By Jonae Fredericks
The mortgage collapse has devastated our nation's economy, and the credit crisis doesn't stop there. Banks are now targeting credit card holders in order to begin making up for losses. Even a customer with good credit and a history of paying off her debt is not immune to credit card companies raising her rates. The days of low annual-percentage rates are over for now, and the budgets of...
By Jeanette Ponder
Since credit card purchases are akin to using loaned money, the bank is legally allowed to collect something for that convenience. The interest charged accrues from the moment a purchase is made up until it's completely paid off, and that money doesn't count towards the principal at any point. Interest is compounded daily, and averages out to a number called the APR, or annual percentage rate. ...
By SKetcham
When you buy a CD, you invest a sum of money for a set period to time in exchange for receiving interest payments from the bank or other institution that holds your deposit account. If you understand how CDs work, selecting the most appropriate CD can be clear and straightforward. Before investing in CDs, determine your overall financial goals and your risk tolerance. How much money can you ...
By Jay Wren
Writing checks, balancing a checkbook, reading a bank statement and avoiding overdraft fees are all good starting points in money management. Once your child has the hang of responsibly managing a bank account, you might consider allowing her a debit card. Debit cards have the benefit of acting as an ATM card and are accepted anywhere a credit card is. With a debit card, purchases are ...
By Joseph Nicholson
To the consumer swiping her card, it may seem like a debit card works by authorizing a transaction between a vendor and the bank where her checking or savings account is held. This is, after all, how the system is designed to appear. In reality, however, each use of a debit card moves through a complicated electronic network of financial institutions, a series of virtual middlemen that actually ...
By Cellina LaForey
Apply at your own bank. Use the financial institution where you have your checking and savings accounts. Since you've already established a financial relationship with the bank, there is a better chance of getting your first credit card from it than others. ...
By Sidney
Research Bank of America credit cards. They're the largest credit card company in the nation, offering over 400 cards. They offer balance transfer rates as low as 0% APR, and some readjust to 9.99% after the introductory period is over. You can view and apply for low APR credit cards on their website. Compare credit card rates at Bank Rate. They publish the top 100 credit card rates ...
By Diana Monda Dill
These will vary from one bank to another based on the particular clientele they serve. Some of the services offered include: free ATMs, online banking, free checkbooks, bill pay and overdraft protection. Higher than average interest rates may be offered to account holders who maintain high account balances. ...
By Stacy Herlihy
Be careful and shop around before committing your money to any given bank. Keep a minimal amount in a savings account to cover your monthly expenses. All other extra funds are best put in a long-term investment with far better interest rates, greater tax advantages and fewer potential fees. A savings account is an account offered by many banks and credit unions. Users can deposit varying amounts ...
By Jeanette Ponder
According to a study done by the Federal Reserve Bank, Caucasians, married people and Asians are more likely to have high credit scores than African-Americans, Latinos or single people. According to their review, "blacks, single individuals, individuals residing in lower-income or predominantly minority census tracts show consistently higher incidences of bad performance than would be predicted...Asians, ...