A couple of days ago, we received an email from Ziv Yirmiyahu, the publisher of CreditCardClient.com, asking that we check out his site. Since the site looked interesting we wanted to comment briefly about it today.

How CreditCardClient.com works is that you enter your current amount of credit card debt, as well as some other information like your card’s interest rate and the amount you spend every month into the site. After some automated calculations, the page makes a recommendation for an additional card that you might consider transferring your balance too.

Some people, including some very good friends of the DINKS, have a good deal of credit card debt. For people who want to be smart about eliminating their cards, this site could be a useful tool.

In terms of costs and hidden fees, Ziv told us that he receives a commission if users from his site apply for additional credit card offers. So, users of the site should be aware that its purpose is to direct its users to card offers that may be cheaper for the consumer.

The good news is that when we entered our info for the one card Miel has, it showed that we couldn’t do any better since we hold no balance on the card. This is obviously the best way to use credit cards. For those of you in the boat that don’t have credit card debt, and can carefully manage use of cards, this site could also offer resources to find out the best deals to get in terms of points and such. For instance Miel uses the Chase Cash rewards card. This was selected as the best card for no interest for the first year, which allowed Miel to pay off the card in less than a year without accruing further debt from interest. Now Miel was psyched this week when she got $100 back from use of her credit card. Considering that her card is mostly used for business purposes and travel for work, this isn’t bad. Plus, she hasn’t paid a penny in interest or fees! Note that Miel is thinking of moving over to a United card, since she now has elite status because of work travel and could get even more free flights!

As a final note, other than locating more competitive offers, there are some other things one could do to manage their credit cards. For more details on this, please feel free to check out our earlier postings on credit cards and how to eliminate them.

Start out the new year right by managing your money well!

Best,

James&Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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