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What Happens If You Stop Paying Your Credit Card Bill?
https://www.sofi.com/learn/content/what-happens-if-you-dont-pay-your-credit-card/
If you don’t pay your credit card bill, you could face more severe consequences than you might think. Though it will depend on your credit card issuer, you can generally expect to be charged a late fee as well as a penalty interest rate which is higher than the regular purchase annual percentage rate, or […]
Is It Better to Cancel Unused Credit Cards or Keep Them?
https://www.sofi.com/learn/content/should-you-cancel-unused-credit-cards/
If you are thinking about closing a credit card you don’t use, know that while it may eliminate a fraud risk, doing so can negatively impact your credit. It can shorten your credit history and lower your credit limit, which in turn could increase your credit utilization ratio. Both of these factors can lower your […]
Standard Credit Card Size or Dimensions
https://www.sofi.com/learn/content/credit-card-size/
Every credit card issued in the U.S. — and around the world — must be 3.375 inches wide by 2.125 inches high, according to requirements established decades ago by the International Organization for Standardization (ISO). Credit card issuers can get a little creative with their logo and some other design features, but there are rules […]
10 Credit Card Rules You Should Know
https://www.sofi.com/learn/content/credit-card-rules/
If you’re like the roughly 45% of credit card holders known as “revolvers,” you probably carry at least some debt from month to month. Indeed, the average credit card balance in the U.S. is currently $5,733. Unfortunately, many consumers are uninformed and unprepared for the responsibility of paying with plastic. Credit card issuers don’t require […]
Prepaid vs Secured Credit Cards: Similarities and Differences
https://www.sofi.com/learn/content/secured-vs-prepaid-credit-cards/
If your credit isn’t stellar, you may find it challenging to get approved for a traditional unsecured credit card. One option can be a prepaid or secured credit card, which can be more easily available than an unsecured credit card. However, these cards come with a few key differences. Understanding how a prepaid card and […]