How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line

353 Pages·2008·2.17 MB·English

by  Curtis E. Arnold

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From the Library of Melissa Wong
Praise for How You Can Profit
from Credit Cards
Finally, someone has written a guide for savvy consumers who want to
make the most of the plastic in their wallets. Curtis Arnold explains
exactly how to maximize your rewards so you’re quite literally getting free
money and also outlines winning strategies for negotiating the lowest
interest rate and using balance transfers to your advantage. Anyone who
wants to build credit, improve their credit, or profit from their credit cards
should read this book.
—Liz Pulliam Weston
MSN Money Personal Finance Columnist and
Bestselling Author of Your Credit ScoreandEasy Money
Curtis Arnold is America’s premier credit card expert. Whether you’re try-
ing to get your first card, compare credit offers, or figure out how to beat
the credit card companies at their own game, Arnold’s wisdom and insider
tips will prove invaluable.
—Lynnette Khalfani-Cox ptg
The “Money Coach” and Author of The New York TimesBestseller
Zero Debt: The Ultimate Guide
to Financial Freedom
If you have had enough of credit card tricks and traps, this book will
show you how to turn the tables. Curtis Arnold knows the credit card
business inside and out and offers proven ways to put plastic to work for
you, rather than against you.
—Gerri Detweiler
Consumer Advocate and Author of four books
on personal finance including the
forthcoming book Stop Debt Collectors
For most Americans, credit cards are seen as a necessary evil. Curtis
Arnold transforms that perception. Using his advice, people can get
rebates, perks, better interest rates, and all kinds of benefits from their
cards that they never knew were possible. This book helps you become the
master of your credit cards instead of a victim.
—Jordan E. Goodman
“America’s Money Answers Man” and Bestselling Author of Everyone’s
Money Book on Credit
From the Library of Melissa Wong
Curtis Arnold provides you with tips for protecting yourself from
costly credit card traps, how to use credit to your advantage, and
much more. This is a must-read book!
—Marcia Brixey
Author of The Money Therapist
and Founder and President of
Money Wise Women Educational Services
Curtis Arnold’s new book is loaded with great information,
including some intuitive tips about how consumers can actually
use credit and credit cards to benefit themselves financially instead
of just benefiting the credit card companies. This is a most insight-
ful book.
—John Ulzheimer
President of Consumer Education for Credit.com
“Credit Caoch” contributor on CNBC’s The Millionaire Inside
and Author of “You’re Nothing but a Number; Why achieving
great credit scores should be on your list of wealth building
strategies”
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Credit cards can be a valuable money tool when used correctly,
and Curtis Arnold tells you how. From enhanced consumer pro-
tections to lucrative rewards, “How You Can Profit From Credit
Cards” reveals secrets of the credit card industry that can benefit
you instead of the bank. This book makes you an expert not only
about credit cards, but many of the credit issues in your life. And
it blows the cover off some dirty tricks by card issuers. When it
comes to paying with plastic, Arnold knows his stuff.
—Gregory Karp
Award-winning syndicated personal finance columnist and
Author of Living Rich by Spending Smart: How to Get More of
What You Really Want.
From the Library of Melissa Wong
H Y C P
OW OU AN ROFIT
C C
FROM REDIT ARDS
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From the Library of Melissa Wong
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From the Library of Melissa Wong
H Y C P
OW OU AN ROFIT
C C
FROM REDIT ARDS
Using Credit to Improve Your
Financial Life and Bottom Line
Curtis E. Arnold
ptg
From the Library of Melissa Wong
Vice President, Publisher: Tim Moore
Associate Publisher and Director of Marketing: Amy Neidlinger
Executive Editor: Jim Boyd
Editorial Assistant: Pamela Boland
Development Editor: Russ Hall
Operations Manager: Gina Kanouse
Digital Marketing Manager: Julie Phifer
Assistant Marketing Manager: Megan Colvin
Cover Designer: John Barnett
Managing Editor: Kristy Hart
Project Editor: Jovana San Nicolas-Shirley
Copy Editor: Krista Hansing Editorial Services, Inc.
Proofreader: Heather Waye Arle
Indexer: Lisa Stumpf
Compositor: Nonie Ratcliff
Manufacturing Buyer: Dan Uhrig
© 2008 by Pearson Education, Inc.
Publishing as FT Press
Upper Saddle River, New Jersey 07458
FT Press offers excellent discounts on this book when ordered in quantity
forbulk purchases or special sales. For more information, please contact
U.S.Corporate and Government Sales, 1-800-382-3419,
[email protected]. Forsales outside the U.S., please
contactInternational Sales at [email protected].
Company and product names mentioned herein are the trademarks or registered
trademarks of their respective owners.
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All rights reserved. No part of this book may be reproduced, in any form or by
any means, without permission in writing from the publisher.
Printed in the United States of America
First Printing: June 2008
ISBN-10: 0-13-235377-6
ISBN-13: 978-0-13-235377-9
Pearson Education LTD.
Pearson Education Australia PTY, Limited.
Pearson Education Singapore, Pte. Ltd.
Pearson Education North Asia, Ltd.
Pearson Education Canada, Ltd.
Pearson Educatión de Mexico, S.A. de C.V.
Pearson Education—Japan
Pearson Education Malaysia, Pte. Ltd.
Library of Congress Cataloging-in-Publication Data
Arnold, Curtis E.
How you can profit from credit cards : using credit to improve your financial
life and bottom line / Curtis E Arnold.
p. cm.
ISBN 0-13-235377-6 (pbk. : alk. paper) 1. Credit cards. 2. Consumer credit.
3.Finance, Personal. I. Title.
HG3755.7.A76 2008
332.7’65—dc22
2008011159
From the Library of Melissa Wong
To my wonderful wife, Nancy.
Thank you for being my best friend and for the
countless times you embraced me after a long
day at the office. Together, we’re teaching the
next generation about credit and money issues—
including our own kids, Dallas, Erin, Hunter, ptg
Avery, and Claire—which gives me hope that
today’s young people will be much savvier
about credit and money issues than any previous
generation.
From the Library of Melissa Wong
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From the Library of Melissa Wong
C O N T E N T S
Chapter 1 It’s Not Just Plastic—It’s Money . . . . . . . . 1
The Power of Credit Cards . . . . . . . . . . . 1
Choosing a Credit Card That Will
Benefit Your Bottom Line . . . . . . . . . . . . . 3
Stricter Liability Laws . . . . . . . . . . . . . . . 4
Consumer Protection . . . . . . . . . . . . . . . . 5
Establish or Build Your Credit . . . . . . . . 6
Which Card Should Be in
Your Wallet? . . . . . . . . . . . . . . . . . . . . . . 6
Chapter 2 Show Me the Money! Credit Card ptg
Rebates . . . . . . . . . . . . . . . . . . . . . . . . . . 23
America’s Love Affair with Card
Rebates . . . . . . . . . . . . . . . . . . . . . . . . . 23
What You Need to Know to Make
the Most of Cash-Back Cards . . . . . . . . 30
You’ve Considered the Basics,
Now… . . . . . . . . . . . . . . . . . . . . . . . . . . 34
You Might Also Want to Consider… . . . 39
Cut Your Gas Bill by 5% with Gas
Rebate Credit Cards . . . . . . . . . . . . . . . . 41
Should You Get an Airline
Reward Card? . . . . . . . . . . . . . . . . . . . . 43
Have Fun . . . . . . . . . . . . . . . . . . . . . . . . 50
ix
From the Library of Melissa Wong