Visa profit up 30 percent as card use rises

Posted by administrator | 02/05/12 | Tagged Credit Card

Visa profit up 30 percent as card use rises
News from CBS News:

(Credit: AP)

(CBS/AP) NEW YORK — Visa Inc. (V) said Wednesday that its profit for the first three months of the year was up 30 percent from the year before, primarily because credit card use rose in the United States and overseas.

The company said Americans rang up 12 percent more on their charge cards for the quarter. Debit card use grew by only 4 percent to $ 284 million, however, the slowest growth in a year.

Banks have eliminated some debit card rewards programs since October, when the government limited the fees banks can charge stores for card transactions.

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Like MasterCard Inc. (MA), Visa makes money by processing card transactions for banks and other issuers. Visa has dominated the market for debit card transactions, which is why the slowdown isn’t good news. There…………… continues on CBS News

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Mulberry Tightens Controls on Credit Card Use, Overtime
News from The Ledger:

Published: Wednesday, May 2, 2012 at 2:21 p.m.
Last Modified: Wednesday, May 2, 2012 at 2:21 p.m.

MULBERRY | Mulberry city commissioners agreed Tuesday night with a consultant’s proposed policy changes that tighten controls on credit card spending, travel expenses and overtime, but they stopped short of disciplining City Manager Frank Satchel for allowing the problems that mandated those policy changes.

Commissioners voted 3-2 not to hold a workshop to discuss the possibility of disciplinary action against Satchel, Mulberry’s city manager since July 2009.

In January, The Ledger reported that Satchel used the city’s credit card to book a $ 1,440 cruise. He reimbursed the city six weeks later. He also took per diem money with him to conferences then charged his meals to the city’s credit card. He said he thought per diem was for incidental expenses and not for meals.

The series of articles also revealed excessive overtime and travel expenses when compared with other cities Mulberry’s size, totaling about 3,800 residents.

Since then, Satchel has revised work schedules in the public works and utilities departments, which has reduced overtime for the estimated 21 employees in those departments from about 150 hours every two weeks to about 25 hours, according to overtime reports. The city also abandoned its fou…………… continues on The Ledger

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Credit card debt: What can you do about it?

Posted by administrator | 02/05/12 | Tagged Credit Card Debt

Credit card debt: What can you do about it?
News from Christian Science Monitor:

Calling your credit card company to negotiate a lower interest rate may be a good step towards getting out of credit card debt, Hamm argues. 

For most people, the debt that really tips things from a manageable situation into a very challenging one is credit card debt.

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Trent Hamm

The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds – we just want simple ways to manage our finances and save a little money.

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Credit card debt and other financial concerns still plague many Americans
News from Debtmerica Relief:

Though the economy has been steadily improving for more than a year now, millions of Americans are still struggling financially and many feel they need significant amounts of debt relief and other assistance to get their lives back on track.

Many consumers are still trying rebuild their finances as a result of hardships faced during the recent recession, but now more are at least recognizing that they’re having a significant amount of difficulties in dealing with their finances, according to a new survey from the National Foundation for Credit Counseling. After completing a 10-entry true/false quiz designed to illustrate signs of extreme financial difficulty, any one of which could be a sign that they needed significant help, 80 percent of consumers said they were in need of a “major overhaul.” Another 13 percent said they could use a tune-up.

“This statistic parallels the findings of the recent NFCC Financial Literacy Survey in which 80 percent of adults indicated they could benefit from additional advice and answers to everyday financial questions from a professional,” said Gail Cunningham, a spokesperson…………… continues on Debtmerica Relief

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Purchases You Should Always Make With A Credit Card

Posted by administrator | 02/05/12 | Tagged Credit Card

Purchases You Should Always Make With A Credit Card
News from San Francisco Chronicle:

It’s a simple fact that in order to establish credit, you have to use credit. For that reason alone, it’s a good idea to use credit from time to time. Beyond that, there are also certain types of purchases that you should always use credit cards for because of the increased security that cards offer. Many credit cards also offer additional perks like points earned on purchases, which can really add up over time, essentially equating to “free money” for those who are consistently able to pay off their card balances, never having to pay costly interest fees.

Electronics and Appliances
Not only is it a great idea to purchase big-ticket electronic items on your credit card because you can rake in the points, many credit cards provide some kind of insurance on these items when purchased using a card. The most common of these insurances comes in the form of an extended warranty, often doubling the length of time the manufacturer provides. Some cards may also offer price protection that will cover the difference if the price of an item decreases within a specific period of time after the purchase is made.

Similar to electronics purchases, you’ll want to use your cre…………… continues on San Francisco Chronicle

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Breaches of use of government credit cards ‘rare’
News from ABC Online:

Posted May 02, 2012 11:06:09

The Victorian auditor-general has found Government agencies need to strengthen their reporting guidelines for breaches of credit card use.

A report tabled in State Parliament has found that the misuse of government credit cards for personal benefit is “extremely rare.”

It found that less than 10 per cent of spending on cards did not follow the guidelines, but were for genuine government business.

But the report found that when breaches were detected, most government agencies did not accurately report them.

“Except for the Department of Justice, agencies did not accurately report rule breaches to the Minister for Finance and the Department of Treasury and Finance did not accurately review this information,” the report says.

More than $ 60 million was charged to government credit cards in the 2010-11 financial year.

Topics: state-parliament, parliament-house-3002

…………… continues on ABC Online
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