Consumers are being urged to keep on paying down their outstanding credit card debts as the latest statistics show a continuing decrease in revolving credit.
The latest information indicates that levels of outstanding revolving credit have plummeted 3.4 percent from last year and the figure is now sitting at $790.1 billion. This is much lower than where the figure stood in July 2011 when it was reported to be $792.3 billion.
That figure came after increases in March, May and June – the first increases in revolving credit since December 2010.
There’s now a publicly available promo for the Chase Freedom card offering $300 in bonus cash back after spending just $500 within your first 3 months of opening a new account.
Aside from the initial signup bonus, the card’s other benefits are what you would expect from a Chase Freedom credit card. You’ll earn 5% cash back on up to $1,500 spent in bonus categories that rotate every quarter and 1% cash back on everything else. There is no annual fee.
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Note: As is often the case with Chase, if you recently applied for a Freedom card with a less lucrative bonus, you can ask Chase to match this offer. The best way to do this is to log into your account online and send a secure message to customer service.
Chase just introduced one of its richest offers for the Ink Bold with Ultimate Rewards business charge card — you’ll now earn 50,000 bonus points after spending $5,000 within the first 3 months of opening your account. You can redeem your 50,000 bonus points for a $500 statement credit, or alternatively, $625 towards airfare or hotel accommodations when you redeem through Chase’s online Ultimate Rewards portal.
Purchases earn 1 point per dollar spent with no limit to the points you can earn. In addition, you’ll earn point bonuses when you reach certain spend levels:
- Upon reaching $25,000 in annual spend, receive 7,500 bonus points
- Upon reaching $50,000 in annual spend, receive an additional 15,000 bonus points
- Upon reaching $100,000 in annual spend, receive an additional 25,000 bonus points
There is an annual fee of $95 which is waived for the first year.
Research firm Lightspeed Research have stated that they see huge potential for co-branded credit cards from daily deals websites such as Groupon and Living Social.
They believe that banks could reap huge benefits from teaming up with the popular websites as many daily deal shoppers are already holders of some of the best credit cards available on the market which makes them attractive prospects for card issuers.
In a phone survey conducted by the firm, Lightspeed discovered that the most frequent Groupon and Living Social shoppers currently earn at least $75,000 per annum. Full Article…
Most of us have a sort of preconceived notion that if we have a low credit score, paying off all of our old delinquent debts can help us to boost our credit crating. However, do you know this strategy of paying off old delinquent debt can sometimes backfire and drop your score further? Any credit score repair strategy requires you to analyze each debt and predict how changes to it will affect your overall score. If you are planning to opt for a debt settlement plan to get rid of your old debt first, consider the points listed below.
Credit Score
Although the specific formula used by FICO is proprietary and not publicly-disclosed, it is speculated that approximately 35% of the score depends on your payment history and almost 30% on the amount you currently owe. Full Article…
When you’re knee deep in credit card debt, you must be looking for some solutions to your debt issues. While there are many solutions like debt settlement, debt consolidation, credit counseling and some others, you have to choose the best that suits your personal financial needs. While debt settlement may hurt your credit score, credit counseling and debt consolidation can have a soothing impact on your credit score. There is more than one benefit of consolidating your credit card debt and if you’re not aware of it, you must get to know more on it so that you can take some solid steps towards your debts. Have a look at the benefits that you may reap when you repay your debts through a debt consolidation program.