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Why You Should Think Twice Before Canceling Your Credit Card

2086 To begin with, yes, closing a credit card account can have a negative impact on your credit score. At first glance, this may seem the quickest and the most appropriate solution to the question of credit card debt or high fees. But in fact, sometimes it may even worsen the situation. Cancellation wounds such factors as credit utilization ratio and average accounts age, which, in turn, have a direct impact on credit score.

Bankrate has recently conducted a credit card cancellation survey with 2,301 American respondents owning credit cards. The survey revealed that 61% of cardholders in the U.S. had canceled at least one credit card and 37% – two or more.

Cardholders are not Aware That Credit Card Cancellation Affects Credit Score

Despite the active promotion of financial literacy in the U.S., it turns out that only less than half of the interviewed, namely 42%, understand that canceling a credit account is not for the better, while 15% are confident that it brings no aftereffects at all. What is more ...

How to Decode Numbers on a Credit Card

2078Have you ever thought about those numbers on your credit card? This is not just a random set of digits. They contain certain information. Let's figure out what is hiding behind them.

What about that long number on the front? It is necessary to identify a particular card and provide information about the credit card network and the issuer. Typically, a credit card number consists of 13-19 digits. For example, Visa, Mastercard and Discover card numbers have 16-digit numbers as a rule, while American Express card numbers are 15 digits long. The assignment of these numbers is supervised by the American National Standards Institute and the International Organization for Standardization. So, they are not just casual, each digit is important.

• Digit 1 is the Major Industry Identifier. It represents the issuer and their field of activity. These 9 industries include Banking and financial, Travel and entertainment, Airlines and others. Each card network corresponds to a particular digit. Visa card numbers start w ...

Paying with Credit Cards Abroad – Good or Bad?


Visa’s Survey

Visa has recently published the results of a new study of the credit card holders’ preferences when traveling abroad. The survey was commissioned by Visa and conducted in March 2019 among 500 18-65 years old U.S. citizens who had left the country for traveling at least once during the past 2 years.

It was revealed that 63% of respondents feel uncomfortable and more exposed to theft when they have cash with them. That's why travelers prefer paying with credit cards in 48% of cases while being abroad, and 43% of them consider credit cards the safest payment method.

At the same time, travelers admitted that sometimes they had met a want of cash and complained of some inconveniences faced because of the lack of local currency. 44% of respondents had been prevented from making some purchases, e.g. 29% had been unable to buy souvenirs, and 32% said they could not have given a tip.

Credit Card or Cash?

The survey shows that people trust credit cards and feel safer not carrying cash in the ...

Where Your Emergency Savings Should Start At?

2064Having an emergency fund or emergency savings gives a certain peace of mind. You know that there is money set aside for unforeseen expenses and feel more confident looking into the future.

However, its easier to say than fund emergency savings. But today, having emergency savings accounts is set as a top priority by many people. So, what is that magic amount that will allow you to stay aloft in case the unexpected occurs? Some expert say that the emergency fund should start at about $500. However, this amount mainly depends on your income and cost of living.

Where to start

First of all, you need to determine those unexpected situations you need the emergency fund for. It can be car repair or los of job, or medical expenses. Secondly, look at your lifestyle: the appropriate amount will be different for a student, family or a single mom. It is recommended to put away at least 5 percent to 10 percent of each paycheck until your savings reach three to six months’ worth of expenses.

How to keep

Many ...

Women-Owned Businesses Will Get A Boost From Visa

2058More women are starting businesses than ever before, with more than 163 million women-owned businesses launching worldwide since 2014. Now credit card network Visa is showing their commitment to supporting female entrepreneurs by launching the global initiative She’s Next, which will encourage women small business owners to build and grow their businesses.

Suzan Kereere, global head of merchant sales and acquiring at Visa, says that when it comes to nurturing and sustaining their businesses, it’s vital that women work together to support each other. “Starting and growing a business can be both incredibly rewarding and daunting. That’s why Visa is committed to empowering women business owners through a year-long program of education, cutting-edge digital payment technology and a powerful peer network.”

Supporters come from many corners

She’s Next will be supported by the Female Founder Collective (FFC), a network of women-led businesses that launched in 2018 and boasts over 3,000 members. Vi ...

Credit Card Issuers Announce First Cash Back Categories For 2019

Credit Card Issuers Announce First Cash Back Categories For 2019

One of the best ways to get a great value from your credit card is to have a cash back card that offers rewards in rotating categories. These cards, which typically offer five percent cash back up to a maximum of $75 per quarter, let you spend on popular seasonal favorites - like gas for summer road trips or department stores for holiday shopping - and get cash back in the form of a statement credit, a check mailed to you, or a donation to a charity close to your heart.

The thing to remember about this type of cash back rewards credit card is that you'll need to sign up for the promotion each quarter in order to activate the cash back offer. You can typically do this online or over the phone, and you'll need to keep your eyes and ears open to find out when the signup period begins.

The New Year brings new rewards categories

For 2019, Chase Freedom is offering five percent cash back on up to $1,500 in purchases made at gas stations, drugstore ...

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