The American Express Blue Cash and Blue Sky credit cards represent some of the best rewards cards available. These cards offer everything from 0% APR introductory rates on purchases, to great travel rewards, to as much as 6% cash back on purchases. Which card is best for you depends on your financial goals and objectives.

So let’s review each card, starting with Consumer Report’s pick for one of the best cash back rewards cards available, Blue Cash from American Express.

Blue Cash Everyday from American Express

Blue Cash Everyday(SM) from American Express is THE best cash back rewards credit card available today. If you are looking for cash back rebates from a card, this is the card of choice, and one selected by Consumer Reports this year as a top credit card.

The card comes in two versions. The standard version has no annual fee and offers the following cash back rewards structure:

• Earn a $100 cash back bonus after spending $1,000 in eligible purchases in the first 3 months of Cardmembership
• 0% intro APR on purchases for 12 months, flexibility to pay over time
• Get 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases
• No spend minimum, No enrollment, and No rotating rewards categories
• Get a $25 Referral Bonus for each friend or family member who is approved for the Card
• No annual fee, flexibility to pay over time

With the preferred version of the card, there is a $75 annual fee, but the rewards increase significantly:

• Earn a $150 cash back bonus after spending $1,000 in eligible purchases in the first 3 months of Cardmembership
• 0% intro APR on purchases for 12 months, flexibility to pay over time
• Get 6% cash back at supermarkets, 3% cash back at gas stations and department stores, and 1% cash back on all other purchases
• No spend minimum, No enrollment, and No rotating rewards categories
• Get a $75 Referral Bonus for each friend or family member who is approved for the Card
• $75 annual fee

Which card is best for your depends on how you use the card. If it is your primary cash back card that you’ll use for everyday shopping, I think the preferred card is the clear winner.

You can check them both out at the Amex Blue Cash website.

Blue Sky from American Express

Blue Sky from American Express® is the travel rewards card that, like blue cash, comes in two flavors. The standard version gives you 1 point for every dollar spent with no black out dates or travel restrictions. Points can be redeemed for airline tickets, hotels, car rental, and more. Here are the details:

• No annual fee
• Travel rewards with no blackout dates or travel restrictions. Redeem with any airline, any car rental, any hotel- anytime
• Pay your bill all at once, or over time. It's up to you.
• Blue Savings Program®: big deals on big brands, all the time
• Rated "Best Airline Credit Card" by Card Ratings Consumer's Choice Awards in 2010
• Get approved in 60-seconds

The preferred version of the card comes with a $75 annual fee, but doubles the rewards on certain purchases, adds a 7,500 mile bonus, and adds an annual $100 allowance to cover baggage charges. Here are the details:

• 7,500 bonus points when you charge $500 on the card within the first 90 days
• 2X points on dining, hotels, and car rentals
• $100 Annual Airline Allowance to cover baggage fees and many in-flight purchases
• Travel rewards with no blackout dates or travel restrictions. Redeem with any airline, any car rental, any hotel- anytime
• Pay your bill all at once, or over time. It's up to you.
• Blue Savings Program®: big deals on big brands, all the time
• Rated "Best Airline Credit Card" by Card Ratings Consumer's Choice Awards in 2010
• $75 annual fee
• Get approved in 60-seconds

If you are a frequent traveler, the preferred card will easily pay for itself over the course of a year. Either way, you can check both cards out at the Amex Blue Sky website.

When you are evaluating credit card offers, please make sure to read the terms and conditions on the credit card issuer’s website, as they may have changed since the information was last updated on this site.

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.

Chase has upped the ante if you are in the market for a 0% balance transfer card. Called Slate℠ from Chase, the card offers a broad range of benefits including a 0% APR introductory rate for up to 15 months on both purchases and balance transfers. What sets the card apart, however, is that there is no balance transfer fee. The card also has no annual fee, so this is as close to free money as you can get.

While we maintain a list of balance transfer offers, this deal is as good as it gets.

Slate℠ from Chase Rates and Terms

As with most credit cards today, Chase uses a tiered pricing structure with this card. This means that the interest rate applied to the Slate℠ from Chase depends on the applicant’s credit history and credit score. Chase uses three tiers, called Elite, Premium and Standard pricing.

Chase Blueprint

Blueprint is a feature introduced by Chase to help cardholders better manage their accounts. With Blueprint, you have four different options that may prove very helpful:

Full Pay: With Full Pay, you can select those categories of purchases that you will pay off in full each month. When you pay them off in full each month, you won’t be charged interest on those purchases, even if you have other balances on the card that are not part of Full Pay. Here is Chase’s description of Full Pay:

FULL PAY is a feature that lets you avoid paying interest on everyday purchases. You can select the types of purchases you would like to pay off in full each month. Those purchases will be separated out for you and totaled on your monthly statement. As long as you make your BLUEPRINT Payment by your due date, you will not pay interest on those purchases.

There is no charge for this service, and you can change or cancel your Full Pay categories any time. You can set up a maximum payment for Full Pay, with any overage going into your regular account. And if you can make a Full Pay payment in any given month, your account will still remain in good standing so long as you make the minimum payment due on time and comply with the other terms and conditions of the card. In short, Full Pay is a benefit for cardholders to better manage their money, but there is no obligation to use this Blueprint feature.

Split: The Split feature of Blueprint allows you to set up payment plans for larger purchases. Here’s how Chase describes Split:

SPLIT is a feature that lets you build a custom plan to pay off a large purchase. Simply decide how much you want to pay each month or how fast you want to pay it off. We do the math and set up the plan for you. The plan and your payment progress will appear clearly and separately on your statement.

Split allows you to set up a payment plan based on a set monthly payment or based on the number of months to pay off the balance in full. And Chase has tools that will calculate this information for you online.

Finish It: The Finish It feature is similar to Split It, but it covers the entire card balance. With Finish It, Chase Blueprint will help you devise a plan to pay off the entire balance on the credit card. According to Chase,

FINISH IT is a feature that allows you to build a custom plan to pay down your card balance. Simply decide how much you want to pay each month or how fast you want to pay it off. We do the math and set up the plan for you. The plan and your payment progress will appear clearly and separately on your statement.

Track It: All credit card purchases are automatically categorized. These categories include automotive, dining, drugstores, grocery stores, and so on. Chase puts this feature to good work with Track It. All of your purchases are separate into their respective categories that you can track online. Track It also lets you set a budget for each category. These budget amounts can be changed anytime, and are designed to help you better manage your money.

0% Introductory Rates

Slate℠ from Chase offers a 0% introductory rate for up to 15 months on both purchases and balance transfers.  If you have the excellent credit required to obtain this offer, you’ll find both 0% rates to be some of the best available. As noted above, the no fee balance transfer is the longest 0% offer available without paying a transfer fee.

Founded all the way back in 1850 (even before Dough Roller was born!), American Express has spent the better part of 160 years providing financial services to consumers and businesses.  Strangely, AMEX started out as an express mail service and did not make its way into the financial industry until 1882 by opening up a money order business.

Today, American Express is best known for its line of charge cards and credit cards to both consumers and small businesses.  Year in and year out, American Express is voted as the favorite issuer of consumers (by a landslide no less), and even though most of its cards charge an annual fee, the card rewards more than make up for the cost.

Below you will find an up-to-date list of AMEX’s most popular credit cards as well as some of their diamond in the rough products.  I consider these to be the best of what they offer, but if you think otherwise, please let me know.

American Express Consumer Cards

American Express® Premier Rewards Gold Card – One of the original and most stable American Express charge cards, the American Express Premier Rewards Gold Card opens by offering 15,000 membership points after you spend $1,000 in the first three months of card ownership.  Membership points are awarded for every purchase and as an added bonus, first year cardholders will have the pricey $175 annual fee waived.

Blue Cash Everyday from American Express – The newest product to hit our list, the Blue Cash Everyday from American Express is a cash back credit card designed for everyday spenders.  New members receive a $100 cash bonus after spending $1,000 in the first three months and also earn 3% cash back at supermarkets, 2% cash back at gas stations and department stores and 1% cash back on all other purchases.  Best of all, the Blue Cash Everyday from American Express doesn’t carry an annual fee.

The Platinum Card® from American Express – If you don’t mind paying a monster annual fee, the Platinum Card from American Express can provide the best benefits of any credit card.  25,000 membership points are given after spending $1,000 in the first three months (sense the trend here) plus a $200 travel fee reimbursement is provided to cardholders annually.  The annual fee to own the Platinum Card from American Express is $450 but it includes a lot of other perks only it’s members will receive.

Blue Cash Preferred® from American Express – An upgraded version of the Everyday, the Blue Cash Preferred from American Express almost doubles the cashback cardholders receive.  $150 cash is earned after spending $1,000 in three months and members will earn 6% cash back at supermarkets, 3% cash back at gas stations and department stores and 1% cash back on everything else.  Unfortunately, there is a $75 annual fee associated with the Blue Cash Preferred from American Express.

Delta Airlines – Gold Delta SkyMiles® Credit Card – Immediately following a spend of $500 in three months, cardholders of the Delta Airlines – Gold Delta SkyMiles Credit Card will earn 30,000 bonus miles.  Your first checked bag on Delta flights is always free as well as the first checked bag in up to nine members of your booking party.  Double miles are given on Delta purchases and single miles are earned on all other purchases.  The annual fee is $95 but not charged during the first year.

Starwood Preferred Guest® Credit Card – One of the best travel credit cards a consumer can hope to own, the Starwood Preferred Guest Credit Card dishes out 10,000 Starpoints after one purchase and another 15,000 Starpoints after spending $5,000 in the first six months.  Those 25,000 Starpoints are good enough for a multiple night stay at select Starwood locations.  Additional points are earned on every purchase and the $69 annual fee charged to Starwood Preferred Guest Credit Card members is waived the first year.

TrueEarnings® Card from Costco and American Express – If I had the credit to open this account, I would because the TrueEarnings Card from Costco and American Express is the only card that offers 1% cash back at Costco.   3% cash back is awarded on gas purchases (for the first $3,000 spent annually), 2% cash back on travel and at restaurants and 1% cash back on all other purchases.  A 0% intro APR for six month adds another benefit to TrueEarnings Card from Costco and American Express cardholders as well as no annual fee.

American Express  Business Cards

SimplyCash® Business Card from American Express OPEN – Simply cash says it all when describing the SimplyCash Business Card from American Express OPEN as this small business card gives 5% cash back on select office supply and wireless merchants, 3% cash back on gas and 1% cash back on everything else.  The cash you earn is automatically credited every month and the SimplyCash Business Card from American Express OPEN acts as a credit card, not a charge card so a balance can be carried month to month.  A big plus; there’s no annual membership fee.

The Business Platinum Card® from American Express OPEN – One of the most notable status symbols in the financial world, the Business Platinum Card from American Express OPEN has no preset spending limit and offers $200 in reimbursements for travel expenses every year.  Cardholders earn points on every purchase and are provided dedicated representatives and concierge service for anything their heart may desire.  The price to receive these benefits is a hefty $450 annual fee.

The Plum Card® from American Express OPEN – A charge card, the Plum Card from American Express comes with one major benefit.  Business owners that pay their bill 10 days early are entitled to receive a 1.5% discount, which equates to a 1.5% cash back rate.  Remember though, this is a charge card and payments are due in full every month so if your business needs a line of credit rather than a charge card, this is not the one for you.  The Plum Card from American Express OPEN has a $185 annual fee, not charged year one.

The New Business Gold Rewards Card® from American Express OPEN – A points charge card, the New Business Gold Rewards Card from American Express OPEN gives triple points on airfare, double points on gas, advertising and and shipping purchases and single points for all other buys.  There is no limit to the amount of points a business can earn annually but there is a $175 annual fee charged.  First year New Business Gold Rewards Card from American Express members will have that fee waived for the first year.

Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are authors 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.

Welcome to our week-long series on crushing your credit card debt. In this last of five articles, we look at some common mistakes people make as they try to pay off their credit card debt.

So you have considered the decisions and circumstances that got you into your current debt situation. You are committed to doing something about it. You’ve taken steps to lower your credit card interest rates. You’ve set up the debt snowball system to pay off your cards as quickly as possible. And you’ve squeezed every dollar possible out of your budget to throw at your debt.

Now, in the words of my first boss as I was about to argue my very first motion in federal court, “Don’t blow it.”

You are primed for success, so long as you stay on track. Unfortunately, there are some common mistakes that people make as they work their way out of debt.

Being Too Aggressive

What you do now is critical. If you approach debt repayment with unrealistic expectations and a timeline that is not achievable, you will be setting yourself up for failure. If your research indicates that with all the proper tools in place you should be out of debt in three years — don’t shoot for half the time.

Think of the last time you went on a crash diet with the expectation that you would lose some crazy amount of weight in a short amount of time. Meanwhile your friend went on a program that required a steady plan of action that modified their behavior and focused on being fit and healthy when they reached their goal. I think we all know what happens next. Slow and steady wins the race.

Dave Ramsey tells his followers to attach debt with gazelle-like intensity. That’s fine, but just remember that even a gazelle has to rest from time to time.

Borrowing From Your 401K

Taking out a loan from your 401K has some initial appeal. You get rid of high interest credit card debt in exchange for a loan that typically charges much lower interest. And on top of that, the interest you pay goes back into your 401(k), so you are really paying yourself the interest charges.

But there are three significant risks to this approach. First, if you leave your job for any reason, you’ll have to pay the loan back in full. If you fail to pay it back, the IRS treats the loan as a distribution, charges you a 10% penalty if you are not at retirement age, and taxes you on the rest. Second, the amount of the loan gets pulled out of your investments, which could have a significant affect on your retirement. And third, you run the risk of adding more debt to your credit cards, leaving yourself with credit card debt and a 401(k) loan.

I won’t say that Borrowing from your 401K is always the wrong choice, but it’s rarely the right one.

Not Saving the Maximum for 401K Matching

Readers often ask me if they should pay of debt or save their money. My answer is always the same–yes. It’s not an all or nothing situation. You can both pay of debt and save at the same time.

How much you put toward debt and how much you save depends in part on the interest rate of your debt. The higher the rate, the more you should put toward debt first. But there is one important exception–401(k) matching contributions.

If your employer matches some or all of your 401(k) contribution, you should contribute enough to get the full benefit of the match. Otherwise, you are turning down free money. Not taking advantage of this is no different than tossing cash out your car window.

Not Tracking your Progress

The opposite of being too aggressive and setting yourself up for failure is not tracking your progress at all. Tracking your progress is motivating! You can see how much you have paid down and pat yourself on the back.

If you are looking for a free tool to track your progress, I’d recommend Mint.com. It has great tools for tracking your accounts and monitoring your progress. If you don’t mind spending a few bucks for a great budget tool, YNAB is in my opinion the absolute best. It’s what I know use for our monthly budget. You can read our full YNAB review for more details.

Giving Up

There will be setbacks. Getting rid of credit card debt is one of the hardest things you’ll ever do. As soon as you realize this, it all gets a bit easier. When you do make that purchase you later regret, think about what led you to that decision. Make any changes you need to, and then continue on your path to debt-freedom.

But whatever you do, don’t give up!

*****

Balance is the key to life and debt. Consider what a full life means to you. Is it a life full of stuff or a life full of friends, family and stability. Understanding this will help you to determine if there is value in something you are considering as a purchase. Always ask yourself if you need it. Will it add value to your life?

I hope this series has been helpful to you. And if you have any questions at all, leave a comment below, and I’ll be sure to respond.

Welcome to our week-long series on crushing your credit card debt. In this second of five articles, we look at several ways to easily lower the interest rates on your cards.

The average credit card interest rate is just above 14 percent. But averages can be misleading. Actual credit card interest rates range from a low of 0% up to whopping 40% or more!

The first step in reducing the interest rates on your credit cards is to know what rates you are currently paying. You can easily find this information on your card statements. Regardless of the rates you are paying (unless they are 0%), there are steps you can take to lower your rates. To get you started we have specific ways you can reduce your credit card rates.

Ask For A Lower Rate

Believe it or not, credit card companies lower rates all the time. But in most cases, to get your rate lowered you have to ask. In a 2002 report, the Massachusetts Public Interest Research Group found the following: “More than half of consumers who called their credit card company to complain about their high annual interest rates were successful in reducing those rates by an average of one-third.” Here are some of the specific findings in the report:

• With one 5-minute phone call, 56 percent of consumers who called their credit card company lowered their APRs.
• Those who were successful reduced their APRs by an average of more than one-third, from an average of 16 percent to an average of 10.47 percent.
• Factors improving the caller’s success rate included a longer length of time with a particular card, a low unpaid balance compared to credit limit (being less “maxed out”), and a history of no late payments.

In short, you stand a good chance of getting your rate lowered just by asking. When calling your card company, the best approach is to keep your request direct and simple. Keep in mind that representatives get this type of request all of the time, and they are trained to handle the request in a specific way. Here’s the script I’ve used in the past with success:

I’ve been a card member for the past x years and pay may bill on time. My current interest rate is _____. What can you do to lower my rate?

It’s that simple. And if you are not happy with their response, ask to speak to their supervisor. There’s no reason to get emotional. Just be determined. While you won’t always come away with a lower rate, it’s worth a 5-minute investment of your time.

Take Advantage of A Balance Transfer

One of the easiest ways to lower your rate is to do a balance transfer to a card with a lower rate. There are numerous cards that offer 0% on balance transfers for 12 months or more. There are two approaches you can take with balance transfers:

1. Go for the longest 0% offer: Today, the longest 0% offers are for 18 or 21 months. The longest offer comes from the Citi® Platinum MasterCard®, which offers 0% for 21 months. The Discover More Card has a 0% offer for 18 months.
2. Go for no fee balance transfers: There are two offers available today that don’t charge transfers fees. Both the Discover® More® Card – No Balance Transfer Fee and the No Fee Slate from Chase offer 0% for 12 months with no balance transfer fee.

There’s no wrong answer here, and if you’re like me, you’ll take advantage of multiple offers. We keep a current list of the most popular balance transfer offers.

If you aren’t in a situation where you can apply for a new offer and get approved, then consider using a card you already have. For example, check the offers on your current cards. You might find you already have a card that offers a special rate for balance transfers.

Improve Your Credit Score

A higher credit score means a lower rates for you. For example, most of the popular cards today have interest rates that range from about 10% to 20%. A high credit score will net you the 10% rate, while a low score results in a rate twice as high.

If you currently have a card with a high rate as a result of your credit score, you can turn that around. First, you want to do whatever you can to raise your credit score. You can quickly see an improvement in your score just by paying down your existing debt. Once you see your credit score rising, it’s a good time to either apply for card with a lower rate or ask your current card company to lower your existing rate as we discussed above.

Stay tuned for our next article in the series coming tomorrow when we discuss how to supercharge your debt repayment with the Debt Snowball.

Welcome to our week-long series on crushing your credit card debt. In this first of five articles, we look at the most important part of tackling credit card debt–stop going into more debt

Without a doubt, the hardest part of getting out of credit card debt is avoiding new debt.

Our society has grown so accustomed to using credit cards that we use them without even thinking about it. The charges pile up each month to the point where we can’t afford to pay off our cards in full. As our debt rises, we become even more dependent on credit cards just to get to the next paycheck.

To break this cycle, we’ll have change many of our behaviors, attitudes and expectations. And the first step is to understand how we got into credit card debt in the first place. The changes will be significant, so let’s get started.

How Did We Get Here?

Not everyone sinks into credit card debt the same way. For example, some used cards to pay for medical bills, while others used them to take a cruise. Some used plastic to get by after a job loss, while others went into debt eating out and buying jewelry. There’s a big difference.

The point of looking at your history with credit cards is not to beat yourself up or to blame others. The point of looking back is so we can make the best plan moving forward. If you can be objective about how you spend and where your areas of weakness are, you can implement focused changes to reverse the damage. Here are some common examples:

• Big Purchases: Some people do a great job controlling day-to-day spending, only to succumb to big purchases they can’t afford. Here the key is going to be creating a savings plan for big purchases and waiting until you have the money to pay for them.
• Everyday Purchases: For some, credit card debt is a result of spending a little bit more each month then they make. It’s no one type of expense; it’s a little bit of everything. If that describes your situation, better budgeting is going to be critical to getting control of your debt
• Medical Expenses: Health care costs are the number one cause of personal bankruptcies. Without health insurance, an illness can plunge anybody into substantial credit card debt both because of medical bills and because of lost employment. Here the focus will be securing health insurance, employment if that’s an issue, and then dealing with the debt
• Emergencies: As a final example, some do well controlling spending and debt, but get sidelined with periodic emergencies. The key under these circumstances will be to build a better emergency fund.

There’s no way to cover every possible set of circumstances that push people into credit card debt. The key is to objectively evaluate how you got into credit card debt in the first place. Understanding how you got to where you are will help you figure out what you need to do to get out of debt.

Below will cover some ideas to help you break the plastic habit. But it keep in mind that not all of these ideas will apply to everybody. That’s why it’s so important to understand what got you into debt.

Cut up Your Cards

Are you all in? If the debt you have accumulated is a result of frequent dinners out, clothes shopping, lovely lattes and other impulse purchases, cut up your cards. If you can’t swipe it, you can’t buy it. Cutting your cards is an act of determination and commitment much like ridding your cupboards of junk food when you are serious about losing weight. You do that because if they are within reach, you will eat them. When you eat that piece of cake or bag of chips you don’t gain two pounds right away, but it will definitely undermine your plan.

When you swipe your card, there is no immediate negative consequence, either. Cutting the cards will end the impulse purchasing. I recommend cutting the cards rather than cancelling the accounts. Cancelling your accounts can have a negative impact on your credit.

If you can’t bring yourself to cut up your cards, there are other options. If you find yourself using plastic to buy lunch at work everyday, don’t take your credit cards to work. In fact, you can leave your cards home all the time. Some go as far as giving their cards to a friend or relative you trust. Whatever it takes.

Build an Emergency Fund

Your debt may be the result of unexpected or ongoing medical expenses. Unplanned and unexpected repairs can also be devastating to your finances. Rather than relying on credit cards for unexpected expenses, build an emergency fund. This is essential regardless of your financial picture.

For those deep in credit card debit, I believe you should save an amount equal to one month of expenses before applying extra money to your debt. While there is no guarantee this amount of money will cover all emergencies, it should cover the most common types of emergencies like care repairs and minor home maintenance.

For more details, check out our Guide to Building an Emergency Fund.

Start Tracking Expenses

Sorry to keep comparing weight loss plans to your finances, but the similarities are so obvious. Both can be signs of impulsive or compulsive behavior and both require a great deal of discipline to reverse the mentality. That being said, the most successful weight loss programs incorporate a food log.

Visual awareness has a very positive impact on altering habits. There are great ways to track your expenses to see where your money is going. You can set up a Microsoft Excel spreadsheet and enter your income along with each and every expense. Don’t forget to put in the expenses that may not show up every month such as auto insurance, vacations, and gifts. Infrequent bills need to be broken down to a monthly amount so they don’t take you by surprise. Save your receipts and enter the info on a regular basis.

Another option is to use one of the great online tools. My personal favorite budgeting tool is You Need a Budget. While it’s not free, it is by far the best budgeting tool available today. You can give YNAB a try with its 34-day free trial.

In the next article in our series, we’ll look at how to Reduce Your Credit Card Interest Rates.

According to the latest statistics from the Federal Reserve, Americans have a total of $798 billion in revolving debt. The vast majority of this debt is on credit cards. To put this in perspective, this amounts to about $15,799 for each household with credit card debt.

As someone who had to claw his way out of tens of thousands of dollars in credit card debt, I can attest that revolving debt can wreck a family’s finances. First, credit card debt is expensive. Even “low interest” cards typically carry rates north of 10%. And many cards charge 20% interest or more. These interest charges add up fast, costing thousands of dollars.

Second, the payments required just to keep your debt in check will limit your options. Rather than saving for a home, retirement, or a child’s education, your limited funds are going to pay off your cards.

Third, it makes handling emergencies very difficult. With no credit card debt and a healthy emergency fund, the unexpected car repair is easily handled. But with lots of debt, an emergency expense typically results in more debt.

Finally, accumulating a mountain of debt will hurt your credit score. An important factoring in calculating your score is the amount of your available credit. With high balances on your cards, your limited available credit will bring down your FICO score. With a lower score, all credit becomes more expensive, including interest on mortgages and car loans.

So that’s the bad news. The good news is that you can get rid of your credit card debt. It’s such an important step on the road to financial freedom, that we are dedicating this week to publishing articles to help you conquer your card. Over the next five days, we’ll publish an article packed with information, tips and resources that will help you get out and stay out of credit card debt.

Here our the topics we’ll cover:

Monday: Stop Charging On Your Credit Cards–While this may seem “obvious,” the key is to actually do it. We all know that the first step to becoming debt free is to stop going into more debt. But how do yo do actually do it? This article answers that question.

Tuesday: Reduce Your Credit Card Interest Rates–There are a number of ways you can reduce the interest rates on your cards, even down to 0%. By lowering your rates, you reduce your interest costs and reduce the time it will take you to get out of debt.

Wednesday: Use the Debt Snowball–For those with balances on multiple cards, this article covers how you should tackle your debt. The article will cover which cards you should pay off first, and how you should apply in extra cash to your credit card debt. We’ll also cover how following Dave Ramsey’s advice could cost you thousands of dollars.

Thursday: Free Up Extra Cash–Nothing supercharges your ‘crush debt’ campaign like paying more than the minimum payment. The hard part is coming up with the extra cash. This article gives you ideas on how to do just that.

Friday: Avoid These Mistake–Don’t let all your hard work go to waste. We’ve seen folks make great progress on their debt, only to see everything go up in smoke because of some common mistakes. We cover these mistakes in this article and how to avoid them.

You’ve probably never heard of the YAP Prepaid MasterCard. While it’s not the most popular prepaid card, there were two things about this card that caught my attention. First, as I’ll explain below, it has really low fees. And second, it enables you to send and receive money from your cell phone. In fact, YAP is first and foremost an electronic payment system. The prepaid MasterCard just comes along with the service.

Mobile Payments

The ability to send money, receive money, and conduct money transfers instantly with any mobile phone is a unique feature not offered by other prepaid MasterCards. This can be done from any cell phone by sending a test message. Here’s how it works.

Sending Money

1. Text YAP at 88988: Send an SMS message (text) to 88988 specifying the amount you want to send, a space, and the mobile phone number of the person you want to send money to.
2. Confirm Your Identity: YAP will send you a text message to confirm your payment. Just reply with your 5-digit YAP PIN to complete the transaction.
3. YAP Confirms Your Payment: YAP will send you another text message to let you know your money was sent.

Receiving Money

1. If someone is enrolled in YAP, then no action is required for them to receive money. The money from the sender will go directly to the receiver’s YAP Card. YAP will send a confirmation text message to both the sender and the receiver.
2. To get the money, the receiver must reply to this text message within 12 hours. They will then go to a Web site that tells them how to get their money. There is no charge to receive the money.

Checking Your Card Balance

1. Text YAP at 88988: Send a text message to 88988 with the command BAL.
2. YAP Replies with Your Balance: To keep your information secure we recommend that you delete the text message after reading it.

A great thing about this service is that you don’t have to have a YAP account to receive money. So you can send money to anybody with a cell phone.

iPhone Yapplet

One of the coolest features YAP offers is the iPhone Yapplet. With the Yapplet you can do two things: (1) Send and receive payments for free; and (2) Shop online or over the phone immediately. We’ve covered sending and receiving money with your cell phone. The only thing to note here is that it costs $0.50 to send money via a text message, but it’s free with the Yapplet.

The really cool feature of the Yapplet, however, is that you can shop online or over the phone with the Yapplet as soon as you are approved for the card. You don’t have to wait for the physical card to arrive in the mail. I’ve tried this feature with the Mango MasterCard (which comes with YAP technology, too), and it’s very easy to use.

YAP Prepaid Card

When you sign up for YAP, you also get a prepaid MasterCard. For many, they just use the prepaid card and not the mobile payment technology. But the choice is yours. The YAP prepaid MasterCard comes with the features you’d expect from a prepaid card.

Loading the Card

There are a variety of ways to load funds to your YAP MasterCard. All card members can take advantage of direct deposit, mobile payments, online transfers, bank account transfers and retail locations. Direct deposit is free and allows you to have your pay check or government benefits check electronically deposited to your account.

Setting up direct deposit is simple. You will receive a direct deposit form with your card or you can get the form anytime online. You fill out the form and give it to your employer’s HR department. If you have a bank account you can also transfer funds to your YAP card anytime. Members also have the option to go to any retail location and add cash to their card. You can do this by using a Green Dot® MoneyPak®, or going to such stores as Walmart, Walgreens and Kroger. Unlike direct deposit or bank transfers, however, there is a fee for the MoneyPak.

YAP Prepaid Fees

As I noted above, the low fees of this card caught my attention. For me, fees are the most important factor in picking a prepaid card. In assessing the fees, you have to consider how you will use the card. For somebody who uses direct deposit of $500 or more each month and doesn’t use an ATM, the YAP card costs nothing. If you plan to use an ATM, however, there will be some fees. Here are the details:

• To get the card: Free
• Activation Fee: Free
• Domestic PIN Transactions: Free
• domestic Signature Transactions: Free
• Monthly Account Fee: $5 (WAIVED when you load at least $500 during the previous month. Excludes card to card transfers.)
• Receive Mobile Payments: Free
• Send Mobile Payments: $0.50 with text message; free with Yapplet

You can get more details and apply for the card at the YAP website.

UpdateThis version of the Slate from Chase credit card is no longer available. However, Chase now offers the card with 0% for 15 months with no balance transfer fee. You can check out the details in our Slate from Chase review.

Chase has launched yet another credit card focused on interest free purchases and balance transfers.   A new version of the Slate from Chase is offering a 0% intro APR on purchases and balance transfers for 15 months with a $75 statement credit after $300 is made during the first three months of card ownership.  Compared to other balance transfer cards on the market today, this one is perfect for consumers with minimal credit card debt.

The balance transfer fee on of the Slate® from Chase – $75 Statement Credit is 3%; so anyone transferring a balance will immediately have another 3% tacked on to their credit card debt.  Slate from Chase is also offering a no fee balance transfer credit card, but only with a 12 month introductory offer of 0% interest.  So cardholders in need of a balance transfer with a lot of debt would be better served signing up for the no fee version.  However, those with credit card debt of $2,500 or less (the BT fee on $2,500 would be $75) will save a little more with the Slate from Chase – $75 Statement Credit.

Also of importance to note is that applicants with good or excellent credit will receive the intro rate of 15 months on balance transfers or purchases, while those with only average credit will receive a 0% intro rate for six months on balance transfers only.  Once the intro rate expires, the standard APR becomes 11.99% – 21.99% variable, depending on the applicants credit history.  No rewards program is included with the Slate from Chase – $75 Statement Credit, but the card also doesn’t come with an annual fee.

Many Americans tack on credit card debt during the holidays. But if you have the good or excellent credit needed to obtain a 0% balance transfer credit card, you can save a lot of money by using it to your advantage.  The Slate® from Chase – $75 Statement Credit has a great term and nice $75 up front cash bonus.

Imagine that you have unpaid credit card debt. That’s the bad news. The good news is that the statute of limitations on the debt has expired, so you are not legally obligated to pay. But your credit score has taken a dive, so getting more credit seems impossible. And then comes along a subprime credit card with a twist.

The Wall Street Journal is reporting on a new push by debt collectors to convince consumers to pay expired debt. The pitch is simple–agree to pay some portion of your old debt, and you will be approved for a new credit card. According to the WSJ article, a lot of people are taking this deal.

And they are making a big mistake. Let me explain–

How These Sub-prime Credit Cards Work

Debt collectors use a lot of strategies to collect debts. When it comes to expired debt, they often try to convince consumers that it’s their moral obligation to pay the debt, even if the statute of limitations has run. I’ll leave it to you to decide what your moral obligations are, but it’s laughable that debt collectors take this approach. These are the same people that call people at work and use computers to call consumers repeatedly throughout the day. They are the last group of people to talk about moral obligations.

More recently, they’ve turned to this credit card scheme. They partner with a bank willing to issue subprime credit cards. The debt collectors typically guarantee payment to the bank to entice them to issue the credit card. Then they offer these cards to consumers if the consumer will pay some portion of their expired debt (e.g., $400). Often the credit limit on the new card is equal to the amount of debt the consumer repaid.

To further entice the consumer into this deal, they offer a “balance transfer” program. This is not like the typical 0% balance transfer offers major credit card issuers promote. Instead, this program allows the consumer to pay their expired debt by “transferring” it to the new card. The result is that the once expired debt is now a brand new obligation that is legally enforceable.

On the surface these deals may have some appeal–

• You get a credit card even though you have bad credit
• By “transferring” the old debt to the new card, you don’t have to pay anything out of pocket

Why You Should Avoid These Credit Cards

There are two key reasons to avoid these offers like the plague. First, the credit card you’ll likely get will be a real stinker of a card. They typically sport interest rates of 20% or more, and fees that make the banking industry look like a charity.

Second, you are paying debt you no longer legally owe to get a credit card you can probably get on your own. It’s relatively easy to get a credit card even if you have bad credit. You don’t need these “deals” to get a card. So if a debt collector comes calling with a great “deal,” consider the alternatives below instead.

Alternatives

There are three good alternatives to the subprime credit cards being peddled by debt collectors. First, you can consider credit cards designed for poor credit. I’d start with Orchard Bank as they offer the most reasonable interest rates for bad credit credit cards.

You could also apply for a secured credit card. With these cards, you deposit money with the credit card company as a guarantee for future payment. Your limit is typically the amount of your deposit, and these cards help you build your credit with timely payments.

Unlike cards offered by debt collectors, you get your deposit back when you close your account. With the best secured cards, card issuers require a minimum deposit of a few hundred dollars, but the actual amount is up to you based on how much credit you want. Because your deposit secures payment of future credit card bills, people with really bad credit (or no credit at all) typically get approved.

As a final option, you could go with a prepaid credit card. While these cards do not come with a line of credit (you deposit funds on the card much like a bank debit card) and they won’t build your credit, approval is guaranteed. These cards typically can be used anywhere Visa or MasterCard is accepted.

The key is to realize that you have options. So if a debt collector tries to convince you to pay expired debt in exchange for a credit card, consider the above options first.