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Belco's Online Banking

Archive for the ‘Credit Cards’ Category

A young African American man uses his credit card to make a purchase at a restaurant after learning about the advantages and disadvantages of credit cards.

The Advantages and Disadvantages of Credit Cards

access_time Posted on: May 24th, 2022

Credit cards are everywhere! In fact, the average American has four credit cards and that number is only going up. Credit cards are versatile financial tools that come with many benefits. But there are also some disadvantages of which you should be aware. Keep reading to learn more. 7 Advantages of Credit Cards Whether it’s one of the major credit cards or a retail card specific to one store or brand, credit cards make it easy to purchase items you need, and those you want. The following seven advantages of credit cards make it hard to ignore their usefulness. 1. They’re Convenient Cash is anything but convenient. For starters, you’ve… read more »

a woman holds her wallet and a stack of credit cards wondering how many credit cards she should have

How Many Credit Cards Should You Have?

access_time Posted on: May 3rd, 2022

As you work to build up your credit score, you may be wondering if you have enough credit cards or perhaps too many. While the number of credit cards is important, what’s essential is understanding credit utilization. In other words, how much of your available credit is in use. You have to use credit to have a strong credit score, but overusing it could hurt you, too. Confused? Here’s a closer look at how to determine how many credit cards you should have. What Is Credit Utilization? Often expressed as a ratio, credit utilization is the amount of revolving credit you’re using right now compared to the amount of credit… read more »

a woman ensures she is shopping on a secure website to prevent credit card fraud

Strategies for Preventing Credit Card Fraud

access_time Posted on: March 16th, 2022

Since credit card fraud can be a costly and inconvenient mishap, the best thing consumers can do is take steps to prevent it from happening in the first place. When you know the right strategies for fraud prevention, your financial data will remain safe and secure. Thankfully, there are several steps you can take to prevent credit card fraud.  What Is Credit Card Fraud? Credit card fraud involves the fraudulent use of a credit card to obtain cash or complete transactions. This usually occurs in one of two ways – through the physical use of a lost or stolen credit card or the compromise of your digital financial data through… read more »

a young woman makes an online purchase with her Belco credit card

How to Choose the Best Credit Card

access_time Posted on: March 16th, 2022

If you’re shopping around for a new card, you may be wondering how to choose the best credit card. With so many options out there, how can you start to work through all the considerations? We’ll help you make sense of how to compare and select a credit card, from the beginning of the process to your first swipe. Check Your Credit First things first. You want to know what kind of deals and rates you’re eligible for. Financial institutions look at your credit history and credit report to determine whether you get a higher or lower interest rate on your card. That means you need to check your credit… read more »

a woman holds three of her credit cards and wonders if a credit card balance transfer could help her consolidate debt

Guide to Credit Card Balance Transfers

access_time Posted on: January 4th, 2022

It can be stressful juggling multiple credit cards and trying to stay on top of your payments, especially when each card has a different interest rate. Luckily, a credit card balance transfer can simplify your finances and save you money. All you have to do is apply for a low-interest credit card and then follow a few simple steps. Read on for more helpful tips about balance transfers. What Is a Credit Card Balance Transfer? A balance transfer is when you take the balance of one or more of your credit cards and move the money you owe to a different card. It’s a form of debt consolidation that lets… read more »

How to Improve your Credit Score?

access_time Posted on: March 2nd, 2021

You may be just graduating high school heading into college, purchasing your first home, retiring or looking to buy your dream car. No matter where you are in your life, odds are you will need your credit checked at some point. But you may have heard the simple saying “how can I build credit, if my credit score is low and I do not have the chance to?” This old paradox has left many individuals confused, frustrated and downright angry. Credit scores have always been difficult waters to navigate, but with proper guidance, you can set sail on a financially healthy life. What is a credit score? In order to… read more »

How Do I Give Myself an End-of-Year Financial Review?

access_time Posted on: January 15th, 2021

With 2020 in the books, I’d love to look at my finances to get on track for 2021. How do i start? This question is asked more then you may think. Having a financial review at the end of a year is important in helping prepare you for financial success in the year to come. This simple step-by-step process can get you ready to grow financially for the coming year. End-of-Year Review Process Giving yourself an end-of-year financial review is a wonderful way to check on the progress you’ve made toward your goals, highlight areas needing improvement and update your accounts, funds and investments. Here’s all you need to know… read more »

First Credit Card

Your First Credit Card: Everything You Need to Know!

access_time Posted on: January 14th, 2021

Congratulations! You are about to apply for your first credit card! Having heard about how great a credit card can be, and the importance of building credit, you decided to do some research. You saw fancy things like “0% interest for the first year” and “2% cashback on purchases” that sound like a great deal, but what does it all mean? Whether you are going into college and getting your first credit card, or deciding now is the time to build your credit, you have come to the right place. As I currently write this, I am 18 years old. This is about the recommended age to open a credit… read more »

woman reads about credit card rewards points

How Do Credit Card Reward Points Work?

access_time Posted on: December 12th, 2019

When you hear about rewards credit cards, what do you think? I’m sure points and bonuses and cash-back galore come to mind. What’s better than getting rewarded for spending money?  While rewards credit card might seem straight to the point, you could be wondering, how do credit card rewards work? Keep reading to get all of the details about how credit card points work and how to get the most from your rewards card.  What Are Credit Card Rewards Points? If your credit card offers rewards points, you earn points for the money you spend with your credit card. You can then redeem those points for gift cards, cash-back, travel… read more »

Paying Off Credit Card Debt

access_time Posted on: January 19th, 2016

Nobody likes that feeling when you’re scraping by and struggling to stay on top of your monthly payments. If you have a high credit card balance on one or more cards, you might feel like there’s no end in sight.  At this point, it doesn’t matter how it happened and there’s no sense beating yourself up about it – you can fix it and we can help! Read on for effective strategies you can use to pay off your credit card debt. 1. Target One Card First  If you’re carrying balances on multiple cards, it can be frustrating and overwhelming to try to wipe them all out at the same… read more »