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Potential Interest Rates for a Car Based off Credit Scores

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Potential Interest Rates for a Car Based off Credit Scores

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source: http://blog.credit.com/2014/06/is-0-auto-financing-85923/

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Sometimes reaching for your wallet is like a multiple choice test: How do you really want to pay?

While credit cards and debit cards may look almost identical, not all plastic is the same.

"It's important that consumers understand the difference between a debit card and a credit card," says John Breyault, vice president of public policy, telecommunications and fraud for the National Consumers League. "There's a difference in how the transactions are processed and the protections offered to consumers when they use them."

With debit cards and credit cards, each payment method has advantages and each is also better suited to certain situations.

Here are 10 places and situations in which it can pay to leave that debit card in your wallet:

10 occasions NOT to use a debit card

1. Shopping online

"You don't use a debit card online," says Susan Tiffany, retired director of consumer periodicals for the Credit Union National Association. Since the debit card links directly to a checking account, "you have potential vulnerability" if you have problems with a purchase or the card number gets hijacked.

For the same reason, Linda Foley, who founded the Identity Theft Resource Center in 1999, suggests not using your debit card for phone orders.

The Federal Reserve's Regulation E (commonly dubbed Reg E), covers debit card transfers. It sets a consumer's liability for fraudulent purchases at $50, provided the customer notifies the bank within two days of discovering that the card or card number has been stolen.

Most banks have additional voluntary policies that set their own customers' liability with debit cards at $0, says Nessa Feddis, vice president and senior counsel forthe American Bankers Association.

But the protections don't relieve consumers of hassle: The prospect of trying to get money put back into their bank account and the problems that a lower-than-expected balance can cause in terms of fees and refused checks or payments make some online shoppers reach first for their credit cards.

2. Big-ticket items

With a big-ticket item, paying with a credit card is smarter, says Chi Chi Wu, staff attorney with the National Consumer Law Center.

Why? A credit card offers dispute rights if something goes wrong with the merchandise or the purchase. "With a debit card, you have fewer protections," she says.

In addition, some credit card benefits include extended warrantees. And in some situations, such as renting a car, some credit cards also offer additional insurance in case of an accident.

There are two caveats with credit cards, Wu says. Don't carry a balance. Otherwise, you also risk paying some high-ticket interest. And "avoid store cards with deferred interest," Wu advises.

3. Deposit required

When Peter Garuccio rented some home improvement equipment at a big-box store, it required a sizable deposit. "This is where you want to use a credit card instead of a debit card," says Garuccio, a former spokesman for the American Bankers Association.

With a credit card, the store has its security deposit, and you still have access to all of the money in your bank account. With any luck, you'll never actually have to part with a dollar.

4. Restaurants

The next time you're dining out, stop and think about what could happen if you hand over your debit card when the check comes.

"For those few minutes that you let your debit card out of your sight, it could easily be run through an illegal handheld reader," says Barry Bridges, a writer and editor for The Simple Dollar. "Then the card is returned to you and you're blissfully unaware that your information has been compromised."

Of course, this identity-theft scenario is also possible with a credit card. The difference is that debit cards offer a lot less protection against unauthorized transactions than credit cards, mainly because the money is being taken directly out of your bank account.

Fortunately, some restaurants in the U.S. are following Europe's lead and adopting tableside payment systems in which the wait staff brings the restaurant's card reader to you.

Until that technology comes to your favorite restaurant, pay with your credit card instead of your debit card. "You're not eliminating the risk, but you're using a payment method that makes it a lot easier to take corrective action against unauthorized charges," Bridges says.

5. You're a new customer

If you're a first-time customer in a store (online or in brick-and-mortar shop), skip the debit card the first couple of times you buy, says Breyault.

That way, you get a feel for how the business is run, how you're treated and the quality of the merchandise before you hand over a card that links to your checking account.

6. Buy now, take delivery later

Buying now but taking delivery days or weeks from now? A credit card offers dispute rights that a debit card typically does not.

"It may be an outfit you're familiar with and trust, but something might go wrong," says Breyault, "and you need protection."

Be aware that some cedit cards will limit the protection to a specific time period, says Feddis. So settle any problems as soon as possible.

7. Recurring payments

We've all heard about the gym that won't stop billing an ex-member's credit card. Now imagine the charges aren't going onto your card, but instead coming right out of your bank account.

Another reason not to use the debit card for recurring charges? Your own memory and math skills. Forget to budget for that automatic bill payment one month, and you could either face fees or embarrassment (depending on whether you've opted to allow overdrafts or not).

So if you don't keep a cash buffer in your account, "to protect yourself from over-limit fees, you may want to think about using a credit card" for recurring payments, Breyault says.

8. Future travel

Book your travel with a debit card, and "they debit it immediately," says Foley. So if you're buying travel that you won't use for six months or making a reservation for a few weeks from now, you'll be out the money immediately. Booking on credit allows you to pay off the balance over time, if necessary, for an expensive trip.

Another factor that bothers Foley: Hotels aren't immune to hackers and data breaches, and several name-brand establishments have suffered the problem recently. Do you want your debit card information "to sit in a system for four months, waiting for you to arrive?" she asks. "I would not."

9. Hotels and holds

See Related Some hotels will place holds on your card to cover any unexpected costs or expenses that don't immediately show up on your itemized bill. There are sometimes holds or deposits in the hundreds of dollars to make sure you didn't empty the mini bar or trash the room.

A hold is almost unnoticeable if you're using credit, but can be problematic if you're using a debit card and have just enough in the account to cover what you need. It helps to ask about deposits and holds before you present your card, says Feddis.

Some gas station companies also will post holds on accounts. That means that even though you bought only $10 in gas, you could have a temporary bank hold for $50 to $100, says Tiffany, although that practice is not as common today as it was back when gas prices were high.

10. ATMs and pay-at-the-pump gas stations

Possible holds aren't the only reason to pause before using your debit card at gas stations. Criminals are getting better at disguising skimmers and making them harder to detect in places such as gas station self-service pumps says Kara Gunderson, point-of-sale manager for Citgo Petroleum Corp. Skimmers also can hide in ATM machines on bank property, says Foley.

"The devices are being found at small merchants, large merchants, urban, rural, new and old convenience stores, so nobody is exempt," says Gunderson.

Gas stations now have until October 2020 to update their payment systems to be EMV compliant, meaning skimmer fraud will remain a threat.

For now, take a good look at the machine or card reader the next time you use an ATM or self-checkout lane, Foley advises. Does the machine fit together well or does something look off, different or like it doesn't quite belong? Says Foley, "Make sure it doesn't look like it's been tampered with."

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10 places NOT to use your debit card - CreditCards.com

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Sometimes reaching for your wallet is like a multiple choice test: How do you really want to pay? While credit cards and debit cards may look almost identical, not all plastic is the same. "It's important that consumers understand the difference between a debit card and a credit card," says John Breyault, vice president of public policy, telecommunications and fraud for the National Consumers League.

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The government helps protect credit card users in several ways. First, the government has passed numerous Acts which help protect the rights of those who use credit cards. Additionally, US banks have been issuing credit cards with small computer chips that aid in protecting credit card users from credit card fraud.

sources: https://www.debt.org/credit/your-consumer-rights/protection-act/

http://www.npr.org/sections/alltechconsidered/2015/01/05/375164839/u-s-credit-cards-tackle-fraud-with-embedded-chips-but-no-pins

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Why is credit important? Watch the video to get a brief overview of how credit works, what your credit history is, who looks at it, and why it's important. (57 sec) To learn more visit: https://www.wellsfargo.com/pathtocredit.

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When to Use a Credit Card Vs. a Debit Card

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When to Use a Credit Card Vs. a Debit Card

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source: http://www.buzzle.com/articles/credit-score-scale-chart.html

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Before this assignment, I really did not want to get a credit card. I believed that if I ever got one, it would only be used for emergencies. After completing this assignment, I believe that getting a credit card is more important than I thought, as they can help build credit. Despite that realization, I still believe that I will use my hypothetical credit card for emergencies. The idea of credit cards is still slightly scary to me! I worry about fraud and overspending even though I currently have a debit card, which helps give me an idea of how careful, or uncareful, I am with monitoring my spending. However, I also worry about my debit card. My father said I would be perfectly safe using my debit card for small purchases on Amazon, but I still worry. Any comments would be welcome!

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Credit cards basically allow you to use someone else's money (the card issuer's) to make a purchase while you pay the money back later. If you do so within the billing period - generally, 15 to 45 days - you can avoid paying any interest on it. The problem arises, of course, when you don't pay the balance in full and are charged interest as well. That can quickly add up. If it takes you two years to pay off a $500 balance, for example, and you're being charged 18 percent interest, you'll end up paying nearly $100 more in interest.

If you use them responsibly though, credit cards can offer other advantages. They help build your credit, as long as you pay your bills on time. Some also offer rewards that you can use to get gifts, cash back or discounts for products, services and special events. They also provide more protection if someone steals your card or bank information. If you notice a fraudulent charge on your credit card account, you can call the card issuer, make a dispute claim, and the charge should be removed from your balance. But if thieves steal your debit card information and use it, it may take weeks for the bank to investigate your claim and replace the lost funds. In the meantime, you may have to deal with a dwindling bank balance or bounced checks.

Federal law also protects you if you need to dispute charges on a credit card, but not if you use a debit card or other forms of payment. If you paid cash or used a debit card, the retailer already has your money. So you have a lot less leverage, and there's no guarantee you'll get that money back. But if you pay for something with your credit card and aren't happy with the purchase, your card issuer can legally withhold payment from the retailer until they resolve the dispute, and you won't be charged.

Let's say you've decided you want a credit card, which one should you get? The answer depends largely on whether you plan to pay off the balance each month.

If you know you'll probably carry a balance, look for a plain-vanilla card with no annual fee and the lowest annual interest rate available. (Any interest you pay on a carry-over balance will offset any perks you could get through a rewards card.) You can compare several low-interest credit cards at creditcards.com and bankrate.com, which both provide updated information on dozens of different cards. You can also apply online for cards through either site, but limit your applications to one or two to avoid hurting your credit.

Be aware that card issuers can raise your interest rate after you've gotten the card. So check your monthly statements. (You should be aware, though, that the Federal Reserve has just passed rules that will take effect in mid-2010 limiting the card issuers' ability to raise your rate, unless you're late with a payment.)

Call the card issuer if your rate has increased to try and negotiate a lower rate, or consider transferring your balance to a lower-interest card. ( Billshrink.com lets you see how much more you could earn in rewards or save with a lower interest rate if you switched to various other credit cards, based on your credit score and how much you spend each year.)

If you plan to pay your bill in full each month, seek out a card that provides rewards you actually want - whether that's cash back, frequent flier miles or points redeemable for gifts. The interest rate shouldn't matter, since you won't be carrying a balance. But look for those with no annual fee. Bankrate.com and creditcards.com also provide comparisons of cards by the types of rewards offered, among other criteria. Generally speaking, if you plan to use your card a lot, cash-back programs may be the best bet. It's easy to get the refund - either through a check or a credit on your account - and you can use that money for anything. Many large banks also offer debit cards with rewards, so it can be worth shopping around for them too. Creditcards.com also provides a comparison of different prepaid and debit cards, based on annual fees, related services and credit requirements.

For most people, using both a debit card and credit card makes sense. The key is not to spend more than you have with either. If you can do that, you'll be able to enjoy the benefits that each provide.

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Credit and Debit Cards: What You Need to Know

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Credit cards basically allow you to use someone else's money (the card issuer's) to make a purchase while you pay the money back later. If you do so within the billing period - generally, 15 to 45 days - you can avoid paying any interest on it.

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Debit Cards:

- linked directly to one's bank account (money one spends is automatically deducted from your account)

- convenient alternative to cash (especially useful for online shopping)

- one is less likely to overspend with a debit card than they are with a credit card

- less protection

Credit Cards:

- allow one to spend money they do not have in his/her bank account and pay said amount back later (if one pays the money back within the billing period -- typically 15 to 45 days -- he/she does not have to pay any interest)

- typically have better rewards and protection than debit cards

- help build one's credit