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Welcome to ASAP Credit Card’s Credit Card Blog. Visit us regularly for the latest news and information about our website– and the credit card industry as a whole. Stay up-to-date with the newest credit card offers available at ASAP Credit Card; plus, find helpful credit information, financial articles, and tips and advice from our experts. More About Us >

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Our Latest Posts:

Changes in Credit Require Change in Attitude

Wednesday, November 19th, 2008

The days of ‘easy credit’ may be a thing of the past…

With increased pressure on Washington to regulate the credit card industry and mounting personal and worldwide financial stress, credit is becoming harder to come by and more costly to use. American consumers are carrying nearly a trillion dollars of credit card debt according to Federal Reserve estimates. This ongoing love affair with credit will have an impact that affects every consumer. Feeling the least impact will be cardholders who are able to pay off their balances each month. But the hardest hit will be nearly 50 million Americans who rollover a balance from month-to-month, many struggling in a depressed economy to cover high gas, food, healthcare and housing costs.

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Phishers Take Advantage in Times of Crisis

Monday, November 17th, 2008

Scammers use times of stress to take advantage of consumers…

The ongoing economic crisis has empowered scammers to increase their efforts to catch distracted consumers in e-mail schemes and ‘phishing’ scams. A form of email fraud, phishing is when a crook impersonates a business, bank or non-profit organization that the potential victims does business with to gain their trust and obtain personal information that can be used to embezzle funds. Attacks are often focused on the financial and insurance industries. In the wake of Hurricane Katrina, millions of Americans received fake emails asking for donations to charitable organizations. “Phishers know how to make use of people’s vulnerabilities during times of stress,” said Peter Horan, chief executive officer of Goodmail.

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Debit Card Use on the Rise - Credit Declining

Monday, November 10th, 2008

Debit card use is expected to surpass credit this year…

Contactless Credit Cards... With credit limits being cut and new lines of credit even harder to come by, consumers are looking for ways to ride out the economic storm. Debit cards are increasingly becoming one of the solutions since no credit is necessary. According to The Nilson Report, a leader in news and proprietary research on consumer payment systems, debit card purchases are expected to rise by 13% in 2008 compared to a 3% rise in credit card transactions. Visa, the world’s largest payments company, expects debit spending to surpass credit spending this year.

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Understanding Credit Limits & Debt Utilization

Monday, November 3rd, 2008

Here’s how your credit limit can impact your credit score…

Most credit cardholders know the repercussions of going over their credit limit - a hefty fee and an elevated interest rate. But, what many people may not know is that just by approaching the limit you can negatively impact your credit score. If the ratio of your credit limit-to-debt (debt utilization) is above 50% you may be considered a higher risk of default. Your debt utilization is a key component of your credit score and is calculated by dividing your outstanding debt by your total credit limit. For example, if you have a $5,000 credit limit and have a $4,000 balance on your account, your debt-to-credit-limit ratio is 80%, indicating that you would be a high risk to lenders and may be too risky to grant any additional credit.

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Emergency Rate Cut to Help Stimulate Economy

Thursday, October 30th, 2008

Federal Reserve lowers the Fed Funds Rate by a half point…

Emergency Fed Rate Cut... In a move meant to stimulate the U.S. economy, the Federal Reserve unanimously voted to make an emergency rate cut, dropping a key lending rate by half a percentage point. By lowering the Fed Funds Rate, the interest rate banks charge on overnight loans, to 1%, the Fed hopes to revive an economy hit by the most severe financial crisis in decades. Due to a dramatic increase in direct loans to banks in an effort to break the grip of the credit crisis, the Fed also lowered the Federal Funds Discount Rate, the interest it charges to make direct loans to banks, by a half-point to 1.25%.

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Funding a Prepaid Visa Card Just Got Easier

Wednesday, October 22nd, 2008

New service makes it even easier to fund your prepaid card…

“Visa ReadyLink” is a Visa service that allows consumers to more easily and conveniently add funds to eligible Visa reloadable prepaid cards at more than 7,000 participating merchant locations across the country, such as Safeway, 7-Eleven, Pak n’ Save and Dominick’s. Consumers can visit their local supermarket or convenience store and instantly add funds to their Visa reloadable prepaid card, providing immediate access to the funds. The process is simple: participating merchants accept your cash, swipe the card and provide a receipt. You’ll then have immediate access to the additional funds in your prepaid account.

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Private Loans Dry Up - Student Card Use Rising

Tuesday, October 21st, 2008

Lenders are eliminating private loans to college students…

Student lending giant Sallie Mae reports that 8% of all students have private loans to help bridge the gap between student loans, grants and help from their parents. These loans, which average $7,694 per student, are getting harder to come by according to a new study. “The Student Market for Credit Cards: Issues and Trends,” by Maryland based firm Kaulkin Ginsberg shows that more than two dozen lenders have cut back or stopped lending to college students this past summer.

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Redemption Easier for Chase Freedom Cardholders

Friday, October 17th, 2008

Immediate statement credits are now available for cash rewards…

Cardholders carrying the Chase Freedom Card are being given a rare opportunity when it comes to reward credit cards - easier and immediate reward redemptions. Chase recently announced that cardholders will have the option to use cash back rewards as immediate statement credits, eliminating the need to accumulate $50 in rewards before being paid. The Chase Freedom Card allows members to earn points that are easily converted to cash with each point equivilant to $.01. When as few as 200 points (a reward of $2.00) has been earned, a statement credit can be posted to the cardholders account.

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American Express Root for Our City Challenge

Thursday, October 16th, 2008

Eco-friendly program will help make cities cleaner and greener…

American Express is committing $1 million toward tree planting projects in American cities helping to make them cleaner, greener and more beautiful. The ‘Root for Our City Challenge’ encourages local communities and merchants to bring more trees to urban streets. The recently launched initiative is part of American Express’ commitment to community and environmental improvements. “Trees make a huge difference in our cities. They help to offset carbon emissions, beautify an area and create a positive impact on the local economy,” said Kathy King, vice president of marketplace development, American Express Merchant Services. “Our goal with the Root For Our City Challenge is to engage people across the nation in a collaborative effort to help green the urban settings in which they live and work.”

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Credit Card Issuers Lowering Credit Limits

Tuesday, October 14th, 2008

Poor economic conditions are contributing to lower credit limits…

In an uncertain economic environment, credit card issuers are reining in credit limits to reduce risk - sometimes by more than 50%, according to the American Bankers Association (ABA), a bank industry trade group. In fact, 62% of credit card issuers have cut back the lines of credit they make available to consumers, according to a recent report by Javelin Strategy & Research, which advises the financial services industry. According to spokeswoman Betty Riess, credit card issuers are “taking a more aggressive look at accounts to control risk.”

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