards for balance transfer far outclass their disadvantages so long you are serious about consolidating and repaying your debt. A balance transfer card works very well for people who are financially disciplined, who pay their dues in full, on time, and do not cross their credit limits. So, go in for a balance transfer credit card if you have vowed to simplify your financial life and reduce your debt.

Credit card companies are a much abused lot. Card holders frequently blame the companies for charging a high rate of interest, using strong arm collection tactics, profiteering by preying, and more. However, the issuance of credit cards is a business just like any other business.

The interest rates may be high, but then so is the default rate. Card companies invest time, effort and capital into setting up top class card services that ultimately help the card holder. As a card holder, you must know and understand the effort that goes behind issuing a credit card and satisfying a card holder every step of the way, and so, here is some knowledge about card services provided by card companies:

1. Credit card companies invest in a sophisticated systems and network. Cards are created, their spending is tracked, statements are sent, retailers are paid, money is collected from card holders, credit given to the card holder is monitored and collected, superior customer service is provided 24/7, and so on. All these card services require a massive investment without counting the skilled, specialized and highly-paid manpower that is needed to run these services.

2. Many card holders abuse the system and run up huge debts and then default. These are losses that credit card companies have to bear without passing them on to other card holders.

3. Have you seen a credit card company’s website lately? Most credit card companies’ websites are very user friendly, interactive, and contain a lot of useful information. You can compare many cards in minutes and choose one that’s best for you; you can chat with 24/7 online support and report an issue. If you’re a first time visitor, you can even apply for a credit card and know in a matter of minutes whether your application is approved or not. Creating a simple yet rich-with-content, and highly interactive website and maintaining it takes a lot of money and manpower.

4. Card services include 24/7 customer support. All card companies must invest in a service center and ensure that experienced executives are there to help customers 24/7. These customer support executives require intensive training and so that’s another overhead for credit card companies.

5. Nowadays, card companies have secured their credit card by inserting a microchip that contains vital data. Hackers cannot get through into the microchip as easily as they could get into the older system.

6. Credit card companies also provide free insurance cover to the card holders, and so that is another additional cost.

7. Card services also include creating credit cards with different types of rewards, tying up with other service providers like airlines, gas stations, etc., investing in systems that can manage rewards, and then sending out cash back checks, and more. All this takes considerable investment.

These are the typical card services provided by card companies. So, the next time you feel like abusing your credit card company, think again, because a lot of effort and investment has gone into providing you with a credit card. And, as you know, if you manage your finances well, a credit card can make your financial life simple and easy.

You may have seen the rectangular and plastic-y credit card machine in stores that enables a card swipe. But, did you know there are different types of credit card machines for different stores and shopping applications? There’s a machine for every type and style of business. Verifone and Hypercom are among the top-rated manufacturers of credit card machines.

Showroom retailers require machines that can print charge slips because a printed receipt must be given to the customer. Mobile businesses (i.e., businesses on the move, like a plumber) need a wireless machine, which is quite expensive, and dependent upon the cellular coverage. Some merchants who take orders over phone need a regular machine without printing capabilities. There are businesses that need machines that can swipe and also that the keying in of card numbers. So there are different strokes for different folks when it comes to choosing a credit card machine.

Another consideration in choosing a machine is the number of merchant accounts that the business owner has. For such business owners it makes sense to route payments through 1 card machine.

If the merchant’s volume of swipes and keyed-in transaction is equal, then this system can work out cheaper than having 2 credit card machines. One credit card machine can handle multiple merchant accounts and can work very well for certain types of businesses. For example, a spa can have multiple merchant accounts – one account for each therapist.

That way, therapists can easily swipe cards per client and the business can get per-merchant statements at the end of the month. That will ensure that month-end accounts do not get complicated because of the many therapists working in the facility.

Types of merchant accounts

1. Retail merchants need machines that can swipe and print. They may also need dual purpose machines that can also accept keyed-in orders.
2. Mail order or over-the-phone businesses need machines that can key in credit card numbers. They don’t need a machine with printing capability.
3. On-the-move businesses need wireless machines.
4. Internet merchants need online payment terminals.
5. A business-to-business application needs software-supported payment terminal.
6. A not-for-profit organization needs a low cost machine.

Credit card machines and their usage

1. Payment terminals without printers are typically used by mail order businesses or phone-and-order businesses. In such cases, the merchant does not have to issue a receipt to the customer. This type of machine also works well for businesses on the move, like plumbers, electricians, etc. Such machines are priced between $200 and $450.

2. Payment machines with printers are used by retailers. The card is swiped , approval is received and the receipt is printed by the same machine. As there’s a printer built into these machines, they are priced slightly higher. They cost between $275 and $900. The higher-end models come loaded with features. These machines can accept booth debit and credit cards.

3. Wireless card machines are the in-thing. They are equipped with the latest technology, but are more expensive. As these are wireless, they can be lugged around anywhere. Their pricing starts at $400.

That was about the credit card machines available in the market. Pick one that’s best suited for your needs.

There are two types of debit cards. The first well-known type of debit card enables spending by a card holder by connecting him to his account at a bank or financial institution. As soon as the card is swiped, the account is debited with the amount spent. So, you can spend as much as you have in your account, nothing more.

White collar workers are the highest users of this debit card. The salary gets credited into their account – the bank gives them a debit card – they use the debit card per their financial planning.

The second type of debit card is a Prepaid Debit Card, which works just like a prepaid phone card. The card holder has to deposit funds with the card issuer and create a balance in his account so he can use the card. This type of debit card works best for people without bank accounts who do not want to lug cash around. It also works for companies where employees have to spend on behalf of the business and get reimbursed. Instead of tallying accounts provided by different employees, the company can equip them with a prepaid debit card.

Advantages of a prepaid debit card

1. People who do not qualify for a credit card can work with a prepaid debit card.

2. These cards can be used by parents to dole out pocket money to their children and then monitor how the child spends his pocket money by checking the debit card statement. The child too then starts spending responsibly and learns about finances.

3. Using these cards works better than writing checks because suppliers/vendors may not supply goods or services to a buyer on the basis of his check because vendors are usually wary of the check returning. Prepaid credit cards can come to the rescue of the buyer (and vendors) in such cases.

4. These cards help cut down on transaction time as well. For example, if a buyer hands over a check, then it does take some time for it to realise. A prepaid debut card transfers funds to the vendor’s account immediately. A prepaid debit card keeps the economic wheels turning.

5. There are no bank charges associated with a prepaid debit card. On the other hand, a credit card statement is adorned with all sorts of charges.

6. These cards help people stay within their budget. Card holders can change their card based on their financial planning and ensure that they do not overspend.

Disadvantages of a prepaid debit card

1. These cards are not flexible – you cannot spend a dollar more than your deposit, and that can be a dampener when there is an emergency.

2. Banks have now started charging over-limit fees and non-sufficient funds fees for such cards (in certain cases).

3. If the card holder’s PIN is hacked then the hacker can clean out the funds from his account and there’s nothing much the card holder can do except for lodging a police complaint. If this happens with a credit card, the customer can dispute fraudulent transactions without losing any money (because he has yet to pay the credit card bill).

These were the pros and cons of a prepaid debit card. A prepaid debit card works very well in certain situations (students, budgeted spends, monitored spends, etc.). Use it only after assessing your need.