Should I consolidate my credit card debt?

If they all have the same interest rate, there's no real need to consolidate these balances. Think about it. If you have $2,000 outstanding on two credit cards at 16.9 percent, what's the savings in having the balance on one card at the same interest rate?

Most credit card agreements have higher interest rates for cash advances and will also charge a fee for the transaction, too, so it's not going to be a less-expensive approach to paying down your credit card debt.

People typically look to debt consolidation to reduce their interest rate or extend the term of the loan. Credit card debt is open-ended or revolving credit, so shifting balances from one card to another isn't going to extend the loan term. You've stated that all of the credit cards are at the same interest rate, so that's not a reason to move balances.

About the only reason for you to consolidate these balances is if one credit card calculated the minimum payment as a lower percentage of the outstanding balance then the other and you were trying to free up some funds in your monthly budget. You're trying to pay things off, so you should be paying more than the minimum payment.

A balance transfer to another credit card at a lower interest rate could help you pay down your balances faster because more of your monthly payment would be going toward principal instead of finance charges.

But the credit card companies are getting pretty sophisticated in putting up barriers so cardholders don't keep moving on to the next teaser rate, so make sure you understand the credit terms and balance transfer charges if you decide to take this approach. Bankrate.com has a feature that can help you decide if moving balances is the right decision for you.

(http://www.theweb-loans.com/)

List of common student credit cards

The credit terms for student credit cards, such as amount of past credit required to qualify, are lenient. Which gives new credit seeker like undergrade students, room to build credit.

But if you know you have limited credit, and its bad credit, I would suggest not to explore these cards. These cards are designed specifically with the college student in mind.

List of the student credit cards:-
- Citi® Dividend Platinum Select® Card for College Students
- Discover® Student Tropical Beach Card
- Citi® Platinum Select® Card for College Students
- Citi® mtvU™ Platinum Select® Visa® Card for College Students
- Citi® Driver's Edge® Card for College Students
- Discover® Student Clear Card
- Discover® Student Platinum Card
- Citi® Bronze® AAdvantage® MasterCard® for College Students
- Discover® Student Monogram Card
- Chase Student Flexible Rewards Card
- Universal Entertainment Student MasterCard®
- Capital One® Platinum
- Bank of America Student Visa® Platinum Plus® Credit Card
- Prepaid Debit Cards for Students
- All-Access Visa Prepaid Card
- Wired Plastic Prepaid Visa
- Baby Phat Prepaid Visa® RushCard
- Eufora® Pre-Paid MasterCard®
- Prepaid Visa® RushCard
- Opt One Prepaid MasterCard®
- Western Union® Prepaid MasterCard® Card

CREDIT CARDS FOR PEOPLE WITH BAD CREDIT

Recently turned down for an unsecured credit card? Bad credit is no problem for the unsecred credit card companies on this page.

• Imagine Card
  Imagine® the Possibilities with an Unsecured Gold MasterCard® Credit Card even if your credit is less than perfect!.


• Total Visa® Card
  No Credit? Bad Credit? Denied Credit? - There is hope! Apply now for the Total Visa® Credit Card! This credit card provides you with an instant On-Line Decision!


• Centennial Gold MasterCard® INSTANT CREDIT DECISION!
  The Centennial Gold Mastercard offers a Low APR on Purchases, access to online credit education to help you improve your credit, and 24 hour account access by phone. Apply for a Centennial Gold credit card now!.


• Tribute® MasterCard® Gold
  Have bad credit? Apply for an unsecured Tribute® MasterCard® Card and receive a 30-second online response - no fee to apply


• Continental Finance MasterCard®
  This credit card will give you results in seconds , Credit bureau reporting , No security deposit (completely unsecured), Credit limit increases , No minimum monthly income requirements , Upon approval free benefits with automatic enrollment in the Go For the GOLD Program


• Orchard Bank MasterCard® rebuilds your Credit
  The Orchard Bank MasterCards are designed for those with little or damaged (bad) credit and those ready to move up to Gold. We've helped millions of people obtain credit who may not have traditionally qualified for an unsecured credit card. Let us help you get approved for your own unsecured credit card


• Rewards 660 Visa® Card
  Bad Credit? Bankruptcy? No Credit? No Problem! The Power of a Visa® Card can be yours!


• Orchard Bank Platinum MasterCard Rebuilds Your Credit The Orchard Bank Platinum MasterCard® is designed for those with little or damaged credit. We've helped millions of people obtain credit – Let us help you too.


• Orchard Bank Silver MasterCard rebuilds your Credit If you have little or damaged credit, apply now for an Orchard Bank Silver MasterCard®!


• CreditSoup® Program
  CreditSoup is a free service designed to connect you with a lender that best fits your credit needs. Whether you have no credit, bad credit, or excellent credit, CreditSoup® makes finding you an unsecured credit card as easy as 1-2-3!


• First PREMIER Bank MasterCard/ Visa INSTANT CREDIT DECISION!
  Less than Perfect Credit? Then we have the card for you! Accepted where you see the MasterCard or Visa logo. Enjoy a Low APR on purchases


• Free credit Search
  Free Credit Search- Good Credit and Bad Credit Credit Cards Available. Secured & Unsecured Credit cards offered along with home loans. Easy customized application process. They also have a nice section with tips about applying for unsecured credit cards & loans even if you have bad credit.


• USA Platinum Catalog Card
  Unsecured credit line up to $7,500! Great for establishing credit. Bad Credit O.K *See website for terms & conditions


• Get $5000 with an Unsecured Gold Card!
  Now you can get *Guaranteed instant online Approval for an unsecured Gold Credit Card with a $5,000 credit line. That's right!! As long as you are at least 18, a US resident with at least $800 in monthly household income and no undischarged bankruptcies, your APPROVAL IS *GUARANTEED! Enjoy great merchandise while establishing your credit because the USA GOLD CARD reports your credit to a major credit bureau. Apply today for your Unsecured Gold Credit Line! *See website for terms & conditions


• $7500 Unsecured Credit Line! Platinum Plus Card
  $7500 Unsecured Platinum Credit Line. No Credit Checks and No Credit Turndowns. *See website for terms & conditions


• America One Unsecured
  If you are seeking money in the form of an unsecured small business or personal loan, you have located a useful source to assist with your financing needs. At America One, we know just how frustrating it is to borrow in today’s economic environment. Fortunately, in the past year alone, we’ve helped our clients receive millions in approvals.

How do I dispute a credit card purchase?

Don't you just hate it when you buy a product and bring it home, only to discover the product is damaged or poorly made?

To make matters worse, the merchant refuses to replace it or give you a refund.

If you made the purchase with a credit card, your card company may be able to help. Credit card purchases are protected under the Fair Credit Billing Act. This law gives the consumer the right to withhold payment on poor-quality or damaged merchandise purchased with a credit card.

Under the law, you do need to make a real effort at resolving the dispute with the merchant before you can ask your issuer to "charge back" the merchant and credit your account. There are a few other catches as well.

The sale must be for more than $50 and have taken place in your home state or within 100 miles of your home address. Few issuers enforce the $50 or 100-mile rule on purchases, but all are free to do so.

So there's a chance that you'll be able to dispute credit card charges on shoddy merchandise purchased outside your home state, over the Internet, by mail order or phone order.

"Many credit card companies will let you dispute that," says Jeanne M. Hogarth, a program manager in consumer policies at the Federal Reserve Board. "Technically, they don't have to."
Because card companies are eager to hang on to their customers, especially good ones, they'll often go above and beyond what's required of them by law when a customer is unhappy with a card purchase.

For example, Capital One issues a temporary credit to a customer's account when a purchase is in dispute.

"If a customer sends a dispute letter, we'll issue a temporary credit so they won't have to pay for it," says Diana Don, a spokeswoman for Capital One. "We're giving the benefit of the doubt to the customer."

Capital One then contacts the merchant. If Capital One agrees with the customer, the refund stands. If Capital One sides with the merchant, the customer must pay for the item, plus finance charges.

Some card companies may be less generous when a big-ticket item is in dispute or if you made the purchase while traveling overseas. It all depends on the card company and how much they value you as a customer. They can point to the limits spelled out in the Fair Credit Billing Act whenever they want to."This is goodwill and that's all it is," Hogarth says. "At any time a credit card company can fall back on what's required by law."

To get the Fair Credit Billing Act to work for you, here's what you need to do:

First off, try to resolve the problem with the merchant.

"Give them the chance to fix it. Sometimes they do," says Cary L. Flitter, a consumer attorney in Narberth, Pa.

"If you use common sense and courtesy, it usually gets the problem solved before it becomes a Fair Credit Billing problem."

If possible, take the defective merchandise back to the store. Otherwise, call the store and ask for a manager or supervisor. Keep records of each conversation.

"You always want to have a paper trail," says Deborah McNaughton, author of The Insider's Guide to Managing Your Credit. "Make notes of dates and times and who you talked to."

If the merchant won't budge, put your complaint in writing. Outline the dispute in a short, detailed letter to the merchant and send it certified mail.

Be sure to make copies of the complaint letter sent to the merchant. One copy will be sent to your credit card company as proof that you tried to resolve the dispute with the merchant and one copy will be kept in your records.

The next step is contacting your credit card company and alerting them of the disputed purchase amount. To be protected under the Fair Credit Billing Act you'll need to do this in writing and within 60 days after the bill with the disputed charge was sent to you.

In your letter, be sure to include your credit card account number, the closing date of the bill on which the disputed charge appears, a description of the disputed item and why you're withholding payment. Enclose a copy of your complaint letter to the merchant and any other documentation you may have supporting your position.

Send your letter by certified mail, return receipt requested, to the credit card company at the address for "billing inquiries" and not the address for payments.

A credit card company cannot charge you finance charges on a disputed charge. But you will still be charged interest on any other purchases you may have made. Be sure to include a payment for these purchases with your letter.

Don't delay in the mailing of your dispute letter, especially if it includes a payment. Under the Fair Credit Billing Act, an issuer can take as many as five days to credit a payment not sent to the payment address.

Your issuer will then contact the merchant and hear its side of the story. Two things can happen. If the card company sides with the merchant, you'll have to pay for the disputed item, plus any finance charges. If the card company sides with you, you don't have to pay a penny.

To dispute a bill, it's best to move quickly. You'll want to inform your card issuer of the disputed charge before it's due for payment. You can't withhold a payment once a bill is paid.(http://www.theweb-loans.com/)

How do I get the best credit card deal?

When considering a particular offer, make sure you know ALL the details of how your card will work. Be sure to study its terms and costs before signing on. Here are some key questions to ask.

Does the card have an annual fee?If you're looking for a no-frills, low-rate card offer, there's no reason to pay an annual fee. Avoid cards that charge them. Many rewards cards, such as the wildly popular air-mile credit cards, and some super high-end prestige cards charge annual fees in exchange for rewards or perks and services. Weigh these offers carefully.

What is the card's APR?The lower the interest rate, the less money you'll pay when you carry a balance. Does the card come with a super-low introductory rate? How long does the teaser-rate last? Will you be able to pay off your card balance before the teaser rate expires?

Is the APR fixed or variable?About 70 percent of all credit cards have variable rates. The interest rate on a variable-rate credit card fluctuates with an index. When the index shoots up, so does the card rate. When the index slips down, down goes the card rate. Be aware that the slide down happens much slower than the rate increase.

Some variable-rate card accounts are re-priced each month. Others are re-priced each quarter. Most issuers use The Wall Street Journal prime rate as an index. To check which way the major indexes are moving, check out this rate table.

Unlike variable-rate cards, the interest rate on a fixed-rate card does not fluctuate each month or each quarter. If you sign on for a card with a fixed 12.99 percent rate, there's a good chance you'll be paying 12.99 percent for quite awhile.

But it's important to realize that a fixed-rate card deal could change at any time. According to federal law, issuers must give written notice of rate increases to fixed-rate cardholders a mere 15 days before the new rate takes effect.

Does a variable-rate card offer have a floor?Some variable-rate credit cards come with floors, also called minimum APRs. Once your card hits its floor, that's as low as it goes. Your interest rate won't drop any lower, regardless of future Fed cuts.

Twenty-four percent of variable-rate credit cards surveyed by Bankrate.com have floors. Seventy-five percent of those cards had hit their minimum APRs as of October 2001. The only direction the rate on these cards can go is up. Be sure to check for a minimum APR before signing on for a variable-rate card offer.

How long is the card's grace period?Most cards offer grace periods to customers who pay off their balances each month. A grace period is the period from the statement date to the payment-due date. If payment is made in full by the end of the grace period, no interest is charged. But if only a partial payment is made, interest kicks in at the end of the grace period. Many issuers have whittled down the interest-free grace periods on credit cards from 25 days to 20. Some credit cards have no grace periods whatsoever. Avoid them.

What are the card's penalty policies?While nobody plans on missing a credit card payment or going over the limit, it's important to realize what will happen if you do.

Penalty rates and fees are on the rise. Some card issuer's policies are quite severe -- as high as $35. Be sure to check. Pay careful attention to what will happen if you pay late during a card's introductory period. Will that super-low teaser rate disappear after one little mistake?

Found the card you want? Ready to transfer a balance? Before you do, check for fees.

Some cards charge you a fee for every balance you transfer to the card. Both First USA and Citibank charge a fee equal to 3 percent of the balance being transferred. First USA caps its fee at $35. Citibank's fee is capped at $50. It's best to avoid offers with hefty transfer fees.

Continue making minimum payments on your old card while waiting for a balance transfer to take effect, which could take four weeks. If you don't, your old issuer could slap you with a late fee. This Bankrate.com worksheet will guide you through the balance transfer process.

(http://www.theweb-loans.com/)

What is a good first credit card?

There are banks that specialize in extending Visa and MasterCard credit cards to applicants who are just establishing a credit history. Pick a bank, and see how you do. Don't apply to more than one because credit applications show up on your credit report, and multiple rejections make you look desperate for credit.

If that application doesn't get you a credit card, there are two basic approaches. The first is to start with department store credit cards or oil company credit cards and build a credit history using the cards. These cards are easier to obtain than Visa or MasterCard charge cards.

Establishing a payment history will help you qualify down the road for the major credit cards. Apply to one, meaning either a department store or oil company, and see if you are approved. Wait a few months before applying for another card.

A second approach is to get a secured credit card. With a secured card, you place a deposit with the credit card company and they provide you with a credit card. The credit limit is typically equal to the deposit. But, be careful which secured card you choose. Some of these cards carry extremely high fees -- so high that you could end up spending most of your deposit in fees.

Carrying a small balance on the department store cards or secured card isn't a bad idea because it shows that you can handle an outstanding balance. I don't think it makes as much sense to carry a balance on an oil company card because it conveys a message that you can't keep current on your gasoline purchases.

It's critical that you stay current on all of your bills. Late payments, missed payments or other payment problems will undo all your efforts to build a credit history to the point where you have ready access to credit.(http://www.theweb-loans.com)

Sample personal credit card terms and condition (Part 3: more disclosures...)

I am applying to Capital One Bank (Capital One®) for a credit card account. Everything that I have stated in this application is correct to the best of my knowledge. I understand that approval is based upon satisfying Capital One's credit standards and that I may be ineligible if I have responded to a previous offer for a credit card issued by Capital One within the last 45 days or if I have been approved for a previous Capital One offer.

Capital One maintains the right not to open my account if:

(a) the information provided on or with my application is incomplete, inaccurate or unverifiable, or I no longer meet Capital One's standards for creditworthiness;

(b) my name and/or mailing address has been altered;

(c) Capital One receives my application after it has expired. I understand that I must be at least 18 years of age and have a valid social security number, unless otherwise specified to qualify for this offer.

I understand that, unless the offer discloses a specific credit line, the exact amount of my credit line will be determined by Capital One after review of my application and other information. I understand that you will retain my application whether or not it is approved. You are authorized to answer questions about your credit experience with me. If I am applying for a Transfer Request, I authorize Capital One to bill my approved Capital One credit card account for the amount(s) listed for transfers.

I understand that I am applying for a transfer amount up to the total amount listed on my Transfer Request. I understand Capital One will advise me if it is unable to process my payment request for any reason. In addition, Capital One will not be responsible for any charges billed to me for the account(s) requested for transfers and Capital One will process only those Transfer Requests that can be transferred under my assigned credit line.

Arbitration:
I understand that the Customer Agreement contains an Arbitration Provision that may limit my legal rights, including my right to go to court, to have a jury trial, and to participate in class actions. I will receive the Capital One Customer Agreement and am bound by its terms and future revisions thereof. This offer is nontransferable and is void to residents of the dependent areas of the U.S. An applicant, if married, may apply for a separate account. This is not a business account. © 2007 Capital One Services, Inc. Capital One is a federally registered service mark. All rights reserved. Capital One supports information privacy protection: see our website

STATE SPECIFIC INFORMATION

California Residents:
Applicants:

1) may, after credit approval, use the credit card account up to its credit limit;

2) may be liable for amounts extended under the plan to any joint applicant. As required by law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.

Ohio Residents:
Ohio anti-discrimination laws require creditors to make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on individuals upon request. The Ohio Civil Rights Commission administers these laws.

New York and Vermont Residents:
Capital One may obtain at any time your credit reports for any legitimate purpose associated with the account or the application or request for an account, including but not limited to reviewing, modifying, renewing and collecting on your account. On your request you will be informed if such a report was ordered. If so, you will be given the name and address of the consumer reporting agency furnishing the report. New York residents may contact the New York State Banking Department (1-800-518-8866) for a comparative list of credit card rates, fees, and grace periods.

Married Wisconsin Applicants:
No provision of any marital property agreement, unilateral statement, or court order applying to marital property will adversely affect a creditor's interests unless prior to the time credit is granted, the creditor is furnished with a copy of the agreement, statement or court order, or has actual knowledge of the provision.

YOUR BILLING RIGHTS KEEP THIS NOTICE FOR FUTURE USE. This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR BILL. If you think your bill is wrong, or if you need more information about a transaction on your bill, write to us on a separate sheet as soon as possible at the address listed on your bill. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights. In your letter, please provide the following information:

Your name and account number. The dollar amount of the suspected error. Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about. If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop the payment, your letter must reach us three business days before the automatic payment is scheduled to occur.

YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER WE RECEIVE YOUR WRITTEN NOTICE. We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question.

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn't make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due. If you fail to pay the amount that we think you owe, we may report you as delinquent.

However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is. If we don't follow these rules, we can't collect the first $50 of the questioned amount, even if your bill was correct.

SPECIAL RULE FOR CREDIT CARD PURCHASES. If you have a problem with the quality of property or services that you purchased with a credit card and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right:

You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address; and The purchase price must have been more than $50. These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.

IMPORTANT INFORMATION ABOUT YOUR CREDIT CARD ACCOUNT FINANCE CHARGE.
Transactions which are not subject to a grace period are assessed finance charges-

1) from the date of the transaction or

2) from the date the transaction is processed to your account or

3) from the first calendar day of the current billing period. Additionally, if you did not pay the "New Balance" from the previous billing period in full, finance charges continue to accrue to your unpaid balance until the unpaid balance is paid in full.

This means that you may still owe finance charges, even if you pay the entire New Balance indicated on the front of your statement by the next statement closing date, but did not do so for the previous month. Unpaid finance charges are added to the applicable segment of your account. Cash advances (the cash advance segment) and special transfers (if your account includes a special transfer segment) may not avoid finance charges.

Cash Advance, Purchase/Balance Transfer/Other Charges and Special Transfer or Special Purchase Segments (If Your Account Includes a Special Transfer or Special Purchase Segment).

Finance charge is calculated by multiplying the daily balance of each segment of your account (e.g., cash advance, purchase, special transfer, and special purchase) by the corresponding daily periodic rate(s) that has been previously disclosed to you.

At the end of each day during the billing period, we apply the daily periodic rate for each segment of your account to the daily balance of each segment. Then at the end of the billing period, we add up the results of these daily calculations to arrive at your periodic finance charge for each segment. We add up the results from each segment to arrive at the total periodic finance charge for your account. To get the daily balance for each segment of your account, we take the beginning balance for each segment and add any new transactions and any periodic finance charge calculated on the previous day's balance for that segment.

We then subtract any payments or credits posted as of that day that are allocated to that segment. This gives us the separate daily balance for each segment of your account. However, if you paid the New Balance shown on your previous statement in full (or if your new balance was zero or a credit amount), new transactions which post to your purchase or special purchase segments are not added to the daily balances.

To calculate your total finance charge, multiply your average daily balance by the daily periodic rate and by the number of days in the billing period. Due to rounding on a daily basis, there may be a slight variance between this calculation and the amount of finance charge actually assessed.

Determining Daily Periodic Rates. Divide the corresponding Annual Percentage Rate by 365 and round up to the nearest 1/100,000th of 1%, not to exceed the maximum allowed by applicable law. If the daily periodic rates and corresponding Annual Percentage Rates increase, the Finance Charge will increase and your minimum payment may be greater.

Refer to the IMPORTANT DISCLOSURES for daily periodic rates and Annual Percentage Rates. OTHER CHARGES: Copying Charge: $3.00 for a copy of a Periodic Statement and $2.00 for a copy of a transaction (fee imposed per copy).

IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR OR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you apply for or open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you.

(courtesy CapitalOne personal credit card)