Will it Cost You More to Use Your Credit Card?

Posted by administrator | 30/01/13 | Tagged Credit Card

Will it Cost You More to Use Your Credit Card?
News from Fox Business:

This transcript is automatically generated

A — depending on where you live it may cost you more he’s your credit card as a result of the settlement between peace in NASCAR in the retail industry.

Merchants in forty states are now allowed to add a surcharge of up to 4% of your entire purchase.

The National Retail Federation says allowing these so called — cause irreparable harm to retailers especially smaller ones.

— and RF senior vice president General Counsel Mallory Duncan says the concept that merchants will start surcharges for credit card use.

It’s propaganda.

Being spread by — credit card industry welcome.

Hi there so — propaganda are you saying retailers are less likely to charge swipe fees to their customers.

I say there’s virtually no chance is gonna happen.

I mean this really is propaganda put out by the card industry as part of the settlement of a big lawsuit.


I was just gonna coming here and say so then what did the retailers want to come out of this settlement because you know really squeezed right because they had to — Processing fees to that credit card companies.

And again so this — allowed him to turn around it offset some of those fees that are creeping into their bottom line.

On to customers who by the way hav…………… continues on Fox Business

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Fraudulent Credit Card Use, Public Intox: Johnston Police Blotter
News from Patch.com:

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Customers charged for credit card use

Posted by administrator | 29/01/13 | Tagged Credit Card

Customers charged for credit card use
News from KFDA:

Amarillo, Texas – Retailers are now allowed to charge extra fees for credit card use.

As of Sunday, store owners in most states will be able to charge shoppers a surcharge of up to three percent of the bill for using a credit card.

But ten states are already banning the extra charge, including Texas and Oklahoma.

If retailers do impose the fee, they are required to notify customers at the store entrance and at the point of sale.

…………… continues on KFDA
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Retailers now allowed to charge extra fees for credit card use
News from WIS:


The next time you use a credit card for a purchase, you could pay an extra surcharge to the retailer.

Effective Jan. 27, retailers can now impose an extra charge of up to four percent of the value of your transaction.

A recent court settlement in U.S. District Court between retailers and the payments industry allows the so-called “checkout fee,” which permits merchants to pass along the “interchange fee” they pay to banks or credit card companies to the consumer.

Ten states have already banned the new surcharge. They include California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.

The fee can only be charged on credit card transactions and not on debit cards or pre-paid cards. Retailers cannot charge more than the interstate fee, which averages between 1.5 percent and 3 percent of the value of the transaction.

If retailers intend to impose the fee, they are required to notify customers at the store entrance and at the point of sale or online on the first page that references credit card brands.

Much like many gas stations have been doing, retailers may offer a “discounts” for using a form of payment other than a credit card.

Consumer advocates recommend educating yourself on each store’s policy…………… continues on WIS

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The Best Payment Method to Use to Settle a Credit Card Debt

Posted by administrator | 28/01/13 | Tagged Credit Card

The Best Payment Method to Use to Settle a Credit Card Debt
News from Opposing Views:

by Mack Mitzsheva

Pay your debts on time to avoid additional interest and fees.

Hemera Technologies/AbleStock.com/Getty Images

A credit card lender may offer you the opportunity to “settle” your credit card bill. Settle means you pay less than you owe on the debt. This can help you take care of the bill while keeping more of your money in your own pocket. The best payment method to use will depend upon your personal preferences — but no matter which method you choose, when you make the payment to the credit card lender, do so in a manner that protects your bank account information.

Checking Accounts

A credit card issuer may offer to settle the debt in-house. In this case, paying with your checking account or debit card may be a convenient way to make a payment. If the debt has been placed with a collection agency, you may have to make your payment to…………… continues on Opposing Views

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Credit Cards Begin Charging ‘Checkout Fee’
News from fox4kc.com:

NEW YORK (CNNMoney) — You might want to think twice before whipping out your credit card. As of Sunday, stores in most states could start charging you a “checkout fee” when you pay for something with plastic.

The new fees stem from a multi-billion dollar settlement announced in July between credit card issuers and millions of merchants.

Visa, MasterCard and nine major banks agreed to a $ 7.25 billion deal to settle charges that they were fixing credit card processing fees. As part of the settlement, credit card issuers said they would reduce these “swipe fees” — fees paid by merchants to issuers when cards are used — but only for eight months.

In addition, the settlement also gave retailers the option to tack on a surcharge if a customer uses a credit card. The retailer can only charge enough to cover the processing costs, which is about 1.5% to 3% of the total purchase, according to watchdog group Consumer Action.

This fee doesn’t apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including Kansas, New York, California and Texas.

Many big players in the retail industry have been up in arms about the settlement. Stores from the nation’s largest retailer down to small businesses have lamented the agreement, claiming that it transferred the wrongdoings of credit ca…………… continues on fox4kc.com

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Nonprofit’s credit card use also subject of police investigation
News from Sioux City Journal:

SIOUX CITY | An investigation into questionable credit card purchases by two employees of a before- and after-school program has prompted policy changes at the nonprofit agency that runs the program, the director said Friday.

Matt Ohman, interim executive director of Siouxland Human Investment Partnership, would not elaborate on the changes but said SHIP will alter the way agency credit cards are used.

Sioux City police are conducting an “open financial investigation” after a routine audit by SHIP found questionable credit card transactions traced to two employees of the Beyond the Bell program.

Ohman said Thursday the two employees no longer work for the program and that SHIP is conducting an internal investigation. He declined to provide additional details.

The Sioux City school district this year paid Beyond the Bell $ 80,000 in state and federal funds to provide services to at-risk students in all 17 of the district’s elementary schools, said Alison Benson, district spokeswoman.

She said it’s too early to know whether the district will look for a different agency to provide services next year.

“We are waiting (and) watching the investigation,” she said. “Right now we’re focusing on making sure that the services are provided this year, which Beyond the Bell has assured they will.”

The current investigation is not the f…………… continues on Sioux City Journal

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Disputing a Charge on Your Credit Card
News from New York Times:

If you have ever disputed a charge with your debit or credit card company, you know what a potent weapon this type of complaint can be.

The card issuer generally takes your word against the merchant or service provider at the outset, restores the money to your bank account temporarily or issues a credit and then goes about its investigation. It essentially demands that the merchant or service provider who supposedly did you wrong prove that it did no wrong at all.

But if you have never wielded this power tool of consumerism, there are a few things you should know first. The cat and mouse game that goes on behind the scenes can be tilted much more — or much less — in your favor, depending on which charges you dispute and how you go about disputing them.

Chances are you will need to use the dispute process sooner or later. We live in a world where you often cannot use cash to buy cocktails on an airplane and any individual can attach a card reader to a smartphone and accept card payments from anyone else. Mistakes will inevitably be made.

Meanwhile, all sorts of online bus…………… continues on New York Times

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Will there be a surcharge to use a credit card? It depends on who you ask
News from NewsNet5.com:

CLEVELAND – There is a lot of debate about “checkout fees” or a surcharge if you use a credit card for a purchase.

Stores will be allowed to do this starting Sunday, but the National Retail Federation says it’s just credit card propaganda and it’s unlikely consumers will be hit with the fees. In the weekly money-saving segment, Joe Daugirdas aka Joe the Coupon Guy discussed the issue.

Daugirdas said he thinks it would turn customers away from a business if there was a fee to use credit. Many consumers use credit to earn rewards points.

If you see the fees, let me know on Facebook and Twitter. To learn more about the issue, read our earlier story.

Daugirdas also discussed savings at Rite Aid on cereal and milk. You can get a free gallon of milk when you purchase four boxes of cereal.

Daugirdas likes the UP Reward program at Rite Aid and suggests you try out a new store and their money-saving policies this year. It might turn you on to a new way to save.

If you need to find new ways to save money this year, how about fishing? Daugirdas said Lake Erie has more fish than all the Great…………… continues on NewsNet5.com

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A 4% Surcharge for Using a Credit Card?! Now Legal — but Not Likely
News from TIME:

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Starting on Sunday, Jan. 27, retailers will be allowed to tack a surcharge of up to 4% onto your tab if you want to pay with a credit card. If that sounds like a lot, you’re right. Happily, though, it’s unlikely to happen very often. 

For years, card issuers have been making lots of money off so-called interchange fees. Until financial regulators and lawyers dragged this obscure term into general discourse, most people had no idea what an interchange fee is. (Still don’t? It’s the fee, typically about 2%, that a store pays your bank when you use a credit card at checkout.) For low-margin businesses like supermarkets as well as mom-and-pop stores that don’t have the clout of their big-box brethren to negotiate lower rates, these fees cut into profits in a big way.

But in a contentious legal ruling that is still being disputed, a U.S. District Court determined last year that merchants are allowed to pass along the cost of those credit-card interchange fees to customers. Consumer advocates say permitting surcharges is a slippery slope. ”If a national sales tax of 2, 3, or 4 perc…………… continues on TIME

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Credit Card Debt: Study Predicts Millions Will Die In The Red
News from Huffington Post:

Millions of young Americans will die in debt to credit card companies, according to new research from Ohio State.

People in their late 20s and early 30s (born 1980 to 1984) carry significantly higher credit card debt than older generations and pay it off more slowly, the study found. They have about $ 5,700 more than people born 1950 to 1954, and $ 8,200 more than those born 1920 to 1924. And they’ll continue to charge well into their 70s, the study predicts.

Researchers examined Capitol One credit card data for more than 32,000 people from 1997 to 2009, including borrowers age 18 to 85. The study, which appears in the January issue of the journal Economic Inquiry, was the first to examine both sides of the equation — how people borrow and how they pay off their cards — allowing researchers to forecast payoff times.

It’s not surprising that younger generations carry more debt, given stagnant wages; the rising cost of basics, such a…………… continues on Huffington Post

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Action Line: Credit card debt reduction takes a plan
News from Tulsa World:

Tips for paying down debt in 2013 are offered by Bill Hardekopf, CEO of LowCards.com.

Total owed: Round up each of your bills with outstanding debts, including credit cards, mortgage, student loans, auto loans, personal loans and bank loans. Create a list of all the creditors with the monthly payment amount, balance, interest rate and credit limit for each. Verify the payment due dates and the status of the accounts.

Pay cash: If you carry a balance on credit cards month to month, stop paying for purchases and daily expenses with cards. You pay a high interest penalty on every purchase made. If you charge meals, entertainment or clothing, you will still be paying these off years later. Put away the credit cards and use cash for such purchases.

Seek lower rates: Credit card issuers don’t act on this as often as they used to, but it doesn’t hurt to ask. If you have received an offer for a card with a lower rate, ask your issuer to match it. Tell them you will be shopping around for another card if they don’t lower your rate. If your rate is lowered, add the amount you saved to your payment so you can pay down your balance faster.

Pay over minimum: Pay more than t…………… continues on Tulsa World

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Credit card debt: from ‘revolver’ to ‘transactor’

Posted by administrator | 21/01/13 | Tagged Credit Card

Credit card debt: from ‘revolver’ to ‘transactor’
News from Adelaide Now:

Credit Card Users Luke Sands and Marta Sliwinska use different approaches to avoid debt. Picture: Philip Norrish Source: National Features

PLASTIC users are a divided bunch. In banking terms, they are usually split into one of two groups: either “transactors” or “revolvers”.

The latter is a financial institution’s preferred customer, with these cardholders only making minimum monthly repayments on their bill and, consequently, paying hefty amounts in interest.

NAB’s acting general manager of cards and personal loans, David Berry, says the majority of credit card users do manage to pay off their card before interest hits.

“Approximately 55 per cent of our customers pay their account off in full every month,” he says.

“Customers who have a large revolving balance on their credit card should move to a low-rate card.”

Transactors are certainly the savvy ones –  they use credit cards to their advantage and avoid interest by paying off their bill in full each month.

Luke Sands, 24, says he has a credit card with a $ 1000 limit and pays it off in full each month, while Marta Sliwinsk…………… continues on Adelaide Now

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Credit card specials launched
News from Interest.co.nz:

Banks and credit card companies may not be competing on their standard credit card interest rates but they are competing on their balance transfer rates.

Today, Westpac has launched a special 1.99% p.a. balance transfer rate.

They say it is “effective for 9 months. Standard purchase interest rate applies thereafter.”

Or you can take their regular balance transfer deal which is 5.99% p.a. – “effective until the transferred balance is paid off”.

Westpac’s standard purchase credit card interest rate vary between cards, ranging from 12.95% on their low interest Mastercard, to 19.95% on their standard Visa, Mastercard or American Express cards. Significantly higher rates apply when you use your credit card like a debit card for cash advances.

Meanwhile BNZ has made changes today as well.

It’s balance transfer deal is now 4.95% p.a. “for the life of the balance transferred”.  This is a special rate from today until further notice. It is a reduction from their previous balance transfer rate of 8.95% p.a.

BNZ’s standard credit card rates range from 13.25% and 19.95% p.a. Significantly higher rates apply when you use your credit card like a debit card for cash advances.

You can find all credit c…………… continues on Interest.co.nz

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Unauthorized Spending Reported in Rye

Posted by administrator | 19/01/13 | Tagged Credit Card

Unauthorized Spending Reported in Rye
News from Patch.com:

Rye police received three separate reports of credit cards and personal information being illegally used.

– On Jan. 10 at 8:56 p.m., police received a complaint that 11 cell phones were purchased using a man’s personal information, including his social security member. 

– On Jan. 11 at 9:31 a.m., a woman reported her card was used in Buffalo without authorization at a Walmart. She was notified by local police there, who made an arrest.

– On Jan. 12 at 2:22 p.m., a Rye resident reported credit card fraud related to a Kohl’s card offer that she received but did not open. Police said a notification was sent to the company about the incident.

…………… continues on Patch.com
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Five Reasons to Pay Off Credit Card Debt With Your Tax Refund
News from Fox Business:

If you are among the lucky Americans expecting a tax refund this year, it’s tempting to use the money on something fun like a tropical vacation or the latest high-tech gadget, but it’s in your best interest to use the refund to pay down your debt.

If you are carrying credit card debt, it’s in your best interest (pun intended), to use your return to reduce your debt—here’s why:

It’s “found” money. It can be hard to shrink your savings to pay off debt, but experts advise using low-interest savings to pay down high-interest debt, and using refund money means you won’t miss the money in the first place.

Make a deal with yourself: Pledge to use 80% of the refund to pay off any credit card balances or other debts and then put 10% into your emergency fund or savings account and the last 10% on a fun purchase.  

You’ll save money on interest in the long run. Don’t think of using the refund money on debt as a waste—it’s extra money in your pocket each month. Paying monthly interest charges are equivalent to throwing money in the trash.   

This might be your only chance this year. When else will a significant sum of money come your way that isn’t spoken for? Unless you get an annual bonus or you get lucky at the casino, tax time is your best bet to put a dent in your debt.

Your c…………… continues on Fox Business

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CardRatings.com: 5 worst credit cards

Posted by administrator | 18/01/13 | Tagged Credit Card

CardRatings.com: 5 worst credit cards
News from CBS News:

(MoneyWatch) High rates and abusive terms are not enough. If you want to make the list of the nation’s worst credit cards, you’ve got to go the extra mile — bury key card terms in the fine print, for instance, or load on fees that are so high they have to use imaginative names for them to avoid running afoul of federal credit card laws.

To be sure, people with stellar credit scores never have to deal with such practices. But if you’ve got a less-than-pristine credit record, or no credit record at all, you’re likely to encounter such card providers.

To that end, here are the nation’s five worst credit cards, according to CardRatings.com (CardRatings also has a listing of the cards it considers the nation’s best. If you’re looking for plastic you’d actually want to use, check out their ranking here or our related story here.)

1. Worst retail card: Fingerhut. You’re likely to get their catalog and credit card application after you’ve lost a job or defaulted on another bill, which might make their offer of credit — at a mere…………… continues on CBS News

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2 women use stolen credit card at Huntsville mall
News from WAFF:

If you recognize the women, call 256-53-CRIME.

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What’s the Best Way to Use My Credit Card Rewards and Travel Points?
News from Lifehacker:

Melanie Pinola

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How Home Depot Uses Your Credit Card Number To Send You Emails
News from Business Insider:

KOMUnews via Flickr

When you use your credit card in a physical Home Depot store, the retailer can use it to send you an email about the product that you just bought.

That is, if you’ve ever ordered anything off the Home Depot website with that card.

After a tipster told Chris Morran at the Consumerist that Home Depot had somehow sent him promotional emails about the in-store purchase he’d just made, Morran got in touch with the home improvement retailer, and received this statement.

Take it away, Home Depot rep:

“Our policy is to send product review email…………… continues on Business Insider

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