About Me 0072: personal finance blog

Credit cards have had a bad rap in the press lately; some credit cards have increased their annual percentage rates and some have increased their fees. Most have made at least a few changes to the way they do business thanks to last year’s CARD Act. However, if consumers are responsible with what they charge on their credit cards and are disciplined to pay off their balances each month, there are many benefits to using a credit card.

Airline Miles Credit Cards

If you have excellent credit (above 750), you could earn two airline miles per dollar spent when using the Capital One Venture Rewards Card. When you redeem your miles, there are no blackout dates. For someone who flies frequently and/or uses a credit card frequently, this card may be the way to go. In fact, Money Magazine named it “The best rewards card if you aim to rack up airline miles.” Of course, there are a variety of airline mile cards out there, but be careful as many of them have restrictive rules which make actually redeeming the miles difficult. (See The Best Airline Miles Credit Cards for more airline miles cards.)

Gift Cards Rewards Cards

The US Bank Flex Perks Travel Reward Visa Card allows members to earn one point per dollar spent with a double reward on the one category you spend the most on (between groceries, gas and airline) each month. Redeem 5,000 points for a $50 gift card to restaurants like Outback Steakhouse or for a $50 Visa gift card. These make great gifts during the holiday season and will not cost you anything if you are responsible with using the credit card and use care not to buy more than you would with cash at any given time.

Cash Back Credit Cards

Who wouldn’t like to use their credit card and get rewarded with cash back? Use the Discover More Card and get 1% back on all purchases after you spend $3,000 on the card (before that earn .25% cash back). Also, enroll in the 5% cash back program to receive 5% cash back on designated purchases on designated months. For instance, January through March 2011, earn 5% cash back on up to $800 for travel and restaurant purchases.

Gas Rewards Credit Cards

Offset the rising cost of gas with a card that gives you money back for gas purchases. The True Earnings Card from Costco and American Express gives you 3% back on all gas purchases up to $3000. It also offers 3% back on all restaurant purchases and no annual fee if you are a Costco member.

Credit cards are in the business to make money, but if you are diligent with the way you use your credit card, you may find that credit cards can actually save you money. You can fly for free or at a significant discount, you can earn gift cards that you can use yourself or give to other people for birthday or holiday gifts, you can earn cash back on your purchases, and you can use the card to help offset the rising price of gas. With the right research and self-discipline, you can make credit cards work for you.

The cards mentioned in this article are not endorsed by the writer but are only given as a sample of the many reward credit cards that are available.

Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

Marriage can be hard enough some days. Throw money into the mix, and things can get downright ugly. However, just as disagreements in other aspects of your married life don’t have to result in permanent rifts, disagreements over money don’t have to ruin your relationship. As with all things in marriage, money issues need to be worked through. Here are some ideas for overcoming disagreements about money in marriage:

Know Thyself

One of the best things you can do is understand your relationship with money. In order to articulate your position on money to your partner, you need to be able understand. Think about why you spend (or save) money the way you do. You should also come to grips with why you don’t like the way your spouse handles money, and determine whether or not your own preferences and money prejudices are coloring the situations.

Avoid Money Discussions When Angry

Before discussing money, make sure that you are both calm. One way you can do this is to make an “appointment” to discuss money. That way, you know to calm yourself beforehand. Money discussions should take place when you are both as rested as possible (not after a long day of work) and when you are not hungry. Try to find a comfortable location when discussing money, so that both of you are in a more forgiving frame of mind.

Listen to Your Partner

You and your spouse should take turns listening to each other’s ideas. Listen without interrupting, except to ask clarifying questions. Then, expect the same respect from your partner. You should be able to explain your position as well. If you both agree to listen respectfully, you will get a better idea of each other’s positions, and you will have something to work with when deciding what to do next.

Remember Your Big Picture Goals

Hopefully, you have some big picture goals as a couple. When disagreeing about money, it is a good idea to pull out your shared goals for retirement, a vacation, kids’ college or your emergency fund. Together, you can determine what actions will best help you reach your bigger shared financial goals. Taking the time to re-connect to the commonalities you share will be a big help.

Let Each Person Control Some Money

You should each have control over some of the money. This should be available for you to use how you want. With separate spending abilities, it makes it possible for you buy what you want — even if your partner doesn’t agree. Make it a rule that each spouse will respect what is done with the discretionary spending each has.

In some cases, the best idea is to have separate accounts if you have a hard time agreeing on what to do with money. Make sure that each of you contributes to a central pot for household expenses, and then you can each have separate checking accounts. However, even in such a setup, it is important to touch base and make sure you are still working toward shared money goals.

Be Willing to Compromise

Finally, you have to be willing to compromise. Any relationship has some give and take, and you and your partner need to be ready to give up a little something. With some thought and planning, it is possible to disagree about money without causing serious problems.

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Saturday, March 5, 2011

personal finance blog