Posts Tagged ‘emv cards’

Can you change your due dates?

The short answer is yes. In fact, it can be a great way to avoid late penalties and taking a hit on your credit score while you are on vacation or traveling to an area that you wont have the ability to pay your credit card bills. Many companies and lenders, including Discover and Barclays will allow you to switch your due date as long as it is within that billing cycle.

How is this useful though? In the past if you were traveling you either had to have access to the internet to pay online or pre-pay your statements to avoid any late fees or score penalties. This might still be a great option though because pre-paying statements and getting those balances paid down can free up more spending power without having to worry about going over that magic 30% number we have talked about so many times.

But If you are unable to pre-pay or you know that your budget depends on a check coming in you are able to move that due date and still make on-time or early payments before, during, or after your vacation.

It is important though to stick to your budget each month and especially for your vacation. Be sure to check out 3.5 Tips To Keeping Your Wallet & Credit Safe This Summer before you plan your next summer trip.

Be sure to also grab your copy of our free e-book on 28 credit secrets that banks and credit companies don’t want you to know!

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Credit Limit Looking Too Low For Vacation?

We have all been there. During the summer or during holidays our credit limits get all used up. We all know that we should really try to keep spending under 30% of our limit each month. Things happen though and sometimes we go over. Yes this can and if you do it often enough WILL hurt your credit score.

Here’s the good news though…

If you have been making regular payments and have a fairly established history on your cards, you can actually ASK for a credit line increase. Increasing your credit line will reduce your credit usage and improve your Utilization Ratio. Thus you will see a relatively fast credit boost. And it will free up some room on your credit line for those budgeted vacation expenses.

Here’s the bad news…

If you don’t practice self control when it comes to your spending, it’s a really fast way to rack up a lot of debt. Now that you got that nice boost in available credit you need keep spending down. And always make sure you are paying your card regularly and if possible paying your entire statement balance each month!

Why you should do this before you travel: Well traveling can be expensive and this might be one of those out of the ordinary months where you spend over 30% of your credit line. If you have been saving though and have the money to pay for your vacation, you now need to have the credit. A boost in your credit utilization can free up your credit line for travel and other vacation expenses while either boosting your score or keeping it where it is now. And that’s a whole lot better than your FICO Score taking a hit when you are trying to enjoy your much deserved family time.

One more thing before you go outside to enjoy the summer weather this weekend… A lot of building and keeping a great score is self control and perseverance. The system is complex and can be confusing at best. But keep at it! Always keep working and never give up even if you feel like you have hit a wall. And remember it takes a lot of self-control to keep that score up.

Want to get a jump start over everyone else in the credit building game? Get the Starter’s Guide for Building and Protecting Your Credit.

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Are You Going To Let Fraud Follow You On Vacation?

Keep your card safe during your summer travels.

While the U.S. leads the rest of the world in credit card fraud it can happen anywhere. But that doesn’t mean we should make it easy or let it happen.

Whether you are going to be traveling internationally or domestically it is important to follow a couple safety measures to keep your card out of the hands of thieves and criminals.

One of the most important things to do pre travel is to notify your bank and your credit card issuer of your itinerary. This is especially important if you are going to be overseas and can’t easily reach your card company. Give them where you will be each day. Not only will this protect you it will also prevent their security features from shutting your card down unexpectedly.

You also need to pack smart. Especially when traveling to another country. Chances are you are not going to need every single card in your wallet when you are traveling. The risk is not worth having those cards with you. Generally, you should have your credit card that you have decided to use, maybe a bank card, cash, and maybe a backup credit card. Having extra cards that you are not going to use is just asking for trouble. If you lose your wallet or one of those cards falls out its more trouble that you have on a vacation, you are using to get away from it all… So stop making more trouble for yourself.

A little while ago we wrote about the U.S. switch to chip card. (Check Out That Blog Here) Luckily this is the norm with the rest of the world and has been for sometime now. It is important that while you are traveling in the states and even just with every day purchases that you always take advantage of that little chip in your card. A 2015 study showed that in 2015 the United States accounted for 47% of the world’s credit card fraud while only accounting for 24% of the world’s card volume. With EMV Chips this will go down. So if you have the option always use the EMV Chip Reader.

Protecting your credit shouldn’t be hard. And it certainly doesn’t take paying a company $50/ month for ID Theft Protection. Get the Starter’s Guide for Building and Protecting Your Credit.

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For sources and to read more on card fraud in the U.S. go to
Read more: http://www.nasdaq.com/article/credit-card-fraud-and-id-theft-statistics-cm520388

3.5 Vacation Tips To Keep Your Wallet and Credit Safe

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Budgeting For Vacation With Credit Cards

There are a few things that you NEED to know to avoid those post vacation headaches and “Oh Crap” moments. Vacations are fun for the family, they are a great way for you to blow off some steam of the daily grind, and unfortunately they can be real wallet breakers.

But if you plan smart and ahead of your vacation you can have just as much fun and keep your credit and wallet intact.

1) It’s a smart idea to lower any debts well before the planned vacation. – Part of what makes up your FICO Score is Credit to Debt ratio or your utilization ratio. This really means how much of your credit line are you currently using? Paying down your balance frees up more of your credit line to use. Traditionally we should be spending between 10%-30% of your credit line. But remember… Never spend more than you have in the bank.

2) Create a daily cash or credit usage allowance: Having cash on hand is always a good idea. Especially if you are traveling internationally and have a card that charges International Transaction Fees. No matter what method of payment you are using you need to be setting daily spend limits. Basically make small daily budgets within your total budget.

- For example, plan to spend a total of $500 on food for the total trip? Maybe one day you will spend $30 and another you will spend $60 based off what you have planned for those days.
- If you go over your daily cash allowance or credit allowance dipping into the next day is alright but you will have less to spend later on. If you do need to spend over your daily allowance, try to spend that much less the next day to keep the rest of your budget intact.

3) If you ARE going to use a credit card on vacation (domestic or international) it is important to include those charges in your budget planning! When you get back from vacation and you get your card statement you will need to be able to pay for the transaction you made while on vacation. So be sure that in the budgeting process you take into account what your daily card limits are. Make sure you stick to them while on vacation, and make sure you move that money to a savings account or be sure to keep that in your bank before vacation to pay your bills after.

3.5) If you are traveling internationally and you have a card that charges International Transaction Fees you need to add about 5% for each transaction. This is important to take into account because by the end of your trip those fees can really add up and be a problem.

Its important to protect your credit this summer! The Starter’s Guide To Building And Protecting Your Credit can keep your credit in shape.


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Traveling Internationally? Don’t Spend More Than You Than You Have To!

Stop Spending So Much! Discover The Credit Repair Intelligence System!

Summer is time to travel with friends and family! And if you have saved up and budgeted to travel internationally there are a couple things to think about before you get away.

International travel is expensive on its own so its silly to spend even more especially when you don’t need to. Its hard and risky to carry giant wads of cash around with you and in some countries small denominations are in coins which can be cumbersome to carry.

That means you will without a doubt use your credit card at some point on your journey.

It’s a good idea when you are planning your trip to first check out your credit cards. Many credit cards carry a 3%-5% foreign transaction fee. This can be a killer especially when you have your trip budgeted. Adding an additional 5% to each transaction can really hit your bank account and eat away your credit limit pretty quickly depending on how big it is.

So how do you avoid these foreign transaction fees and save more money this summer? Well there are many cards out there that don’t carry any foreign fees. This is easy to check for and if you have been building good credit you should be approved no problem! Even with less than great credit there are some cards that still do not carry a foreign transaction fee.

Remember to keep yourself and your credit reports protected this summer. Discover some great ways to protect yourself with The Starter’s Guide To Building and Protecting Your Credit.

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Chip Cards- What Are They? And Why Are We Using Them?

You may have noticed over the last few months a transition of your credit and or debit cards. Recently new regulation was passed that required card issuers and financial institutions to issue EMV chip cards. EMV stands for Europay, Mastercard, and Visa. This method of payment became the world standard almost ten years ago now and the United States is just catching up now.

Still you might be asking what is EMV, what are the benefits, and why the switch? Well EMV is really a system that was created by three different credit issuers. Instead of using the prehistoric swipe and sign method EMV incorporates a high-security technology that reads a microchip embedded in your card. It will then need a pin and/or signature to complete the purchase or transaction. So I mentioned higher security. I also mentioned that EMV chip cards have pretty much been the world standard for almost a decade. So it should come as no surprise that almost 50% of all credit card fraud in the world occurs in the United States. Seems we were a little late getting to the game.

What is going to happen now? If you haven’t gotten a new chip card in the mail yet you probably will soon. And you should start to follow the chip card method of payment. Not only is it near impossible for your information to be harvested thus providing identity and credit score protection but it also helps to build a more secure network of payment methods and services. While many different vendors and card issuers have already made the switch to the new EMV system there are still some to complete the change. Before late 2016 or early 2017 all vendors must switch to this new system. The new regulation in place puts the responsibility of loss on the party with the least up to date technology. This is important if you are taking credit cards in your business or would like to inquire your bank or card issuers for a new chip card. Most banks and credit issuers will provide you with a new chip card, at no cost to you, to replace your old card. This is important to do now so you have the most up to date credit card security out there.

Utilizing credit to your advantage can be complex but it really doesn’t have to be. While these new chip cards and the EMV system does not directly change your credit score it can prevent against possible fraud which effects so many every single year. The more power and knowledge you unlock now can help build credit for the future. Understanding credit and how credit works is extremely important. To discover more about utilizing your credit to its fullest potential click the link below and discover the Credit Repair Intelligence System.

The WSJ recently interviewed Carolyn Balfany, Mastercards EMV Expert, to find out more about how the new system will work and what it means for the consumers and the vendors. To read the article you can click here: http://blogs.wsj.com/corporate-intelligence/2014/02/06/october-2015-the-end-of-the-swipe-and-sign-credit-card/ Its a great read if you want to learn some more about the EMV system and chip cards.

As always if you have questions we are here to help. If you are already a member of our Members-Only Forum that is the best place to post or ask your questions. If you need some more information please feel free to contact us at support@creditrepairpublishing.com.