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Consumer spending habits are an important measure of economic activity, but these trends are not necessarily in lockstep nationwide. One way to observe where consumers are spending more than they did last year is by looking at the debt they’re carrying. This includes their credit card balances as well as the total amount of minimum […]
Credit Card Balances Are Growing the Fastest in These 20 Cities Read More »
If you’re trying to decide whether now is the right time to get a credit card of your own, there are several things to think about before you do. You must be old enough (usually 18), meet the issuer’s credit requirements, earn enough to pay your bill every month and have the money management skills
What Is the Best Age to Get a Credit Card? Read More »
Paying your credit card bill late can result in late fees and a higher interest rate. And if your payment is more than 30 days late, it could have negative consequences to your credit. But what about paying your credit card bill early? For most, paying your credit card bill by its due date is
Should I Pay My Credit Card Bill Early? Read More »
Business cards can be a great way to make convenient transactions, finance purchases, streamline your accounting and establish business credit, even if your business is small. You may want a business credit card if you have a sole proprietorship, part-time gig, consulting work or you sell goods on the side. You can get a business
Can You Get a Business Credit Card Without a Business? Read More »
Credit card companies charge a cash advance fee when you use your card’s line of credit to get access to cash. Because card issuers tack on fees and high interest rates to these transactions, cash advances are an expensive way to get extra cash. Here’s what you need to know about cash advances, including when
What Is a Cash Advance Fee on a Credit Card? Read More »
You can find great, free financial advice online. But sometimes, the so-called hacks and tricks that people share on social media aren’t true. That’s the case with the 15/3 rule or hack, which got popular on FinToK—financial TikTok—before spreading to other platforms. What Is the 15/3 Rule? The 15/3 rule or hack has a few
Does the 15/3 Credit Card Hack Work? Read More »
Credit card fraud is one of the most common types of fraud according to the Federal Trade Commission (FTC). In the first half of 2024 alone, there were over 214,000 reports of credit card fraud. Many credit cards offer zero liability protection, meaning you aren’t responsible for unauthorized transactions. Still, credit card fraud is a
How Common Is Credit Card Fraud? Read More »
Paying your credit card bill on time eliminates the negative consequences of late payments, such as fees and dings to your credit. But sometimes, making a payment early instead of waiting for the due date could be a better option. Here’s what you need to know about timing your payments to receive the maximum benefit.
When Should I Pay My Credit Card Bill? Read More »
Credit card balances are increasing for just about everyone, but younger consumers are seeing average balances spike faster than others, Experian data shows. As of June 2024, average credit card balances for millennials have grown by 8.7% to $6,819 and by 8.2% to $3,407 for Generation Z consumers annually, outpacing the balance growth among older
Cities Where Millennials and Gen Z Have the Highest Credit Card Debt Read More »
Minimalism has been sparking joy for more than a decade. Multiple international best sellers and Netflix productions on decluttering, along with plenty of TikToks, all suggest that the multibillion-dollar less-is-more industry is more than a passing fad. With that in mind, Experian explored what exactly the financial version of minimalism might look like. We looked
Consumers With 1 Credit Card Have Better Credit on Average, Lower Debt Read More »
If you stop paying one of your credit card bills, the issuer may charge you fees, increase your interest rate and report the late payments to the credit bureaus. You may also eventually find yourself the target of debt collection agencies or a lawsuit, which could lead to your wages or bank account being garnished.
What Happens if I Stop Paying My Credit Cards? Read More »
Locking your credit card, an option available from many major card issuers, prevents approval of new transactions and cash advances without interfering with recurring automatic payments assigned to the card. It’s a good idea when you’ve misplaced your card but think you’ll retrieve it. Here’s what to know about credit card locks. What Is Card
What Happens When You Lock Your Credit Card? Read More »
The media is having a hard time nailing down the financial vibes of the youngest generation of consumers—Gen Z. You might see Gen Z described as financially unsure and insecure, knee deep in debt or even more spendy and carefree than the avocado toast generation that preceded them. Despite the commentary, however, Experian data shows
Gen Z Credit Scores on the Rise Along With Debt Balances Read More »
Locking your credit card prevents you or anyone else from using it. This feature could come in handy if your card is misplaced or stolen and you want to avoid unauthorized charges. You could also lock your credit card to mitigate the temptation to use the card for impulse purchases. Locking your credit card won’t
Does Locking Your Credit Card Hurt Your Credit? Read More »
When your credit card gets declined, it can be frustrating or even embarrassing. If this happens to you or you think it might happen, follow these steps so you can once again use the card. 1. Try the Transaction Again You may be able to correct the issue of a declined credit card by trying
What to Do if Your Card Gets Declined Read More »
Teaching your children smart money skills to prepare them for the decisions they’ll make as adults is one of the greatest gifts you can give them. From budgeting and saving to investing and understanding debt, these lessons can equip your young adult with the essential knowledge they need to navigate their finances in the future.
What’s the Minimum Age for an Authorized User? Read More »
Have you recently applied for a new credit card? It’s not always easy to be patient when you’re eager to find out if your application has been approved. Fortunately, you can usually check the status of your credit card application by calling the issuer or by visiting their website. Here’s everything you need to know
How to Check Your Credit Card Application Status Read More »
Credit cards can be helpful financial tools that allow you to safely make purchases, earn rewards and build your credit. However, they also give you access to a line of credit that often has a high interest rate. People who tend to overspend or have compulsive shopping habits might save money by avoiding credit cards.
Are Credit Cards Bad? Read More »
There’s no shortage of advice on how to get the most out of credit card rewards programs or quickly increase your credit scores. However, many of these credit card hacks can backfire. You might wind up losing your rewards, paying fees or interest, hurting your credit or even losing your credit card altogether. Best to
4 Credit Card Hacks to Avoid Read More »
Most car rental companies require renters to provide a debit or credit card for a car rental. You can typically rent a car with a secured credit card, but you’ll need to make some considerations before doing so. Here’s what you need to know about renting a car with a secured credit card. How to
Can You Rent a Car With a Secured Credit Card? Read More »