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As a result, premium credit cards are more likely than others to be impacted by this legislation. You might soon pay more for the privilege of paying with a premium credit card like the Chase Sapphire Reserve or The Platinum Card from American Express. Premium credit cards: Worth paying a premium per purchase? But we've seen premium credit card annual fees steadily rise over the past few years, and this legislation may further impact loyalty rewards. But be prepared to potentially shift your payment strategy, especially if merchants begin charging variable rates based on different costs for premium credit cards.

Persons: —, Michael Spelfogel, John Ulzheimer, Ulzheimer Organizations: Visa, Mastercard, Service, Chase Sapphire Reserve, American Express, cardholders, Chase, Capital, Citi Locations: FICO, Wells Fargo

☆ 9 Moves to Help You Pay Off Credit Card Debt
▼ + stars: | 2023-10-31 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +14 min

More than half of all Americans are currently aren’t managing to pay their credit card bills in full each month, J.D. Power found recently, helping explain why we now owe a record $1 trillion in credit card debt. Request an interest rate reductionCall each of your credit card issuers and ask for a lower APR, advises Todd Christensen, education manager with Debt Reduction Services, a nonprofit debt counseling agency. Work with a nonprofit credit counseling agencyIf you’re struggling to make the minimum credit card payment required each month or already behind, reach out to a nonprofit credit counseling service for assistance. These organizations, typically members of the Financial Counseling Association of America or the National Foundation for Credit Counseling, will review your finances and credit card debt to help you better manage your budget and repayments.

Persons: Kerri Anne Renzulli, Power, you’ve, You’ll, Experian, Beverly Harzog, ”, Todd Christensen, John Ulzheimer, you’ll, you’re, Bruce McClary, Says Organizations: Mint, Debt, Surveys, TK, nab, Consumer Financial, Financial, Association of America, National Foundation, Credit, Credit Counseling Locations: FICO

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

I refused to pay the fee for years, but the resulting delinquency on credit report is lowering my credit score. However, Blink Fitness claimed I owed them $187 in gym membership fees; I insisted that I had canceled my membership. So I had a perfect friendship credit score, but my VantageScore credit score was another story. When I checked my credit report, my VantageScore credit score was 675. After paying my debt, the debt collectors said the delinquency should be erased from my credit report when the credit bureaus update their records.

So I dove headfirst into the credit card tag on TikTok and found the app's most popular "hacks" for credit card experts and novices. Here's a look at some of the best and worst credit card hacks on TikTok right now. Credit utilization ratio refers to the amount of debt you have in relation to your income (debt/income = credit utilization ratio). How it worksIf you search "credit card hack" on TikTok you're sure to find dozens of posts on the 15/3 method. "While it won't double your payment history, the 15/3 credit payment hack can actually help you reduce the reported amount on your credit card."

☆ How structural racism plays a role in lowering credit scores
▼ + stars: | 2022-10-11 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

Credit scores, which represent how likely a person is to pay his or her bills, affects almost every aspect of an American's financial life. "Credit scores are based on past performance," said Aaron Klein, senior fellow in economic studies at The Brookings Institute. Forty-two percent of Americans said their credit scores prevented them from accessing financial products like credit cards or loans. "If the information is not on a credit report, it is systematically impossible for your credit score to be influenced by it," said John Ulzheimer, a longtime expert in the credit industry. Watch the video to find out more about how credit scores can help — and hurt — consumers.

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