Call it a credit card backlash. A fight against costly interchange fees by frustrated retailers.

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Pre-approval credit card offers are becoming increasingly popular as card companies attempt to solicit new clients in the face of record profits and all-time highs in credit card debt. Although the term “pre-approved” may seem straightforward, it actually has a much deeper and more convoluted meaning than one would expect. In addition to the “pre-approval” marketing tactic, card issuers also tend to offer additional incentives such as lower interest rates, long introductory periods, low or no account fees, and rewards programs. Unfortunately, every day there are hundreds of prospective cardholders that are given the false hope of pre-approval after being declined for several credit cards in the past. The fol

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Sooner or later every credit card charges interest, regardless of the promotional benefits offered during the introductory period. However, if the card balances are repaid in full before the end of the grace period, then it is possible to avoid interest altogether. Nonetheless, the majority of cardholders only repay a percentage of their outstanding balance, and some even choose to pay the minimum amount due, which can actually have a negative effect on their credit score. Unfortunately, every credit card issuer utilizes a different APR calculation method, the most common of which are explained below.

The annual percentage rate (APR) must be divided by the number of billing periods within a year (usually one for every month) to determine the periodic rate, which actually dictates the amount of interest charged each month.

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If you’ve ever applied for a credit card, there’s a good chance you’ve seen the “household income” section on the application form.

And when you came across it, you may have wondered how to fill it in. If you were a kid, you may have added your parents income to your non-existent income.

Or perhaps you combined the income of your roommate(s) or spouse. And while

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With credit card debt being at an all-time high, it is not surprising that many cardholders are choosing to cancel some of their cards to avoid debt and simplify the management of multiple credit accounts. Repaying a large amount of debt and repairing the credit score after being a victim of credit card debt can be a process that takes years to complete. Thus, many cardholders choose to simply close their credit accounts, rather than risk accumulating even more debt in the near future. Although this may seem to be the wisest decision, there are several factors that need to be considered before a credit card account is canceled.

Current Interest Rates

While low interest rates may seem useless to an individual who is in debt and cannot afford to make credit card repayments, they are an increasing rarity in today’s credit card market. I

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