Mobile wallets coming into starker focus

Posted by administrator | 03/07/12 | Tagged Credit Card Debt

Mobile wallets coming into starker focus
News from Debtmerica Relief:

Many companies are working on ways to allow consumers to begin dealing with their credit card debt using their mobile phones instead of swiping their cards in the traditional way, but there may be some way to go when it comes to standardizing this type of purchase.

Mobile wallet purchasing platforms are expected to be the next big thing in the credit card industry, but because there are so many companies developing their own versions of the technology, it may be some time before a uniform system exists, according to a report from San Francisco, California, television station KGO. For this reason, there are factions forming for two of the largest competitors in the field, and each will likely have its own stable of partner retailers.

“You have Google proposing, ‘This is how we’d like to do it,'” Derek Kerton, the

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7 things you may not know about your credit card

Posted by administrator | 03/07/12 | Tagged Credit Card

7 things you may not know about your credit card
News from KFMB News 8:

By Andrew Housser

The list of things credit card companies are required to tell you is quite long (that’s why you need a magnifying glass to read all of the tiny print on their disclosure statements). But there’s more information than even meets the magnifying eye.

For instance, did you know that if your credit score is 700 or higher, you may be able to negotiate certain changes to your account? All it takes is a phone call to find out. Here’s a look at the things you might be able to do: 


1. Lower your rate.

Lower interest rates are a possibility if you’re in good standing with your credit issuer (no late payments and you haven’t gone over your credit limit) and your credit rating is good. If you’ve heard from another company offering a lower APR, call your current issuer and see if they’re willing to match it, or better yet, go even lower. Even if you have made a late payment or two or have gone over your credit limit, ask how long you have to be in good standing before they will consider giving you a break.

2. Skip fees.

Credit cards issued by some businesses, such as airlines and hotels, charge annual fees. But if you have a solid payment history, you can ask to have these fees waived or removed. If that’s not a possibility, ask to…………… continues on KFMB News 8

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Pre-Paid Cards: Banks’ New BFF, But Consumers Should be Leery
News from Fox Business:

You might have noticed your mailbox is no longer clogged with an endless stream of offers for debit cards–that’s because they’re no longer the moneymaker they used to be for banks.

Last year Congress clamped down on the processing fees that banks can charge merchants who accept payment via debit cards. As a result, revenue collected by banks for processing these transactions fell by more than $ 9 billion a year, according to estimates by CardHub.com, an online firm that provides comparisons of credit and other money-management cards.

To make up for the drop in profits, banks have switched gears and are now pushing a new type of plastic: the “pre-paid” card.

Why so Hot?

Pre-paid cards aren’t new. What distinguishes one from a credit card–which has no actual assets behind it–is that a pre-paid card is loaded with a specific dollar amount. Once you’ve spent that amount, the card no longer has any value. 

In industry lingo, pre-paid cards are available in two basic varieties: closed loop and open loop. Closed-looped cards can only be used at a specific merchant, and include gift cards: You can’t use that Ponderosa Steakhouse card at T.G.I. Friday’s or Victoria Secret. 

“Open loop” cards are more flexible. They can be used with any merchant or service provider t…………… continues on Fox Business

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