Important things to do after acquiring a new credit card

In our “Important things to do before applying for a credit card” article, we encouraged credit card applicants to reach out to their prospective credit card issuer and inquire about a few things, including the credit card’s payment grace period, credit limit increase policies, and payment methods. If you haven’t done that already, be sure to read the article and come back to this article afterwards. After you’ve been approved for a credit card, there are some things that you should before using it. Activate your card right away, even if you don’t intend to …

Different ways that credit cards without grace periods cost you

When relating to credit cards, the grace period is the number of days between 1) the end of your credit card billing cycle and 2) your payment due date. During this timeframe, you are typically not charged interest. Luckily, most credit cards have a grace period of at 21 days. However, some credit cards do not have a grace period and you’re expected to pay your bill when you receive it. How you’ll gain money with a credit card grace period Let’s say that your credit card has no balance. You charge $2,000 to the card …

Debt collectors now permitted to contact you through social media, text, and email

The CFPB (Consumer Financial Protection Bureau) now allows debt collectors to contact you on social media. Why this is bad for consumers Unethical debt collectors It’s now unknown how debt collectors can contact you on social media. It’s unknown if they have to send you a private message or (hopefully not) if they can post a public message on your social media feed or contact someone from your ‘friends’ list. But, if unethical debt collectors stay true to form, they will violate the rules and use unscrupulous methods to connect with their debtors. Debt collectors …

Analyzing opportunity cost to save or make money

Opportunity cost is the potential gain that you could achieve by doing one thing over another. Let’s consider the following about a $50,000 automobile that you plan on purchasing: You have $50,000 in cash that you won’t need access to for at least 7 years You’re offered an automobile loan with an interest rate of 1% You have a savings account that pays 3% in annual interest How would you choose to choose to handle the purchase of this automobile? Read below for the answer. If you said that you would finance …

Important things to do before applying for a credit card

Because credit card issuers all have their own policies, it’s important that you get familiar with your card issuer’s policies before applying for a credit card. What’s the credit card’s grace period? Some consumers probably just assume that when they get their credit card bill, they will have at least three weeks before their payment will be due and the same three weeks before interest will start accruing. In most cases, they would be correct as this a grace period of at least three weeks is very common. However, there are credit cards that don’t offer …

Private health insurers to cover at-home COVID-19 testing kits

Beginning January 15, 2022, private health insurers will be required to help those that they insure the costs of at-home COVID-19 testing kits, according to White House Secretary, Press Secretary, Jen Psaki. Medicaid and CHIP (Children’s Health Insurance Program) are already required to cover COVID-19 testing to their members. The new mandate: Only applies to people insured by a private health insurance provider Only covers testing kits purchased on or after January 15, 2022 Only covers select FDA-approved COVID testing kits Covers up to eight testing kits per month for each insured person Provides …

The importance of understanding your grace period

A grace period has different meanings, but it typically refers to the amount of time that you have before something (usually negative) occurs. For instance, if you have an auto loan that is typically due on the first day of every month, your finance company may have a 15-day grace period. This means that although your payment is due on the first day of each month, you will have 15 days to make your payment before you incur any penalties, which could include late fees. Be sure to reach out to your lender about the specific …

There’s no substantial proof that antibacterial soap is more effective than regular soap

Deciding whether to purchase antibacterial soap or dishwashing liquid? While the antibacterial versions of soap or dishwashing liquid typically cost more than the regular versions, the FDA (The United States Food and Drug Administration), as of 2021, maintains their stance that there isn’t any substantial proof that anti-bacterial soap is more effective at killing germs than regular soap or dishwashing liquid. In fact, in 2019, the FDA ruled that manufacturers of certain anti-bacterial soaps can no longer market anti-bacterial soaps containing the active ingredients. According to the FDA, “the manufacturers had not proven that those ingredients …

Reasons to avoid paying your student loan with a credit card

Using your credit card to pay your federal or private student loan can earn you credit card rewards or sign-up bonuses. You can also extend your payment time by utilizing your credit card’s grace period. But, there are things to consider before making student loan payments with your credit card. Drawbacks of paying your student loan with a credit card Processing fees There may be a processing fee imposed by the party accepting your student loan payment. Companies that accept credit card sometimes charge processing fees to help recoup the cost for them to accept …