Should You Use a Virtual Credit Card Number?

Posted by administrator | 30/09/11 | Tagged Credit Card

Should You Use a Virtual Credit Card Number?
News from U.S. News & World Report:

When Edgar Dworsky, a Massachusetts-based consumer advocate and founder of ConsumerWorld.org, shops through an unfamiliar website, he uses what’s known as a virtual credit card number to avoid sharing his actual credit card number.

“With so many instances of online fraud and credit card numbers being stolen or hacked, either by [the merchant] or someone who might hack into their system,” Dworsky says he doesn’t want to take any chances that could compromise his credit card. He also uses a virtual credit card to avoid automatic renewals of services he doesn’t want to continue.

[See 10 Ways to Improve Your Finances in 2011.]

To generate a 16-digit virtual credit card number, which is linked to his regular credit card, Dworsky estimates that he spends less than 60 seconds to log into his credit card account, cl…………… continues on U.S. News & World Report
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Debit card fees coming for Bank of America customers
News from Debtmerica Relief:

One of the nation’s largest credit card lenders will begin charging a monthly fee to consumers who want to use its branded debit cards, and some consumer advocates say it may be difficult to afford for those who have had trouble trying to reduce debt.

Bank of America recently annou…………… continues on Debtmerica Relief
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Bank of America joins banks charging monthly debit card fees
News from USA Today:

NEW YORK – Bank of America plans to start charging customers a $ 5 fee in any month that they use their debit card to make a purchase.

  • By Todd Plitt, USA TODAY file

    Brian Moynihan, Bank of America CEO.

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Michigan Couple Honored for Paying off $ 92000 Credit Card Debt
News from Fox Business:

The U.S. government can learn a lot about shedding debt from Jerry and Sue Bailey.

The Jackson, Mich., couple paid off $ 92,000 in credit card debt in 5-1/2 years. “I still can’t believe it when I hear the amount. I don’t wish this on anybody,” Sue Bailey says.

The couple’s massive debt reduction earned them the Clients of the Year award from the National Foundation for Credit Counseling, a nonprofit association of credit counseling agencies that help consumers manage their finances and get out of debt. The winners were announced this week at the group’s annual meeting in San Francisco.

17 credit cards
How did the Baileys end up in such a predicament? From 1992 to 2005, they ran up bills on 17 different credit cards. During that time, they paid for two weddings for their daughters (at a cost of $ 5,000 each), replaced the transmission in their car when it blew out, made numerous repairs on their home and replaced the roof when it started to l…………… continues on Fox Business
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Figuring Credit Card Promo Rates

Posted by administrator | 28/09/11 | Tagged Credit Card

Figuring Credit Card Promo Rates
News from Fox Business:

Dear Credit Card Adviser,

I will need to temporarily add a few thousand dollars to my credit card balances for repairs and staging costs to sell my condo. My card has an existing balance currently at zero percent through February 2012 and then goes to 12.99% after February 2012.

I’m considering a balance transfer to take advantage of the credit card’s offer for zero percent through January 2013, after which the annual percentage rate will jump to a higher rate in 2013. Which balance will the bank be required to apply payment to first?

In other words, if you have two different promo balances on the same card, with both at zero percent currently, is the bank required to apply the payment to the balance that has the promo ending first?

— Dorothy

Dear Dorothy,

The scenario you’re describing involves a key provision of the Credit Card Accountability, Responsibil…………… continues on Fox Business
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Can you build credit by paying off card after every use? By Erica Sandberg
News from CreditCards.com:

By Erica Sandberg

Dear Opening Credits,
If I buy whatever I want on a credit card then pay it off the next day, is that a way to build my credit up? — Christopher 

Dear Christopher,
Boy, I admire a credit strategist! Someone who looks at the world of borrowing and banking and wonders, “Hmmm, how can I make this system best work for me?”

And the answer is yes. You can make as many purchases on your credit card as you would like to (up to the account’s set credit limit, of course), and pay off the balance at any time you wish. Why wait for a statement to arrive in the mail once a month? You certainly don’t need to.

The benefits of prepaying are multifold. Send in the cash before it’s due and you’ll never be assessed a penny in interest. After all, the credit card company will only apply finance fees to what you spend after the gr…………… continues on CreditCards.com
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Tommy Hilfiger Men’s Polished Lamb Credit Card Organizer,Black,One Size

  • 100% Sheep Leather
  • Bill compartment, 11 credit card pockets
  • Leather framed id window, extra storage compartments
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Tommy Hilfiger Stockton Black Lambskin Credit Card Organizer Wallet. This card organizer wallet measures at approximately 3.3″ x 4.7″. Features : The organizer/billfold design provides a lengthwise pouch for bills, five credit card slots on the inside right and left side, an ID flap in the center and hidden slots on the left and right sides. Each wallet comes in a Tommy Hilfiger Valet Gift Box.

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The 7 Commandments of Credit Card Interest

Posted by administrator | 28/09/11 | Tagged Credit Card

The 7 Commandments of Credit Card Interest
News from Credit Card Guide News:

High credit card interest charges can take a significant bite out of your hard-earned money. To protect yourself, follow these seven commandments of credit card interest:

1. Know your APRs.
Most people are familiar with a credit card’s purchase APR, which is the interest that accrues on purchases charged to the card. Most have also heard of promotional APRs, such as 0 APR offers on balance transfers or purchases.

However, there are several other members of the APR family, which you ignore at your own risk. These include:

Cash Advance APRs. A cash advance APR is the interest you pay on cash taken out at ATMs or banks using your credit card.
Overdraft Advance APRs. Overdraft advance APRs are charged by some card issuers on balances resulting from over-the-limit charges.
Penalty APRs. continues on Credit Card Guide News
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Cigarettes, videogame among credit card charges after Red Bank slaying
News from Chattanooga Times Free Press:

  • Three teenagers and one 27-year-old man have been charged in connection with the fatal beating of 27-year-old Jordan Collins over the weekend.

The life of a 27-year-old Red Bank man was taken for less than $ 1,000 spent on cigarettes, clothing and an Xbox game, according to police reports.

Jordan Collins was discovered inside his home Saturday morning, lying in a pool of blood after he was beat-en four to five times on the head and face area with a crowbar. Authorities have charged his former roommate, 19-year-old Zachary Hughes, with criminal homicide in connection with his death.

Two others — Markel Mitchell, 16, and Jeremy Sean Reinig, 27 — also are charged with criminal homicide. All three and another man, 19-year-old Lorenzo Bell, have been charge…………… continues on Chattanooga Times Free Press
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Credit card ‘convenience fee’ law has a big, fat loophole
News from Los Angeles Times:
UCLA can do it. But Anthem Blue Cross can’t.

Hit you with a fee for using a credit card, that is.

Every time I write about Anthem’s proposed $ 15 “convenience fee” for people to pay their premiums with plastic, and how this would violate state law, I get bombarded with calls and emails from readers asking why some places get away with the practice.

If such surcharges are illegal, they wonder, why is it that UCLA charges a 2.75% fee for students and parents to pay for tuition and other costs with credit cards?

Similarly, why can Orange County charge a 2.5% fee for homeowners to pay their property taxes online with plastic?

The answer, simply put, is that a b…………… continues on Los Angeles Times
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Pay off $30K in Credit Card Debt Fast

Posted by administrator | 26/09/11 | Tagged Credit Card Debt

Pay off $ 30K in Credit Card Debt Fast
News from Fox Business:

Dear Debt Adviser,
What is the best way to get rid of credit card debt? Due to a job income decrease, I have added to my credit card debt over the last two years. I rarely use the cards anymore. I pay the recommended amount to pay off in X amount of years. So I am paying extra, but it seems like it is taking forever, and I just want to pay them off the quickest way. I have six cards with interest rates of zero percent to 19%, and the total balances combined are close to $ 30,000. I have never had this much debt on credit cards, and it is stressing me out. Please offer some advice.

Another concern I have is when I started to use the cards, my credit limits had been decreased. How does that affect your score compared to getting a personal loan? My credit score is still good to excellent. I do not want to move balances around and pay the transfer fees, as that hasn’t seemed to work for me in the past. Also, a home equity loan is not an option due to…………… continues on Fox Business
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Will consumers be hit with higher prices for credit card purchases?
News from Debtmerica Relief:

The Durbin Amendment to the Dodd-Frank Act was designed to help protect consumers, but may end up resulting in higher costs for making credit card purchases.

The Federal Reserve Board recently capped the amount payment processing networks could charge businesses for accepting debit transactions, but now these networks are likely to boost the…………… continues on Debtmerica Relief
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Creditcard.net Sells for USD $138000

Posted by administrator | 26/09/11 | Tagged Credit Card

Creditcard.net Sells for USD $ 138000
News from Sacramento Bee:

/PRNewswire/ — On September 22, 2011 the domain www.creditcard.net sold for USD $ 138,000 to Australian company Pixel Capital Pty Ltd, owner of a financial comparison site network that includes www.creditcard.com.au and www.creditworld.com.au. With this purchase, Pixel Capital is broadening its portfolio and entering the US financial information web site market.

Based on data from industry news portal DN Journal, Pixel Capital believes the sale of Creditcard.net to be the highest global domain sale for September 2011, the second highest .net sale year to date (behind Cars.net which sold for USD $ 170,000 in June 2011), and the 27th most valuable global domain sale for 2011.

The Australian company’s flagship brand Creditworld.com.au started as one of the first financial comparison website…………… continues on Sacramento Bee
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In pictures: Credit card sculptures
News from BBC News:
BBC News – In pictures: Cain Motter’s credit card sculptures
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Leopard Credit Card/ID Holder


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Credit card debt on the rise, again

Posted by administrator | 24/09/11 | Tagged Credit Card Debt

Credit card debt on the rise, again
News from CNNMoney:

NEW YORK (CNNMoney) — Consumers are racking up credit card debt like it’s 2008.

Americans added $ 18.4 billion to their debt load in the second quarter, a 66% increase from the debt they accumulated in the same quarter last year and 368% more than they tacked on in 2009, according to credit card research firm CardHub.com.

In fact, the last time consumers charged up this much debt during this time period was in 2008 — several months after the recession officially began and when credit card balances climbed by $ 25.2 billion.

Despite the recent spending spree, the total amount of credit card debt consumers have accumulated is still significantly lower than in previous years. Total outstanding credit card debt as of July was $ 792 billion, down 18% from the September 2008 peak of $ 972 billion, according to data from the Federal Reserve.

If current trends continue, however, consumers could find themselves even deeper in the hole. CardHub, which analyzed the c…………… continues on CNNMoney
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Five tips on paying down multiple debts
News from OregonLive.com:

Consolidate. Specifically, transfer your smallest debts into one low-interest loan or credit card. That way, you’ll be more likely to focus on paying off the loan with the highest interest rate first, saving you money over time, says Scott Rick, assistant marketing professor at the University of Michigan and co-author of the 2011 study “Winning the Battle but Losing the War: The Psychology of Debt Management.” 
Tally the interest you’re paying. Studies show our minds have trouble understanding how interest compounds over time. By focusing on the interest you’re racking up, researchers found, you’re more likely to pay the costlier card off quicker. 
Credit card statements don’t report accumulated interest. But money-management software can help. Users of Mint.com, free online personal finance software, can create a…………… continues on OregonLive.com

… Read the full article


Credit card spending slows

Posted by administrator | 24/09/11 | Tagged Credit Card

Credit card spending slows
News from Financial Times:

Credit cards have fallen out of favour with British shoppers, as consumers eschew high interest rates in favour of sensible spending and turn to debit cards.

Some 40 years after they were introduced, credit cards have suffered a reversal in popularity after years of growth.

Figures from the UK Cards Association, passed to the Financial Times, reveal that debit cards outnumber credit cards, indicating a big change in consumer attitudes to spending and borrowing during the past decade.

Between 2000 and 2005 credit card use in the UK accelerated, as high consumer appetite for borrowing and fierce competition from providers drove up demand. The number of cards in this period rose from 47m to 70m.

But in the middle of the decade borrowers re-thought their spending habits, and reduced their credit card use years before the credit crisis came along.

Paul Rodford, head of card payments at the UK Card A…………… continues on Financial Times

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Glendale police arrest credit card worker in identity theft
News from AZ Central.com:

by Morgan Tanabe – Sept. 23, 2011 05:40 PM
The Arizona Republic-12 News Breaking News Team

Glendale police arrested a credit card company worker and her boyfriend suspected of identity theft and the use of a stolen credit card, according to a court document.

Las Vegas resident Amanda Shepherd, who works as a customer service representative at Citi Cards, was arrested Tuesday. George Nelson was arrested on Sept. 2.

The court filing said Nelson used a stolen credit card to purchase $ 14,725 in merchandise from multiple stores in Glendale and around the Valley over a two-day period in August and September. Some of the items included an Apple iPad 2 from a Walmart and a $ 6,820 diamond ring from Zales at Paradise Valley Mall, the filing said.

…………… continues on AZ Central.com

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