GI police warning of credit card scams

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

GI police warning of credit card scams
News from Grand Island Independent:

The Grand Island Police Department has received numerous complaints over the last several months regarding the use of counterfeit credit cards.

According to police, suspects are using one of several types of cards, such as gift cards, pre-paid debit cards and credit cards, and are encoding a stolen credit card number on the magnetic strip.

The Police Department released the following information:

Merchants are encouraged to take measures to protect themselves from this kind of illegal activity. When accepting credit cards, a simple method to determine whether the credit card is valid is to check the last four numbers on the printed receipt with the last four numbers of the account number embossed on the front of the card.

If the numbers don’t match, it is very likely the card is counterfeit. The card should be seized, and local law enforcement should be contacted.

Merchants and their employees are also advised to be watching for the following suspicious behavior common with these types of thefts:

— People purchasing merchandise with a credit card and then requesting to make another purchase, using a different credit card.

— People using cards that don’t appear to be valid credit/debit cards. A suspect was recentl…………… continues on Grand Island Independent

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News from Chicago Tribune:

These are nationally available credit cards offering the lowest interest rates on purchases as of Dec. 5. 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 Dec. 5     Standard   Gold    Platinum
                       7.52        8.20    13.08

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

Low APR Premium Cards

Note: Minimum income requirements apply to Gold, Platinum and Signature cards, which offer higher credit limits to qualified customers.

...............      continues on Chicago Tribune

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myFICO Survey: Consumers Concerned About Credit Card Debt, Plan …
News from Sacramento Bee:

/PRNewswire/ — myFICO, the consumer division of FICO (NYSE:FICO), the company that invented the FICO® Score, revealed that credit card debt continues to be consumers’ biggest financial worry as the new year approaches. According to a November survey, nearly one third of consumers are cutting back on holiday spending and plan to practice conservative credit behaviors this year. Only 20 percent will consider opening new credit card accounts, and approximately 65 percent expect to charge less than $ 500 on their credit cards – a figure that most consider moderate and within their budget.


Credit Card Use and Repayment Time to Increase in 2012

Approximately half plan to use credit cards exclusively for all their holiday purchases, while nearly a third will reserve credit cards only for more expensive gifts. However, 80 percent of consumers will use a fraction of their credit limit – less than 25 percent – which tends to bode well for a consumer’s FICO Score. “Keeping revolving credit low can have a positive impac…………… continues on Sacramento Bee

… Read the full article

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Three best ways (and three worst ways) to finance holiday shopping
News from Christian Science Monitor:

JPMorgan Chase, whose branch office in Oklahoma City is pictured here in October, offers the Slate Card. New customers can use it to get a 15-month zero-interest balance transfer with no fee. (Sue Ogrocki/AP/File)

Most people don’t think of credit card companies as the generous sort, but they’ve recently made a habit of offering new customers who have excellent credit extended zero-percent introductory periods and initial rewards bonuses just for signing up. The Slate Card is one of the most notable manifestations of that practice. The zero-percent rate it offers on balance transfers for 15 months and its lack of fees qualify it as a free balance transfer credit card – a genre many thought to be extinct just a couple of years ago. According to my company’s

… Read the full article

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