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How Many Credit Cards Are Too Many?
Credit cards can increase your purchasing power, but how many credit cards are too many? There are both pros and cons of having multiple cards.
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How to Keep Credit Cards from Demagnetizing
The magnetic stripe of your credit card contains a lot of sensitive data necessary to conduct a credit card transaction, such as the account number, the cardholder’s name, the card expiration date, a service code, and even a card verification code, also known as a CVV (card verification value). Because information is stored magnetically via iron-oxide particles on that stripe, it can be susceptible to becoming demagnetized by magnetic fields given off by other magnet or electronics. Should your credit or debit card’s magnetic stripe come in direct contact with—or in close proximity to—a strong enough magnetic field, those particles could become smeared or rearranged, rendering it useless.
Maximize Credit Card Rewards [Infographic]
One great of the many benefits of using a credit card is that, if it’s a rewards credit card, you can earn rewards in the form of cash back, airline miles, travel perks, points, and more just for making purchases with your credit card. Check out these 10 tips for maximizing rewards on your rewards credit card.
Using Credit Cards for Grocery Shopping
Until human beings figure out how to survive without food, “groceries” is one of those expense categories in your monthly budget that's here to stay. Yes, there are things you can do to save on groceries, such as shopping on certain days of the week, clipping coupons, buying in bulk, purchasing food that’s in season, buying generic brands, and more. But did you know that how you pay for your groceries could also save you money?
Loan vs. Line of Credit: What’s the Difference?
If you need to borrow money from a lender (financial institutions like banks or credit unions, not your friends or family), you have two main choices: you can take out a loan or get a line of credit. Both a loan and a line of credit provide you with funds, but they work differently. There are pros and cons associate with each, and the option that's the best fit for you may depend on why you need the money in the first place.
Learn More About Credit Score Updates
One of the most common questions asked about credit scores is: How often does my credit score update? Think of your credit score as being similar to a grade point average (GPA), only instead of telling you how you’re doing in your school classes, it indicates how well you’re managing your credit. Like a GPA, your credit score is a representation of your efforts at a specific point in time.
This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.