American Express announced a new service allowing holders of American Express credit cards the ability to review credit card balances on their mobile phones by sending a text message to “MYAMEX”.

Consumers with Chase credit cards already enjoy a similar feature that provides credit card balance information by text message.

Existing AMEX cardmembers can enroll for the text service at www.americanexpress.com/text.

What do you think—is this something you would use?

Mortgage crises or not, it’s still a great time to buy your first home. Be smart, however, and have a pre-approved mortgage in hand before going house hunting. Applying for (and getting approved for) a mortgage before you shop could save you time, money, and heartbreak. Here’s how. [...]

Want to know how your credit score stacks up? Check out Credit Karma, a new site that lets you check and track your credit score without subscribing to anything. [...]

If you had to tap unsecured credit to meet an unexpected expense, you would probably turn to your credit cards without much thought. There is, however, another option. Personal loans – also called signature loans – may or may not be a better option than credit cards to finance your expenses. [...]

Struggling with credit card debt? Low-rate balance transfers can save you wasted cash. But before you transfer a balance, double check to be sure moving your balance won’t do more harm than good. [...]

Most people know that paying your credit cards late can wreck havoc on your credit score, but there are many other less-known ways to harm (and help) your credit. Here are five things that can damage your credit, and five things that can raise your score. [...]

Last Tuesday my weekly credit post compared credit cards rewards: cash back vs. air miles. As promised, this week’s article looks in depth at what I feel are the best three no fee air travel rewards credit cards. It’s an airline rewards credit card smackdown! [...]

Upon becoming a business traveler, I got a no-annual fee airline miles rewards card, but I sometimes wonder if cash rewards are the better way to go. Here’s a quick and dirty face-off between cash back credit cards and no-annual fee miles cards. [...]

Jeff writes: I’m about $5500 in credit card debt that I want to get out of before I go back to school in August. I’m thinking of taking up these offers for low interest rates on balance transfers I get in the mail from new cards. Is it worth the hassle? Will it adversely affect my credit rating? Can I know my credit limit before I apply so that I can see whether or not I can transfer a substantial amount?

Hi Jeff,

Thanks for reading, and thanks for your question. Congrats on deciding to get out of that debt so soon…I wish you all the best in getting it done.

I don’t know the interest rates you’re currently paying, but I’m going to guess the average is around 14.9% — maybe more. Since you have 6 months before school, that means it will take six monthly payments of $958. That’s a big chunk of cash each month, but if you can do it, getting debt-free is the best way you can possibly use that money. Now onto your question: Will a 0% balance transfer offer or two help? [...]

With the economy faltering, more Americans are paring down their spending. At the least, Americans are starting to buy only what they can afford. Could the next few years become the age of Americans saying good bye to credit cards and living within our means? And if so, is life without consumer credit a fiscal utopia?

Consumer credit is like a passionate romance that sizzles, and then fizzles. Consumers are lured to the relationship with large credit lines and promises of being able to “afford” life’s luxuries, today. For a while, life is grand. Borrowers have no need for a budget, as minimum payments are low and credit lines are always available for unexpected expenses or if ends don’t meet, as they inevitably won’t. Consumers are enamored with their credit, and creditors love their consumers, unwittingly racking up balances that will make creditors a fortune.

Sooner or later, the honeymoon ends. Borrowers max out their credit lines and minimum payments are not so minimal anymore. Life gets tough, and consumers begin to resent the credit they so recently embraced. [...]