More consumer credit card use expected during holiday season
News from Debtmerica Relief:

Most consumers tend to spend more when the holidays roll around, and now a greater number will take on credit card debt when shopping online, instead of using their debit cards.

Consumers who are generally feeling better about their finances in the wake of the recession are more likely to use their credit cards than they have been in the past few years, and online purchasing ahead of the holidays will likely see an even greater shift toward that payment method, according to the latest Online Retail Payments Forecast from Javelin Stra…………… continues on Debtmerica Relief

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Credit card complaints show widespread confusion
News from Boston.com:

NEW YORK—Interest rates and billing disputes are among the most common complaints about credit card services.

That’s according to the first public report on credit card complaints issued by the Consumer Financial Protection Bureau, which said it fielded more than 5,000 complaints and questions in the three months after it opened for business this summer.

The agency, which was created by the financial overhaul known as the Dodd-Frank Act last year, is mandated with issuing public reports on the complaints it receives.

Although the agency plans to eventually field complaints about a full range of financial products, it decided to start by focusing on credit cards when it officially got up and running in late July.

The report issued Wednes…………… continues on Boston.com

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Sedgwick County commissioners consider passing fees on to people who use …
News from Kansas.com:

— Sedgwick County could use the money it spends on credit card transaction fees to repair bridges, provide mental health care and bolster public safety, Commissioner Jim Skelton told his colleagues Tuesday.

Skelton wants the county to begin charging a fee to people who use a credit card to pay their taxes to the county.

He emphasized that Sedgwick County is the only county in the state that doesn’t do so.

County Manager William Buchanan went over a list of pros and cons with commissioners, who still are weighing whether it’s in the county’s best interest to pass on fees charged by Visa, MasterCard and other companies that process credit card transactions.

Residents who use plastic to pay taxes cost the county about $ 1.2 million in fees last year. The average transaction was $ 484; the average transaction fee charged to the county by credit card companies was $ 8.

Those fees came out of the county’s general…………… continues on Kansas.com

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Victims of credit card fraud take caution after breach at Metrolux theater in …
News from The Coloradoan:

Hackers surfing the web for credit-card data were the farthest thing from Barry Wilson’s mind when his family went to see “Dolphin Tale” at a Loveland cinema last month.

He’s more careful now.

After his credit card was swiped at Loveland Metrolux 14, unauthorized charges were made using a cloned card at a Dunkin’ Donuts and a bookstore in New York.

Chase Bank promptly canceled the credit card and sent him a new one.

“It was inconvenient,” said Wilson of Larimer County. “It was good that they caught it.”

As one of an estimated 1,200 related credit and debit card fraud reports in Northern Colorado, Wilson said he is more likely to carry cash and only use his credit card at major businesses.

Fort Collins Police Sgt. Don Whitson said the fraud scheme resulted in unauthorized charges in 15 countries and across the United States. It’s one of the biggest such cases ever to hit the region, and finding the perpetrat…………… continues on The Coloradoan

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Retailers ramp up layaway programs to help customers avoid credit card debt
News from The Saginaw News – MLive.com:

Walmart brought layaway back this season. Layaway is making a comeback as people are trying to veer away from credit cards while still making the purchases they want.

BANGOR TWP. — Towers of Xbox games, rows of shiny new bicycles and stacks of flat-screen televisions fill a back room at the Walmart store in this Bay County township.

But the items aren’t destined for store shelves. They are set aside for customers taking advantage of an old-fashioned concept that’s making a big comeback: layaway.

After discontinuing its layaway program five years ago, Walmart brought it back this year after high customer demand. Layaway allows shoppers to make partial pay…………… continues on The Saginaw News – MLive.com

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Debt Adviser: Consolidate $ 30K credit card debt?
News from The Republic:

Dear Steve: I have $ 30,000 in credit card debt that I want to pay off. I have had trouble juggling what is paid when, so I missed some payments. This has affected my credit score. I can make the payments, but the interest rates are high. I want to consolidate into one payment, so I know when it is due and can put more down each time. I don’t want to use a mortgage or home equity line; I just want the cheapest rate. Do you have any suggestions?

Dear Reader: I’ll bet you feel as if you are juggling porcupines, not bills. Every time you mishandle one, it sticks you. But don’t worry, we’ll corral those spiky critters.

You’re on the right track, but to be successful you’ll need to change your spending plan and avoid buying on credit. You incur interest charges from the minute you slide your credit card at checkout. More expensive charges make it harder to catch up, so I want you to make a commitment not to use your cards for new purchases until…………… continues on The Republic

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Wells Fargo Says Credit Card President Left Two Months Ago

Posted by administrator | 29/11/11 | Tagged Credit Card

Wells Fargo Says Credit Card President Left Two Months Ago
News from BusinessWeek:

November 28, 2011, 10:07 PM EST

  • Jefferies Said to Lure UBS Bankers in Asia After Hiring Wang
  • Corzine Asked to Testify Before Senate on MF Global Collapse
  • Jefferies Stock Rout Lops $ 249 Million From Handler’s Stake
  • Citigroup, BofA May Pare Dividend Ambitions on Stress Tests

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Man Gets 18 Months For Using Company Credit Card For Personal Expenses
News from News Channel 7:

A man from Pauline will spend the next 18 months in prison after he used a company credit card for personal expenses.

United States Attorney Bill Nettles announced that U.S. District Judge Henry Herlong sentenced 49-year old Ray N. Sims to 18 months in prison and ordered him to pay $ 280,000 in restitution after he pled guilty to wire fraud.

According to Nettles, Sims worked for employee leasing company Turtle & Hughes and was placed at the Honeywell Plant in Duncan, where he served as the site manager. As part of his job, Nettles said that Turtle & Hughes provided Sims with a company credit card that was to be used for legitimate expenses. However, in June 2010, Turtle & Hughes noticed some irregularities with Sims’ use of the credit card and an audit showed that there were many items that were purchased for his personal use.

The Federal Bureau of Investigation opened an investigation and int…………… continues on News Channel 7

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The big business of credit cards on campus

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

The big business of credit cards on campus
News from Fox Business:

If you’re the parent of a student in college, you probably aren’t worrying too much about getting your son or daughter a new credit card. You have plenty of other things to worry about. Those pictures your son posts on Facebook, in which you hope, but rather doubt, that it’s grape soda in that wine glass. Wondering if your financial aid officer will consider bartering a semester of college for the Beanie Babies collection you invested in back in the 1990s.

Didn’t the CARD Act stop credit cards on campus?

Besides, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 means that anyone under the age of 21 can’t get their hands on a credit card unless they either have a co-signer (you), or prove that they have income. And universities aren’t allowed to market…………… continues on Fox Business

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Season credit card offers all about the bottom line
News from Sydney Morning Herald:

If the plan is to do a transfer of your credit card balance after Christmas, then make sure you choose a balance transfer offer that reverts to the purchase rate, not the cash advance rate. Photo: Ian Waldie

FINANCIAL institutions have emerged for this Christmas with some of the most aggressive credit card offers seen.

The standout offers include the Virgin Flyer credit card, which is offering zero per cent for six months on cash advances, balance transfers and purchases, says the personal-finance editor of comparison site creditcardfinder.com.au, Jeremy Cabral.

The BankWest Breeze MasterCard has a low interest rate of 10.99 per cent a year and 10 per cent cashback on your festive spending at department and grocery stores and on eating out for three months.

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Susan Tompor: Debt collectors may be willing to negotiate
News from Detroit Free Press:

What’s a sure-fire reason to pay off an overdue $ 500 credit card bill — or a $ 3,000 medical debt?

James Angelo chuckles a bit at the question.

“What we don’t ever know is what it’s going to take to get someone to pay their bills,” says Angelo, who joined his brothers in their debt-collection business in 1986 and now is president of J.J. Marshall & Associates, a collection agency in Shelby Township.

Angelo recalled one case in which all it took was one letter from his agency to convince a man to send a $ 10,000 cashier’s check to cover a debt. But at the other extreme was one consumer who had to be taken to small-claims court over a $ 400 dentist bill.

Many of us know one side of debt collection — people harassed by calls, or debtors illegally threatened by rogue collection agencies.

But Angelo pulled out his mini-recorder and played for me bits of the nasty calls he’s gotten — including profane tirades from people who say, basically, no,…………… continues on Detroit Free Press

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Layaway returns as consumers cut debt
News from Rapid City Journal:

Layaway is back. The old-fashioned way to pay for things ahead of time, in installments, has regained favor and is now available at several big retailers in Rapid City, including Sears, Toys R Us, Walmart and Kmart.

In recent decades when credit was cheap and easy to get, and people felt flush with the promise of future earnings, the concept of paying for something BEFORE you bought it fell out of favor. Shoppers could just charge it and pay for their toys, clothes and electronics after the holidays, with interest.

But now, with spending sobriety setting in, “People are cutting back on their credit card use,” said Terry Mills, education and community outreach manager for the Consumer Credit Counseling Service of the Black Hills. “People are more in tune with trying to cut their credit card debt.”

National retailers are responding, and are revamping or starting layaway programs.

The trend started in 2008 when Kmart started to hea…………… continues on Rapid City Journal

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Leumi Card predicts lower profits in 2012

Posted by administrator | 27/11/11 | Tagged Credit Card

Leumi Card predicts lower profits in 2012
News from Globes:

Credit card company Leumi Card Ltd. posted a higher net profit for the third quarter of 2011, but predicts lower profits in 2012.

Net profit rose to NIS 47 million for the third quarter, from NIS 46 million for the corresponding quarter, reflecting a return on equity of 19%. Thanks to good results for the first half of the year, the company posted a net profit of NIS 134 million in January-September, 13.6% more than for the corresponding period of last year, and expects to report record full-year profits.

Credit card use rose 8.1% to NIS 38.2 billion in January-September, including NIS 9.9 billion by non-bank credit cards, up 17%. Credit card use in the third quarter rose by 6.6%.

Leumi Card CEO Tamar Yassur said, “Since August, and throughout the third quarter, the growth in credit card use has slowed, and we expect this to continue. The slowdown in consumption will continue into 2012, a…………… continues on Globes

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Sweet rewards for those with good credit
News from The Seattle Times:

Originally published November 26, 2011 at 10:01 PM | Page modified November 26, 2011 at 11:15 PM

Don’t automatically shred those credit-card offers arriving in your mailbox. They just might contain an attractive rewards program.

Card issuers grew stingy with rewards during the credit crunch and while they waited to see how much federal legislation would hurt their bottom line, card experts say.

But now those matters are behind them, and banks have been reviving rewards to make their cards stand out.

“They are back, and they are back with a vengeance,” said Curtis Arnold, founder of CardRatings.com, a credit-card comparison site.

Two-thirds of credit-card offers in September featured a reward or rebate, according to Synovate, which tracks direct-mail solicitations. Though that’s less than in June, rewards since that time have become more generous, said Synovate’s Roy Persson.

Cards of…………… continues on The Seattle Times

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Study credit card rewards during shopping season

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

Study credit card rewards during shopping season
News from Great Falls Tribune:

If you’re the one dishing out the dough for that bag of toys this holiday season, be sure your “naughty and nice” review list includes credit card offers. Most have some of each.

First, let’s look at the growing number of nice deals being dangled.

» Create holiday jingle through credit card rewards.

At my house, Santa has been known to shop where credit card rewards can be used to fill that sleigh.

Odysseas Papadimitriou, CEO of CardHub.com, noted that some credit card companies offer more value if you redeem reward points for gift cards instead of cash. By his calculation, the Citi ThankYou Points are 37 percent more valuable when redeemed for gift cards.

Act early in the season to allow time for the plastic to be shipped.

Some issuers, like Citi ThankYou, also offer online gift cards that can be redeemed and used immediately with select retailers.

At Amazon.com, Discover card members can use their cash-back bonus points at che…………… continues on Great Falls Tribune

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credit card offers all about the bottom line
News from Sydney Morning Herald:

If the plan is to do a transfer of your credit card balance after Christmas, then make sure you choose a balance transfer offer that reverts to the purchase rate, not the cash advance rate. Photo: Ian Waldie

FINANCIAL institutions have emerged for this Christmas with some of the most aggressive credit card offers seen.

The standout offers include the Virgin Flyer credit card, which is offering zero per cent for six months on cash advances, balance transfers and purchases, says the personal-finance editor of comparison site creditcardfinder.com.au, Jeremy Cabral.

The BankWest Breeze MasterCard has a low interest rate of 10.99 per cent a year and 10 per cent cashback on your festive spending at department and grocery stores and on eating out for three months.

Cabral says the key…………… continues on Sydney Morning Herald

… Read the full article


Credit Card Deals: Wisely Use Balance Transfers, Bonus Rewards
News from eCreditDaily.com:

For the consumer in good credit standing, there is much to celebrate this Black Friday/Cyber Monday holiday shopping period, including strategies that can save you money on your credit cards.

You may have noticed that card issuers have been flooding your mailbox with balance transfer checks for your existing card accounts, some of which offer a zero percent APR for six months to a year. Other offers include very low promotional rates, such as a 1.99 APR, for a longer period of time, as long as 18 months.

Those promotional zero or near-zero rates can last for longer than 18 months on new credit card offers. Taking advantage of new card “teaser rates” can add up to considerable interest savings for those who normally carry a balance.

However, carefully consider the new card’s standard APR and annual fees, if any, since the card will stay with you long past the holiday shoppi…………… continues on eCreditDaily.com

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Security experts warn about credit card ‘skimming’
News from Today’s TMJ4:

CREATED 12:59 PM

MILWAUKEE – Security experts are warning of a new target for people trying to steal your money this holiday shopping season.

It’s called “RFID skimming,” in which criminals can use a small electronic device to get information fromom credit cards.

Experts say the best way to protect yourself is to shield card sleeves and use wallets that block the wireless signal.

…………… continues on Today’s TMJ4
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5 Tips for Reducing Black Friday Shopping Stress

Posted by administrator | 25/11/11 | Tagged Credit Card Debt

5 Tips for Reducing Black Friday Shopping Stress
News from Huffington Post:

Those irresistible deals on Black Friday might come with a bigger price tag than you think! The recent economic climate of unemployment, declining home values with record number of foreclosures, rising energy and food prices, along with rising credit card debt can take its toll on your health.

A 2008 Associated Press-AOL poll showed as a higher proportion of income is tied up in debt, especially things such as credit card debt, there are also higher levels of physical impairment. Ailments such as ulcers, migraines, anxiety and panic attacks, backaches, severe depression and heart attacks are all linked to increased stress related to increased debt. This corroborates another study that shows this type of high interest debt is bad fo…………… continues on Huffington Post

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Target (NYSE:TGT) Looking To Sell Credit Card Debt?
News from eMoneyDaily:

Target (NYSE:TGT) has been negotiating the sale of its credit card receivables.

Target (NYSE:TGT) Looking To Sell Credit Card Debt?

Reuters has reported that Target (NYSE:TGT), the discount retailer, is in talks for the sale of its credit card receivables and a deal could be reached by the end of the year.

Target (NYSE:TGT) is only looking to sell the debts it is owed by cardholders.

Target (NYSE:TGT) would still keep control of the credit card operations, which are part of a key marketing strategy for the company.

Target (NYSE:TGT), said in a filing with the U.S. Securities and Exchange Commission, that, “Target (NYSE:TGT) is currently negotiating a potential transaction. It is possible that a sale agreement could be executed as early as the fourth quarter of 2011″.

Target (NYSE:TGT) stocks are currently standing at 51.53.

Price History
Last Price: 51.53
52 Week Low / High: 45.28 / 60.9…………… continues on eMoneyDaily

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