Manage Your Money

Meet the Man With 50 Credit Cards

2012-02-10T16:15:00.000+08:00

NEW YORK (MainStreet) — Scott Bilker first applied for a credit card in the late 80s when he realized he would need to borrow money to pay his tuition bills. His efforts to avoid paying interest and score better deals quickly got him a very fat wallet.

“I knew it was expensive to use credit cards and had to find a way to minimize the costs,” he says. His quest for the best rewards deals, coupled with his desire to prove he could still get banks to lend to him after accumulating 20-plus accounts, led him to amass more than 80 credit cards by 2007.

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Credit-Card Borrowing Surged Over Holiday Period

2012-02-08T13:02:00.001+08:00

U.S. credit card debt posted the second solid increase in a row during December, an indication Americans stuck with meager wage gains borrowed to pay for their holiday celebrations.

The increase helped raise the level of consumer credit outstanding by a whopping $19.31 billion to $2.498 trillion, Federal Reserve data Tuesday said. Economists surveyed by Dow Jones Newswires had forecast a $7.5-billion increase.

Revolving credit, which includes credit-card debt, increased in December by $2.76 billion, to $800.98 billion. November revolving credit rose $5.58 billion, the biggest increase since March 2008.

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Credit card debt: Don't forget the lessons from financial crash

2012-01-26T09:25:00.002+08:00

The financial crash of 2008 forced borrowers and lenders to cut back on seeking and issuing credit for a few years, but this has been changing since late 2011.

Credit card debt dropped in 32 of the 36 months of 2009 through 2011 as cardholders spent less and issuers lowered credit limits, tightened approval guidelines and canceled risky accounts, says Bill Hardekopf, CEO of LowCards.com.

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Unsecured Credit Cards for Bad Credit

PaySaber Secure Credit Card Solution Hits CES

2012-01-11T14:28:00.001+08:00

LAS VEGAS, Jan. 10, 2012 -- LAS VEGAS, Jan. 10, 2012 /PRNewswire/ -- ShowStoppers @ CES 2012 -- PaySaber, the most secure and advanced credit card solution for the iPhone, iPod touch and iPad has hit CES. The PaySaber devices and accompanying application provide feature-rich solutions to ensure that you can accept payments anywhere, anytime. Whether you are a small-shop merchant or an enterprise-size company, PaySaber mobile point of sale solutions will work for your business.

For the smaller business, the PaySaber Clip is ideal. This secure, encrypted card reader is the latest addition to the PaySaber line and the first to be compatible with the iPad, as well as the iPhone and iPod Touch. Designed to be simple to use, it allows merchants to easily "clip" the device on and off and easily interchanges between other iOS devices.

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Credit Cards for Bad Credit

Secured Credit Cards

Preventing Credit Card Theft + Inside Visa’s Top Secret Data Facility

2011-12-23T16:57:00.001+08:00

ABC’s Eric Johnson and Lauren Effron report:

‘Tis the season to swipe the credit card – and to be on alert.

As shoppers rush home with their treasures, all purchased with just one swipe of a piece of plastic, it comes with one great risk: credit card fraud.

About eight million American were victims of fraud this past year, and almost half of those reports were linked to stolen card information.

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Credit Cards for Bad Credit

To his credit, he's still using the gold dollar coin

2011-12-23T15:30:00.000+08:00

The Sacagaweas and Jeffersons are bright, smooth and easy to use. In a world where cash is becoming an abstraction, and where credit cards can be a problem, he finds it worth the occasional scorn to reclaim tactile control of his money.

You can probably hear it when I walk down the hallway: the sound of gold dollar coins jingling in my pocket.

I use them everywhere: the dry cleaner, the store, my favorite diner. No, they are not a heavy burden, I tell skeptics. When brand-new, they're like shimmering drops of sunshine.

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Bad Credit Credit Cards

Threat of credit card 'skimming' rises during holidays

2011-12-19T21:58:00.002+08:00

South Florida shoppers beware. While you're looking for gifts, criminals are on the prowl for your banking information.

Credit card "skimming" — the use of electronic gadgets to steal credit and debit card information — is not new in South Florida, but it's on the rise, especially around the holidays, said U.S. Secret Service agent James Porter in Miami. Porter specializes in electronic crimes.

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Credit Cards for Bad Credit

UPDATE: Some Credit-Card Issuers Post Loan Growth

2011-12-16T15:54:00.001+08:00

NEW YORK (Dow Jones)--Some large credit card issuers are showing small signs of loan growth as competition for borrowers reaches a fever pitch.

American Express Co. (AXP), Capital One Financial Corp. (COF) and Discover Financial Services (DFS) said Thursday their cardholders' balances have inched up. While it is too early to tell if the increases will lead to lasting growth, the results are a positive sign for an industry that faces headwinds going into the new year.

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Financial Matters: Credit Card Shopping

2011-11-10T13:36:00.001+08:00

PORTSMOUTH, Va. (WAVY) - Beware of credit card fine print, especially during the holidays.

The holidays are a big time for spending and credit card offers. When you get those credit card offers of 0 percent interest or 5 percent cash back, what should you be thinking?

Read the fine print
Generally two types of card users – one pays off each month, the other carries a balance.

First off, if you pay your credit card off each month, then look for some rewards program – the 5 percent cash back offer usually has some sort of fine print only on grocery purchase or only on the first $2,000, etc.
If you aren’t paying off each month (Federal Reserve had statistic 60 percent aren’t), you still need to consider.

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Credit Cards for Bad Credit

Credit Cards for Kids? Don’t Be Childish

2011-10-26T11:21:00.000+08:00

Personal money-management website Mint.com suggests in a recent blog post that responsible parents should give their kids credit cards — possibly starting as young as middle school. In making the case for giving minors access to their own personal line of credit, Mint.com says a credit card of their own will help them master responsible spending habits and give parents the opportunity to teach them how to read a statement, what their APR is and other valuable lessons. It’s absolutely true that kids should learn about the mechanics of credit, how to use it responsibly and why it can get very expensive very quickly if you don’t. But the idea that they need a card of their own to practice this is questionable, at best.

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Breaking bad financial habits is good for you

2011-10-24T09:44:00.001+08:00

The worst thing about habits is that the good ones are hard to make and the bad ones are hard to break.

But if you're suffering from cash-management problems, you've got to do some making and breaking before your debt breaks you, says Al Nagy, a certified financial planner with Investors Group in Edmonton.

"If you have debt and you have debt that's out of control, you have to look at the underlying problem that put you into that spot," Nagy says. It's an "opportunity" for you to look at your habits and pinpoint the reason you have the debt.

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Police: Credit card thief charges $50k in jewelry, high-end merchandise

2011-10-14T14:15:00.004+08:00

TAMPA — Police are investigating a thief who has purchased more than $50,000 in high-end merchandise using stolen credit cards over the past several weeks.

The man, who was caught on surveillance video inside stores, is suspected in a string of wallet thefts.

He has used credit cards found in the wallets to make purchases at stores in WestShore Plaza and International Plaza, such as Tiffany & Co., Zales and King's Jewelry.

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Money Monday: Credit Card Debt Help

2011-10-11T10:30:00.001+08:00

Dorothy Barrick from Greenpath Debt Solutions, a non profit credit cousneling and education organization stopped by FOX 2 to offer some sound advice on how to get back on track financially.

GreenPath Debt Solutions lists 10 Warning Signs of too much debt

1. You have no savings.
2. You only make the minimum payment on your credit cards each month.
3. You continue to make more purchases on your credit cards while trying to pay it off.
4. You have at least one credit card that is near, at, or over the credit limit.
5. You are occasionally late in making payments on bills, credit cards, or other expenses.

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Paid off Mortgage, Can't Get Personal Loan

2011-10-07T14:24:00.005+08:00

Dear Dr. Don,
Hello, I own my home free and clear, and I need a personal loan to pay off a few credit cards, approximately $2,000 to $2,500 worth. I need a lender. I keep being denied for a $20,000 loan.

I thought if a home has no mortgage or lien and is free of debt, a lender wouldn't have a problem approving a loan. Best case, if I default, the lender owns a home valued at $260,000, for $20,000. Can you suggest what I should do?

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Bad Credit Car Loans

Parasole defends taking tip money to pay credit card fees

2011-10-05T14:16:00.001+08:00

The owner of popular Twin Cities restaurants such as Manny's Steakhouse and Salut Bar Americain took to social media Tuesday to defend its decision to keep 2 percent of servers' tips that are paid via credit card.

City Pages reported on Monday that Edina-based Parasole Restaurant Holdings , which also owns Good Earth, Chino Latino and Pittsburgh Blue, was making the change to offset bank fees restaurants pay on debit and credit card transactions.

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Police bust alleged credit card fraud ring

2011-09-29T13:50:00.001+08:00

Three suspects from Costa Mesa and one from Huntington Beach have been arrested so far. Two more suspects are on Laguna police's radar.

Laguna Beach police have arrested four members of an alleged credit card fraud ring and detectives plan to serve arrest warrants on two additional suspects.

The suspected ring leader, Dwight Christian Vaccaro, 46, was arrested at his Costa Mesa home Sept. 22 on suspicion of manufacturing and distributing fraudulent credit cards, according to Laguna Police Sgt. Robert Rahaeuser.

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Credit card 'convenience fee' law has a big, fat loophole

2011-09-27T16:37:00.000+08:00

California law forbids businesses from charging extra when someone pays with plastic instead of with cash or check, but public agencies and utilities are exempt.

Every time I write about Anthem's proposed $15 "convenience fee" for people to pay their premiums with plastic, and how this would violate state law, I get bombarded with calls and emails from readers asking why some places get away with the practice.

If such surcharges are illegal, they wonder, why is it that UCLA charges a 2.75% fee for students and parents to pay for tuition and other costs with credit cards?

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Credit card debt on the rise, again

2011-09-26T11:40:00.002+08:00

NEW YORK (CNNMoney) -- Consumers are racking up credit card debt like it's 2008.
Americans added $18.4 billion to their debt load in the second quarter, a 66% increase from the debt they accumulated in the same quarter last year and 368% more than they tacked on in 2009, according to credit card research firm CardHub.com.

In fact, the last time consumers charged up this much debt during this time period was in 2008 -- several months after the recession officially began and when credit card balances climbed by $25.2 billion.

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Credit management, budget benefit college students

2011-09-14T23:22:00.000+08:00

A growing number of college students are accumulating large amounts of credit card debt and are unable to repay these balances when they graduate. According to government statistics:

· More than one in five new college graduates have credit card balances of $3,000 to $7,000

· Half of college undergraduates had four or more credit cards

· Sixty percent of undergraduates expressed surprise at how high their credit card balances had reached, and 40 percent said they charged items knowing they did not have the money to pay the bill

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3 people charged with credit card fraud at Palisades Center

2011-09-07T17:54:00.001+08:00

WEST NYACK — Clarkstown police charged three people with credit card fraud following the purchase of a $390 iPod from BJs Wholesale Club at the Palisades Center.

Charged Friday were Christian Williams, 22, of Rosedale in New York City; Louis Huggins, 19, of Rosedale; and Kim-Alexa Gatling, 20, of Newark, Del.

Police said when Williams tried using a credit card to buy an iPod, the cashier noticed the credit card number and receipt number didn't match. Williams ran off but was arrested in the parking lot, police said

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Debunking credit-card myths

2011-09-02T18:56:00.000+08:00

FRESNO, Calif. (KFSN) -- As you pull them out of your mailbox, credit-card offers can seem so enticing-zero percent introductory interest rates, attractive cash-back options, and no annual fees. It may seem like the ideal time to get a new credit card. But Consumer Reports says be aware that your credit score can be hurt temporarily when you apply for new cards.

Each time you apply for a card your credit score can take a hit, and you might not want to risk that if you're applying for a mortgage or other significant loan in the near future.

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Credit Scores Aren’t Everything

2011-08-23T10:57:00.004+08:00

Friend-of-Lifehacker and MetaFilter founder Matt Haughey reminds us that, even though they can make a big difference when you're looking for a loan, credit scores are, to a large degree, bullshit. That doesn't mean you can't benefit from some simple tips to improve your credit score, but if you're financially responsible, your credit score isn't everything.

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Credit scores driving co-worker up a wall

2011-08-16T13:00:00.003+08:00

Q. A co-worker of mine is neurotic about his credit score. I’m fairly conscious about mine as well and take steps to ensure it’s accurate and high. We’ve been having a discussion on whether or not multiple hard inquiries to your credit adversely affects your score. For example, when he bought a car, the dealer submitted loan paperwork to two separate lenders. Both lenders viewed credit reports before approval of the car loan. My co-worker was concerned that the credit checks would negatively affect his credit score, even though he got the loan. Will it?
— A curious reader

A. A credit score is a number calculated by a formula that takes into account many aspects of your credit life, including on-time or late payments, how much credit you use, your length of credit history and other factors.
The most commonly used credit score, called the FICO score, is administered by Fair Isaac Corp. There are several other credit scores trying to gain lender interest, including VantageScore.

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Is the weight of your credit history dragging down your ability to borrow?

2011-08-12T13:55:00.001+08:00

For those of us who have been around for a while, our credit history can be long, involved and chequered. Every one of us experiences good and bad times financially, and sometimes the world conspires to trip us up even when we have made what seem to be secure and manageable plans.

If at any time you have had a county court judgment issued against you or you have failed to keep up with payments on a loan, a credit card or a hire purchase agreement, this will appear as part of your credit history. Unless it really is in the deep and distant past, it may well count against you when you apply for a mortgage, loan or credit of any kind.

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Capital Bridge Loans Expands Bridge Lending Capacity

2011-08-10T15:12:00.000+08:00

Chicago, IL (PRWEB) August 09, 2011

Capital Bridge Loans is a Chicago based commercial real estate bridge loan company that provides bridge loans nationwide for income producing real estate. The commercial loans the company offers provide a valuable tool for property owners that have come into unique scenarios that a traditional bank simply would not entertain. The bridge loans made by the Capital are short term in nature, typically 12 months, and have interest only amortizations. At the end of the twelve month term, the loan balloons and is in need of refinance.

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What does drop in US credit rating really mean?

2011-08-08T11:05:00.005+08:00

TAMPA - Whether you’re a family or a country when it comes to credit scores it doesn't take an expert to know that higher is better.

Late Friday the nation's AAA credit rating slid down to AA+. That’s frustrating news for Americans who work hard to keep their own credit scores up.

"It leaves me feeling insecure,” said Bay area resident Julie Seward. “It means I don't have control over some of these [interest] rates that are happening.”

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FTC examines car sales, financing abuses targeting U.S. troops

2011-08-04T14:49:00.001+08:00

A young Navy sailor walks into a car dealership and buys a Camaro.

Sounds simple. But is it?

Advocates for military consumers say financing a car or truck is often a confusing transaction fraught with the potential for fraud, including hidden fees and bait-and-switch salesmanship.

Car dealers and their advocates counter that the transaction is usually a straightforward process. Rip-offs, they say, are rare.

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Choosing Between a Credit Card or Personal Loan

2011-08-02T15:23:00.002+08:00

July 31 (Source: By Eve Mitchell, Contra Costa Times, Walnut Creek, Calif.) - At a time when just about all merchants accept credit cards, the idea of taking out a personal loan to pay for a big-ticket item or unexpected medical costs is an often overlooked financial strategy. But in some cases, a personal loan, also called a signature loan, may be a better solution than a credit card.

The advantage of a personal loan is that the interest rate never changes. That’s not the case with credit cards. But a personal loan has a fixed monthly payment, whereas with a credit card you can pay just the minimum balance. And some credit cards provide reward points for purchases, which you don’t get with a personal loan.

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TechBytes: Webcam as Credit Card Reader

2011-07-29T12:24:00.001+08:00

In today's TechBytes, a new service could make it easier to buy things online. Netswipe lets users make payments simply by holding their credit cards in front of a webcam.

The company Jumio says that this will not only speed up the payment process, but will cut down on fraud.

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Credit's easing for auto customers, data show

2011-07-28T21:10:00.001+08:00

Consumers are finding it easier to get auto loans and leases, according to a recent analysis of transaction data from J.D. Power and Associates.

Higher used-car prices, supported by a relative scarcity of nearly new used cars, are playing a role, said Thomas King, J.D. Power senior director, in an interview last week.

Trade-in values are up as a result, which also means the percentage of upside-down customers is down, which makes it easier to finance a new purchase.

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Newt Gingrich’s personal finance report out: Tiffany’s credit line closed

2011-07-27T14:11:00.003+08:00

Presidential candidate and former House speaker Newt Gingrich has released his personal financial disclosure report.

The document confirms that Gingrich closed his interest-free credit line at Tiffany’s. The Post reported last month that Gingrich had a second 2010 credit line of $500,000 to $1 million at the jewelry company. In May, personal financial disclosure forms for Gingrich’s wife, Callista, showed that the family had carried a line of credit ranging between $250,000 and $500,000 at Tiffany’s during 2005 and 2006.

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Want a no surprises credit card?

2011-07-25T22:41:00.002+08:00

Is this new credit card for you?

Citigroup on Monday plans to launch a credit card that combines a trio of perks — no late fees, no penalty rate and a single interest rate for purchases, balance transfers and cash advances, Associated Press reports.

The revamped Simplicity card will be marketed to those who are juggling busy schedules and want a credit card with simple terms, AP writes.

But — and there are always buts when you talk about credit cards — there are a few reasons to think twice, AP reports.

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Ten Financing Options for Cosmetic Surgery

2011-07-22T13:36:00.001+08:00

Most of life's costlier occasions have prescribed financing options: buy a home, get a mortgage; send a kid to college, save in a 529 plan or get student loans; need a new car, sign a lease or take out a car loan.

But what do you do if you want cosmetic surgery? In 2010, 13.1 million people underwent a cosmetic procedure in the U.S. -- a figure that is up 5% over 2009, and which cost patients a whopping $10.7 billion, according to the American Society of Plastic Surgeons (ASPS).

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CBA lobbies against credit card plans

2011-07-21T20:23:00.000+08:00

Proposals to scrap credit card surcharges have met with a hostile reception from the Commonwealth Bank of Australia (CBA), which has reportedly mounted a lobbying campaign against the reform.

According to the Australian, the financial firm stated in a submission to a Reserve Bank of Australia (RBA) committee that it would instead support an alternative scheme allowing retailers to charge customers for the actual cost of transactions.

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Best credit cards for job seekers

2011-07-19T22:31:00.001+08:00

Even as economists debate whether the U.S. could experience a double-dip recession, unemployed and underemployed Americans agree on one thing: looking for work can get expensive. Fortunately, the best credit cards offer ways that you can actually save money during your job hunt, as long as you use them responsibly.

Best credit card for the all-important interview outfit

In a recent interview, New York style adviser Allison Berlin told CBS News that few job seekers need to spend more than $500 on their core interview outfit. For women, a simple sheath dress and a sharp pair of shoes will fit the bill. Men should invest in a classic wool suit.

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Colleges earn money on credit card deals

2011-07-18T10:37:00.003+08:00

WASHINGTON — A deal to market credit cards bearing Rutgers University's name earned $562,637 for New Jersey's flagship public university last year, according to a recent Federal Reserve survey.

That was the largest amount that a New Jersey college or university earned last year through agreements allowing credit card companies to market “affinity” cards to alumni, the survey showed.

Combined, such marketing deals earned $1.24 million for 18 colleges and universities in the state.

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Credit Card Problems Abroad: Readers Respond

2011-07-14T15:38:00.004+08:00

EVERY once in a while I write a Practical Traveler column that really seems to hit a nerve. “How to Avoid Credit Card Problems Abroad,” published online June 8, was one of those columns.
Within three days, more than 100 readers had weighed in with tales of woe and hard-won knowledge.

Many of the comments expressed frustration about using American cards — particularly when traveling in Europe — which rely on magnetic-strip technology rather than embedded microprocessor chips used in cards that are becoming common outside the United States.

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BBB: Loan scam falsely using Memphis address

2011-07-13T12:08:00.001+08:00

A loan scam misrepresenting itself with a Memphis address is a hoax, according to the Better Business Bureau of the Mid-South.

Dewitt Lending Center claims to offer personal loans with upfront fees. The company's website — which calls itself 'Bad Credit Loan Experts' — doesn't list contact information for the business, but the BBB obtained documents faxed to consumers claiming the address is 8700 W. Trail Lake Drive, Suite 222, Memphis.

The occupant of that space, The Sharpe Group, has received calls from Dewitt customers but is not connected to the scam, according to the BBB. The building owner, Tournament Trails Joint Venture, verified The Sharpe Group as the space's legitimate tenant.

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La Sirena employee fattens up on diner's credit cards

2011-07-12T09:35:00.000+08:00

WEST PALM BEACH , Fla. -- West Palm Beach police say they know of at least 16 people who dined at La Sirena restaurant and had their credit card information stolen.

"When we go out to dine, we're thinking of an enjoyable evening, we're not worrying about our credit card information being stolen," said Mike Galvin, of the Better Business Bureau.

Police say some of the customers who ate at La Sirena restaurant in West Palm Beach got more than just a good meal. They got swindled.

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Credit Unions Provide Smart Personal Lending Options

2011-07-11T13:50:00.000+08:00

For members still dreaming of taking that well-deserved vacation or making those long-awaited home improvements this summer, their credit unions may be the answer. Most credit unions offer low rate personal signature loans and lines of credit which give members financial freedom and flexibility by allowing them to use the money for any purpose.

Most personal lending programs boast a combination of good rates, flexible loan amounts, affordable terms, no fees or penalties, and no collateral requirements.
These unsecured loans and lines are an economical, practical option and are easily available to members without the need for collateral. Personal loans most often have a fixed rate and are a good option for those who do not own a home, or would rather not borrow against their assets. Personal lines of credit are ideal for unexpected expenses and allow members to have an ongoing borrowing relationship with their credit union.

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Know the Details on All Credit Card Debt

2011-07-08T08:12:00.001+08:00

(Source: Tulsa World by Phil Mulkins) - Dear Action Line: My kids got off on the wrong foot with credit cards. Please spell out how debt is established, continues growing and is finally paid off. – Mom, TulsaCredit card debt starts with a whimper and ends with howls of anguish. Bill Hardekopf, CEO of LowCards.com and author of “The Credit Card Guidebook,” says all card users should look at their monthly statements for each loan and write down their balances, interest rates, credit limits and payment due dates. The first step in getting out of debt is understanding what you owe and what you are paying.

APR: “The biggest factor in your credit card debt is the APR (annual percentage rate),” he said. “Most issuers offer a tier of interest rates. The rate you receive is based on your credit score, but you will not know what your rate is until after you apply. The higher your interest rate, the more you will pay the issuer for the privilege of borrowing money, while less of your money will be used to pay down your balance. A high interest rate can add thousands of dollars in interest penalties and years of payments.”

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Lenders cut the cost of personal loans in rates war Read more: http://www.thisismoney.co.uk/money/article-2011731/Lenders-cut-cost-personal-loans-rat

2011-07-07T10:47:00.001+08:00

Personal loans are now even cheaper, after several lenders slashed interest rates.
M&S is reducing its rates from 6.9 per cent to 6.7 per cent from tomorrow for loans worth between £7,500 and £15,000.

It means someone borrowing £7,500 over three years would pay £230.55 per month instead of £231.24 — £8,299.83 in total.

It comes as Nationwide cut its loan rates last week to a record 6.6 per cent for FlexAccount current account customers. Other customers can get a rate of 6.7 per cent.

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MONEYWISE: Use caution with 'professional' credit cards

2011-07-06T16:10:00.003+08:00

In what looks like a return to better times, credit card companies are reaching out with offers again, and promotion is especially brisk for the so-called "professional" credit cards that typically targeted business owners and professionals. Now, such cards are being marketed to a broad range of individuals regardless of their business or career status.

A recent report from the Pew Charitable Trusts and subsequent analysis by Pew's Safe Credit Cards Project found that nearly a quarter of all offers involve "professional" (also called "business" or "corporate" cards in some advertising), and that a growing number of consumers are snapping up the offers.

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HCA speeds up applications for state grants, loans

2011-07-05T09:30:00.001+08:00

Faced with fast-approaching funding application deadlines, Hazleton City Authority directors will begin evaluating water system infrastructure projects to submit for a share of $400 million in competitive loans and grants available through the state.

Water Department board members on Thursday agreed to reserve upcoming Industrial Division board meetings for evaluating and prioritizing a five-year capital improvement plan for the water system. The board will identify projects it will submit for state funding.

The Water Department and Industrial Division boards operate under the umbrella of a single authority. Although the latter board had been reactivated about a year ago for handling the authority's takeover of Hazleton City's trash collection program, Industrial Division directors have at times discussed water system issues at public meetings.

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Metra warns customers about double-charged credit cards

2011-07-04T09:33:00.002+08:00

Metra is warning customers who bought tickets at station ticket windows last Monday that they may have been double-charged.

Up to 1,500 Metra customers were affected by the double-charging of credit and debit cards at station ticket windows on June 27, said Meg Reile, a spokeswoman for the commuter rail company. Metra is working with its credit card processing company to identify those affected, especially anyone who used a debit card, Reile said.

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Smaller Businesses Seeking Loans Still Come Up Empty

2011-07-01T13:54:00.001+08:00

Small businesses expected 2011 to be the moment a years-long credit freeze would finally begin to thaw. But borrowing has only gotten worse.

Loans outstanding to small businesses totaled $609 billion at the end of March, an 8.6% drop from a year earlier, according to the most recent data from the Federal Deposit Insurance Corporation, which analyzes loans of less than $1 million.

Another lending analysis, by the Federal Reserve Bank of Kansas City, shows that big banks' outstanding loans to small businesses dropped 14% between March 2010 and March 2011, while loans by smaller lenders fell 3%.

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Banks Roll Out Tech-Savvy and Traveler-Friendly Credit Cards

2011-06-30T08:52:00.002+08:00

As payments technology springs forward, international credit cards demand more than just fewer fees and better travel rewards. Frequent overseas travelers have to put up with a lot from their Yankee credit cards: a 3% transaction fee for all purchases made abroad, for one, and the constant fear of being denied because American credit card security systems are incompatible with everyone else’s. Now, US Bank joins Chase and Wells Fargo in offering travel cards that use the prolific EMV chips that have yet to take hold in American markets.

As the New York Times reports, US Bank will issue its FlexPerks Travel Rewards Visa with the EMV chips that are the basis of the standard verification system in Europe and elsewhere. Short for Europay-MasterCard-Visa, EMV chips are embedded into credit cards and often combined with a signature or PIN for corroboration. Because some European retailers won’t accept the traditional (and outdated) American magnetic stripe, international travelers have sometimes seen their credit cards rejected. US Bank, and others, hope to address this headache.

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Mortgage Fraud Reports Up 31%

2011-06-29T09:57:00.002+08:00

Banks are scouring their files for shady loans made during the housing boom, and that’s caused the number of mortgage fraud reports filed with the government to rise 31% in the first three months of this year, according to a report released Tuesday.

The Financial Crimes Enforcement Network, a Treasury Department agency, reported 25,485 “suspicious activity reports” related to suspected mortgage fraud in the January-March period. That was up from 19,420 in the same quarter a year earlier.

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Rich? Have We Got the Credit Card for You

2011-06-28T13:23:00.001+08:00

U.S. banks are bombarding consumers with some of the most lucrative credit-card offers in years. But many of the goodies are being dangled at affluent people who have plenty of plastic already.

From cash to frequent-flier miles, issuers such as Citigroup Inc., J.P. Morgan Chase & Co. and Capital One Financial Corp. are scrambling to take customers away from one another, and to get their own checking-account and mortgage customers to take on new credit cards.

U.S. credit-card companies mailed 1.4 billion offers for new credit cards in the first quarter of 2011, a 69% jump from 826 million a

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Top Ten Tips: Giving your children a financial head start

2011-06-22T10:56:00.002+08:00

CHILD trust funds (CTFs) are no longer available, but there are several other ways in which parents and other relatives can boost a child's financial prospects. Arti Poddar, chief executive of Little Einstein's Kindergarten, which operates seven nurseries across Scotland, shares ten tips on giving your offspring a sound financial foundation.

1. Junior Isas

The annual child's individual savings account (Isa) limit of £1,200 will be raised to £3,000 when Junior Isas are launched in November this year. Parents won't be able to transfer a CTF to a Junior Isa but they can still contribute to existing CTFs. CTFs are liable for capital gains tax.

Children born after 31 August 2002 received a CTF. There were three type: shares-based (under which the money was invested in the stock market), stakeholder and cash.

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Five Ways to Ruin Your Credit by Age 25

2011-06-21T16:25:00.002+08:00

Credit seems like one of those things that should develop slowly--the fine wine of your finances. Those small actions you take every day would collect over time so that, in a few years, your high credit score would help you sail through that new car purchase, apartment lease or mortgage application.

That may be true for good credit habits. But money mistakes when you're just starting out can trash your credit score, saddling you with bad credit and making future goals harder to meet.

Consider these five ways you can ruin your credit, and how you can avoid these common missteps.

1) Charge it to the max. That $600, $2,000 or $5,000 credit limit can feel like free money, waiting to be spent. It's especially hard to resist when you're on your own for the first time and need so many things: clothes, groceries, a flat-screen TV or an actual chair to sit on in your new place.

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Going on Vacation? Pack the Right Credit Card

2011-06-17T08:13:00.003+08:00

The international language of plastic is dying.

When traveling abroad, it turns out that the credit and debit cards that Americans use don't always translate at the register. The problem is that banks in many parts of the world have been migrating to a different type of card over the past 15 years or so. These cards are read by a chip, rather than the magnetic strip on U.S. cards.

There are a few measures travelers can take to prevent headaches.

Chase, for example, this week will become the first major U.S. bank to make a card with the chip technology widely available. But the card, along with other options, comes with costs that need to be considered.

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When Credit Cards Cover Rental Car Insurance

2011-06-16T14:00:00.000+08:00

Rental car insurance, known in the business as a collision or loss damage waiver, has long been derided by travel experts as a cash cow for auto rental companies. Unlike primary vehicles, rental cars do not have to be insured, and some auto insurance policies will extend partial coverage to rentals. Damage waivers are far from comprehensive, and are littered with exemptions from high deductibles to exclusions for property damage. And in another mark against rental insurance, your credit card company may pick up the tab with no extra charge.

What rental insurance does (and doesn’t) cover

Collision damage waivers aren’t insurance, in the strictest sense. Instead, they’re agreements that the rental company can’t levy certain damage charges on the customer, and usually cost between $15 and $25 a day. However, most states impose a minimum insurance requirement that covers injury or death and property damage. State-by-state insurance policies are generally summed up in three numbers: the maximum coverage for each person injured, the total injury coverage, and the coverage for property damage, in thousands.

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Nation of Greece slapped with world's lowest credit rating

2011-06-15T20:00:00.000+08:00

The nation of Greece has been accused of throwing the European Common Market into chaos due to its poor fiscal practices. Greece has since been branded with the world's lowest credit rating by Standard & Poor. S & P said the nation is "increasingly likely" to face a debt restructuring and the first sovereign default in the euro area's history.

LOS ANGELES, CA (Catholic Online) - Greece's previous rating of B to CCC from B reflects "our view that there is a significantly higher likelihood of one or more defaults," S&P said in a statement. "Risks for the implementation of Greece's EU/IMF borrowing program are rising, given Greece's increased financing needs and ongoing internal political disagreements surrounding the policy conditions required."

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Man arrested for credit card fraud

2011-06-14T09:07:00.002+08:00

An investigation by the Millburn Police Department Detective Bureau resulted in the arrest of Louis J. Grace, 62, from Maplewood for his alleged involvement in the use of credit cards that were in a purse stolen from an office in the Paper Mill Playhouse this past August.

Millburn and Union police arrested Grace without incident June 5 at a residence in Vauxhall.

Police charged Grace with conspiracy to commit credit card fraud, credit card theft, forgery, impersonation; theft of identity and fraudulent use of credit cards.

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Should College Students Have a Credit Card?

2011-06-13T11:24:00.000+08:00

Parents have enough to worry about when sending their kids off to college: Will they go to class? Will they eat healthy? Will they party too much? But within the last decade a new worry has emerged: Will they rack up too much credit card debt?

Student loan debt recently surpassed total credit card debt in the U.S. and according to Consumer Reports, the 2011 graduating class of college seniors had the highest average debt to date. In the face of rising tuition rates, more college students are turning to credit cards to cover expenses.

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Credit card charges - RBA and you say 'enough'

2011-06-10T19:39:00.000+08:00

Judging from the reactions to our credit card story this morning, the Reverve Bank of Australia is right on the money to be concerned about credit card surcharges.

The RBA bank says it may be forced to reintroduce a limit to prevent businesses from gouging customers. The bank got rid of the surcharge ban eight years ago, to allow retailers and merchants to reflect the true costs of credit card transactions

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Can Zero Card Balance Hurt Credit Score?

2011-06-09T08:52:00.003+08:00

Dear Credit Card Adviser,

If you don't use your credit card, does it increase your credit score as long as the credit card company is reporting a zero balance? Some say you should charge a balance of less than 20% to show utilization.

-- Vira
Dear Vira,
Thanks for asking this question during our May 16 live chat on credit scores. Sorry we didn't get to your question. It's a good one.

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Roundup: Hold credit reporting agencies accountable

2011-06-08T12:25:00.000+08:00

I work as a bank consultant, and I found the industry's numbers about error rates to be shocking. As your editorial noted, for half of 1% of people to have credit score errors that are large enough to affect their potential interest rate on a loan still means that about 1 million individuals are affected ("System to fix credit reports is stacked against consumers," Our view, Personal finance debate, Monday).

The lifetime impact of moving from 5% to 5.5% on a 360-month mortgage ($250,000 home) is about $28,000. That's a cost to the group of individuals who are affected of $28 billion.

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Millionaire Credit Cards: What's In Their Wallets?

2011-06-07T19:47:00.000+08:00

Don't bother applying for these credit cards. If you qualify, they'll find you.

A small group of elite credit cards are gaining in popularity among affluent consumers. Rather than appeal to a broad customer base, the cards target a small segment of customers who routinely spend more than $100,000 on their cards annually.

These elite cards are marketed as a status symbol, offering prestige as well as exceptional perks and personalized services. Sky-high annual fees and ultra-selective issuance standards ensure that only a small group of high rollers possess the cards.

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Kansas outlines highway projects to fix traffic bottlenecks

2011-06-04T15:24:00.001+08:00

The greater Kansas City area scored a bonanza Friday when Kansas committed $550 million to fix major traffic bottlenecks on highways in Johnson, Wyandotte and Douglas counties.

The money will pay for long-standing highway needs that are critical for keeping drivers moving smoothly and fostering economic development.

“We’re thrilled with the commitment and investment,” said David Warm, executive director of the Mid-America Regional Council, which coordinates transportation planning.

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6 Questions on Post-Bankruptcy Credit Card

2011-06-01T10:57:00.003+08:00

Dear Bankruptcy Adviser,

My ex-husband and I went bankrupt in 1999. We divorced in 2005. Since our divorce, I have gone to school and have become a registered nurse. I own my house and car free and clear. I'm trying desperately to get my credit built up, but I'm not sure how to go about it. I apply for credit cards every now and then, but they only offer me a $1,000 credit line. That tells me my credit is still not very good. Any advice?

-Paula

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Credit card crime: Expect the unexpected

2011-05-31T18:29:00.002+08:00

There's an interesting story in The Florida Times-Union about one Tommy Gregory who found that his debit card was declined at a Georgia car wash and then at his credit union's ATM. He knew he had available funds, and as it turned out, he soon learned that he was a victim of identity theft.

Why is this interesting?

Gregory is a County Sheriff.

Sheriff caught off guard in Georgia

Having a credit card or debit card stolen can clearly happen to anyone. In Gregory's situation, according to the Times-Union, he learned that his debit card had been cloned, and that within 12 hours, someone had rung up almost $300 in charges in New York City and at a Walmart in Houston.

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Make Business Credit Cards Fair, Too

2011-05-30T12:27:00.003+08:00

In late March, Representative Nita Lowey (D-N.Y.) introduced a bill that would impose the same protections on business credit cards as those required for consumers under the CARD Act of 2009. Lowey's bill would bar credit-card issuers from using hard-to-understand pricing structures, arbitrarily raising interest rates, or imposing unfair and hidden penalties on business credit cards, just as they are now barred from doing on consumer cards. While many credit-card issuers oppose this bill, which would block several lucrative business practices, Congress should pass it.

Fairness alone dictates passage. Two years ago, Congress blocked credit-card issuers from employing these practices because it deemed them "unfair." While the CARD Act protections didn't apply to credit cards labeled "business," the industry's practices are either fair or they are not, regardless of whom they affect.

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Google Wallet 'basically the same' as credit card, exec says

2011-05-27T07:35:00.003+08:00

San Francisco (CNN) -- Google wants to replace your wallet with a phone. The underlying technology isn't actually that different from a credit card, but just make sure to keep the battery charged.

The Internet giant announced a new service for Android smartphones called Google Wallet at a news conference in New York on Thursday. It can integrate credit or debit cards, loyalty cards, gift cards and other passes into a single application.

Similar to how many credit cards have wireless chips built into them for tap-and-pay, people with newer Android phones from Sprint Nextel will be able to do the same at the 311,000 stores worldwide that have installed MasterCard terminals. It uses near-field-communications (NFC) chips built into the phones or added to older Androids with a special sticker.

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Pay-By-Cell To Upend Banking, Credit Cards

2011-05-26T09:32:00.001+08:00

Everybody seems to have at least one handheld device these days. So why do we need to carry around wallets? Wouldn’t it be easier to ditch the paper and plastic and use your Apple (AAPL) iPhone or Research In Motion (RIMM) Blackberry to make payments?

How would pay-by-cell work? You walk into a restaurant with your phone turned on. The restaurant picks up the signal, checks your credit history, and — if you pass its credit standards – lets you order and serves you lunch. At the end of the meal, the restaurant beams the final total to the screen of your cell phone – along with a suggested tip — you push a button to accept and you’re on your way.

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Defaulters May Be Ok Credit Risks

2011-05-25T15:38:00.001+08:00

Borrowers who defaulted on their mortgages during the recent recession turned out to be better credit risk than those who defaulted on several other types of loans.

Those who had only mortgage delinquencies on the credit records were more likely to stay current on new loans than those who had fallen behind on multiple smaller accounts, such as auto loans and credit cards. That's according to the credit reporting bureau TransUnion, which released the results of the new study today.

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Different Rules for Small Business Credit Cards

2011-05-24T11:16:00.000+08:00

If they choose to do so, most of the top small business credit card issuers can still subject customers to rate hikes on existing balances, double-cycle billing, and other practices barred from personal credit card agreements under the two-year-old reform law. That’s according to a recent survey by Card Hub, a credit card comparison website.

Of the nine largest card issuers surveyed, only Bank of America gives small business cardholders the same protections now required for consumer cards under the CARD Act. Even though most small business cards are personally guaranteed, affect borrowers’ personal credit scores, and function like consumer credit cards, the law does not apply to business credit cards.

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Six Best Credit Cards for Your Small Business

2011-05-23T08:04:00.001+08:00

In the wake of the 2008 recession and the shrinking of the credit market, as many as two out of three small business owners still worry about cash flow, according to a 2011 study commissioned by American Express. But there is good news. After some much-needed regrouping, major credit card issuers have started courting entrepreneurs again.

Banks want to lend money to your business, not just because they received some extra support from government stimulus programs, but because business loans generally carry fewer risks for lenders than consumer loans. That's why you'll see some great offers, including these deals on six of the best business credit cards:

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Debt and Statute of Limitations – What You Should Know
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Hackers Steal Local Credit Card Info

2011-05-20T11:11:00.003+08:00

OMAHA, Neb. -- Sarpy County Sheriff’s deputies are investigating an identity theft case involving hackers who went after personal information using customers credit and debit cards.
Investigators said Thursday they are dealing with more than fifty victims from across the Omaha metro area, all unknowingly targeted in the last few days or weeks. Investigators blame a breach of security through a credit card processor.
Heidi Hammond and her husband got word from their bank that something wasn’t right with their accounts.

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Identity Theft Hits Miss USA Pageant

2011-05-19T10:47:00.001+08:00

When you think of beauty queens, you think of financial scholarships and changing the world in a positive way. But one beauty queen—Shaletta Porterfield, Miss Wisconsin—has recently had her world changed following charges of three counts of identity theft with the intention of obtaining more money. As a result of the criminal charges, Porterfield handed in her crown.

Criminal Charges

The 26-year-old beauty queen allegedly faked three signatures, leading to the three separate counts of identity theft. Reportedly, Porterfield felt pressure from the marketing company that she worked for last summer to give their commission numbers a boost. According to the Waunakee Tribune, Porterfield told police she faked the signatures of three business owners on advertising contracts. The business owners called the police after being asked to approve ads they never ordered in the first place.

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Credit Card Or Debit Card: Which Is Better?

2011-05-18T09:37:00.002+08:00

One of the biggest debates in the world of personal finance is whether it is preferable to use a credit card or a debit card. Of course, there is no standard answer. As with all issues in personal finance, whether you should use a debit card or a credit card comes down to your own preferences and your financial goals. But here are some things to consider as you make your decision:

Rewards
There are some debit cards with rewards, but these are few and far between. Many banks require an annual fee for your debit rewards program. One of the few debit rewards programs that is fee-free is the program offered by PerkStreet Financial. For the most part, though, if you want rewards, you have to go with a credit card. You can receive travel rewards, cash back, gift cards and merchandise with credit card rewards programs.

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Credit Card Companies Want Your Kids. A Lot.

2011-05-17T14:41:00.000+08:00

To break it down to its essential message: credit cards want you to be in debt. They actually don’t care how you establish that debt — whether it’s that family trip with your dad to Norway or letting your dog have a say in the house you buy or whatever the heck is happening here. They want you in debt and they want you to take your time paying back that debt because that’s how they make money.

I’m not suggesting this as a jumping off point for righteous indignation (entirely; but put a pin in that); businesses are in business to make money. I do wish, however, that credit card companies were honest about their motives rather than cloaking them in manufactured nostalgia or fabricated emotion. (“Yes, Virginia; there is a bottom line.”)

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Study finds credit card law helpng consumers

2011-05-16T07:24:00.003+08:00

NEW YORK — Banks and some pundits had predicted that credit card users would face skyrocketing interest rates, a spike in annual fees and a plethora of other negatives after stringent new rules on cards kicked in last year.

That is not what happened, according to a new look at the policies associated with credit cards issued by major banks and credit unions. The Pew Charitable Trusts Safe Credit Cards Project found instead that interest rates are steady with those charged last year, while most fees have dropped.

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Action Line: Attractive credit cards rewards being offered

2011-05-13T03:51:00.000+08:00

Dear Action Line: How do you find the best rewards cards? I keep my cards paid off, and friends say I should change to the card with the best rewards program. - L.R., Tulsa

The past two years have been a challenge for credit cardholders as new federal regulations and financial reforms (tulsaworld.com/cardact) became effective. Issuers made up for lost revenue through increased fees and higher interest rates, said Bill Hardekopf, CEO of LowCards.com. Most cardholders are worse off after all these new "protections."

However, things seem to be on the mend in credit card land, and desirable customers are being offered attractive perks as issuers resume competing for them.

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5 Uncommon Ways to Raise Your Credit Score

2011-05-12T06:14:00.000+08:00

When it comes to cultivating a credit score, you've probably got the good citizen routine down cold.

You pay on time, try to wipe out the entire balance every month and never close too many accounts at once.

Beyond the basics, though, many consumers are still in the dark about what makes their credit scores go up and down.

"We have had so many people over the years who don't understand what goes into a credit score," says Dave Jones, president of the Association of Independent Consumer Credit Counseling Agencies. "They just live with the old wives' tales."

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Are credit cards addictive?

2011-05-11T08:23:00.001+08:00

The Great Recession has many people pinching pennies, cancelling ski vacations and squirreling money away in emergency funds. But the fact is that despite high unemployment, shrinking retirement accounts and the collapse of the housing market, many of us are still buying stuff with our credit cards. Lots of stuff.

The nation's credit card debt now tops $800 billion--or about $9,000 per household with a credit card. And although the Federal Reserve Bank reports that the number of credit card accounts has declined since 2008, we're still putting more than $1.9 trillion a year on our credit cards.

What's driving it? Well, it could be a sign that the economy is improving and people are showing a willingness to spend again. That's how some economists see it.

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Stay-at-Home Moms and the Need for Credit

2011-05-10T06:16:00.001+08:00

If you are a stay-at-home mom (or dad) and want a credit card, you should consider applying for one, pronto. A pending change in the way card companies must evaluate applications will probably make it much harder for people who don’t have their own, independent income to get one.

As part of a clarification of the Credit Card Act of 2009, the Federal Reserve board has made it tougher for stay-at-home spouses to get their own credit cards. (Discussions of the Fed’s rule can be found in U.S. News & World Report’s Alpha Consumer blog, and on creditcards.com.)

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Errors in Credit Reports Rare, Study Funded By Industry Says

2011-05-09T08:44:00.002+08:00

Less than one percent of consumer credit reports contain errors that lead to a significant change in the score, according to a study commissioned by the three largest credit-reporting companies.

“We found that a vast majority of credit reports are accurate and that it is rare for a credit report error to materially impact a consumer’s access to credit,” said Michael Turner, the head of the Durham, North Carolina-based Policy and Economic Research Council, which conducted the study.

The council said it surveyed 2,338 people from February to May 2010 and examined their credit reports. David Musto, a professor of finance at the Wharton School of the University of Pennsylvania who was hired by the council to review the examination, called it “a well-executed study, in that the sample is large and appears to be representative.”

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Rough Credit History? Get a Secured Credit Card

2011-05-06T06:26:00.003+08:00

It’s hard to bounce back from tough financial times when your credit score is on its knees.

Maybe you were forced to declare bankruptcy, foreclose on your home, cover unexpected medical expense, or you’re establishing credit for the first time. In all of these scenarios, getting approved for a credit card with a credit score in the poor range, 550 and below, is hard. But it’s not impossible.

A secured credit card is the best tool to help you establish or rebuild your credit. Most secured cards offer guaranteed approval, so you can finally get your hands on credit in order to build great credit history. Plus, secured cards require a security deposit which essentially safeguards you from defaulting on payments. It’s like training wheels in the world of credit to help you learn to manage credit responsibly, without too much risk of falling down.

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The best credit cards for college grads

2011-05-05T11:31:00.003+08:00

The din of hallowed halls is quieting and as college students reach for their diplomas, they may also be reaching for some new plastic. Grads who have reached the ripe-old-age of 21 are now unencumbered by credit card regulation and free to start building a credit history — and choosing the right card can mean extra rewards.

Cardratings.com has compiled a list of the top credit cards for graduates, depending on your goals after college and the state of your credit history.

“When looking at the various cards, we’re looking at what their next step is in life,” says Ellen Cannon, editorial director of cardratings.com. “If they’ve decided they’re going to Europe for the summer, than they should have the Capital One Venture Card which has no foreign exchange fees and a good interest rate.” Note: The Capital One Venture Card has an annual fee of $59, which is waived for the first year.

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How to Fight Financial Overwhelm

2011-05-04T06:17:00.000+08:00

It's been a while since my last blog post. Truth be told, I've been frozen like a deer in headlights. It felt like everything there was to say about personal finance had already been covered in the national media thanks to CNN, CNBC, The New York Times, etc. I wasn't sure I had anything left in me that could help you.

And then I royally screwed up.

I was supposed to do a half hour live radio interview one Friday night at 9:00 p.m.. The morning of the interview I emailed the show host to confirm the dial-in. Some time in the afternoon we exchanged emails to further clarify the topics we'd be discussing on the show. That night I came home and ... completely forgot to dial in to the live radio show. We'd been planning the interview for over a month. It was for a show whose audience I felt passionate about helping. I adored the show host. And I just completely forgot. It was as if a circuit breaker just flipped in my head.

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Credit Card Swipe Fees: A Hot Topic for Alabama Businesses

2011-05-02T07:52:00.002+08:00

Summary: As reported by the Birmingham News, credit card swipe fees are a hot topic in Alabama right now, often pitting small business against local banks. The use of debit cards continues to grow, accounting for 35 percent of noncash payment transactions.

The Proposal

As part of ongoing financial reform efforts, the federal government has proposed new regulations that will limit the amount of money banks can collect for debit-card transactions.

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Credit Card Cos: Who’s Doing What in Mobile Payments?

2011-04-28T10:47:00.002+08:00

Visa is making a strategic investment in mobile payment provider Square, providing the start-up with an undisclosed sum of money as well as a new advisory board member. It’s a nice boost for Square, which is on a roll as it tries to ramp up payments via a smartphone. But it also highlights the growing role of credit card companies as they try to prepare for the growing mobile payments boom.

As more and more transactions flow through a mobile phone, Visa, Mastercard and American Express have been making moves to position themselves in different ways to take advantage of this trend. It’s not just a passing interest for these companies. In many ways, they need to be actively involved in the rise of mobile payments, which can threaten to cut them and their cards out of the process. Here’s a look at what some of the biggest players are doing in the field:

* Unsecured Credit Cards

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Get Out Of Bad Debt in 2011…

2011-04-27T13:42:00.001+08:00

(ThyBlackMan.com) Are you stuck in a bad debt situation? If yes, don’t feel hopeless. As long as you know the right steps toward credit repair, you can get yourself out of bad debt. This article shows you what to do to get out of debt starting today.

Know your debts. You need to know the exact status of your debts. Begin by ordering a copy of your credit report from the three major credit bureaus. If you haven’t received your free report for this year, you can request for it from http://Annualcreditreport.com.

Once you have credit report, examine it closely. See to it that all information and charges in all your accounts are correct. In case of errors, send a dispute letter to the credit bureau that issued your report. Upon receipt of your letter, the bureau will conduct a 30-day investigation and if your dispute is valid, you will also receive updated copy of your report for free.

Read more Get Out Of Bad Debt in 2011…

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Choosing the Best Credit Card

2011-04-26T08:43:00.002+08:00

YOU bought the plane tickets, booked the hotel and rented the car. But have you packed the right credit card?

As credit card companies vie for a favored position in customers’ wallets, they’re pitching new travel enticements, from waiving foreign transaction fees that can add up to 3 percent to your purchases abroad to picking up fees for checked baggage. Earlier this month, for example, American Express did away with the 2.7 percent foreign transaction fees on international purchases for Platinum Card holders, and added two new travel benefits — Priority Pass Select airport lounge access in more than 300 cities worldwide and free membership to Global Entry, which offers expedited security clearance for pre-approved travelers entering the United States.

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Money tip: A quick lesson in financial literacy

2011-04-25T13:57:00.001+08:00

Money is continually coming into our lives and leaving it, but that doesn't mean practice makes perfect.

Surveys show that Americans still have a relatively poor understanding of basic money concepts, what experts call financial literacy.

To heighten awareness, for the past two years President Obama has proclaimed that April is National Financial Literacy Month.

Our lack of money knowledge is not because we're a bunch of dummies. The financial world has grown increasingly complex — try shopping for a cellphone plan or choosing a mutual fund or understanding a variable annuity.

Credit Cards for Bad Credit

5 Smart Ways to Spend Your Tax Refund

2011-04-20T08:41:00.001+08:00

Roughly three quarters of Americans will get a tax refund this year averaging about $3,000. Not a bad payday for most of us!

If you’re going to receive a refund this year, spend it wisely. If visions of shopping sprees have been dancing in your head, I strongly suggest you put those fantasies on hold until you’ve answered the following questions:

1) Have you paid off the balances on your credit card(s)? If you answered no, I can’t emphasize this enough: use your refund to pay off as much of that debt as possible; this is by far the best financial investment you can make. If your card interest rate is 12%, you are in essence guaranteeing a 12% return on your investment. As lame and boring as it might seem to use your refund for this, do it. Now. You’ll be much better off financially.

2) Do you have at least three months of living expenses tucked away?Experts recommend having three to six months worth of living expenses in liquid savings to cover “just-in-case” issues like a major car repair, a medical problem or an unexpected job loss. This “emergency” or “rainy day” fund will protect you from unexpected financial issues. So if you answered no, dump that refund into your savings or money-market account and build up your emergency fund--the peace of mind is worth missing out on the shopping spree.

Read more: 5 Smart Ways to Spend Your Tax Refund

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Credit Cards: How to gain cash back to help pay the bills!

2011-04-19T10:20:00.002+08:00

he high cost of living is making cashback credit cards a popular way of making money to reduce the hit on consumers’ squeezed budgets.

Certain credit card providers offer incentives to use their credit cards to spend, and as a reward to spending over a certain amount, the card holder will often receive either cashback or points which can go towards other expenses.

Different credit card providers offer different rewards, and often they will offer different types of credit cards depending on the particular reward, or spending habits the consumer is likely to benefit from the most.

Read more Credit Cards: How to gain cash back to help pay the bills!

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Top Credit Card Mistakes

2011-04-18T17:44:00.004+08:00

Top credit card mistakes? Capital One Financial Corp reports customers continued to improve their credit card payment habits in March, reveals Business Week.

However "thirty-three states showed an increase in average credit-card borrower debt from the previous quarter," according to TransUnion's quarterly analysis of trends in the credit-card industry.

That has Michelle Singletary of the Washington Post concerned and she makes several points in a column titled: "Bad credit card habits could make a comeback."

How Many Credit Cards Is Too Many?

2011-04-15T08:49:00.002+08:00

With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it's no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?

"There are two ways to look at this, depending on your objective," says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. "A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn't really matter since they will never carry a balance from month-to-month.

Read more How Many Credit Cards Is Too Many?

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The Truth About Credit Cards & Car Rentals

2011-04-14T10:54:00.002+08:00

Most of us have been told it’s a waste of money to buy the optional insurance coverage when we rent a car. At up to $25 or more per day, it’s definitely not cheap! Furthermore, it has been instilled in us that our credit card or personal auto insurance will have our back if something happens. But can we really count on them?

Not too long ago, through my site Credit Card Forum, I received an email from a man named Harry. He wrote, “I rented a car in Madrid, Spain. In a tight parking garage I scraped the side—net damage about 649 euros." His rental company assured him that his credit card would cover all of the expenses, but then, after he filed the claim, it was denied. The card issuer told him that coverage applies only in the United States.

Read more The Truth About Credit Cards & Car Rentals

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What's the best way to spend your credit card reward points?

2011-04-13T08:36:00.001+08:00

Millions of people who use credit cards earn reward points for every charge they make. In addition to airline tickets, you can get merchandise, hotels , even tickets to the rodeo! What's the best way to spend your points? Consumer Reports Money Adviser says that the best value by far is to get an airline ticket. Consumer Reports Money Adviser calculated the value by comparing the miles you spend to the actual cost of the item.

For instance, the average price of a domestic flight is about $350. That divided by the 25,000 miles it can take to get a ticket, and each mile is worth about 1.4 cents. Even if you have to use 35,000 miles, the value of the mile is still a penny.

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Card Debtors Study Cites 'Economic Shocks'

2011-04-12T18:59:00.001+08:00

A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.

The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.

For survey respondents who met the criteria for the "indebted" group, the average amount owed was $9,799, and 52% said they had the same or more debt than three years before. More than half of the indebted households said they had been late or had missed a credit card payment, and 37% were still paying off a credit card they had cancelled.

Read more Card Debtors Study Cites 'Economic Shocks'

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Riding the Plastic: How to Use Credit Cards

2011-04-11T11:29:00.002+08:00

Credit cards can unlock worlds of opportunity, allowing people to buy things they want with just a swipe of plastic.

But convenience can come at a steep price, especially when careless cardholders spend more than they earn and find themselves deep in debt.

The issue took a more sinister turn last week when a politician died inside a Citibank office in Jakarta while being confronted by debt collectors reportedly hired by the lender.

Irzen Octa, 50, the secretary general of the National Unifying Party (PPB), reportedly racked up credit-card debts worth Rp 68 million ($7,900) and was unable to pay back a loan of Rp 100 million.

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Credit Cards in College: A Financial Stepping-Stone or Setback?

2011-04-08T10:47:00.002+08:00

Credit cards can help college students build credit and can be useful for covering unexpected expenses. But used unwisely, credit cards can lead to serious debt, and worse.

College is a time for young Americans to fulfill many important milestones: first time streaking naked in public, first time kissing someone you barely know, and first grown-up credit card. Unlike the first two, credit cards can be wonderfully beneficial for college students in helping them reach financial maturity. But, like all-you-can-drink Jell-o shots at the bar, there are serious risks involved if you go overboard.

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Smartphones: The Credit Cards of the Future

2011-04-07T09:16:00.003+08:00

Like many other wireless companies, Spring Nextel Corp. is planning a program to allow users to make purchases with their mobile phones, reports the Washington Post.

This project would allow users to make purchases using their smartphones by tapping or waving them in front of electronic readers in stores. The purchases would be billed through users’ regular credit card statements. Sprint could share in revenue from sales of coupons or advertising rather than taking a percentage of each transaction.

Read the full article

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Video released of woman allegedly using stolen credit cards

2011-04-06T12:09:00.002+08:00

HOUSTON (KTRK) -- Sheriff's deputies need your help to find a woman they say has made thousands of dollars in purchases with stolen credit cards.

Back on November 22, the female victim was at work when Harris County Sheriff's Office investigators say someone stole several credit cards from her purse. When the victim checked her credit card statements, she noticed several unauthorized purchases.
On the same day, investigators say a woman made more than $4,500 in unauthorized purchases at a gas station and several retail stores in the Sugar Land area. The woman also bought a $2,800 laptop at an Apple store with the victim's credit card.

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6 Ways to Save on Mother’s Day

2011-04-04T10:45:00.003+08:00

There’s no reason for you to drop a wad of cash on outrageously expensive gifts this Mother’s Day. After all she’s done for you, you can thank Mom by showing her a good time. That’s right. Celebrate your mother, your wife, your grandmother, your aunt or your sister with your presence. Quality time spent with the ones you love need not require a whole lot of money. Just get out there and get creative. And don’t worry. We’ve compiled a few fun ways to help you make it happen:

Have a hike and a picnic. If she likes to stay active (or should), take your favorite lady on a light hike at a nearby park or walking trail that offers a scenic opportunity to exercise and reconnect at the same time. Bring along some healthy snacks from home, choose a great spot to spread out a picnic and relax for no more than the cost of your time. Not sure where the closest park is? Check out the National Park Service site to find the green space closest to you and Mom.

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Credit Report Tips for Consumers

2011-04-01T12:38:00.001+08:00

When was the last time you’ve taken a look at your credit report? Ask a trusted financial advisor and surely, you will be advised to regularly monitor your credit report in order to protect your credit history. You don’t have to wait until you suspect to have been a victim of fraud or Identity theft. You can check your report once every six months or twice a year as a precaution.

Why is it important to personally check your report? By doing so, you can scan your report for errors or unauthorized charges and ask the bureaus for corrections right away. If you notice any unusual activity in your report, a thief may have been using your identity or accounts to commit fraud. Checking your report regularly gives you the chance to prevent ID thieves from committing crime against you.

How to Protect Your Personal Credit

Aside from monitoring your credit report, what else can you do to keep your personal credit standing in good shape?

Minimize the use of your available credit. Credit utilization makes up 10% of the FICO score. Financial experts recommend not exceeding 30% of your allot credit to protect your score from dropping. You can minimize use of your credit limit by avoiding unplanned credit card purchases, paying off your monthly charges in full and submitting your payments on time.

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