Personal Dividends - Money+Lifestyle » Credit Card

Getting Your Credit Card Debt Under Control

mirha494 — Fri, 25 Jun 2010 19:39:03 +0000

Unfortunately we now live in a society where we have to have things now; nobody seems to save for what they want anymore and everybody uses credit. This can be a bad idea, and many people find themselves in huge amounts of debt to their credit cards. Getting into debt is easy; finding a way out can be harder than you may think. Although it is tough, it is not impossible to do you will just need to be focused.

Credit cards are never a good thing to own. They are designed to encourage you to buy more items on your card. It is far too easy to do, and many people pay with a credit card every time you leave the house. You have to break the cycle of these bad habits, and pay off the cards as soon as you can and go back to the old fashioned way of saving for items.

The key to reaching credit card debt relief is to know all of your finances, and keeping a track of them, knowing exactly where your money is going each month. If you do not know how much you are truly spending then how will you know how much you actually owe on your credit card?

Start by Knowing Where You Spend Money

The most important thing to do is track everything you spend in a month, by simply writing down every penny that you spend. This will tell you exactly where your money is going and where you could cut back and start saving. At the end of every month you will be able to see exactly you have spent and what on. Once you know what you are putting on your credit card then you can begin to deal with the problems you have.

Consolidate Your Credit Cards

If you like many people have more than one credit card; you need to transfer all of the balances to one card. This makes it more manageable for you if you know where all of your credit card debt is. Getting rid of the most expensive interest rated card is essential as you will be able to cut your debt down immediately.

There are always good credit card deals for people who transfer balances, and these are always worth looking at. They often give you a six month period to pay the credit card off with no interest added at all. You however have to want to pay the credit card off, there is no point taking up these offers, purely to end up with more credit card debt.

If you can it is always advisable to pay the balance off your card every month, if you insist on having a credit card then try to only use it for emergencies. Bear in mind that it isn’t your money that you are spending and every time you use it you are getting into debt and spending more than you think. In these worrying financial times, credit cards are being used to the maximum and people are finding themselves weighed down with the debt. You need to try as hard as you can to get out of the credit card debt, and take control of your finances and life.

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Getting Your Credit Card Debt Under Control

Credit Card Use is an Option Even with Bad Credit

mirha494 — Wed, 23 Jun 2010 17:44:20 +0000

If you have a bad credit rating, credit card use may seem out of reach. It’s not. Bad credit does keep you from being accepted by a major credit lender but there are programs designed to help you rebuild your credit rating.

Fixing the Bad Credit

If you have been denied a loan or turned down when you applied for a credit card, the first step is to obtain a copy of your credit report. By law, you can get a free credit report once each year from the major credit rating bureaus.

Before addressing the problem you need to understand what that problem is. If there is incorrect information on your credit report there are steps to take to remove that bad information.

You would need to contact the credit bureaus in writing to challenge the black mark on your credit file and might need to provide proof that the item listed is incorrect. The credit bureau will then contact the company or person that made the report and require them to verify their information. If the bad credit item is clearly wrong the credit bureau will remove it though it often takes several months to make the change.

If the information in your credit file is correct and clearly shows you have bad credit due to collections, late payments or other problems, you will need to find ways to rebuild your credit.

Bad credit can be overcome in time with a record of timely payment and obligations met. Unfortunately, many people with bad credit may think there is nothing they can do except pay on a cash basis going forward. This does nothing to improve their credit.

Using Pre-Paid Debt Cards

Anyone can obtain a pre-paid debit card with a Visa logo on it that will be accepted by merchants online and offline. These cards are widely available. The credit line available is not truly credit but is the amount of money you paid to the card in advance. The prepaid debit cards are useful if you make purchases online as you determine how much money is on the card and this limits identity theft and overcharging by merchants.

The prepaid debit card, however, does nothing to help your credit rating as these accounts are not reported to the credit rating agencies. There is no reason to make reports as the card can only be used to the limit of funds you deposited on that card.

If your goal is to fix your bad credit by establishing a good payment history in the future, you can apply for a secured credit card. Like the prepaid debit cards, a bad credit rating credit card requires payment in advance but that is where the similarity ends.

Orchard Bank provides one of the best secured credit cards and almost anyone can obtain this card. The credit line will depend on the amount of money you pay up front. Those funds are deposited in a savings account that is used to guarantee the credit line. Your credit line will often be a percentage of the amount you deposit rather than the full cash amount.

The bad credit credit cards carry a lower spending limit than standard credit accounts but the best lenders report monthly to the credit bureaus. If you obtain a secured credit card you might provide $500 to secure the account. That credit card may then have a spending limit of $300-400. The $500 you paid remains in an interest bearing savings account and will be used only if you fail to meet your payment obligations when using that credit account.

There are fees associated with these accounts such as fees to open the account, to manage the account, annual fees, etc. These fees are the price consumers pay when they need to rebuild a damage credit file. To overcome a bad credit rating, credit card use is essential and secured credit account is the place to start correcting a bad payment record.

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Credit Card Use is an Option Even with Bad Credit

How to Raise Your Credit Score

Miranda — Thu, 29 Apr 2010 15:14:59 +0000

Source: sxc.hu Photo: intuitives

Whenever you apply for a loan, your credit score is checked. You probably know this. But it’s not just lenders who are interested in your credit score. Insurance companies, landlords and employers now check credit scores in order to decide what sort of a risk you will be. Even utility companies, satellite TV providers and cell phone retailers might check your credit score. A great credit score also saves you lots of money over the years. If you want the best possible terms – or just to avoid being rejected – you will need a good credit score. Here is a brief guide on how to raise your credit score.

What Goes Into a Credit Score?

There are actually a number of factors that go into a credit score. Each major credit bureau has its own method of weighing different factors, and many banks and insurance companies have their own specific formulas. But most credit scoring formulas are based on the original breakdown put out by the Fair Issac Company (hence, your FICO score). You can get a good idea of what is important in your credit score by using the following as a guide:

Payment history: 35%
Outstanding debt: 30%
Length of credit history: 15%
New credit and hard inquiries: 10%
Types of credit you have: 10%

As you can see, the most important factor related to your credit score is your payment history. Paying on time, and paying the full amount you should be paying, is the single most important thing you can do. After that, the most important thing you can do is to keep the amount of debt you have low. While other factors have some bearing on your credit score, you will find the most success in raising your credit score if you focus on making your payments on time, and reducing the amount of debt you have.

Raising Your Credit Score

The most effective way to improve your credit score, and keep it consistently high, is to cultivate good credit habits. This means that you should start making your payments on time, and start right now. You should also make sure that you are paying at least the minimum payment required. If you are over the limit on your credit cards, you need to do what you can to pay your fees and get your balances down.

Next, you should start paying down your debt. Outstanding debt also takes into account the percentage of the available debt that you are using. This means that if you have a credit card with a limit of $3,000, and you have $2,600 on it, you are dangerously close to your capacity. It is vital that you reduce your debt to a point where it looks more manageable, especially to creditors. You can see an improvement in your credit score even if you drop down to 50% of your capacity, and if you keep your utilized credit to 25% to 30% of what you have available, you are likely to even better results – and maintain a higher score overall.

After you are on track to pay down debt, and you are making all of your payments on time, you can fine tune with the other aspects of your credit score. Keep credit accounts that you have had a long time. I have one credit card that doesn’t have a rewards program, but it has a reasonably low interest rate, and I’ve had it for 12 years, since I was in college. The longer your credit history, the more accurate your score is likely to be, and it could bump you a little higher. So think twice before canceling that venerable credit card.

Finally, limit your credit opening activities to situations that you are really interested in, and take care to consider the types of credit you are getting. Creditors like to see revolving accounts (major credit cards) mixed with installment accounts (auto loans) and mortgages. However, too may payday loans and department store credit cards can weigh a little bit on your credit score.

Using Credit to Build Up Your Score

Because your credit score is based on your credit history, you need a credit history. It seems kind of obvious. This means that in order to build up your credit score, you will need to use credit. One of the fastest ways to do this is to use a credit card. You might be wary of credit cards, and with good reason. You will have to make a plan and show discipline. One way to do this is to buy one or two things with your credit card once a month, and then pay it off. If it is a small amount, you can even take two months to pay it off, in order to make installment payments. Don’t get too comfortable carrying a balance, though, since you don’t want to pay a great deal of interest.

Improving Your Credit Score Fast

There are companies that claim that they can repair your credit score fast. Be wary of these claims. You can raise your own score in 30 to 90 days, just by paying down debt quickly and making on time payments. Many credit repair places employ shady methods to give your score a short-term bump, but the effects wear off after a couple of months, and then you are back to where you started.

It is also worth noting that, by law, these credit repair companies cannot do anything for you that you cannot do for yourself. So if a company is claiming that it has some super-secret method that no one knows about, show extreme caution. A legitimate company can’t do much more for you than challenge negative items, help you fix errors, and encourage you to improve your credit habits — all things you can do for yourself without having to pay a cent.

Bottom line: Your best bet is to check your credit history, and then fix errors that appear on the credit reports at the three major credit bureaus. Then, begin to make all of your payments on time and reduce your debt. Consistently good credit habits will have their effect by helping you raise your credit score.

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How to Raise Your Credit Score

5 Ways Card Issuers Can Still Nail You Despite the Credit CARD Act of 2009

Miranda — Thu, 04 Mar 2010 19:24:09 +0000

Source: sxc.hu Photo: emsago

At the end of last month, most of the new rules from the Credit CARD Act went into effect. While there are some restrictions on some credit card issuer practices, the bottom line is that these are creative business people determined to make a profit. Many credit card issuers have been sending out amendments to agreements and other notices. I hope you have been reading the fine print in communications from your credit card issuers, because here 5 ways that they can still nail you:

1. Variable rate floor

Credit card issuers are starting to institute what are called “rate floors.” This is a part of the agreement that says that your interest rate can’t go below a certain point. This protects credit card issuers from having to drop variable rates to something lower as market-based rates fall. Institute a floor, and no matter how low the market rate fall, your credit card interest rate will not follow once it hits the floor. Paying attention to this fine print is especially important if you are applying for a new card.

2. New rate setting process

In the past, credit card issues have set variable rates periodically, usually on the last day of each billing cycle, or on a certain day each quarter. Now, though, card issuers are looking into the idea of picking their own rate. Some agreements disclose that issuers can choose the highest rate offered anytime in the last 90 days. This means that your variable rate will always be as high as it can be, based on market rates.

3. Inactivity fees

Since the financial crisis and tightening in the credit markets, we’ve seen cardholders’ accounts closed due to inactivity. Now, though, some credit card issuers are realizing that they have a great opportunity here. The CARD Act does not tell issuers what fees they can and cannot charge, so some issuers are instituting inactivity fees, to be charged when you aren’t buying things with your credit card. The annual fee is making a comeback as well, and some card issuers are toying with the idea of adding statement fees.

4. Higher existing fees

To boost revenue, many credit card issuers are raising their fees for services we’re already used to. Check for notices (with your statement or separate) for higher fees on cash advances and balance transfers. There are no ceilings on these fees, and issuers can charge what they want. The same is true of over the limit fees. You have to agree to allow over the limit charges on your card, so watch the fine print for the wording of how that works. And realize that even if you don’t opt in for those charges, if you are close to your limit, a late payment fee or cash advance fee could put you over the top, triggering the higher over the limit fee.

5. International transaction fees on your credit card purchases

These are getting a boost as well. Additionally, credit card issuers are expanding the definition of “international”. It used to be that many card issuers would not charge international transaction fees if everything was done in U.S. dollars — even if the company was in another country. That practice is disappearing in some cases, though. Some issuers are now charging for any transaction that takes place across borders, even if the same currency is used by both parties. Of course, if a different currency is used, that is the cue for an addition exchange fee.

As usual, your best protection against many of the fees is to pay off your balance each month, making sure to make small purchases on each card to keep them active. That way, you will be less susceptible to fees. For other changes, make sure you read the fine print, so you know exactly which cards are going to cost you more for simple transactions that you normally make.

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5 Ways Card Issuers Can Still Nail You Despite the Credit CARD Act of 2009

Credit CARD Act of 2009: Consumers Getting the Shaft as Banks Rush to Raise Interest Rates

Miranda — Wed, 21 Oct 2009 16:47:21 +0000

Source: sxc.hu Photo: emsago

Earlier this year, Congress passed the Credit CARD Act of 2009 in response to populist outrage over banks and their practices. While the act does provide a number of protections for consumers, and does force a little more transparency out of credit card issuers with regard to their terms and changes to card agreements, there are some problems that consumers should be aware of. In fact, you are probably already aware of the fact that the February 2010 implementation date for most of the terms of the act has resulted in a rush to raise interest rates. It’s unfortunate, but, despite enraged and incredulous shouts of How can this be legal?, it is, in fact, legal. Credit card agreements, as currently constituted, leave all of the terms to the discretion of issuers. And that means that until government regulation takes effect, those with credit card debt are at the mercy of the banks that issue credit cards.

Credit CARD Act changes already in place

In August, some of the changes mandated by the credit card act went into practice. Here are the three main changes that are already in effect:

Issuers must give you 45 days advance warning of upcoming changes. This means, if the issuer is going to change your interest rate, or your rewards program, they need to give you 45 days. This gives you time to pay off a card (in theory; in practice it’s a bit more difficult) before the interest rate goes into effect.
The right to opt out of fee increases and interest rate hikes. Congress probably thought it was throwing a bone to consumers by instituting this provision early. Credit card issuers have to allow to opt out of changes by closing the account and paying it off under the current terms. However, those consumers who take this option in order to avoid higher interest rates (some banks are hiking rates by 3% or more across the board) will find that their credit will suffer. Available credit will take a serious hit, and that can harm consumers who plan to make large purchases, such buying a home with a mortgage, or using financing to buy a car, since their credit scores will suffer.
Issuers must provide at at least 21 days to pay their statements. Credit card statements must be issued earlier so that consumers have adequate time to make payments before late fees are assessed.

Raising rates while they still can

Credit card issuers (this includes cards issued on behalf of department stores and gas stations, which have some sort of financial division or bank) can raise rates as they see fit until February 2010. There have been some attempts to move Congress to make the Credit CARD Act changes effective at the beginning of December 2009, but by now, for most people, the damage is already done.

When the new rules go into effect, there will be limits on why interest rates can be raised, and how they can be applied to balances. While defenders of credit card companies often point out that there is usually some credit-based reason for interest rate hikes, that doesn’t explain why many people with good credit and payment histories see rate hikes. In the current case, credit card issuers are hiking rates on everyone to ensure that they get a nice, fat increase in revenue. Rates are set by a formula that takes the prime rate in the market and then adds a certain number of points to it, such as prime plus 10. Many issuers are simply changing their formula to prime plus 13 or 15 or whatever they want — which means higher rates for everyone. The fact that they have to notify you 45 days in advance, and allow you to opt out and close the account, is small comfort.

What you can do

All you can do at this point is call your credit card issuer and hope for the best. Do not believe stories about an “interest rate freeze” until the credit card act goes into effect in February. That’s bull. If there was a freeze, banks wouldn’t be able to raise the rates they are charging on their credit cards. It doesn’t hurt to ask for a rate reduction, though. Just remember to be polite. You may also have to ask for a supervisor, the solutions department, or the retentions department. Many representatives are authorized to offer you a decrease of between 2% and 5%. Here are the items that will give you a better chance of success:

Good credit score.
Account in good standing.
More than minimum payments.
You haven’t recently requested a lower interest rate.
The ability to close the account, and take your business elsewhere.

If you do not get an interest rate deduction, and you are having trouble making your payments (this can be especially difficult if your minimum payment was raised on top of the interest rate hike), you may have to work out a payment plan with your creditor. This will likely result in a closed account. If you are not planning to use credit anytime soon, closing a credit card account that is imposing particularly difficult terms might not be a bad option. You can pay back the account with the current terms, and then work on recovering your credit rating down the road.

In the end, the Credit CARD Act is more likely to hurt than help until full implementation takes place in February. Additionally, it will be July 2010, when the new transparency rules enacted by the Federal Reserve, until more disclosure of terms can be seen. However, that doesn’t change the fact that the credit scoring system is still quite secretive. Until there is more transparency in credit scoring, and until consumers take better control of their credit use, it doesn’t matter how many laws are enacted: The game is going to be rigged in favor of the credit card issuers.

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Credit CARD Act of 2009: Consumers Getting the Shaft as Banks Rush to Raise Interest Rates

Credit CARD Act of 2009: How it Affects You

Miranda — Thu, 21 May 2009 20:10:00 +0000

Source: sxc.hu Photo: intuitives

Update: Read more about CARD Act of 2009 here.

It looks as though we will be seeing some of the first serious credit card reform since…well, ever. The House passed the Senate’s version of the Credit CARD Act of 2009. This, taking effect in February 2010, is meant to protect consumers from the abuses of credit card companies. While there is no protection greater than sound and responsible credit habits, a little extra protection never hurts. Here are some of the big changes to the way credit card companies will be able to function – and how it affects you:

How Payments are Applied to Balances

When you get a promo rate for a portion of your balance, it is lower than your regular purchase rate. Likewise, a cash advance rate is usually higher than your purchase rate. For instance, on a credit card with a $2,500 balance, you might have:

Promo rate of 2.99% on $800
Cash advance rate of 27.99% on $700
Regular purchase rate on $1,000.

Currently, the credit card issuer would apply your payment (after interest is deducted, of course) to the debt with the lowest interest rate. This way, your balance will earn highest interest for the longest possible period of time. The new rules change this policy. Now, the principle payment will be applied to the debt with the highest rate first. For those who carry balance with different rates, this means you can pay off the overall balance a little faster, and pay less in interest charges.

Retroactive Interest Rate Hikes

Right now, credit card companies raise interest rates if something worsens in your credit report – even if it happens to a different account. Being late on one payment could trigger interest rate hikes on all your cards. This doesn’t change. What changes is the way the interest rate hike is applied. The new rules say that, unless you are 60 days delinquent on your account, the new interest rate can only be applied to new balances. Your old balance has to be charged at your old rate. For those working to pay down their debt, this is encouraging. It means that as long as you stay current, your old balances will not be charged more.

Notice of Changes to Card Agreements

Credit card companies today can change rates, rewards programs and other terms of the card agreement at any time – for no reason and with no notice. They can even retroactively date changes so that the terms change as of two months before you were notified. The new law requires that credit card companies give 45 days notice before making changes. For those who like to be in control of their credit card account, this will be quite helpful. 45 days might be enough time for you to adapt a new plan to pay the card off before the changes. For those with rewards points, 45 days will give you time to use those points, instead having all your points unceremoniously removed (or dramatically reduced).

Over the Limit Fees

Credit card issuers make a great deal of money by letting you keep charging, even if you are over your credit limit. For each occurrence, you end up paying $39, or more. That amount is added to your balance, and you are charged interest on it. Now, credit card companies will have to get your permission to do this. I’m not sure how the “opt in” will work, but you will have to agree to allow this to happen in your credit card agreement. For those who do not keep careful track of their spending, being cut off immediately might encourage them to change their habits. And, as long as you don’t opt in, it means no more over the limit fees.

Age Requirements for Credit Cards

Today, anyone over the age of 18 can get a credit card without a co-signer. The new law, requires a co-signer for anyone under 21. This means college students will have a hard time getting credit. If someone under 21 can prove that they have a job, and can make payments on a credit card, the requirement for a co-signer will be waived.

What to Watch Out for in the Coming Months

Because these new rules will not take effect until Feb 2010, it is important that you remain vigilant and consider the affect this legislation might have on you. Watch for interest rate hikes on your credit cards. Some issuers may try to raise rates while they can. Another thing to watch out for is an accelerated loss in terms of the value of your rewards points. You may see your 5% gas rewards cut to 3% or 4%. Or your airline miles may not go as far as they did. Also, be on the look out for the possibility of new annual fees. “Premium” reward programs have been emerging recently, but you may see more of them in coming months. And, finally, watch your mailbox carefully for “opt in” agreements for over the limit transactions. Who knows how the credit card companies will try to implement this, but you know that they will want you to opt in. Be especially careful to read everything you get from your credit cards in the coming months.

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Credit CARD Act of 2009: How it Affects You

Small Business to Suffer as Advanta Shuts Down Credit Card Lending

admin — Wed, 13 May 2009 16:22:54 +0000

photo credit: orphanjones

Advanta’s uncollectible debt reached 20% as of March 31 prompting the small business credit card issuer to shutdown new lending as of June 10th to preserve capital. Advanta is offering 65 to 75 cents on the dollar to its securitized debt holders.

The shutdown in credit by Advanta will affect as much as a million small business owners who will now need to find alternative lenders to support their businesses. Due to recession and unavailability of credit through normal lending sources (banks, funds, etc), a large number of small businesses have turned to using credit cards to continue to fund their businesses. This action by Advanta will have serious repercussions in the small business community in US.

While Advanta plans to preserve capital and wait out until normal times resume, it is quite possible that may not be the eventual outcome. Existing credit card customers will likely fall further in default with Advanta as paying the company will now be much lower in priority for them. Additionally, Advanta’s debt rating is now junk which will make it impossible to raise additional capital and ineligible for TALF largesse.

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Small Business to Suffer as Advanta Shuts Down Credit Card Lending

Premium Credit Cards – Are they Losing their Lustre?

Arohan — Wed, 18 Mar 2009 21:08:11 +0000

Source: stck.xchng Photo by tnimalan

Many of us who carry premium credit cards do so because of the wide range of benefits that they offer that help us simplify our lives and manage time. Some of us also crave the attention these exclusive credit cards bring. However, these cards come with stiff annual fees and in an economic downturn, and ongoing retrenching of the credit card benefits, it is natural to take a stock of the value we receive in return for our investment.

Exclusive Credit Cards, barriers to enter the club are getting smaller

Consider the epitome of exclusivity, the American Express Centurion Card, also affectionately termed as the black card. Issued by invitation only, this card comes with a great array of services that if properly used, more than pays for its $2,500 US annual fee. However, substantially similar and comparable services are also offered to American Express Platinum card holders at only $400 US annual fee. Now it is true that Amex Platinum is more commonly available and the level of prestige offered by a Centurion card is unsurpassed. But then, if you are looking for a good brand with great benefits and value for money, Amex Platinum is hard to beat. The annual spend requirement to get a black card from American Express is $250K in US which I would presume would be hard to maintain for many in the financial services sector who were likely a large portion of its customer base.

MasterCard and Visa have entered the fray as well to fill the niche. MasterCard World Elite and Visa Signature are trying to offer the similar levels of exclusivity and no preset spending limits but with smaller annual fees. These cards are still difficult to qualify for and acquire but are open for anyone to apply. Barclays is now offering its version of the Visa Black Card (carbon graphite card), which they estimate that only top 1% of the US population will qualify for. The annual fee is $495 and the card comes with 24/7 concierge service, airport lounge access and gifts from luxury brands.

Credit Card Benefits getting retrenched

Amex Platinum recently discontinued its free companion flight ticket program as American Express struggles to maintain profitability. Some World MasterCard Elite cards do not offer free airport lounge access but require you to pay a small fee for use. Slowly and surely, some of the value of owning these cards are getting eroded.

The problems here are two fold. First, there are too many cards chasing a very small segment of the population. And Second, the segment of the population is getting smaller still as the economic crisis runs its course. Therefore in order to make these premium credit cards viable, companies are cutting down on the benefits and starting to offer these cards at lower price points, which although still stiff, make these card a little less exclusive than these companies would have us believe.

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Premium Credit Cards – Are they Losing their Lustre?

Premium Credit Cards can Save you Time and Sanity and Offer Other Convenient Benefits

Arohan — Wed, 17 Dec 2008 20:28:03 +0000

Source: stck.xchng Photo by tnimalan

Most premium credit cards such as Amex Platinum or Centurion or MasterCard World or World Elite come with many privileges that can be utilized to save you time and effort and maximize convenience. While most of us are aware of these credit card benefits when we acquire these cards, many a times we fail to take advantage of these. This is a pity since we have already paid for these services in form of high annual fees for these premium cards. I will discuss a few in this article

Concierge Service

These services really come in handy when you are in a hurry or if you are looking for something that is hard to find. Do you have an anniversary coming up and are unable to think of an appropriate gift? Are you trying to reserve a table at a restaurant that is booked months in advance? Maybe you are looking for tickets for a sold out Yankees game. Give the concierge service a call and you may just be surprised at what they can do for you. Many a times they will be able to get you a table at a restaurant or into an event when all other avenues fail because the credit card company reserves a few seats (or table) for its premium card members.

In other cases, you could find what you want yourself but not without a considerable expense of time and effort. I am not talking about booking flights or hotels that your travel agent can handle (although they can facilitate these too). They can help in planning a vacation in detail, for example suggesting activities for kids or side trips or give you referrals to the best dining in town (and get you a table if you so desire). At Amex, they can also help coordinate your requirements through various Amex services (such as Travel, Air/Yacht Charters, etc)

So next time you are in a bind, give them a call

Airline Lounge Access

If you travel frequently, access to Airline Lounge can be the difference between you arriving at your destination refreshed and ready to go versus you needing a shower and rest. It is true that you can buy Lounge access separately with the airlines, but why? Your Amex Platinum or Centurion can get you and your companion into many airline lounges without hassle. These lounges are also accessible using a World Mastercard Elite, although you may have to pay a token charge in some cases depending on your credit card.

Temporary local office

Amex premium cards come with a membership to Regus offices, which can be quite handy on your business trips when you need to find a temporary office space. In most cases, access to Regus lounge is complimentary along with Wi Fi internet access as well as coffee and refreshments

And there is more. But these are some of the basic premium credit card benefits that one will find most use for right away.

Let us know what services you have used and your experience with them

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Premium Credit Cards can Save you Time and Sanity and Offer Other Convenient Benefits