Credit Cards
Our comprehensive credit card reviews will help you choose the right one.
Credit Cards
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Frequently Asked Questions
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How Do I Apply for a Credit Card?You can complete a credit card application in several ways: online, on a paper application, or on the phone. Applying for a credit card online is convenient and you can get a decision almost immediately. Be prepared with personal details like your date of birth and social security number; details on income and housing costs; and information on any authorized users you want to add to the account.Learn More How to Apply for a Credit Card
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How Long Does it Take to Get a Credit Card?Credit card approval can often be obtained instantly online but getting the plastic in your hands is another matter. If you are in a particular hurry many issuers can ship your card for overnight delivery, but at a significant cost. Otherwise it generally takes 3 - 10 business days to get your new credit card through the U.S. mail.Learn More How Long Does It Take to Get a Credit Card?
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How are Credit Limits Determined?Credit card issuers determine each cardholder’s credit limit based on many factors, the most important of which is the customer’s credit score. Other factors typically include employment status, income level and debt to income ratio. Whether credit limits are a set dollar amount or are dynamic, i.e. not pre-set, the creditworthiness of the borrower is the most important consideration for lenders in determining how much credit to extend.
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Is it Possible to Get Interest Rates Lowered on Credit Cards?Very often it is quite possible to lower the interest rate on your credit card account if you contact your card issuer’s customer service department with the request. Your account must be in good standing to be eligible for an interest rate adjustment, however, which means you have not been late with previous payments or exceeded your credit limit.Learn More How to Lower Your Credit Card Interest Rate
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What Should You Do if You Want to Dispute a Charge on Your Credit Card Statement?Credit card disputes typically arise when consumers unsuccessfully attempt to get a refund from a merchant for unwanted or defective merchandise or they notice an unauthorized charge on their credit card statement. In these cases the customer should contact their card issuer to dispute a charge either online or by calling the toll-free number on the back of their card.Learn More How to Dispute a Credit Card Charge
Key Terms
- Credit CardA credit card is a small plastic payment device connected to a revolving credit account issued by a financial services company or national bank that is accepted by network merchants for the purchase of goods and services. Credit cards typically feature an embossed account number, expiration date and cardmember name on the front of the card along with the payment network logo, security chip and card issuer name. The back of a credit card features a magnetic strip, holographic network logo and security number along with customer service numbers to contact in case of loss or theft.
- Credit Card BalanceA credit card balance is the sum total of all the charges made during the current billing cycle in addition to any balances that were carried forward from previous billing periods. Credit card balances can not exceed the credit limit on the account. The ratio of credit card balances to the credit limit determines the level of utilization of the account, which is factored into the calculation of the individual’s credit score.
- Credit Card DebtCredit card debt is the unsecured liability that is incurred by a consumer when they carry balances forward past the due date. Revolving credit card debt is subject to minimum payments of approximately 3-5% of the total balance each month and is subject to the regular interest rate on the account unless promotional or penalty rates are in effect.
- Minimum Monthly PaymentThe minimum monthly payment on a credit card account is the greater of either a stated percentage of outstanding balances (typically 3-5%, depending on the issuer) or a fixed dollar amount (typically $5 - $10). Cardholders must make at least the minimum payment due each month on their account in order to keep it in good standing. Balances that remain after making the minimum monthly payment are subject to interest rate charges.
- Grace Period (Credit)A credit card grace period is the amount of time in days between the statement closing date and the due date for the charges made in the current billing cycle. Interest is not assessed on balances accrued during the current billing cycle if payment is made in full on or before the due date. The interest-free grace period only applies to current balances if no previous balances were carried forward from the previous billing period.
- Schumer BoxA Schumer box is a set of credit card terms and conditions disclosure in table form that are mandated to be displayed within credit card advertising material. The Schumer box displays such details as annual percentage rates for new credit card purchases, balance transfers, balance transfer fees, annual fees and other potential costs to consumers.
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Average Credit Card Interest Rate for March 2024: 24.37% APR
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How to Buy Bitcoin With a Credit Card
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How the My Best Buy Credit Card Works: Benefits and Rewards
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Where Credit Cards Meet Cryptocurrency
Understanding Credit Card Interest
Explore Credit Cards
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Statement Stuffer
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Avoid Getting Burned by Prepaid Debit Cards
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Credit, Debit, and Charge: Sizing Up the Cards in Your Wallet
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Program Manager: Meaning, Responsibilities, Becoming One
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Top Sources for Free Credit Scores
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What Is a Cap? Definition on Credit Products and How It Works
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800 Credit Score: How to Get One—and Make the Most of It
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Federal Reserve Regulation D: What It Is, Limits on Withdrawals
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Pre-Approval: Definition, Meaning, How It Works, and Types
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Credit Score vs. Credit Report: Which One Is Better?
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How Do I Pay off My Credit Card Debt With a Home Equity Loan?
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What Are the Risks of Credit Card Arbitrage?
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Business Credit Card: What it is, How it Works, Pros and Cons
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Personal Loans vs. Credit Cards: What’s the Difference?
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How to Improve Your Credit Score Fast
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Do Inquiries for Pre-Approved Offers Affect Your Credit Score?
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How Interest Works on a Credit Card Cash Advance
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How Do Credit Cards Work?
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How Credit Card Delinquency Works
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How Credit Card Companies Determine Credit Limit
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How to Get Cash from a Credit Card
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Foreign Transaction Fee vs. Currency Conversion Fee
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How Do Credit Card Payments Work?
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Does Walmart Take International Credit Cards?
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Overdraft or Credit Cards: Which Is Better to Borrow Money?
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The Side Effects of Bad Credit
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Credit Card or Cash: Which To Use?
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4 Credit Cards That Will Get You First-Class Flights
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Credit Card APR: What’s a Good Rate?
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Can You Pay a Credit Card With a Credit Card?
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Involuntary Unemployment Credit Card Insurance: Is It Worth It?
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Avoid These Credit Repair Mistakes
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How Interest Rates Affect Credit Card Delinquencies
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What Are Some Examples of Common Credit Card Reward Program Benefits?
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Student Credit Card: Meaning, Benefits, Risks
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4 Common Credit Card Misconceptions
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Investopedia Credit Card Rating Methodology
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How Credit Cards Affect Your Credit Score
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How to Accept Credit Card Payments
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Debit Card vs. Credit Card: What's the Difference?
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Gift Card: Definition, Types, and Scams To Avoid
Who Accepts CareCredit?
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4 Credit Cards for the Super Rich
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Plain Vanilla Card: Meaning, Pros and Cons, Rewards Cards
Can a Best Buy Credit Card Help You Build Credit?
Where Can You Buy Netspend Cards?
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How the Sam’s Club Credit Card Works: Benefits and Rewards
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Corporate Credit Card: Definition, How It Works, Types, and Benefits
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A Look At Single-Use Credit Cards
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Embossed Card Definition, How It Works, History
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Open Loop Card: What it is, How it Works
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Debit or Credit Card: Which to Use for Car Rentals
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Fleet Cards: What They are, How They Work, Examples
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Affinity Card: Meaning, Benefits, Example
Zero Balance Card: What it is, How it Works, Example
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Subprime Credit Card: What It is, How It Works, Example
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Private Label Credit Cards: Overview, Benefits and Examples
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Store Credit Card Traps to Avoid
Can the My Best Buy Credit Card Be Used Anywhere?
Which Bank Actually Issues the Best Buy Credit Card?