ODU class warns students about credit card use

Posted by administrator | 23/02/13 | Tagged Credit Card

ODU class warns students about credit card use
News from The Virginian-Pilot:

By Philip Walzer
The Virginian-Pilot
© February 23, 2013

It seemed like a wise financial move at the time.

Two year ago, Gelila Mengesha, then 18, came upon a way to save money buying a $ 1,500 laptop. She got a credit card, paid $ 800 for the computer and used the $ 700 credit maximum on the card to cover the rest.

She had a part-time job, but she gave it up to focus on her studies at Old Dominion University in Norfolk. She couldn’t make the minimum monthly payments. The interest rate went up. Her father in Northern Virginia chipped in. But the credit-card balance didn’t seem to go down.

“I wish I never got it,” admitted Mengesha, now a junior majoring in human services.

She offered her tale of woe at a recent class of Monarch Millionaire, a five-week noncredit financial literacy program attended by about 200 ODU students this semester.

Monarch Millionaire, launched in the fall, covers such topics as banking and paying for college. “If Americans had the basic skills we’re teaching in this class, we would not have gone through this recession,” said Robert Romm, a senior biology major who is among the student instructors.

The session Thursday night focused on c…………… continues on The Virginian-Pilot

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All you need to know to apply for a credit card

Posted by administrator | 22/02/13 | Tagged Credit Card

All you need to know to apply for a credit card
News from spyghana.com:

Applying for any financial product for the first time can be a confusing and difficult experience, and it’s no different when you apply for a credit card. The majority of applicants will have no problem being accepted, but only if they properly understand the application process.

Step 1 – Choose the right credit card for you

It is important to choose the right credit card. The key thing you should be looking for is low interest rates, but you may also want to look for other features (i.e. contactless payment) that suit your needs. For example, people with debt should be looking for the best balance transfer credit cards, whilst others may want to go for cards which offer rewards such as cash back.

Step 2 – Review your finances

Before making a credit card application, you should take a close look at your finances and make sure that you can afford to repay whatever you spend on y…………… continues on spyghana.com

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Indictment: Former Rockwood official used city credit card for personal purchases
News from Knoxville News Sentinel:

KINGSTON — The former director of the Rockwood Public Works Department, accused of using city credit cards to buy 13 guns — including an assault rifle — along with cameras and clothing, surrendered Thursday on a seven-count Roane County grand jury indictment.

Thomas William Pierce, 48, of Rockwood, posted a $ 10,000 bond and is to be arraigned Monday in Roane County Criminal Court.

The indictment stems from allegations, reported last year by the News Sentinel, that Pierce used city Visa and Wal-Mart cards to buy the items — including the $ 6,000 worth of guns. He registered the guns in his name, according to records.

Pierce had been public works director 15 years before quitting his job last year.

When first asked about the weapons purchases, Pierce reportedly told city officials they were needed for protection from vicious dogs while he was working with animal control.

Mayor James Watts said city auditors brought questions about the credit card purchases to his attention in January 2012 as part of their routine city audit.

Watts said Pierce was placed on unpaid leave from his $ 57,000-a-year job last February and resigned in April, minutes before Rockwood City Council was to vote on a recommendation that Pierce be fired.

The indictment, returned Wednesday by a Roane County grand jury, alleges Pierce was involved in a “cont…………… continues on Knoxville News Sentinel

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Use of fraudulent credit cards ‘becoming fairly common’

Posted by administrator | 21/02/13 | Tagged Credit Card

Use of fraudulent credit cards ‘becoming fairly common’
News from Gainesville Sun:

Published: Thursday, February 14, 2013 at 9:00 p.m.
Last Modified: Thursday, February 14, 2013 at 9:00 p.m.

Last week, two men from Tampa tried to use fake credit cards to buy $ 400 worth of gift cards from a Walgreens in Gainesville. After they were denied, and the manager alerted police, Edel Gomez, 25, and Yuneski Perdomo, 31, were arrested in a vehicle near the store.

Gainesville police officers charged Gomez with fraudulent use of a credit card, trafficking in counterfeit credit cards and scheme to defraud. Perdomo was charged with accessory after the fact. Police think they may be part of a larger ring of criminals.

On Tuesday, two more men were arrested, accused of using fake credit cards, this time at the Oaks Mall. Both men, Boris Mauricio Betancourt Hernandez, 26, and Yoandy Cedeno Pena, 30, are also from Tampa. It’s too soon to know, police say, if the cases are related.

Detective Matt Goeckel, 31, part of the GPD’s Economic Crimes Unit, is the one who chases these criminals through trails of paper. Along with Detective Dave Cannon, he works backward from the crimes — contacting banks and verifying facts with credit companies — to build stronger cases. He’s been with GPD for about six years, he said, with two years in the unit. While it might not be the most exciting work to an outsider’s eyes, he s…………… continues on Gainesville Sun

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Is your credit card at risk?

Posted by administrator | 20/02/13 | Tagged Credit Card

Is your credit card at risk?
News from Economic Times:

Namrata Dadwal, ET Bureau Feb 18, 2013, 08.00AM IST

(Card frauds are on the rise.…)

Who is your greatest financial foe? The corrupt agent, the con artist or a complacent you? Surprised to see yourself in the list? Don’t be. The truth is that sometimes our own ignorance or negligence leaves a door ajar to our financial lives, an opportunity that a hacker or fraudster is lying in wait to get through to raid us. One of the most susceptible instruments is credit cards and the way we use them.

We flaunt them in the open, sw…………… continues on Economic Times

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Pick a card: How to choose the best credit card for your needs
News from Mirror.co.uk:

We owe an average £3,190 in unsecured debts but, for some people, that balance is well into five figures, according to the latest report from Credit Action.

With such large sums, it is absolutely vital that we make sure we are on the best deal and not paying over the odds in interest.

Paying the minimum each month – 3% of the balance – on a debt of £3,190 at the average credit card interest rate of 18.5% APR will take more than 20 years to clear. And it will cost an extortionate £3,075 in interest charges.

A recent survey from Moneycomms.co.uk shows that 28% of credit card customers have had the same card for 10 years or more, and it is this sort of loyalty that could be proving to be an expensive mistake.

It’s all very well sticking with your favourite card from all those years back, but the market has changed massively over the last decade and many people could be wasting hundreds of pounds purely because they have put the wrong plastic in their wallet .

Most people wouldn’t go 10 years without changing their car, so why stick with a dusty and uncompetitive old credit card? Isn’t it time to give your wallet an MOT?

Despite what people may think, not all credit cards are the same. Each of them has a particular strength or benefit which makes them suitable for certain uses.

The question you need to ask yourself is, what…………… continues on Mirror.co.uk

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Wake up and watch those credit cards, financial officers warn
News from Longview Daily News:

Credit Card Advice

Here are some tips for keeping your debit card safe, thanks to the financial website investopedia.com.

• Check your bank statements often for suspicious transactions.

• Protect your PIN number by giving it out to no one, and don’t keep it in your purse or wallet.

• Only use bank ATM’s. Security measures are taken at banks to avoid the placement of “skimmers.” But other cash machines in public locations can be tampered with, allowing thieves to get ahold of your information and rob you.

• Don’t use public wireless access for financial transactions. As tempting as it might be to sip your coffee at Starbucks and use their free wireless to pay bills or check out your bank account, sophisticated thieves can hijack your wireless access and steal your passwords without anyone being aware of it until they start stealing your money or using your information for fraud.

• In addition, find ways to avoid using your debit card online. In the cyber-based world, that amounts to near-blasphemy. But there are ways you can use a credit or debit mechanism without risking your financial future.

Many credit cards offer online numbers that you can use for transactions. These prevent would-b…………… continues on Longview Daily News

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A Concerning Sign for Credit Card Issuers?
News from LowCards.com:

The future growth of the credit card market may be impeded by some current trends with young adults.

Young adults, aged 18 to 35, are not as likely to use credit cards as their parents.

According to a recently released study by the Mercator Advisory Group, 59 percent of young adults have a credit card compared to 70 percent of senior adults.

In addition, these young consumers are three times more likely than their senior counterparts to reduce their credit card use in favor of debit cards: 36% of young adults compared to 12% of seniors.

“The anti-credit card sentiment appears to be waning,” stated Karen Augustine, manager of Customer Monitor Survey Series at Mercator Advisory Group. “But, issuers need to address the needs of the young adults in order to stimulate greater credit card volume.”

The study, entitled “Consumers and Credit: 2012: Come Back, Young Cardholders”, was conducted on 1,003 online consumers throughout the country in June 2012.

. Bookmark the

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…………… continues on LowCards.com
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Credit card use brings probation

Posted by administrator | 17/02/13 | Tagged Credit Card

Credit card use brings probation
News from Champaign/Urbana News-Gazette:

URBANA — A Chicago man who admitted using fake credit cards to obtain goods from a Champaign store has been sentenced to probation.

Judge Harry Clem on Thursday sentenced Charles Tucker, 27, to 30 months of probation and 50 hours of public service.

Tucker pleaded guilty in December to unlawful use of credit card, admitting that on Dec. 30, 2011, that he was with two other men who were in the Walmart store on North Prospect Avenue using credit cards to obtain an iPad and gift cards totaling more than $ 300.

Assistant State’s Attorney Scott Larson said at the time of Tucker’s plea that the men were stopped by police that day after having tried to use five different credit cards — all of which were declined — at the Target store to buy gift cards.

Police found several credit cards with Tucker’s name on them as well as iPhones, iPads and gift cards, including one iPad that had been purchased earlier in the day from Walmart.

Larson said the men told police they bought the fake credit cards in Chicago.

Co-defendant Derrick Boyd, 26, of Chicago, earlier pleaded guilty to obstructing justice in return for a sentence of 18 months of probation.

Bobby Morton, 37, of Chicago, was sentenced to six years in prison after pleading guilty to burglary.

…………… continues on Champaign/Urbana News-Gazette
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Without witness, charges dropped regarding stolen credit card use in Charleston
News from Journal Gazette and Times-Courier:

CHARLESTON — Charges accusing a woman of using another person’s credit card at a Charleston store were dismissed because the only witness to it couldn’t be located.

Denise M. Miller, 21, of Fairview Heights was accused of using the stolen credit card for a purchase at the Charleston Walmart on Aug. 26, 2011.

The only eyewitness who claimed seeing Miller use the stolen card could not be located and the store’s video surveillance couldn’t positively identify the person who used it, according to Assistant State’s Attorney Rob Scales, who prosecuted the case.

Miller was charged with burglary for allegedly entering the store planning to steal as well as with unlawful use of a credit card. Scales said the stolen card belonged to an Eastern Illinois University student and Miller was visiting Charleston at the time.

Circuit Judge Mitchell Shick dismissed the charge at Scales’ request. Attorney Jeannine Garrett represented Miller.

In other cases in court recently, Shick accepted guilty pleas from:

— Andrew S. Lietard, 23, whose address on record is an apartment at 24 W. Buchanan Ave., Charleston, to a charge of possession of cannabis with intent to deliver alleging he had marijuana he planned to sell on Feb. 29.

A possession of a controlled substance charge alleging Lietard also had cocaine was dismissed and he was placed on pro…………… continues on Journal Gazette and Times-Courier

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Man arrested for fraudulent use of credit card

Posted by administrator | 16/02/13 | Tagged Credit Card

Man arrested for fraudulent use of credit card
News from Gadsden Times:

Times Staff Report

Published: Thursday, February 14, 2013 at 1:54 p.m.
Last Modified: Thursday, February 14, 2013 at 1:54 p.m.

A Gadsden man was arrested Wednesday on three felony warrants for fraudulent use of a credit or debit card, according to a news release from the Gadsden Police Department.

David Yarbrough, 38, is in the Etowah County Detention Center on a $ 7,500 bond.

According to the release, an elderly woman believed Yarbrough stole her checkbook and forged her signature on at least two different checks between October and December 2012. She reported this to police Jan. 2.

…………… continues on Gadsden Times
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Authorities bust woman trying to use credit card stolen from gym locker
News from WPXI Pittsburgh:

COLLIER TOWNSHIP, Pa. —

A Bridgeville woman is facing theft charges after police said she stole a wallet out of an unsecured gym locker and tried to use a stolen credit card.

Authorities in Collier Township said Tiffany McCall, 28, went into an unsecured locker at LA Fitness and took another club member’s makeup bag and wallet.

Investigators said McCall then went to a nearby Walmart, where she used one of the credit cards to make a small purchase.

“She used one of the credit cards to see if the charge would be processed, and it was,” Collier Township Police Sgt. Eric Davis said.

According to police, McCall then tried to use the stolen credit card to buy $ 900 worth of items. Davis said two different credit cards from the stolen wallet were both declined.

“Normally with credit card companies, if there is a small purchase and then a larger purchase within a certain period of time it will be flagged as fraudulent,” Davis said.

Authorities said once the stolen credit cards were declined, McCall purchased the items using her own credit card.

Investigators told Channel 11’s Jodine Costanzo that they were able to identify McCall through the store’s surveillance video.

Police said she confessed to the crime and told police she didn’t know why she stole. She then said she’s getting a divorce and wanted to buy things f…………… continues on WPXI Pittsburgh

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Reasons You Should Use Your Credit Card For Purchases
News from San Francisco Chronicle:

To a child’s or young adolescent’s mind, credit cards sound like the greatest deal in the world. You buy something today and get to enjoy it immediately, but you don’t have to pay for it for weeks. Where’s the downside?

Only an adult could complicate the situation by knowing that the due date for paying the bill without incurring interest is coming. Adults also know that letting that date pass will allow the interest to start building and the foundation to be laid for a future four- or five-digit credit card balance.

Let’s assume that you’re a responsible credit user who understands that a $ 20 scarf bought with a credit card on January 1 remains a $ 20 scarf if paid for by February 1, but can magically transform into a $ 20.29 scarf if paid for on February 2. If so, then there’s a surprising credit card strategy you should employ as a consumer – use your credit card for everything.

If an establishment takes cards, use yours. Keep the cash transactions to a minimum. Let’s examine why.

The Time Value of Money

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credit card and debit card use boost australian gdp

Posted by administrator | 13/02/13 | Tagged Credit Card

credit card and debit card use boost australian gdp
News from Mozo.com.au:

A global study of electronic payments released by Visa shows credit card and debit card usage in Australia added almost $ 20 billion to the countries GDP from 2008 to 2012.

Card usage in Australia increased from 50 percent to 58 percent in 2012, growing GDP by 0.47 percent and adding $ 20 billion to the Australian economy, claims the report under taken by Moody’s Analytics. 

“It demonstrates that card usage makes the economy more efficient, yielding a meaningful boost to economic growth,” says Visa Country Manager Vipin Kalra.

Kalra also stated that Visa has much higher goals for the future. It’s estimated that around 21 percent of Australians do not have a debit card, 36 percent don’t have a credit card and more than 24 percent of transactions in 2012 were made in cash.

“Imagine the economic benefit if we connected more Australians to electronic paymenys, giving them secure and immediate access to all their financial resources,” Mr Kalra said.

Globally the impact of electronic payments is estimated around US$ 983 billion or the equ…………… continues on Mozo.com.au

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Firms use evolving technology to keep credit card information safe
News from Scottsbluff Star Herald:

Longtime Omaha florist Frank Piccolo remembers taking orders for bouquets by hand, writing down all the customer’s information — including the customer’s credit card number.

“Looking back at those days, at how insecure credit card privacy was, it’s amazing,” Piccolo said. “You had all kinds of people having access to orders with these numbers on them.”

Today, Piccolo’s flower shops use Teleflora’s secure point-of-sale network to process sales, and customers’ credit card information is no longer kept at the shop or on its computers, Piccolo said.

“It’s not in anything that anybody could come back a few hours later and get their hands on,” Piccolo said.

Keeping credit card numbers off retailers’ servers is just one strategy in an escalating fight against hackers who break into retail sales networks and sell credit card numbers on the black market.

A number of firms with operations in Omaha, including First Data and PayPal, are at the front line of fighting hackers, not an easy game to win.

When the payment processor says, “I’m going to build a bigger wall,” the hacker says, “I’m going to build a bigger slingshot,” said Cliff Gray, who consults on payment data security for an Omaha-based company, the Strawhecker Group.

The stakes are high for merchants whos…………… continues on Scottsbluff Star Herald

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Tool Logic CC1SB Credit Card Companion with 2-Inch Serrated Knife, Translucent Black
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Stolen Credit Card Use at Brentwood Promenade

Posted by administrator | 10/02/13 | Tagged Credit Card

Stolen Credit Card Use at Brentwood Promenade
News from Patch.com:

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Americans Borrow More for Cars, School, but Cut Back on Credit Cards
News from Moneynews:

Americans stepped up borrowing in December to buy cars and attend school. But they cut back sharply on credit card use, continuing a trend that could hold back growth this year.

Consumer borrowing rose $ 14.6 billion in December from November to a total of $ 2.78 trillion, the Federal Reserve said Thursday. That’s the highest level on record.

The increase was driven entirely by gains in student and auto loans. Borrowing in the category that measures those loans increased $ 18.2 billion, the biggest monthly gain since November 2001.

But credit card debt fell $ 3.6 billion. Americans have been relying less on credit cards since the Great Recession. Total credit card debt has fallen roughly 17 percent since the July 2008.

The December decline could also be a signal that consumers were worried in December about tax increases that kicked in last month and are reducing take-home pay.

While credit card debt has fallen since the recession, student loan debt has surged. It has risen 63 percent since mid-2008 to total $ 956 billion as of September of 2012, according to quarterly data compiled by the Federal Reserve Bank of New York.

The increase partly reflects high unemployment, which has led many Americans to seek better education and skills in a more competiti…………… continues on Moneynews

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