Credit cards can be highly beneficial when they are used correctly, but can be detrimental to your finances when not used responsibly.  Below are some credit card habits that you should avoid in order to be a savvy credit card user. Make Payment Arrangements When You’re Struggling Instead of ignoring your accounts when you are struggling to make ends meet, call your creditor to see if payment arrangements are available.  Even one late payment can cause your score to drop 100 points (depending on your score before the missed payment).  You’ll also most likely be charged a late fee and a…

Unexpected expenses, are by nature, unplanned … and costly. While it’s best to have a rainy-day fund, for many this is just a dream. If you’re unsure how you’d survive a financial emergency, you’re not alone. A survey found that 47% of Americans would borrow for a $400 emergency. As a credit union member, you have borrowing options. Two popular choices for emergency funding are personal loansand credit cards. Here are several pros and cons to each. 1.) Limits. Credit cards have credit limits in the thousands, enough to cover a small emergency. The value of credit cards is their…

It is likely that you’ve encountered a store’s pitch to sign up for their credit card that offers discounts and rewards.  But should you sign up?  Not all of these cards are bad and some offer great benefits… while others can just cause you to accrue high-interest debt. Great Discounts Off the Bat When signing up, it is most common that you will receive some type of discount at the register, and then you continue to receive discounts year-round.  Cardholders may also be offered exclusive deals as a reward for loyalty. Some retailers also offer bonus programs in which you may be able to…

Credit cards that offer price protection are a tempting offer. Since last year, consumer credit cards that offer price protection programs have gone up 4% from 49% to 53% percent.  When signing up for these programs, cardholders receive a refund when they purchase an item and the price drops in a certain period of time.  The terms of these programs vary based on each issuer and each card. But it can be hard to determine whether or not getting one of these cards is worth it.  Check out these tips to help you make your decision. You Might Have to Do…

Hackers are developing new and improved ways to steal your information to harm your identity and your bank account. Fortunately, technology is evolving as well. The new EMV chip credit and debit cards are designed to be more secure and prevent hackers from easily stealing your information.  But although the chip cards themselves are secure, be aware of scams that are surfacing if you are still waiting for your new card. Fraudulent Emails The Federal Trade Commission warns that scammers are impersonating card issuers by sending emails claiming that the person needs to update their account by clicking the link…