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For those of us that can pay our bills on time, rewards credit cards are a great way to get something for nothing. It feels pretty good to earn airline miles, or cash back, just for making your daily purchases. 
We all know that there are pitfalls in the world of plastic. But really…who doesn’t have a credit card these days? For some, this purchasing ritual presents only a means to an end. For others, it is a means to debt and disaster. Here are a few credit card mistakes to avoid this year so you don’t end up with the latter.
We’re almost a month past the holidays, but credit card debt continues to be a nagging reminder of last season’s generous spending. To combat residual debt, many consumers have considered the option to transfer credit card balance amounts onto zero-interest credit cards as a way to avoid excessive interest charges.
Consumers were able to reduce their credit card debt by a significant number in 2011, according to a new report. While many consumers adjusted their spending to lower their debt, some found their credit limits had been slashed by their banks or their credit scores were too low to acquire cards at all.
Average Credit Card Debt Falls 11 Percent
Verizon Wireless has announced plans to implement a charge for customers who choose to pay wireless bills via debit or credit card over the internet using Verizon bill pay or phone.
The new $2 “convenience charge” instituted by the nation’s largest wireless company will go into effect on Jan. 15.
Verizon Wireless Credit Card Fee
A new report from First Data finds that consumers have significantly increased credit card use in recent months. In fact, the company, which processes credit card transactions for 4.1 million merchant locations, revealed that card use is returning to pre-recession levels.
Credit Card Use Trends are Reversing
Cash used to be a strictly physical commodity. People counted it, carried it in their pockets and hid it under their mattresses. But as technology digitizes both our cash and our transactions, money is increasingly becoming more intangible. Check out some of the technologies that are working to shape the way we shop, save and invest.
Wells Fargo has announced it will test a monthly debit-card usage fee of $3 per month on customers in select markets starting in October. The bank is not the only one to announce plans to test out ways to charge monthly fees for debit card or ATM use.
Wells Fargo to Test Fee in 4 States
Bank of America, which is the biggest U.S. bank by assets, announced it will be leaving international credit cards with the sale of its Canada card business to TD Bank Group. The company will finalize its move by also leaving the United Kingdom and Irish card markets in the near future.
Bank of America Sells $8.6 Billion Canada Business
HSBC has agreed to sell its U.S. credit card division to Capital One only a few months after announcing it may let the division go. As a result of the sale, Capital One, which is looking to grow in emerging markets, stands to reap a $2.4 billion after-tax gain.