Got a little too much credit card balance to handle? There are many ways to help cut it down and a short look among websites and personal finance magazines can easily show you there is no shortage of advice. I’ve read a whole lot of them over the last couple years and if you apply them religiously, most of them should work.

Here’s a bit of advice based on my own experience cleaning out my credit card debt.

* Organize your debt - Make a list of all your cards, how much you owe from each, and current APR. This will help you get a clearer idea of which ones are hurting you the most - naturally those ones with high finance charges that you’re carrying large balances on. Try to pay down the most damaging ones first.

* Use your rewards points - Some cards will allow you to use your rewards as card payment. You’ll probably get a bad deal, but with large enough reward points, it should help ease the burden.

* Call up your card issuer to arrange better payment terms - If you have too much debt and feel that settling it will take you too long, call up the card company to waive over-the-card-limit charges and late fees, even for just a couple of months. At worst, they’ll deny your request. At best, you can save a ton in additional fees. If it doesn’t work the first time, try again. Persistence, in this instance, can do wonders.

Missing payments is one of the biggest credit card no-no’s but that’s exactly what the Union Plus Mastercard allows you to do. Available to all members of American labor unions, this offers benefits you simply cannot find anywhere else. If you are a union member and do not have this card yet, consider giving up any other credit card you have - this is the only one you need.

Unique Benefits

The Skip Payment privilege allows you to keep from paying up to two times during a twelve month period without penalties. During sanctioned union strikes, you can skip up to four payments for the same twelve-month period. You are not allowed, however, to skip three consecutive payments.

It also includes a scholarship program for union members, their spouses and dependent children - an amazing feature you simply don’t get with a credit card. Along with it is a loan program that features long-term payment options and very competitive rates.

It comes with a rewards package that gives two points for every dollar spent on gas, groceries and medicine. You get 1 point for regular purchases not belonging to the above categories and you receive 2,000 free points after your first purchase on the card.

Fees

This card has no annual fee but APR can range from between 12.99% to 19.99%. There is an introductory APR of 1.99% on the first six months. There are no fees on balance transfers.  Additionally, balance transfer APR will remain the same from the start until it is completely paid off.

If you travel a lot, you’ve probably encountered some ails common to many like you, from lost tickets to canceled hotel reservations.  When you book your hotel reservation using your Visa card and the room is suddenly unavailable when you come for it, your card SHOULD get you a few extra perks that wouldn’t be available otherwise.

Most hotels and motels who accept Visa subscribe to the Lodging Services Addendum in their merchant agreement. If a hotel participates in the agreement, they should be bound by certain terms of the contract when you use your Visa card to book the reservation.

In case your reservation is nixed for one reason or another, their agreement with Visa requires them to:

• Provide you with a comparable accommodation at their expense for one night in another hotel
• Provide transportation for you going to the alternate establishment
• Allow you to make a call (local or long-distance)
• Forward all calls to you that go to their hotel to your new lodging

Not all hotels that accept Visa agree to the Lodging Services Addendum, though, so better check before your booking. Lodging establishments that do will likely be Visa partners of some sort and listing should be available from the card company themselves.

It’s been proven many times over that using a low credit limit credit card can help boost your credit score. As long as you make sure that the credit company reports to the three credit agencies before you sign up, then it’s only a matter of using it responsibly before seeing your credit ratings experience some much-needed improvements.

Experts estimate that two years of good credit card maintenance should be enough to show significant improvements in your credit report. If you have a score below 660, these three things should help you see moderate positive changes.

1. Paying every bill on time

Late payments, even for just one month, can do more than raise the interest rate in your credit card. It can prove enough to bring down your score considerably. A year or more of timely payments, however, should do wonders for your credit score.

2. If you have multiple cards, pay down the ones that are maxed out first

Points are deducted from your credit score any time you charge more than 50% of your credit card’s limit. It can mean even more deductions when you keep a running balance beyond that limit for an extended period of time.

So if you can, pay down the cards with balances over 50% first to avoid the penalty.

3. Keep all credit cards active, even unused ones

Cancelling a credit card (or any line of credit for that matter) goes negatively against your credit ratings. A large part of your credit score is based on how high a percentage of your available credit you are currently using. When you cancel a credit card, your available credit goes down while your existing balances remain the same, effectively reflecting a high percentage of usage.

The Annual Percentage Rate (APR) is one of the most important things to look or in a credit card. When you’re intending to keep a balance, most especially, a high-APR card can mean thousands more in interest over several years compared to a lower APR offer. However, APR should not be your only concern. Sometimes, other factors can play more importantly into how much value you can get out of your card.

For instance, if you’re familiar with your credit history and know that you will occasionally end up paying late, a card with a slightly higher APR but a considerably lower late fee can prove a better deal. If you regularly pay off your balance from month to month, on the other hand, the APR may not be so important as a $0 annual fee and rewards features.

When getting a new card with a low APR, always check whether it is an introductory rate or the actual finance rate of the card. Many cards offer very attractive low teaser rates to entice customers to apply but they typically last only between six months to a year. If it is an introductory rate, make sure to ask what the updated APR will be and whether any other part of the deal changes along with it.

One of the most best things with low APR cards is the ability to transfer existing balances from other cards and pay them off at the lower, more manageable rates. If you’re interested in doing this, make sure to check our three-part feature on balance transfer pitfalls so you can take advantage of this service without falling prey to common cardholder mistakes.

Most prestige cards require steep annual fees to go along with the privilege. Not the Bank of America Visa Signature Worldpoints Rewards though. This card offers an attractive rewards package, very low APR, tons of perks and no annual fee. Too good to be true? It really is too good and it is for real.

Rewards

The points system is pretty straightforward, allowing you to earn a point for every dollar you spend on this card. There is no cap on the points you can earn as well, although they typically expire after five years so keep tabs on them and make sure you get to take advantage before then.

Fees

There is no annual fee on this card and APR is fixed at either 9.99% or 15.99%. Late payments and going over the limit can prove costly though with as much as $39 in fees depending on the balance you’re carrying. They offer 0% APR on balance transfers and cash advance checks for the first year.

Perks

This wouldn’t be a prestigious high-end card without the perks and there’s quite a bunch of them. You get free concierge service for various activities from hotel upgrades to personal shopping. You get dining privileges (easier reservations), travel packages and many more.

Yesterday, we introduced you to one type of credit card insurance. Today, let us get you oriented on a few more.

Involuntary Unemployment Credit Insurance

Designed to protect individuals who find themselves the casualty of downsizing or layoffs, an Involuntary Unemployment Credit Insurance can be very helpful to keeping your credit in good standing. Under this program, the insurance will pay your minimum amount due for a predetermined period of months, as outlined in your agreement. Like with disability, payments will only cover minimums for charges accrued before you lost your job, not purchases after it.

It’s a very useful program to be enrolled in considering how unstable many markets are today. In the case that you actually lose your job, the insurance should be able to take care of your payments for at least the amount of time it will take you to find new work. You will not be covered under its terms if your loss of job is due to retirement or resignation.

Credit Property Insurance

This insurance is designed to protect against merchandise purchases that end up damaged well beyond normal repair. The loss of the same merchandise due to theft can also be covered. Keep that in mind in case your encounter problems with your bought goods - too many people have this insurance built into their cards yet aren’t aware of its benefits. Each credit card, though, should have their own terms with regards to the extent of damage and the amount of remuneration you can get.

Credit Life Insurance

Intended to protect the family of the credit card holder in case they die, this insurance will pay off the debt in full in the event that the cardholder meets an unexpected demise. The entire balance will be wiped out, saving the family of the deceased from incurring the obligation themselves.

Credit cards offer several insurance benefits that can prove very helpful in case you run into unexpected and unfortunate financial circumstances. Granted, they are seldom used by most cardholders and, as a result, is a huge source of profit for the company.

Make sure to read your terms carefully, as they can include one or more of these insurance types. Pile on two or more of these and you can be looking at considerable fees you didn’t even know you were buying into. In some cases, credit card companies may offer some of these insurance for free as part of your card’s perks.

It will also pay to ask for what documentations need to be accomplished before getting approved for a claim so you can be ready when it happens.

Credit Disability Insurance

This insurance is designed to protect cardholders who are suddenly unable to fulfill their financial duties due to disability. If you are an illustrator, for instance, who suddenly lost your hands in an accident, the insurance company will pay the minimum balance on your card each month for purchases incurred before the disability and only for a set number of months (depending on your contract).

Terms can vary between credit card companies so there’s no hard and fast rules to expect in terms of numbers. This insurance is intended to keep you from incurring a negative credit rating which is a likely result when you’re unable to settle your monthly minimums.

Want to know more about credit card insurance options? Read about them on tomorrow’s installment…

Not sure if it’s from the credit crunch, but have you noticed miles rewards credit cards looking less and less attractive? It used to be hard enough and restrictive enough but now it’s looking to be just plain not good enough.

For instance, Delta’s frequent flier program SkyMiles recently implemented changes that, in a nutshell, make it considerably harder to redeem free flights. When you fly with them using your accumulated mileage, for instance, you can be expect to be charged an outright $25 for domestic flights and $50 international “fuel charges”, late-booking fees up to $150 for flight schedules under three weeks, another $25 for a plane transfer to another airline (regardless of reason) and a shorter expiration date for your miles rewards. Why not just tell us not to fly with you, Delta?

Citibank’s ThankYou network, in a similar vein, decided to make their travel options a pain where the sun doesn’t shine. Complicating it would be an appropriate way to put it.

For instance, they introduced a new fixed and variable flight option. The fixed type allows you to redeem for the usual miles but adds a mandatory Saturday night hotel stay together with a 14 day advance booking. The variable type removes the Saturday night hotel room and advance booking requirement but costs considerably more mileage.

It’s not just those two either. Several updates on the terms of frequent flier programs and travel benefits on various networks are making cash backs and other rewards look like a more fruitful deal.

If you have good credit history and are looking for a Discover card with cash back programs, the Discover More card may be what you’re looking for. With up to 5% rebates and double cash back options, it can prove a real value in your wallet.

Rebates

Discover offers cardholders a 5% rebate on all purchases for pre-defined categories such as home, gas, restaurants, movies and plenty of other common expenses. Chances are, majority of your regular, year-round credit card charges will qualify for the maximum rebate.

For general expenses not covered in the pre-defined categories, you can get a .25% rebate for everything bought under a $1500 spending for the year. Between that and $3000, you can get a flat .5% cash back. A full 1% is given for any other sale that goes through past $3000.

If you decide to cash in your cash back bonus in the form of rewards, you get double its value. A thousand dollars in rebates during the year, for instance, will allow you to buy $2000 worth of products from Discover Card’s partner merchants.

Fees And Charges

Discover More doesn’t charge an annual fee. Additionally, it offers 0% interest on all first-year purchases and balance transfers. APR for the second year will be computed based on the customer’s credit behavior during the first year - if you carry over balances month to month, the higher it is likely to be. If you pay balances in full, however, you can expect especially low finance charges.