credit cards posts

After cleaning the garage and giving the household a good scrub, you may think you're done with spring cleaning.

Before you rest in your newly cleaning backyard lounge, have you thought about your finances?

Everyone thinks about taxes during the month of April, but how about bank accounts, bills and credit cards and other payments?

When was the last time you took a look at what fees and surcharges were being taken from accounts or being issued when you access your money? Does your wallet look like George Costanza's?

Mobilicity is asking consumers to take time to look at their finances and make sure your money is benefitting you.

The barrage of unsolicited credit card cheques that make their way into your mailbox are about to come to an end. This week, the federal government made good on their Economic Action Plan 2011 promise by banning unsolicited credit card cheques from credit-card companies.

"This would mean consumers would only receive this product on request and when they have made a fully informed decision to do so," said Ted Menzies, the minister of state for finance, at the announcement at the Financial Consumer Agency of Canada offices.

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It's nearing the end of the month and you've either received your credit card statement from Christmas or the dreaded mail is about to arrive. Have you taken a deep breath and braved opening the envelope, or are you resigned to letting it collect dust for now and deal with it later?

If you have the courage to open your credit card statement up, you'll notice something new - a measure the government forced companies to report a few months ago. And, if you carry a balance on your card, it might be a scary number to look at. There's a little box either on the side or back of your statement that now has to tell you how long it will take for you to pay off your credit card balance if you only make the minimum payment. This month's mini money make-over features Jeffrey, who's looking at a whopping 134 years and 7 months to pay off his credit card. Yes, you read that right. He's currently 37 years old, and if he doesn't learn a simple trick to financial freedom, his debt will outlive him by decades.

You're such a swell guy, why don't we give you a credit card, all shiny and new, with perks galore? And don't you worry one bit, you're pre-approved, just fill in this and that and those things over there.

Most of us have got such mail at least once a year. For others, a week isn't over if we don't get at least one such offer.

What should we make of it? If it's unaddressed, should we ditch it forthwith? And if it's addressed, and not only that, addressed directly and properly to us, should we bother opening the envelope? Or should we write on it "Return To Sender, Address Unknown, No Such Number, No Such Zone," just like Elvis used to sing?

Or are we going to miss out on something perfectly great?

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When looking at your different debt settlement options, the impact each effort might have on your credit rating is no doubt top of mind.

"There's a feeling out there with the Canadian public, generally speaking, that your credit rating is one of the most important things on the planet," says Richard Cooper, president and CEO at Total Debt Freedom Inc. "The truth is it doesn't matter what you do, what debt relief program you sign up for, it's going to have an adverse affect on your credit rating."

That said, he adds this: "A credit rating is really like a rose garden and your debt is like a house. If your house is burning down, do you really care if the fire department is destroying your rose garden with their hoses?"

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Visa is advising consumers to be on the lookout for devious online and telephone marketers that charge unauthorized fees.

According to Visa's second annual deceptive marketing survey, 21 per cent of Canadian credit card holders have been victimized by fraudsters after accepting an offer online or over the phone. Typically, the frauds involve hidden clauses or terms that are not well disclosed.

B.C. and Ontario residents reported the highest incidence rates, 26 per cent and 24 per cent respectively. On the Prairies, 17 per cent of Alberta, Saskatchewan and Manitoba residents reported being victimized.

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This guest post is provided by Bank Guru from BankNerd.ca, a finance blog dedicated to helping Canadian consumers learn more about the banking world. Follow them on Twitter, Facebook or join their newsletter.

Credit cards are among the most innovative inventions in history; they have been used for decades but have become a primary way for people to fall into debt. Knowing which credit cards pose the least risk and suit one's needs is essential. The first thing to understand is how many different types of cards exist, and the difference between them.

The new kids on the "plastic" block - let me introduce you to the world of prepaid credit cards, travel and gift cards.

All these cards can create confusion as to their use, value and costs. But search no further - I have the answers for you! Well, most of them, anyway.

RBC's Visa gift card. You can choose the value you wish to buy and use as you wish. If they're registered, you're protected against theft and generally used as if it were a regular credit card (in person or for purchases over the phone or via the Internet). There's no fee to use your card, however, if you don't within six months, you'll be charged a $1.50 a month fee until the balance runs out.

Lynnette Khalfani-Cox

Rebuilding your life after bankruptcy – including your credit rating, finances and your emotional well-being – can sometimes seem like an overwhelming task.

But if you've recently filed for bankruptcy protection, it's important to realize that there is life after bankruptcy. And it doesn't have to be a life where you're treated like a financial outcast and banished to years of credit exile.

On the contrary, life after bankruptcy can be enormously rewarding – but only for those who strategize properly and commit themselves to not wasting the second chance that bankruptcy can offer. Ultimately, how well you rebound from a bankruptcy filing depends on the post-bankruptcy steps you take to safeguard yourself against future financial calamities.

Lynnette Khalfani-Cox

We all know that making late payments or having credit card accounts in collections can hurt your credit scores. But you might be shocked to learn that a lot of other seemingly innocent actions can also negatively impact your credit rating.

Here's a list of five surprising things that can lower your credit scores -- and keep you from having a stellar credit report.

Renting a Car With a Debit Card

I learned about this credit-busting issue the hard way: after I rented a car in 2009 from Avis using my debit card.