Identity Theft: When Millions of Dead People Apply for Credit Cards
News from PCWorld:

Seems that the threat of identity theft doesn’t end, even with death. Identity thieves apply for millions of credit cards per year using personal information of the deceased, a study shows.

The identification data for nearly 2.5 million dead people — names, dates of birth, Social Security numbers — are used by criminals to fill out credit card applications each year, according to a study performed by ID Analytics.

BACKGROUND: IRS: Top 10 things every taxpayer should know about identity theft

MORE: The Most Mortifying Moments in IT Security History

The majority of those — about 1.6 million — are typos made by identity thieves when entering Social Security N…………… continues on PCWorld

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Women Pay More for Credit Cards: Study

Posted by administrator | 23/04/12 | Tagged Credit Card

Women Pay More for Credit Cards: Study
News from ABC News:

Women pay more for their credit cards than men do. (And that’s a double whammy, because we also shop more than men do!) A FINRA Foundation Study found that, on average, we gals pay a half a point higher interest rate on our cards than the guys do. And that’s after factoring in things like income level, education — even financial literacy.

And there’s more discouraging news. Women were:
5 percentage points more likely to carry a credit card balance.
4 percentage points more likely to make only the minimum payment.
6 points more likely to be charged a late fee.

Now the good news: among financially literate men and women these last three stats disappeared. Men and women were equal.

“For women, having a high level of financial literacy appears to pay off,” said FINRA Foundation President Gerri Walsh. “Becoming more financially literate is a great step that any woman can take to keep more of her hard-earned money in her pocket.”

Whether you’re a man OR a woman, I can help make you more credit-card-literate. This is key because credit is one of the top things we spend money on. People don’t usually think of it that way, but credit absolutely has a cost, and that cost is the interest rate. Raise your credit score and you will lower your interest rate. Lowering your credit card interest rate can save you hundreds…………… continues on ABC News

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How to Pay Down Your Credit Card Debt

Posted by administrator | 22/04/12 | Tagged Credit Card Debt

How to Pay Down Your Credit Card Debt
News from MyFox Los Angeles:

Updated: Friday, 20 Apr 2012, 11:11 AM PDT
Published : Friday, 20 Apr 2012, 11:11 AM PDT

(EndPlay Staff Reports) – Paying with plastic is a convenience that has led many buyers into massive debt. Making the decision to pay down your credit card debt is a step in the right direction, but it isn’t always easy to know how to begin. Which debt do you pay off first? How much do you need to pay each month?

When you’re serious about paying down your credit card debt, the first step is to stop charging. If you keep adding to the amount you owe, you will only dig yourself deeper into debt. To help bring your spending in line with your current income, create a monthly budget and make a commitment to follow it.

Even if you cut up your credit cards, you won’t get out of debt by making just the minimum payments each month. Those small payments go toward paying the interest of your debt, but they won’t make a dent in the actual balance. Once you begin spending within your monthly budget, you can use some of your savings toward making larger payments on your credit card debt.

If you have multiple credit cards, you will have to decide which ones to pay down first. Start by making a list of all of your credit cards, the balances you owe and the interest rate on each card. Generally speaking, it’s best to pay off credit cards with the highest interest rat…………… continues on MyFox Los Angeles

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How to Repay Credit Card Debt at Lower Rates
News from LoanSafe:

(Source: Bindisha Sarang Mint, New Delhi (MCT) — If you’ve gone overboard on your credit card and are finding it difficult to handle the bills, a balance transfer may work for you. However, here’s a word of caution: what we are suggesting here is only an option and should be exercised once in a while. If you get habitual to it, then it may eventually get you into a debt trap.

We join two friends, Sid and Sam (two fictional characters created by Mint Money) in their conversation to know more about credit card balance transfers, how they work and things to keep in mind while using the facility.

Sid is sitting rather dejected, staring at his credit card bill, when Sam walks in.

Sam: So you are still staring at your girlfriend’s “am breaking up with you” letter?

Sid: No. This is worse. It’s my credit card statement.

Sam: Oh, and what does it say?

Sid: I went overboard on my card, due to that foreign trip, the digital camera I bought and that iPad I could not resist. I don’t know what I was thinking then?

Sam: Well, you were not t…………… continues on LoanSafe

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Closing a credit card account when your credit is bad: Plain Dealing
News from Plain Dealer:

Howard M. Metzenbaum U.S. Courthouse, aka bankruptcy court, Cleveland

I’m trying to decide whether to close a credit card I no longer use.

In the last few years, I’ve been through bankruptcy and a short sale. I have a credit card I opened before the bankruptcy that I’ve always kept in good standing. But the card costs $ 120 a year, and I keep it in the freezer.

I’ve remarried, and my husband put me on one of his cards as an authorized user. If I close my old credit card, will it hurt my damaged credit score even more? Will it hurt my husband’s?

— Name Withheld, Strongsville

Dump the card.

If you had no other credit card, I’d suggest you hang onto this account until you built up enough good payment history to qualify for a less expensive card. But you already have access to a better card.

If you owed a lot of money on other credit cards, I’d definitely recommend keeping this account open until you could pay down your other card debts. But you keep your accounts paid off.

You don’t use the card anymore, so it’s not helping you build u…………… continues on Plain Dealer

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First Credit Card Rules of the Road

Posted by administrator | 20/04/12 | Tagged Credit Card

First Credit Card Rules of the Road
News from Fox Business:

Dear Opening Credits,

Hello Erica! I’m a 21-year-old college student with a part-time job and a roommate. I was just approved for my first credit card. At first, I was really excited, this being my next big step into adulthood and all. Now I’m just scared. I’ve seen and heard horror stories about credit cards turning ugly, and although I’m very financially responsible, I feel as though using a credit card is like playing a game with difficult and rigid rules. My questions are: 1) how should I go about making payments? My mom says to make a payment immediately after making a purchase, and I feel as though that defeats the purpose of a credit card, and 2) should I make minimum payments on big purchases or pay the entire balance off as I don’t buy things without first having the money in my checking account. I’ve had friends tell me to make the minimum payments, but paying 20% in interest rates seems not only stupid, but unacceptable, and 3) if I go a month without making a purchases on my card, will my score be affected? 

– Alexandria 

Dear Alexandria,

There most certainly are reasons to be wary of credit cards! They include the ability to overcharge and wind up in horrible debt, then experience credit damage that can last for years. If you charge with that new card of yours i…………… continues on Fox Business

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Capital One’s 1Q profit up on ING Direct purchase
News from BusinessWeek:

  • order a reprint
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AmEx Earnings Beat as Credit-Card Use Jumps

Posted by administrator | 18/04/12 | Tagged Credit Card

AmEx Earnings Beat as Credit-Card Use Jumps
News from CNBC.com:

American Express posted a higher first-quarter profit as its customers spent more on their credit cards, reflecting sales gains in the rebounding U.S. economy.

Karen Bleier | AFP | Getty Images


The credit-card company


Quote  |  Chart<…………… continues on CNBC.com

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Could traditional card use be usurped by mobile payments soon?
News from Debtmerica Relief:

The way in which consumers currently deal with credit card debt could soon become a thing of the past.

A recent poll of experts found that 65 percent believe mobile wallet technology – in which payments are completed with near-field communications-enabled smartphones – will become so ubiquitous within the next few years that it will have largely supplanted traditional credit card use and even cash by 2020, according to new research from the Pew Internet and American Life Project. However, another 33 percent say that consumer’s concerns about the privacy and security of their payment data will prevent this technology from becoming too popular.

Already, a number of companies are developing and pushing their own mobile platforms and it’s expected that a larger number of smartphones will come with the necessary NFC technology embedded within the next year or so.

The financial management to…………… continues on Debtmerica Relief

… Read the full article


Earnings Preview: Capital One to report 1Q results

Posted by administrator | 18/04/12 | Tagged Credit Card

Earnings Preview: Capital One to report 1Q results
News from msnbc.com:

Capital One Financial Corp. is expected to report on Thursday a higher profit for the first three months of the year, a quarter that saw heightened retail spending by U.S. consumers, but mixed trends in credit card use. Capital One also closed on its acquisition of online bank ING Direct during the quarter.

WHAT TO WATCH FOR: Whether consumers’ use of Capital One credit cards increased or declined, as well as details on how quickly borrowers are paying down their balances — trends that factor into how much interest and fee income the company earns.

In the October-to-December quarter, Capital One saw purchase volumes in its credit card segment jump 17.8 percent from a year earlier, as consumers reached for their credit cards more often.

Another key performance metric for Capital One: the rate at which credit card and other loan debt went unpaid.

But investor interest will likely be focused on how the company’s integration of ING Direct is coming along.

Capital One completed its $ 8.96 billion acquisition of Netherlands-based ING Groep’s U.S. online division in February. Capital One aims to pitch credit cards and other financial products to ING Direct’s 7.5 m…………… continues on msnbc.com

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Most will use phone, not cash or credit cards, for payments, by 2020: Pew
News from msnbc.com:

Featured

1 day

Information on your Facebook profile via the social
network’s Download Your Information feature now includes a full list of every
person you… Read more

1 hr.

Take a look at the green stuff in your wallet  (if you have any) and prepare to say goodbye to it in the future: By 2020, most Americans will be using their cellphones, not cash or credit cards, to make payments.

That’s what 65 percent of the 1,021 tech experts surveyed by Pew Research Center’s Internet & American Life Project and the Imagining the Internet Center at Elon University said is likely to be the case, with consumers not only adopting, but embracing, the use of “smart…………… continues on msnbc.com

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How Do I Get a Grip on My Credit Card Debt?

Posted by administrator | 17/04/12 | Tagged Credit Card Debt

How Do I Get a Grip on My Credit Card Debt?
News from Fox Business:

Dear Debt Adviser,
I have two credit card debts with a total of $ 15,000, and I’m still paying the minimum on both. What should I do if I can’t already make the minimums? I have a house payment and a parent loan I co-signed for my daughter. The household income is more than $ 65,000 this year, but it could be as low as $ 55,000 some years. What is your advice? Should I start talking to the creditors before I’m in default? I’m in the most hopeless situation. How do I find a decent nonprofit counseling agency? Please help.
— Mesfin

Dear Mesfin,
Yes, you should definitely seek help before you default on your credit card accounts. Many people make the mistake of ignoring their financial situation until it is too late for most assistance programs, and they end up having no other choice but to file for bankruptcy. Plus, once you default, your credit score will dip, and future credit will be more expensive — if available at all. Your credit reports will have blemishes on them as well. These will complicate your life for years to come when looking for housing, cars, insurance or even a new job. It’s much better to take action in advance.

However, when you call your creditors, be sure to have done your homework first. Otherwise, you’ll appear to be disorganized and unreliable. The call will go much better if you know what you need in…………… continues on Fox Business

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College kids struggle to get control of credit card debt
News from Debtmerica Relief:

Despite recent laws designed to prevent young adults from running into credit card debt, it seems college students haven’t been doing enough on their own to find debt relief.

Today, 70 percent of undergrads and 96 percent of graduate students have at least one credit card in their own name, and few know how to properly manage their accounts, according to a study entitled Financial Literacy and Credit Cards: A Multi Campus Survey, published in the International Journal of Business and Social Science. About 36 percent of college kids have two or more credit cards in their name.

Just 9.4 percent of those polled said they pay their balances off in full at the end of every month, and very few actually knew the cost of their accounts, the report said. Only 14.6 percent knew the

… Read the full article


Survey: Students Fail the Credit Card Test

Posted by administrator | 17/04/12 | Tagged Credit Card

Survey: Students Fail the Credit Card Test
News from Fox Business:

American college students are laden with credit cards, use them frequently, and have no idea what they are doing. Consequently, they are swamped with debt — and the problem is growing worse by the year.

Those are among the discouraging findings of an academic paper on credit card debt and the larger, even more troubling issue of general financial literacy on campus. Results of the survey, conducted by researchers from five American universities, were published in April 2012, coinciding with Financial Literacy Month, and the findings are disquieting.

The primary takeaways: 70% of American college students have credit cards, five of every six of those students do not know their cards’ interest rates, 75% of them do not know their late payment charges and 70% of them do not know what their over-balance-limit fees might be.

The result is predictable — more than 90% of college students who hold credit cards are carrying monthly credit card debt.

“Our students lacked even basic financial knowledge of a common credit tool that many of our students used every day,” the study concluded. “There is no way to describe these results as a success in education of financial literacy.”

And these were business students

It gets worse. Nea…………… continues on Fox Business

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Worldpay Selects Sysnet to Provide Merchant PCI DSS Compliance Validation …
News from Sacramento Bee:

/PRNewswire/ —

Sysnet Global Solutions, a leading provider of payment card industry compliance services, specializing in PCI DSS compliance validation and merchant intelligence solutions, announced today that it has entered into an agreement with WorldPay, a global leader in card payments, to provide PCI DSS compliance validation services to WorldPay’s US-based merchants.

PCI DSS (Payment Card Industry Data Security Standard) is a set of comprehensive requirements developed by the founding payment brands of the PCI Security Council for enhancing the security of payment account data, transactions and payment systems.  Both WorldPay and Sysnet are committed to providing businesses with solutions to help achieve and maintain required PCI DSS compliance and reduce the risk of cardholder theft.

Sysnet and WorldPay have worked closely together to develop a fully branded, customized solution that meets the specific needs of WorldPay’s merchant portfolio. The program includes a tailored communication program designed to encourage merchant engagement and to assist business owners throughout the compliance journey.  Delivered through a WorldPay-branded, online portal, the program provides merchants with a step-by-step approach to achieving and maintaining PCI compliance.  The program a…………… continues on Sacramento Bee

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New Credit Card Processing Technologies Help to Improve Wyoming Merchant Services
News from Virtual-Strategy Magazine:

MDS has business solutions that will make it easy for companies to accept wireless payments from client’s Smartphones using wireless network technologies. Mobile credit card processing continues to grow in popularity and will increasingly become a source of revenue for companies. The technology is a secure payment processing system.

Cheyenne, WY (PRWEB) April 16, 2012

Merchant Data Systems (MDS) has business credit card processing systems that will innovate Wyoming Merchant Services. They have recently partnered with Karma Snack and are poised to help businesses expand into social media. The combination of branding, social media and merchant services knowledge will lead to Wyoming companies growing their online customer base when they utilize the services that MDS provides.

For companies that do much of their business on the road, a merchant account can be equipped to accept payments wirelessly. A business can now accept credit cards over Wyoming wireless networks. This is very useful for those companies that do not have access to electrical power sources but wish to boost their revenue by accepting credit cards.

Mobile technology continues to be very popular among consumers worldwide. Many peopl…………… continues on Virtual-Strategy Magazine

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