Web Site Terms and Conditions of Use
By accessing this web site, you are agreeing to be bound by these web site Terms and Conditions of Use, all applicable laws and regulations, and agree that you are responsible for compliance with any applicable local laws. If you do not agree with any of these terms, you are prohibited from using or accessing this site. The materials contained in this web site are protected by applicable copyright and trade mark law.
2. Use License
Permission is granted to temporarily download one copy of the materials (information or software) on SlingShot's web site for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license you may not:modify or copy the materials;use the materials for any commercial purpose, or for any public display (commercial or non-commercial);attempt to decompile or reverse engineer any software contained on SlingShot's web site;remove any copyright or other proprietary notations from the materials; ortransfer the materials to another person or "mirror" the materials on any other server.This license shall automatically terminate if you violate any of these restrictions and may be terminated by SlingShot at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format.3. Disclaimer
The materials on SlingShot's web site are provided "as is". SlingShot makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties, including without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, SlingShot does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its Internet web site or otherwise relating to such materials or on any sites linked to this site.4. Limitations
In no event shall SlingShot or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption,) arising out of the use or inability to use the materials on SlingShot's Internet site, even if SlingShot or a SlingShot authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you.
5. Revisions and Errata
The materials appearing on SlingShot's web site could include technical, typographical, or photographic errors. SlingShot does not warrant that any of the materials on its web site are accurate, complete, or current. SlingShot may make changes to the materials contained on its web site at any time without notice. SlingShot does not, however, make any commitment to update the materials.
SlingShot has not reviewed all of the sites linked to its Internet web site and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by SlingShot of the site. Use of any such linked web site is at the user's own risk.
8. Governing Law
Any claim relating to SlingShot's web site shall be governed by the laws of the State of Delaware without regard to its conflict of law provisions.
General Terms and Conditions applicable to Use of a Web Site.
Before or at the time of collecting personal information, we will identify the purposes for which information is being collected.We will collect and use of personal information solely with the objective of fulfilling those purposes specified by us and for other compatible purposes, unless we obtain the consent of the individual concerned or as required by law.We will only retain personal information as long as necessary for the fulfillment of those purposes.We will collect personal information by lawful and fair means and, where appropriate, with the knowledge or consent of the individual concerned.Personal data should be relevant to the purposes for which it is to be used, and, to the extent necessary for those purposes, should be accurate, complete, and up-to-date.We will protect personal information by reasonable security safeguards against loss or theft, as well as unauthorized access, disclosure, copying, use or modification.We will make readily available to customers information about our policies and practices relating to the management of personal information.We are committed to conducting our business in accordance with these principles in order to ensure that the confidentiality of personal information is protected and maintained.
SlingShot and Responsible Credit
Important notes on how applying for cards can affect your credit score.
At SlingShot, we're passionate about educating our users on credit. Many of the plans we serve our customers include a recommendation to apply for a credit card and earn a sign-up bonus. Before you submit an application, it's important for you to understand how the system works --- and if it's right for you.
How does credit work?
A solid understanding of the way credit works is essential to developing healthy personal finance habits. When used correctly, credit is a powerful tool to help you realize your goals. In fact, credit is a key pillar of the U.S. economy. It's an important part of how we make purchases, from using a credit card to buy a pack of gum at the corner store to taking out a mortgage on a family home.
If you’ve ever had a credit card, a student loan, or other credit type, you also have a credit score. In fact, you have several scores, but the most widely used is the generic FICO Score, which ranges from 300 to 850. Information from the three credit bureaus -- Equifax, Experian and TransUnion -- is used to determine your score, which will vary slightly among the bureaus.
Your FICO Score looks at your past track record of using credit to estimate how likely you are to be a responsible user of credit in the future. Lenders like credit card companies use it to determine whether to approve your application for new credit.
How is my FICO Score calculated?
Your score is calculated based on 5 factors, listed in order of importance:
Payment History - Do you pay your bills on time and how much do you pay?
Amounts Owed - How much debt do you have and what percentage of your available credit do you use? Are your credit cards maxed out?
Length of Credit History - How long have your accounts been open? In general, the longer your history, the better your score.
Types of Credit - Do you have experience using different types of credit responsibly, like credit cards, a mortgage or a car loan? How many credit accounts do you have?
Why do credit cards offer free points for opening an account, and what's the catch?
Pure and simple: credit card companies want your business. In fact, they spend a lot of resources to earn the opportunity. When it comes to travel reward cards, they try to bring you in the front door by partnering with airlines and hotels to offer valuable bonuses for new customers. After you join, they want to build a long-lasting customer relationship with you by continuing to issue points for every dollar you spend and offering other useful benefits.
These "prime" cards are designed for the top tier of applicants: folks with higher credit scores who have demonstrated they are responsible users of credit. For most offers, you'll need a score of 700 to successfully apply.
There’s no catch - credit card offers are real and valuable. If you apply for a card and get approved, then you follow the offer terms to get the sign-up bonus points. The most common terms require you to spend a minimum amount on the card within a certain time frame (for example, $3,000 in 3 months). After you reach the spend minimum, the bonus points are deposited into your card account or frequent traveler program. Additionally, you'll get points for every dollar you spend on the card from the moment you start using it -- how much you get depends on the card.
Does applying for credit cards affect my credit score?
FICO's site states, "If your FICO Scores change, they probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores."
For more details, click here.
Where can I get in trouble with credit cards?
We've talked a lot about why credit cards are great -- but of course, they have their potential pitfalls as well.
On rewards cards in particular, interest rates are very high. If you pay off your bill in full each month, you never have to pay extra money for interest. But if you spend beyond your means and find yourself without enough money to pay your full balance at the end of the month, you'll quickly see large chunks of your hard-earned money go to paying interest. Paying late is another hazard; late fees can be as high as $50, depending on your card.
If you can't commit to paying on time and paying in full, we advise against opening a new line of credit.
How many cards is too many cards?
The short answer: it's different for everyone.
The long answer: there are people with dozens of credit cards bulging out of their wallets. At SlingShot HQ, our team members have an average of 5 card accounts open, and apply for a new card once every 8 months.
By better educating yourself on how credit works, you can determine how many cards you feel comfortable carrying.
When deciding whether to apply for another card, take into account the following: