Credit Card Coach


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AAoA : Average Age of Accounts
AF : Annual Fee
APR : Annual Percentage Rate
BT : Balance Transfer
CB : Cash Back
CL : Credit Limit
CLI : Credit Limit Increase
CU : Credit Utilization
CVC : Card Verification Code
CVV : Card Verification Value
CW : Credit Worthiness
FYF : First Year Free
FYR : First Year Refunded
MS : Minimum Spend
MSR : Minimum Spend Requirement
PIN : Personal Identification Number
WB : Welcome Bonus
WO : Welcome Offer
• Convenience of not having carry cash
• Always having the amount required for a purchase
• Online purchases
• Earn rewards such as cash back or miles points
• Build credit score
• Zero liability fraud protection
• Price protection
• Purchase protection
• Return protection
• Not linked to checking or savings account
The annual fee of a credit card is the price you pay per year. It will be automatically charged every year. Some cards offer a first year fee rebate.
Just hold your card against the reader and the payment process completes on its own. It is the quickest way to pay for your purchases.
Yes, you certainly can. Many cards allow you to use rewards points or cash rebates accumulated to pay your credit card balance. You will need to read the details of each card for the process and requirements.
Call Customer Service of your credit card immediately. The phone number will be on the back of the card. They are usually open 24/7.
Each credit card statement has a minimum amount you need to pay each month to maintain a good credit score and minimize interest fees. Your minimum payment amount varies month to month based on your balance owing and credit card type.
You would use a balance transfer to save money on your credit card interest. A balance transfer allows you to transfer the outstanding balance of a high interest credit card to a low interest credit card. This consolidates your debt into a single card and save on interest charges.
A cash advance from your credit card allows you access to funds. The amount is added to the balance of your credit card account. Interest is charged right from the first day. Use the cash advance option only in an emergency due to the high interest rate of a credit card.
You have up until the statement due date to pay your credit card balance. Interest starts accumulating after the deadline date for any portion of the balance not paid. Interest is charged monthly. However, the interest rate shown is an annual percentage rate. The interest portion of your statement continues until the balance is paid in full. There may be different interest rates for your purchase balance, cash advances, balance transfers and a balance transfers during a promotional period.
Return on spending is the value of rewards from your credit card you get back in relation to how much money you spend on the card. For example, suppose you spend $100 and you get back $3 worth of rewards from your credit card. The return on spending would be 3% ($3 divided by $100)..
If someone strictly wants the highest return on spending card they will likely find it in a travel card. Cash back is simpler, more convenient and popular, however, travel reward cards are often the most cost-effective. You can easily find travel cards have 2.5% to 3.5% return on spending. Whereas cash back cards range from 1.5% to 2% for the top cards.
Premium cards usually includes purchase insurance and extended warranty. This convenient perk comes at a cost in annual fees. The higher the annual fee the more coverage. The coverage does vary card to card. Read over the credit card’s insurance certificate for all the details.
Building your credit history is a good idea for many reasons. For some people, a good starting point is getting a secured credit card. The process is different than what you would expect with a regular credit card. An applicant first does a cash deposit to complete a guarantee that any money spent on the credit card will be paid back. You can only spend up till the deposit amount.

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