Credit card vs. debit card use

Posted by administrator | 25/05/12 | Tagged Credit Card

Credit card vs. debit card use
News from Roanoke Rapids Daily Herald:

I recently vacationed with my college roommate. We met at the beach for some rest and relaxation. Unfortunately, a snafu with her debit card caused a bit more anxiety than the intended purpose of the trip. So, I call my family’s expert to inquire what my roomie should do. I was nearly yanked through the phone upon the lecture of credit vs. debit card, and it wasn’t even my card issue. Sheesh.

The information I received can only help others protect themselves from becoming victims of credit card fraud.

A debit card is set up to remove money from a checking and/or savings account.

The problem lies in that, lets say someone’s paid their water bill, mortgage, cable/dish, phone bill, etc. Then this person puts gas in his car, and unbeknownst to him, a skimmer is used to read the card numbers — this is a bad guy tool. If a card is compromised, then written checks or automatic payments are going to bounce and cause a ridiculous amount of headaches.

My family expert also said that while banks have become better at reimbursing victims of debit card fraud, it still takes longer for it to happen. Part of the process for some banks even includes a police report, logistically taking longer to remedy the situation.

The credit card company would have more of an immediate resolution……………. continues on Roanoke Rapids Daily Herald

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Credit Cards Still Survival Strategy For Americans
News from TheStreet.com:

NEW YORK (LowCards.com) — Credit card debt and delinquency rates may be declining, but research finds that a significant number of households continue to use credit cards to pay for basic living expenses.

Forty percent of households that have carried credit card debt for at least three months have used their cards to pay standard expenses such as rent or mortgage, insurance, utilities, and grocery bills because they did not have enough money in their checking or savings account, according to Demos’ 2012 National Survey on Credit Card Debt of Low-and Middle-Income Households. Unemployment and medical bills, rather than splurges and excessive spending, were the leading contributors to credit card debt. The study showed that 86% of households that incurred expenses due to unemployment in the past year took on credit card debt as a result. Almost half of the households in the study carried debt from medical expenses on their credit cards. In fact, the average amount of medical debt on their credit card was $ 1,678. The survey, conducted in February and March, studied a nationwide sample of 997 low- and middle-income American households that have carried credit card debt for at least three months. Demos has conducted similar surveys in both 2005 and 2008. The average credit card debt from these respondents was $ 7,…………… continues on TheStreet.com

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Americans want to use credit card rewards in summer plans

Posted by administrator | 24/05/12 | Tagged Credit Card

Americans want to use credit card rewards in summer plans
News from Debtmerica Relief:

Millions of Americans are now happily taking on credit card debt because their accounts will grant them points, cash back or airline miles for doing so, and half of those making summer travel plans will redeem those perks to make their vacations more affordable.

About 50 percent of all consumers planning to take a trip this summer will use their credit card points to finance at least part of it, up from 42 percent at this time last year, according to the latest Rewards Barometer from Capital One Financial, which tracks how borrowers are feeling about their rewards cards. The majority of those who plan to use their rewards points in this way – 58 percent – will do so to buy airline tickets, while another 42 percent will redeem their accumulated rewards for hotel stays, and 18 percent will use theirs for gasoline purchases.

However, many consumers who use rewards cards may not be aware that doing…………… continues on Debtmerica Relief

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Credit Card Balances down 28% with New Credit on the Rise
News from Sacramento Bee:

/PRNewswire/ — According to Equifax’s May National Consumer Credit Trends Report, existing bank credit card balances as of April 2012 were 28% below their peak.  Balances were $ 531 billion in April 2012 compared to slightly more than $ 730 billion in January 2009. Retail card balances have not trended up or down, remaining even with seasonally adjusted pre-recession levels, however the number of retail card accounts fell sharply. Over the 28 months ending December 2010, card accounts fell by 22%. They have since grown by 4.7%, now reaching 173 million accounts. In April 2012, available credit for retail credit cards (the difference between total credit limits and balances) increased approximately $ 5 billion after bottoming out in Q4 2011, driven primarily by rising credit limits.

(Logo: http://photos.prnewswire.com/prnh/20060224/CLF037LOGO )

“The combination of increased available credit and more timely payments among card borrowers has led to the recent growth in card lending,” said Equifax Chief Economist Amy Crews Cutts. “Consumers are starting to respond to increased credit availability both in cards and other tradelines, a signal of both their financial confidence and improving economic c…………… continues on Sacramento Bee

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Your First Step Toward Financial Freedom

Posted by administrator | 23/05/12 | Tagged Credit Card Debt

Your First Step Toward Financial Freedom
News from msnbc.com:

Debt is a double-edged sword. Used prudently — and carefully — it can enable you to do things you would otherwise never be able to do. But when you rely on debt, you lose your financial freedom and become a slave to a huge array of economic factors over which you have little or no control. In today’s fast-changing global economy, that’s not a situation you ever want to be in.

When debt controls you
Millions of U.S. households still feel the impact of the recession from a few years ago. According to a recent survey from Demos, 40% of low-income and middle-income households pay for food, utilities, rent, and other basic living expenses using a credit card because they didn’t have enough cash available. Moreover, for those who’ve lost their jobs, credit cards have become the funding source of last resort for basic survival, with the survey finding that 86% of households with unemployment-related expenses took on credit card debt.

Even more affluent borrowers can end up in the downward spiral that debt can cause. Despite low interest rates, issuers Citigroup, Bank of America, and Capital One still enjoy wide spreads on the amount of interest they charge on card debt versus what they pay depositors. Although those issuers inevitably lose some…………… continues on msnbc.com

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TEXT-Fitch affirms all Capital One ratings, removes from watch negative
News from Reuters:

Wed May 23, 2012 12:41pm EDT

May 23 - Fitch Ratings has removed Capital One Financial Corporation's
 (COF) and its primary operating subsidiaries from Rating Watch Negative
and has affirmed all ratings for COF. The rating actions follow the close of the
company's acquisition of HSBC's domestic credit card business. The Rating
Outlook is Stable. A complete list of ratings is detailed at the end of this
release.        
        
On May 1, 2012 COF completed the previously announced acquisition of HSBC's
domestic credit card business, which included $  28.2 billion of credit card
receivables and $  0.6 billion of other net assets for aggregate consideration of
$  31.3 billion in cash. Fitch notes that the purchase price included a $  2.5
billion premium on the credit card receivables acquired, which it views as
reasonable.     
        
Fitch notes that this acquisition was in part supported by COF's prior
acquisition of ING Direct, which added nearly $  80 billion of deposits to COF's
balance sheet, which Fitch notes will help the company to fund the acquired
credit card receivables and planned growth in receivables.      
        
In addition, in late 1Q12 COF had successfully raised $  1.25 billion of common
equity as well as $  1.25 billion of sen...............      continues on Reuters

… Read the full article


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RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release

Posted by administrator | 23/05/12 | Tagged Credit Card

RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release
News from Chicago Tribune:

These are nationally available credit cards offering the lowest interest rates on purchases as of May 23. If you typically pay off the entire balance monthly, look for a zero-annual fee card that allows the most interest-free or grace days. Some cards listed below feature special introductory or “teaser” rates for a specified time before regular rates apply. Additional fees and residency restrictions may apply. Rates are subject to change. Rebates and other benefits may be available.
 National avg.  APRs as of May. 23     Standard   Gold    Platinum
                       8.20        8.88    12.76

Low APR Standard Cards

                               Reg.  Ann.  Grace Intro
 Card Name                 Phone         APR(%) Fee($  )Days APR/mos
 1  First Federal Card                  (843)529-5800  07.15    0  25   na
 2  IberiaBank Visa(R) Classic Card     (800)968-0801  07.25    0  25   na
 3  First Federal CashBack ScoreCard    (843)529-5963  08.15    0  25   na
 4  Simmons First Visa(R) Classic       (800)272-2102  10.25    0  25   na

Low APR Premium Cards

Note: Min…………… continues on Chicago Tribune

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Credit-Card Parking Meters Coming to Columbia
News from LoanSafe:

(Source: Clif LeBlanc The State, Columbia, S.C. (MCT) — By autumn, drivers will be able to use their credit cards to feed meters in about 175 of Columbia’s parking spaces.

If motorists like the new meters and the pilot program succeeds, the city might convert all 4,700 street and parking-garage meters to the next-generation devices, some of which are solar-powered.

The solar-powered meters cost in the range of $ 10,000 but cover multiple parking spaces, print credit card receipts and have color displays that can carry messages from city government, John Spade, the city’s director of parking services, said Tuesday. The other new meters cost about $ 500 each.

All the new meters are to be purchased from the city’s parking revenue, he said.

The experiment is to be tried on 38 spaces along the high-volume block of Main Street between City Hall and the Richland County courthouse and 138 spaces in two garages: on Taylor Street and the soon-to-open garage at Taylor and Sumter streets.

The upscale meters also will take other forms of payment available across the city: coins, tokens and SmartCards. Parking fees for using the new meters will stay the same and handicapped drivers will continue to get free use of the s…………… continues on LoanSafe

… Read the full article


Survey Compares Credit Card Use by People who are Struggling to Pay their …
News from Houston Chronicle:

A consumer survey conducted by CreditDonkey.com drills below national economic news and credit card statistics to look at the differences between credit card users and non-users in the still faltering economy.

Los Angeles, CA (PRWEB) May 22, 2012

To drill below the national economic news and credit card statistics, CreditDonkey, a credit card comparison and financial education Web site, surveyed 368 consumers online in February 2012 to consider the width of the divide between people who say they are struggling to pay their bills each month and those who say they are not. The preliminary study was not designed to yield broadly representative data about all Americans, but rather, it looks at specific consumers to compare their perceptions about their own financial stability to their use of credit cards and their payment behaviors.

Survey Analysis: http://www.creditdonkey.com/behind-statistics.html

As expected, the survey generated many questions for further study along with some troubling indicators, all of which revealed key areas where CreditDonkey can continue to contribute to the consumer financial education needs of credit card users.

Highlights

  • Are some people going into debt to buy gas? Forty-five…………… continues on Houston Chronicle

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The best store credit card
News from MSN Money:

This post comes from Beverly Blair Harzog at partner site Credit.com.

When people ask me about store credit cards, I usually say there are better choices for a credit card. The reason? High interest rates. The May issue of Consumer Reports Money Adviser compared 15 store credit cards and also concluded that the downside is the high interest rates.

But, as with everything in life, there are exceptions. If you get a retail card from a store where you shop frequently and use the card correctly, you can actually benefit from the rewards.

Don’t confuse store debit cards with credit cards

First, you want to make sure you know what type of card you’re applying for. The vast array of store card choices can be confusing. Some stores offer both debit cards and credit cards. Target, for instance, is

… Read the full article


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New credit cards may ease travel

Posted by administrator | 22/05/12 | Tagged Credit Card

New credit cards may ease travel
News from Chicago Tribune:

The three newest consumer credit cards — two from Bank of America, one from JPMorgan Chase — reflect consumer exasperation with some of the current card “features” that may not look so good to savvy travelers. All three have some advantages that many will appreciate, but none yet provides a comprehensive travel feature set.

For most of you, the new Bank of America offerings are probably the more interesting:

The Bank of America Travel Rewards card (and a similar card for business) offers 1.5 points, with an equivalent 1.5-cent cash value, for every $ 1 charged to the card. That’s more than you get with most cards, which tend to cluster around 1 cent per dollar. The card carries no annual fee.

The BankAmericard Privileges credit card with Travel Rewards offers 2 points per dollar charged. This card carries an annual fee of $ 7, waived for BofA customers who do lots of other business with the bank.

Both cards offer surcharge-free foreign transacti…………… continues on Chicago Tribune

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“Coming Soon” Not Soon Enough With VTA
News from NBC Bay Area:

advertisement

The credit and debit card readers on the Valley Transportation Authority’s ticket vending machines are not working more than two years, and $ 6 million after they were supposed to have been functional. Santa Clara County taxpayers paid for the improvements, but it’s still not possible to use a debit or credit card to purchase a ticket with VTA. 

The NBC Bay Area Investigative Unit followed an intriguing paper trail that uncovers a series of missed deadlines and reveals the debit and credit card option was “coming soon” almost three years ago.

VTA management signed a contract in August 2009 that started the process of upgrading the ticket vending machines to accept debit and credit cards. And in 2010, VTA’s marketing department paid for signs on every machine that promise debit and credit cards would soon be functional. The signs r…………… continues on NBC Bay Area

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Will consumers take on personal credit card debt to make business purchases?
News from Debtmerica Relief:

These days, more consumers are making business related purchases as part of their jobs, but fewer are doing so using their personal accounts, as many may be trying to avoid increased credit card debt.

Today, 21 percent of credit card users say they make business purchases as part of their job – up from 17 percent in October 2008 – and of that number, only 45 percent do so using personal credit cards, according to the latest Cardbeat study from the Auriemma Consulting Group. That’s down from 62 percent a few years ago.

The majority of people who use their credit cards to make business purchases do so when traveling for work, the report said. In all, 60 percent of respondents put meals or hotel accommodations on those accounts. Lenders may do more to encourage this type of spending, such as by partnering with hotel chains, because the amount is more likely to be repaid thanks to employer reimbursem…………… continues on Debtmerica Relief

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Credit card balance transfers can help you tackle debt, but be disciplined
News from Hamilton Spectator:

A credit card balance transfer can seem like a great way to tackle your debt and lower your interest rate. But there are many reasons to be cautious when playing the credit card balance transfer game.

A balance transfer is a marketing tool used by credit card companies to bring in more customers. The credit card company will agree to move your high-interest card debt to a new account with an attractive interest rate for a set period of time. This is profitable for credit card companies because many can’t pay off the debt before the transfer promotional rate expires.

How a balance transfer works

It isn’t hard to find a new credit card that offers a balance-transfer option. Many cards now offer zero per cent interest rates on balance transfers. Once you have made the transfer, you will have a certain period of time to clear the balance before the promotional period expires and your interest rate increases.

Understand the costs and penalties

There is usually a transaction fee applied to each balance transfer you make. For example, when I opened an account for an MBNA credit card, I noticed that the fine print said they charged a fee equal to 1 per cent of the balance-transfer amount. Some cards charge as much as 5 per cent. If I had wanted to transfer $ 5,000 from another card onto my MBNA credit card, I…………… continues on Hamilton Spectator

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A necessity or a danger? Why we love and hate our credit cards
News from Phys.Org:

A new University of Sydney study has revealed the full extent of Australia’s love-hate relationship with credit cards and those who use them.

While 56 percent of us feel sorry for people who get into credit card debt, more than half of us also believe that people in credit card debt have only themselves to blame.

The survey of 584 credit card users conducted by Associate Professor Paul Henry, Professor Ellen Garbarino and Dr Ranjit Voola at the University of Sydney Business School, which will be published in the Journal of Public Policy and Marketing, also found that while more than 80 percent of respondents agreed that credit card marketers should be much more tightly regulated, 52 percent thought that individual responsibility would work better than tighter regulations.

“Consumers like their credit cards, they are a necessity, but at the same time they are seen as something to be wary of,” says Professor Paul Henry, who believes the ambivalent relationship has important implications for both public policymakers and credit card marketers.

“The results indicate that we should be adhering to protective regulations more tightly, but there i…………… continues on Phys.Org

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Why you shouldn’t use your credit card to withdraw cash
News from Firstpost:

Would you like to make Firstpost your default homepage?   Yes | No

Getting your first credit card can be exhilarating as it indicates you’ve finally ‘arrived’.  With no requirement to pay cash immediately, the tendency to swipe your card to buy almost anything can be incredibly tempting. But if you’re not careful, it can also wipe the smile off your face.

The Economic Times’ personal finance supplement, ET Wealth, has some guidelines for credit card newbies:

Stick to a budget: The conveni…………… continues on Firstpost

… Read the full article


Consumers still unclear on credit score impact

Posted by administrator | 20/05/12 | Tagged Credit Card

Consumers still unclear on credit score impact
News from SouthCoastToday.com:

May 20, 2012 12:00 AM

Consumers understand credit scores better than they used to, but many still don’t fully appreciate how costly high scores can be, according to a new survey.

Almost everyone knows mortgage lenders and credit card issuers use credit scores in making their decisions, according to a survey released last week by the Consumer Federation of America and VantageScore Solutions.

Most people realize landlords, home insurers, and cell phone companies also check consumers’ credit ratings, though by smaller majorities, according to the study. The results showed improvement in consumers’ understanding when compared to a credit score knowledge survey released by the two organizations last year.

Stephen Brobeck, the consumer federation’s executive director, said the results showed the best year-over-year increase in consumer awareness he has seen in the various surveys that the organization has conducted.

“However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas,” Brobeck said in a statement.

Only 29 percent were a…………… continues on SouthCoastToday.com

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MICHELLE SINGLETARY: 2012 college grads should think ‘CASH’
News from Tuscaloosa News:

Published: Sunday, May 20, 2012 at 3:30 a.m.
Last Modified: Friday, May 18, 2012 at 4:17 p.m.

Every year I like to provide advice to college graduates.

By the time I graduated, I had in place some pretty good money habits thanks to my grandmother, Big Mama. Because of her, I’ve made it my mission to pass on the financial wisdom she taught me.

For college graduates this year, I offer an acronym to help manage your money. It’s CASH.

The “C” in CASH stands for credit. I won’t say don’t get a credit card because many of you already have one. And I’d be a hypocrite anyway, since I use credit. But credit is a dangerous financial tool because it often lets you live beyond your means.

I’ve worked with so many people who thought, as you might, that they could handle credit wisely. They couldn’t and are struggling to dig out from under credit-card debt for things they can’t even recall buying. Please pause before you use credit and consider what would happen if your next paycheck didn’t come.

Don’t use your credit card if you can’t pay off the purchase by the following billing cycle. The moment you swipe and buy something that you can’t pay off the next month, you are in danger of becoming trapped in a cycle that can lead to a lot of financial grief.

The “A” in CASH stands for assets. If you’re fortu…………… continues on Tuscaloosa News

… Read the full article


Consumers still unclear on credit score impact

Posted by administrator | 20/05/12 | Tagged Credit Card

Consumers still unclear on credit score impact
News from SouthCoastToday.com:

May 20, 2012 12:00 AM

Consumers understand credit scores better than they used to, but many still don’t fully appreciate how costly high scores can be, according to a new survey.

Almost everyone knows mortgage lenders and credit card issuers use credit scores in making their decisions, according to a survey released last week by the Consumer Federation of America and VantageScore Solutions.

Most people realize landlords, home insurers, and cell phone companies also check consumers’ credit ratings, though by smaller majorities, according to the study. The results showed improvement in consumers’ understanding when compared to a credit score knowledge survey released by the two organizations last year.

Stephen Brobeck, the consumer federation’s executive director, said the results showed the best year-over-year increase in consumer awareness he has seen in the various surveys that the organization has conducted.

“However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas,” Brobeck said in a statement.

Only 29 percent were a…………… continues on SouthCoastToday.com

… Read the full article
.

Related News:

MICHELLE SINGLETARY: 2012 college grads should think ‘CASH’
News from Tuscaloosa News:

Published: Sunday, May 20, 2012 at 3:30 a.m.
Last Modified: Friday, May 18, 2012 at 4:17 p.m.

Every year I like to provide advice to college graduates.

By the time I graduated, I had in place some pretty good money habits thanks to my grandmother, Big Mama. Because of her, I’ve made it my mission to pass on the financial wisdom she taught me.

For college graduates this year, I offer an acronym to help manage your money. It’s CASH.

The “C” in CASH stands for credit. I won’t say don’t get a credit card because many of you already have one. And I’d be a hypocrite anyway, since I use credit. But credit is a dangerous financial tool because it often lets you live beyond your means.

I’ve worked with so many people who thought, as you might, that they could handle credit wisely. They couldn’t and are struggling to dig out from under credit-card debt for things they can’t even recall buying. Please pause before you use credit and consider what would happen if your next paycheck didn’t come.

Don’t use your credit card if you can’t pay off the purchase by the following billing cycle. The moment you swipe and buy something that you can’t pay off the next month, you are in danger of becoming trapped in a cycle that can lead to a lot of financial grief.

The “A” in CASH stands for assets. If you’re fortu…………… continues on Tuscaloosa News

… Read the full article


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