Kip Tips


Great Advice From Around the Web, Week of 9/24/12

Cameron Huddleston

A weekly look at personal finance tips and insights others are offering.



I recently was discussing with credit expert John Ulzheimer the fact that I have a retail credit card. Ulzheimer, who is the president of Consumer Education at SmartCredit.com, has written about the cons of retail cards. He says that these cards are a bad idea for most consumers for several reasons -- namely their low credit limits and high interest rates. I asked him, though, whether these cards can ever be a good idea for some consumers.

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I have a retail card from a store where I shop for clothing for myself and my three children. I always pay off my balance, and I earn rewards (in the form of discounts) that allow me to pay less for items I would normally purchase (not things I'm splurging on or buying just because there's a discount available). Ulzheimer says that, in my case, the card makes sense because I'm using it responsibly. Matt Brownell of Credit.com agrees that careful consumers can benefit from the perks of retail cards and offers advice on what to look for if you sign up for one of these cards. See What a Good Store-Brand Card Looks Like.

Here's a roundup of more great personal finance advice from around the Web:

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The Joneses Are Buying an iPhone5. What Should I Do? [Enemy of Debt]
"Here are just a few reasons I think you should not buy this new technological masterpiece."

3 Ways to Save When You Buy Apple Products [MoneyNing]
"As long as you aren’t picky about having the newest gadget as soon as it comes out, these tips might also work for you."

6 Tips for Using New Disposable Income [Consumerism Commentary]
"There is going to be a strong desire to increase your spending on unnecessary things once you see that you have money left over each month."

How to Turn a Hobby Into a Business [Generation X Finance]
"When you combine the love for an activity with the ambition to make some money along the way, a business is born."

You May Have a Higher Net Worth Than Our Vice Prez! [Budgets Are Sexy]
"Whether you’re a famous politician or just famous to all your friends, we all need to pay attention and continually make sure we’re heading in the right direction."

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