MoneyWisdom Blog

Why You Should Pay in Local Currency When Traveling Abroad

Posted by Diana Burrell on Jul 18, 2018 12:25:00 PM

When I mentioned to a co-worker that I was vacationing in Europe this summer, this intrepid traveler shared an excellent money-saving tip with me:

When you're using your credit card to pay for a purchase in a foreign country, make sure you're charged in local currency, not your home currency.

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Topics: Credit Card, Saving Money, Travel

6 Reasons Store Credit Cards Can Cost You Money

Posted by Diana Burrell on May 28, 2018 2:56:00 PM

You hear it every time you step up to the counter to pay: “Would you like to save an extra 20% on your purchases when you open up a credit card with us today?” I feel a little foolish declining any chance to save money, which is exactly why sales associates phrase the question this way. Who says “No thanks” to saving money? I do, in this case, and here’s why I walk away feeling okay about it.

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Topics: Credit Card

How the prime rate increase affects your Hanscom FCU credit card

Posted by Diana Burrell on Mar 28, 2018 8:23:31 AM

You’ve read the headlines: This past week, the U.S. prime lending rate was raised from 4.5% to 4.75%. This rate is used by many banks as an index to set their own interest rates for consumer loan products like home equity lines of credit, auto loans, and credit cards. When the prime rate goes up, so do the interest rates on their products.

As a Hanscom Federal Credit Union credit card holder, what does this increase mean for you?

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Topics: Credit Card

3 Steps to Reduce Credit Card Debt Fast

Posted by Hanscom Federal Credit Union on Jan 1, 2018 7:00:00 AM

A $2,000 balance on your credit card – how did that happen? (Oh yes, dinner at Chez Fifi, new tires, school clothes for the kids…) Thankfully the minimum payment is only $38. You can afford that!

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Topics: Money Management, Debt, Credit Card

Get Financially Savvy with Our Free Credit Card Guide

Posted by MoneyWisdom Newsletter on Oct 27, 2017 8:27:11 AM

Choosing the right credit card is crucial to building your credit. Don’t leave this important decision to chance. Learn the ins and outs of all those offers to find the card that best fits your unique needs.

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Topics: Money Management, Debt, Credit Card

5 Steps to Successful Balance Transfer

Posted by MoneyWisdom Newsletter on Oct 25, 2017 10:03:10 AM

So, you’ve done your homework and determined a balance transfer is right for you. You still need a plan to choose the best way to consolidate your debt.

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Topics: Money Management, Debt, Credit Card

What to Know About Your Corporate Credit Card

Posted by Hanscom Federal Credit Union on Sep 7, 2017 3:07:12 PM

If your employer issues credit cards for business-related purposes, count yourself lucky. Depending on company policy, this provides workers like you with the flexibility to make essential purchases, such as airline tickets and company-related travel. It also relieves employees of the burden of using their own credit cards for such purchases, and it eliminates the wait time on company reimbursements. The downside? Be careful how you use the company card, because your job could be on the line. 

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Topics: Credit Card, Bank at Work

Are Store Cards Worth It?

Posted by Hanscom Federal Credit Union on Aug 9, 2017 7:30:00 AM

“Would you like to open an account with us today? You will get 15% off on your purchases!”

When you are standing at the cash register at a chain store, it is almost inevitable that the salesperson will make a pitch for you to sign up for a store card. It is easy to be tempted by the discount, but a store card is not a coupon. Before you get one, it is a good idea to consider the following factors:

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Topics: Money Management, Debt, Credit Card

The True Price of Credit: How Much Are You Really Paying?

Posted by Hanscom Federal Credit Union on Aug 4, 2017 7:00:00 AM

Buying with plastic can cost you little or plenty, depending on how you use it. Knowing the true price of credit before you charge can save countless dollars and hours of anxiety.

Be aware of your grace period. Typically between 21 to 30 days, this is the time you have before interest is assessed. Some creditors only charge interest on carried-over balances. Generally, there is no grace period for cash advances. Interest accumulates immediately, and in most cases you will also be charged a service fee, making this a very costly form of credit.

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Topics: Money Management, Credit Card

When to Use Credit (and When to Avoid It)

Posted by Hanscom Federal Credit Union on Aug 2, 2017 7:32:47 AM

If used carefully, credit can be a helpful financial tool. For example, using credit to purchase a home now, rather than trying to save up the whole purchase price, makes financial sense. The home provides a place to live that will perhaps increase in value and the mortgage interest offers a tax deduction. Credit may also help you deal promptly with costly emergencies.

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Topics: Money Management, Credit Card

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