Apply For A Credit Card: 5 Secrets To Getting A Better Deal

Posted by administrator | 24/08/11 | Tagged Credit Card

Apply For A Credit Card: 5 Secrets To Getting A Better Deal
News from Business Insider:

Image: Andres Rueda via Flickr

So you’re on the prowl for a new credit card? OK, great! Before you apply, however, take these 5 tips into account — they are the culmination of my several years in the card business:

1. Don’t apply impulsively: Did you receive a tempting card offer in the mail that has a ‘special invite code’ and an expiration date a few weeks from now? Acting impulsively is to the bank’s advantage, not yours. You may think you’ll lose your shot at a 0% intro APR for 12 months if you don’t apply before the deadline, but slow down and consider this: there are offers out there with much longer intro APR periods.

For example,
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American Express Business Gold Rewards Card Review
News from Worth $ 175? – Daily Markets:

American Express OPEN has just announced a new Business Gold Rewards Card with a limited time offer for new sign-ups, which I am pleased to say is a better promotion than the old one. This American Express (NYSE:AXP) charge card now gives you 50,000 bonus points when you spend at least $ 10,000 in the first 5 months, plus you now get to earn double points on advertising, gas and shipping, and even more points when you use the card to buy airfare. Because of its many privileges, this Business Gold Rewards Card is targeted at business owners who have excellent credit. Is this business card for you? Does it have any drawbacks? Below I will do a detailed review of the Business Gold Rewards Card From American Express OPEN, one of the best continues on Worth $ 175? – Daily Markets
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Debit Disaster: Reasons to Steer Clear of Prepaid Debit Cards
News from Business Insider:

It’s safe to say that any card with Kim Kardashian or Twilight characters on the front would be a little difficult to take seriously. Prepaid debit card issuers have been using celebrity faces to market their misleading and expensive cards because their outrageous fees certainly aren’t doing the trick. 

Prepaid debit cards allow you to pre-load money on a card, which you can use anywhere cards are accepted. Sounds simple enough, but there’s a catch. If you’ve ever used a prepaid debit card, you know that a $ 10 purchase could set you back and extra $ 3-$ 6 in transaction fees alone. In addition to annual or monthly fees, you’ll get slapped with reloading fees, ATM fees, and even balance inquiry fees. 

If you haven’t yet succumbed to the misleading promises ma…………… continues on Business Insider
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Son sticks mom with $20000 debt

Posted by administrator | 23/08/11 | Tagged Credit Card Debt

Son sticks mom with $ 20000 debt
News from MSN Money:

Q: I am an investigator for a nonprofit organization that investigates financial crimes against the elderly. I’ve been working with a 76-year-old woman who was financially abused by her son.

Her son asked her to co-sign on two credit cards and for a Toyota truck, which she did. She believed he would honor his word and pay the bills. She had no idea he had over 130 civil actions against him in San Mateo County (Calif.) alone, his home was recently foreclosed on, and he has liens and judgments levied against him in the millions! He charged up the credit cards plus one more he opened without her knowledge, and then he declared bankruptcy, leaving her with the debts.

My client was left with a $ 15,000 debt from the two co-signed credit cards, an $ 11,000 bill from Toyota a…………… continues on MSN Money
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50 Percent Interest and Jail Time For Credit Card Debt?
News from TIME:

Despite the gains we’ve have made chipping away at our collective debt, many Americans still struggle to balance the weight of their credit card debt every month. People carrying a lot of debt have little opportunity to transfer balances to cards with lower APRs, and missed payments can tack on fees and penalty rates of around 25 or 30 percent. We just don’t know how good we have it.

As a recent article in The New York Times points out, the situation in the United Arab Emirates is far grimmer for people with a debilitating credit card debt. The industry is subject to far less regulation than it is here, and credit card issuers in recent years have aggressively targeted financially unsophisticated migrant workers that make up the vast majority of the country’s population.

(MORE:
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Credit Card & Debt Management: A Step-By-Step How-To Guide for Organizing Debt & Saving Money on Interest Payments
Which credit card is REALLY offering the best deal? How do you refinance debt using existing credit cards? Why is it sometimes b…
Credit Card Debt’s Junky Road
The Junky Road seeks to provide a comprehensive road map for the average person to use as a guide to navigate out of extreme credi…
Monopoly Electronic Banking Edition
Now players can experience the most current version of Monopoly with an electronic banking unit instead of cash. A truly fun exper…

Financial Experts Say Credit Card Use Not The Answer in Financial Hardships
News from KCRG:
CEDAR RAPIDS, Iowa — With the threat of another recession looming over the nation and consumer confidence continuing to decline, financial experts fear more people will rely on credit cards to wade through yet another economic downturn. According to credit reporting bureau Equifax, banks issued nearly 15 million new credit cards in the first five months of this year, that’s at a three-year high. Banks gave 4.4 million cards to consumers with poor credit histories, a 65% increase during that same time period of January to May.

“Bankruptcies will start rising again if a lot of consumers start using credit cards as a supplement to their regular income,” said Kathi Moss, a credit counselor with Horizons in Cedar Rapids. Moss said overspending or relying on credit cards is exactly what got Americans into trouble a few years ago. After the great “credit crunch” in 2008 and 2009, now credit card companies are lending again. That could spell trouble if you depend on credit to pay for necessi…………… continues on KCRG
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Security flaw could expose credit card data
News from msnbc.com:

If you have a credit card account with Bank of America or Chase, two of the nation’s largest banks, a major security flaw has been exposed that could make your information vulnerable to an Internet crook – or even a nosy neighbor.

Consumer advocate Edgar Dworsky of ConsumerWorld.org, who discovered the flaw, says anyone who knows your phone number and has the last four digits of your Chase or BofA credit card number might be able access your account.

    1. ConsumerMan is on Facebook

      Stay up…………… continues on msnbc.com

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Credit Card Nation the Consequences of America’s Addiction to Credit


Credit Card Nation is part history and part expose of the damaging social and political consequences of America’s increasing reliance on credit cards. Using original research and consumer interviews, Manning analyzes the growth of the credit card industry and its related businesses by looking at the story of its consumers–the people who use credit for convenience and those who rely on it for financial stability.In addition to providing a consumer history of credit card usage, Robert Manning analyzes the larger societal attitudes toward debt. The history of the credit card industry’s expansion is one of the creation of a new class of consumers who utilize credit–and its steep interest and penalty rates–for economic survival. Manning discusses the societal toll that the "credit card nation" is placing on the young, the elderly, and all those in search of the "good life" marketed by the credit card and banking industries.
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Know what you’re getting into with pre-paid debit and credit cards
News from Austin American-Statesman:

‘One hundred percent approval! No credit checks!”

And, apparently, a lot of complaints.

Prepaid debit and credit card companies located in Central, Coastal and Southwest Texas and the Permian Basin have been the subject of more than 320 complaints to the Better Business Bureau since January, says Erin Dufner, senior vice president, communications, for the Central Texas BBB. “There has definitely been an increase.” She added that besides the complaints, the bureau has gotten more than 6,000 inquiries on these companies.

Though standard debit cards draw against a bank account balance and regular credit card accounts draw against a line of credit, their prepaid counterparts draw against a limited amount of money the cardholder has previously placed on them.

There are many reasons consumers use the cards, Dufner says. They are convenient. They’re useful for sending to children in college; parents can control the amount on the card, and it can be reloaded. And…………… continues on Austin American-Statesman
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Debunking Credit Cards Myths
News from WLTX.com:

(Consumer Reports) – As you pull them out of your mailbox, credit-card offers can seem so enticing-zero percent introductory interest rates, attractive cash-back options, and no annual fees. It may seem like the ideal time to get a new credit card. But Consumer Reports says be aware that your credit score can be hurt temporarily when you apply for new cards.

Each time you apply for a card your credit score can take a hit, and you might not want to risk that if you’re applying for a mortgage or other significant loan in the near future.

But if you already have a lot of cards, don’t worry. Contrary to popular belief, having several cards may actually help your credit score if you use them wisely.

The more credit you have available, the better it is for your credit score. But you still have to keep your spending well under your card limits and keep making your payments on time.

Another common misconception is that you should hold on to your oldest credit car…………… continues on WLTX.com
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Case-Mate ID Credit Card Slim Case for iPhone 3G and 3GS (Matte Green)
Case-Mate ID Credit Card Slim Case for iPhone 3G and 3GS – Matte Green…
MW30170-BK New Cowhide Leather Slim Line Credit Card Holder Black
Like only keeping your valued credit cards with you? This is a perfect slim-line credit card holder. Easy access and excess space …

Student loans now outpace credit card obligations

Posted by administrator | 21/08/11 | Tagged Credit Card Debt

Student loans now outpace credit card obligations
News from Rochester Democrat and Chronicle:
Student loans now outpace credit card obligations | Democrat and Chronicle | democratandchronicle.com
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How to Legally Settle Your Personal Credit Card Debt for Pennies on the Dollar


How to Legally Settle Your Personal Credit Card Debt for Pennies on the Dollar
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Colleges and high schools offer some counseling for credit card using students
News from Republican & Herald:

With students falling deeper in debt, are high schools and colleges doing enough to educate undergraduates about credit card use?

A May 2011 Consumer Reports survey shows 2011 college graduates had a rate of debt that is 47 percent higher than their counterparts a decade ago and up 8 percent from 2010. The average graduate has a $ 22,900 debt.

According to a 2009 report issued by the Student Loan Marketing Corporation, Reston, Va., a company that originates, services and collects student loans – commonly called Sallie Mae – college students are also using credit cards more than ever, including charging tuition and other education-related expenses.

According to the report, researched by Sallie Mae’s sister company, Nellie Mae, and the fifth issued since 1998, 84 percent of college students had at least one credit card, up from 76 percent in 2004.

“After reading the statistics and seeing things like more people are dropping out of college because of credit c…………… continues on Republican & Herald
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Banks told of security flaw with use of caller ID

Posted by administrator | 20/08/11 | Tagged Credit Card

Banks told of security flaw with use of caller ID
News from Boston Globe:

A Boston consumer advocate warned yesterday that JPMorgan Chase & Co. and Bank of America Corp. make it too easy for data thieves to steal personal information from their credit card customers.

Former Massachusetts assistant attorney general Edgar Dworsky, who now runs the consumer education website Consumerworld.org, discovered the flaw after reading a Globe story about “caller ID spoofing’’ services – Internet sites used to trick caller ID systems into believing a call comes from a different phone number.

Identity thieves who know a customer’s ZIP code and the …………… continues on Boston Globe

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Audit faults credit card use
News from Richmond Times Dispatch:

A new audit has found that employees of the Richmond Department of Parks, Recreation and Community Facilities used city-issued credit cards to make more than $ 200,000 in purchases at Sam’s Club over four years — including more than $ 6,100 in undocumented gifts for employees and residents and
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Credit card use down among college students

Posted by administrator | 19/08/11 | Tagged Credit Card

Credit card use down among college students
News from Debtmerica Relief:

Many college students are now growing wary of taking on credit card debt and opening new lines of credit, and as a consequence are beginning to shun these accounts.

Fewer college students are now using their credit cards and carrying a debt from one month to the next, according to a report from Tampa, Florida, television station WTFS. Recent statistics from the credit monitoring firm Experian showed that credit card balances for college-aged consumers rose just 0.4 percent in 2010, down considerably from the 13.3 percent grow…………… continues on Debtmerica Relief
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Your Phone May Be Less Secure Than You Thought
News from New York Times:

For all of the palace intrigue recently about who in Rupert Murdoch’s News Corporation kingdom knew what about phone hacking when, one fundamental question about the scandal has gone mostly unanswered:

Just how vulnerable are everyday United States residents to similarly determined snoops?

The answer is, more than you might think.

AT&T, Sprint and T-Mobile do not require cellphone customers to use a password on their voice mail boxes, and plenty of people never bother …………… continues on New York Times

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Consumers Paying Bills On Time, Flirting with New Credit
News from Credit Card Guide News:

Reports out this week signaled that even though consumers are inching up on their credit card debt, they are buckling down when it comes to making payments on time.

Quarterly data released by Visa, MasterCard, Discover and American Express showed the average combined debt on all major credit cards increased to $ 4,699 per borrower, up $ 20 from the first three months of this year but still at near record-lows.

But the per-borrower figure is down more than 5 percent from the $ 4,951 average in the second quarter of 2010 and is 16 percent lower than the peak average debt of $ 5,575 in the first quarter of 2009, notes credit tracker TransUnion.

Despite the slightly higher card debt, TransUnion reported the rate of late credit card payments fell to a 17-year low in the second quarter.

The national credit card delinquency rate, which is the measure for payments at least 90 days past due, was 0.6 percent at the end of the second quarter. That’s dow…………… continues on Credit Card Guide News
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How to Negotiate a Lower Interest Rate
News from Credit Card Guide News:

Concerned about high interest charges on credit card debt? You’re not alone. With credit card interest rates at record levels, millions of Americans are paying thousands of dollars each year in interest charges.

Fortunately, if you play your cards right, it’s often possible to negotiate a lower interest rate on your credit cards. This not only saves you money on interest charges, it also gets you out of debt faster since more of the monthly payments will go toward paying down principal instead of interest charges.

Most people know that it’s possible to negotiate a lower interest rate on credit cards, but many are reluctant to try. In a recent survey from Lending Club, 93 percent of those surveyed said that they were aware that it may be possible to negotiate lower credit card interest rates. However, only 29 percent had actually called their card issuer to do so. Significantly, among the 29 percent who made the call, two-thirds were successful.

…………… continues on Credit Card Guide News
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Monopoly Electronic Banking Edition

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