brass Blog

Do you get as many credit card applications in the mail as I do? Ranging from “pre-approved” platinum cards to gasoline discount cards, these flashy offers are often difficult to understand. While there are benefits to using credit cards, like building credit, there are a lot of things you should know about before jumping on just any old application. I’ll explain just a few below. Knowing about these terms (and the money that goes along with them) could save you a bundle down the road.

• Variable vs. Fixed APR: An Annual Percentage Rate (APR) is the interest rate charged on your card’s balance each billing cycle. Often there will be different APRs for the different functions of the card, such as cash advances, balance transfers, or purchases. A “variable rate” means that the APR isn’t constant due to outside determining factors, and can change without notice. Really great sounding deals (like zero percent APR) are often just “teaser rates” that turn into variable rates after a certain time period. These teaser rates often jump from very low to very high, so make sure to read the fine print on deals that sound too good to be true. Consider cards with a “fixed” APR. This means that the rate can still change, but the card issuer must notify you before that happens.

• Tiered APR: The term “tiered APR” means that there are different interest rates for different account balances on your card; for example, 8.99 percent on balances up to $350 and 19.99 percent on balances above $350. As well as being confusing, this could get you into trouble if you don’t keep track of your balance and its corresponding APR.

• Annual Fee: This is a fee which you can be charged simply for having the credit card. Annual fees can range from $25 to over $100. Basically, you are charged a fee just for carrying the card around in your wallet or purse–even if you don’t use it! Some cards with annual fees provide benefits or bonuses for using the card (like airline miles), which could make the annual fee worth it. But if your card has a high APR and no benefits, or if you don’t spend enough to earn the rewards, you could end up paying more than necessary. I’ve found a few great cards with no annual fees that are helping me build my credit, so keep your eyes open.

This is by no means an all-inclusive list of the ins-and-outs of credit cards, so for more information check out Extra Credit: Your Guide to Understanding Credit. Consider talking to a financial professional who can help you understand more about how credit cards work. Always read and understand the fine print before selecting a card.

Speaking of selection, you should be able to start picking through and throwing out some of those applications now…

I find myself asking the same question around this time every year: Who should do my taxes? This is usually followed by the slightly modified version: Should I even file my taxes?

I normally answer “yes” to the latter question based on my income level and “not me” to the former. Reason? I am too busy being a student, an intern, and working my part-time job to figure out this federally-mandated, mini-math class all on my own. That, and it’s somewhat confusing. Dependent? Itemizations? Married filing jointly? While I know what these terms mean in context, I am not confident in my own abilities (yet) to do the entire return myself. Mom and dad are there to help sometimes. There’s always the local tax preparers like Jackson Hewitt or H & R Block, or one of the e-filing programs, such as Turbo Tax. All of these provide an exciting alternative to tackling this annual event alone (watch out for fees though).

I have learned that there are two ways to dramatically decrease the time it takes for you to get your return (if you are getting money back, that is). And when you are a poor college student, every little bit helps:

• File online and get comfortable in cyberspace. Just like with email and snail mail, electronically submitted forms move quicker than the postal service.
• Consider getting direct deposit set up for your return. That way, as soon as they (the IRS) get done reviewing your info, your refund can be electronically deposited right into your account.

Moral? By taking advantage of modern technology you already use, you can get your refund sooner. You won’t have to wait for regular mail to deliver your forms to the IRS or wait on your check in the mail. You can save upwards of two weeks, depending on your situation. Here are seven more tips to help ease tax stress (note that this article is from two years ago, and the income cut-off for determining filing eligibility has changed). Also, keep in mind that this year’s due date is actually April 17th instead of the normal 15th.

Now I’ve just got to remember where I put my W2, because the sooner I file, the sooner I can get my refund.

I’m one of the new Editorial Interns here at brass and lately I’ve been pretty busy with work and school. While I didn’t get a chance to watch the Oscars this year, I knew I could find it all online. The Internet Movie Database and the Oscars homepage proved awesome resources for reading up on the movies that I hadn’t seen. They also had plenty of photos from the movies and the ceremony so I could check out my favorite famous faces.

I wasn’t too surprised to hear that Martin Scorsese’s The Departed managed to rack up four Oscars (including “Best Picture”), but there was one incredible thing this year that caught my attention: Jennifer Hudson’s Oscar for “Best Actress in a Supporting Role” for her work in Dreamgirls. It’s not that I question her skill or voice (I haven’t yet seen the movie, but I do know her voice is amazing). It’s just mind boggling that she was voted off American Idol, then went on to win one of the most prestigious acting awards in the industry. Don’t get it yet? Let me break it down for you:

2004 Jennifer Hudson auditions for Fox’s American Idol, and comes in at sixth place overall out of 12 competitors. First place went to another powerful singer, Fantasia Barrino.

2006 Hudson auditions for the role of Effie Melody White in Dreamgirls.

2006 Hudson bested 782 other actresses auditioning for the role of Effie White. Among those she beat out: the 2004 American Idol winner, Fantasia Barrino.

2007 At 25-years-old, Hudson receives an Oscar for her work as Effie White in Dreamgirls.

2007 Hudson featured in brass|MAGAZINE…just kidding…but seriously, anyone got a connection?

You catch that? 25-years-old and she’s been on American Idol (and lost), in a film grossing more than $100,000,000 in eleven weeks at the box office, and she’s won an Oscar.

If that isn’t brass, I don’t want to know what is.