Bensman Risk Management, Inc.

Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

Insurable Interests was created by The Bensman Group and Osmosis Digital Marketing. Neither The Bensman Group nor Kestra IS nor Kestra AS are affiliated with Osmosis Digital Marketing.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 13, Issue 1September 2017


Finding the Credit Card for You

Your mailbox is probably filled with credit card offers. But how do you decide which offer is best for your particular situation? The website suggests nine questions you should ask before you sign up. To get many of these answers, you probably will have to talk to a customer service person.

Why am I applying? How will you use the card? If you pay off your balance every month, you probably don’t really care about the interest rate on unpaid balances. On the other hand, if you carry a balance or plan to use the card for a major purchase, you want the lowest possible interest rate. Also, do you want to accrue rewards points, such as airline miles or rewards from a particular store?

How does this card compare? Compare cards online by searching for “complaints,” for example. There also are websites that allow you to make a side-by-side comparison of cards.

What rate and credit line will I get? You can open the account to find out, but then you have already committed. You also can apply over the phone and push to find out what your rate and credit line will be before the account is opened. Then, if it is not what you want, don’t open the account.

What is the normal APR? If a card offers a low introductory interest rate, find out how long that rate lasts and what the rate is when it expires.

When do you reduce or revoke rewards? Some cards that offer rewards reduce or revoke them if you are late with your payment by even a day. Ask the customer service representative what the common practice is.

Can your purchases affect your credit? Some credit card companies track your purchases to make sure you remain credit-worthy. If, for example, they see a charge for a couples therapist or consistent charges from stores in a less-desirable neighborhood, they might reduce your limit or raise your APR. You need to know this before you get the card.

What if I am a co-signer? If you are a co-signer on someone else’s card – such as your college student -- you are responsible for those bills. Ask what you have to do to remove yourself as a co-signer when the time comes.

How do you prevent credit card fraud? While you are only legally liable for $50 of charges you did not make, many card companies don’t charge you anything. Also, ask if the company immediately shuts down a card if it sees a lot of large charges or charges from unfamiliar locations. Most cards will contact you before taking such action, but it is a good thing to know, especially if you travel extensively.

What if you have financial trouble? You don’t expect to have problems paying your bills, but things can happen. Make sure you understand the consequences if you fall behind on your payments.

This article was created by Osmosis Digital Marketing for use with permission by The Bensman Group.

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