The ATM has been around for about 38 years, there are over 2 millions ATMs in operation, and some of their biggest evolutionary changes could be yet to come.  Already, at many ATMs you can purchase stamps inaddition to withdrawing money from your bank account.  This was news to me as none of the ATMs I have used have this feature, but apparently many Wachovia ATMs are now testing this feature.  In the futre some other possibilities might include gift cards, concert tickets, pay bills, who knows.  But one thing is for sure is that for as much as people use ATMs, there could be a lot of additional features.

Have you ever used an ATM that did anything besides dispensing cash or allowing you to make deposits?

• End double cycle billing which averages out the balance from your two previous bills. This means that people who carry a balance will no longer get hit with retroactive interest charges on their previous month’s bil.
• Consumers will now be given a reasonable amount of time to make payments, and these payments will be applied to higher rate balances first to reduce interest penalties and fees.
• Credit card statements will clearly list the time of day that a payment is due, and any changes to accounts would be in bold or listed separately.

Many consumer advocacy groups say this reform couldn’t come soon enough.  According to statistics from 3rd quarter, the Fed reported that Americans have about $976.3 billion in revolving credit and 4.9% of all credit cards were delinquent.

The other side of the story is that credit card companies are saying this increased regulation will mean tighter constraints on issuing credit, meaning less credit will be issued,  and cards will have higher prices.

• If you have multiple cards, put the charges on the card with the lowest interest rate
• Use a cash back credit card and receive 5% or more of your purchases back, in statement credits
• If you haven’t gotten a new card recently, you could apply for a low interest card, many of which offer 0% interest for 6 to 12 months.  Essentially allowing you to take out an interest free loan.
• Renegotiate your interest rates with your credit card company.  If you haven’t, you might want to read out previous post.

These are just a few tips that can help this holiday season.  Credit Cards can be a good way to manage cash flow, but when used properly, can actually save you money and help manage expenses better.

Both your credit card annual fee (if you have one) and interest rates are negotiable.  The first thing you need to do to be able to negotiate more favorable rates is to find a card that is a direct competitor to yours (or close), and has a lower annual fee/interest rate.  Once you have found a card, call your credit card company (the number is usually on the back of your card) and tell them that you are thinking of switching to another card company, and cite them the direct competitor that you researched.  Then, cite your good history as a customer with them and say that you would like to stay with them if they can reduce your rates.

Roughly 20% of consumers are able to renegotiate their rates.  Imagin if you could, how much would it save you?

In addition to making the process easier, we also want to help you choose a credit card that will offer the most rewards and benefits, that fit your needs, as possible. Credit cards can be great tools for earning rewards and managing cash flow.

This blog will also serve as a vehicle for giving financial tips, credit card industry news, and as card profiles. Check back often and add our RSS feed to your reader, as we will be updating this often.

Welcome!