Best Credit Card

Amex launches new cashback credit card

noreply@blogger.com (Channi) — Thu, 07 Jan 2010 10:00:00 +0000

by David Masters

American Express (Amex) has launched a new credit card that rewards spending with shopping vouchers.

The Amex Express Rewards Credit Card generates points for the card holder whenever they use the card to pay for goods or services.

Accumulated points can be used to pay for items at a wide range of high-street and internet shops, including HMV, Amazon, Comet, and Homebase.

Consumers using the card can earn up to three points for every pound spent, depending on where they shop.

Money spent in major supermarkets earns three points per pound, in department stores two points per pound, and in most other shops, one point per pound.

Each point is worth £0.005 - a measly half a penny.

The minimum redemption limit on the card is 5,000 points, equivalent to a £25 gift voucher.

Amex called the reward scheme “generous”, and said it launched the Express Rewards card to provide better rewards for day-to-day spending.

“With the appetite for vouchers set to increase next year, it makes sense to be providing a reward card that gives shoppers gift cards,” said Katrina Cliffe, Amex head of consumer cards.

Source:.financemarkets.co.uk

Bank of America Leads in Default Rate Rise

noreply@blogger.com (Channi) — Thu, 02 Jul 2009 09:39:00 +0000

By Matt Phillips

Analysts are picking through fresh credit card data and in search of reasons for optimism buried in otherwise ugly data. There aren’t many.

Dow Jones Newswires’ Ed Welsch looked closely at a research note out from Bernstein Research analyst John McDonald. He writes:

Credit card default rates continued to rise in May, reaching 10.1%, a 0.83 percentage point rise and up 4.58 percentage points y/y. BofA (BAC) saw the largest increase among major issuers, rising two percentage points from April. The average delinquency levels fell slightly to 5.83%, but this isn’t always a positive, Bernstein Research says, as it could just be a reduction in “sloppy payers,” reducing late fee revenue while charge-offs continue to rise. Given continued deterioration in unemployment, and monthly personal bankruptcies remaining at the 120,000+ level set in March, Bernstein says higher losses are in the pipeline for card issuers. Firm forecasts a peak of 11.25% in mid-2010.

At first glance, there did seem to be some bright spots in the data — for instance those delinquency trends to the downside. But Robert W. Baird & Co. analysts weren’t overly excited, writing that they “attribute the improvement to seasonality as consumers’ use of tax refunds to pay down revolving debt. More consistent with the challenging economic environment and employment trends, we expect delinquencies to demonstrate incremental degradation going forward.”

blogs.wsj.com

Credit Cards and You: Credit Card Comparison Tables

noreply@blogger.com (Channi) — Mon, 18 Aug 2008 03:17:00 +0000

Source: http://www.fcac-acfc.gc.ca

Comparison tables	Format	Updated
Standard Credit Cards (low-rate and regular-rate)	546 kB	July 2008
Gold Credit Cards (low-rate and regular-rate)	510 kB	July 2008
Platinum Credit Cards (low-rate and regular-rate)	497 kB	July 2008
U.S. Dollar Credit Cards	403 kB	July 2008
Student Credit Cards (low-rate and regular-rate)	424 kB	July 2008
Secured Credit Cards	441 kB	July 2008
Retail Credit Cards	350 kB	July 2008
Charge Cards	355 kB	July 2008
Credit Balance Insurance	169 kB	July 2008

Pay Online Without a Credit Card

noreply@blogger.com (Channi) — Tue, 08 Jul 2008 12:29:00 +0000

By EricHDoss @ hubpages

PayPal

By far, the easiest option would be to use PayPal by eBay. PayPal is free for personal use. You can go to their website and sign up for a free account. You might be prompted to enter a credit card number, but you don't have to.

Once you have registered for your account, you will need to "Get Verified." This involves linking your bank account to your PayPal account. If you don't want to use a credit card, you will need to link to your bank account. Once you have entered your information, PayPal will make two small deposits into your bank account. It generally takes about 5 days for this to happen. Once you see these deposits, you will log in to your account and enter the amount of the two deposits. This serves to verify your ownership of the account. Once this is done, you will be able to use your PayPal account at any merchant that accepts PayPal by simply entering your PayPal username (your email address) and your PayPal password.

Pre-Paid Credit Card

The second option is more expensive. You can purchase a Visa, MasterCard, or American Express branded gift card. These are generally available at most grocery stores, discount stores, and drug stores. Once you purchase the card, you will need to follow the instructions to register the card. In most cases, you will need to call the card issuer and provide your name, address, and phone number. They will then authorize the card for online use. The drawback to this is the cost of the card. Most of the cards cost at least $6 more than the face value of the card. Also, if your card has a balance, the issuer will generally charge you a monthly fee after the first few months.

Cut Your Credit Card Interest Rate In 5 Simple Steps

noreply@blogger.com (Channi) — Tue, 08 Jul 2008 12:26:00 +0000

By jforrest

Lowering your credit card interest rates is one of the simplest secrets to financial savings. With one simple call to your credit card company, you can achieve a lower your rate, effective immediately. Credit card companies may set high rates for you, but you don’t have to accept high rates. Interest rates are always changing. Credit card companies are banking on the fact that most people don’t understand that they can ask for lower rates.

Would you like to pay yourself instead of your creditors? Want better financial results today? If you’re a customer with good credit standing and you are not at your credit limit (you can also ask to have your limit raised), you have a good chance of lowering your annual percentage rate by quite a bit.

I recently called my credit card company when I saw they had raised my annual interest rate. I stated that I had been making timely payments in full and they apologized and immediately returned my rate to the previous low rate. That phone call saved me potentially hundreds of dollars in interest if I would have had an emergency and needed to charge up my card to the full limit. When it comes to your dollars, pay close attention. Try the following tips.

(1) Check Your Credit Card Statements

Make sure you know the annual percentage rate you are paying for each and every one of your credit cards. Many credit card issuers have a policy that states they can raise your rates if you fail to pay one or two bills on time, even an unrelated bill, such as your water or electric bill. This is called Universal Default. You will not be informed if you are subject to universal default. Your credit card company does not have to warn you. So always keep an eye on your interest rate. If you see a rise, call and ask what can be done about it. If one customer service representative says they can’t help you, keep calling until you find a representative who will help you. If you have trouble keeping up with more than one card, consider consolidating your debt into one low-interest card. Find out how much each card charges for late, over-limit or any other extra fees and what the interest rates are on balance transfers from other cards.

(2) Compare the Rates of Other Companies

You will be amazed at how many attractive credit card rates are out there for you. Companies want your business and your debt, so they will offer low or even zero percent introductory interest rates for a specific time period. Make sure to look for cards that offer 0% balance transfers and no annual fee. Also, be sure you know what the interest rate will jump to after the introductory period. The more you know about what other credit card companies offer, the better spot you are in to leverage the results you want with your current card. Tell them you are looking at switching to another company unless they can match the rate you have found. Even if you threaten to close your account, however, do not actually have the account closed unless you have other cards that can uphold your best credit standing. As length of credit history is 15% of your credit score, you want to keep your old accounts open even if they are not active. Your company may not get you the rate you want but they may say to check back in a month as approved rates fluctuate from month to month. I was once told to call back in a month for a better rate once, which I thought was just a way to get me to give up. But after several calls and then calling a month later, I learned that it was true, sometimes you have to wait for rates to change.

(3) Call Your Credit Card Issuer

Always call your credit card’s customer service representative when you are feeling calm and positive. No matter how the phone call goes, remind yourself to stay professional and polite. It never hurts to remind your operator what a good customer you have been. Rather than threatening to cancel your account, be clear (for your own lack of stress and trouble) that you would like nothing else but to continue your relationship with the company. Point out the fact you pay your account in full each month, or that you pay on time consistently. If you have success in lowering your interest rate, you don't have to stop there. There is nothing to say that you can’t call again in a few months to ask for an even lower rate. In other words, getting your credit card interest rate lowered is something you can do periodically as long as you’re a good customer. For free scripts to use when calling, search the Internet for “Ask for a lower interest rate – sample letters”.

(4) Don’t Give Up

If the first person you speak to says they’re not authorized to lower your interest rate, that means there is someone who is! Ask to speak with a manager with the understanding that they have more authority to help you. Again, remember to be polite when asking to speak with upper management. I like to tell representatives how well they have served me and that I am going to tell their managers what a good job they have done – and I do. Happy people produce happy results. For whatever reason, if at this point they are still unable to grant you a lower rate ask the reasons for the denial and inquire as to when you should call again to request a lower rate. Ask them to make notes of your request in the computer as a reference for the next time you call.

Ask your representative to make notes in the computer each time you call to let the company know you’re serious.

(5) Pay off Your Debt

What better way to save on interest than to pay off debt? See how much you can cut back on spending each month while setting goals to slice your debt inch by inch. Every extra dollar you put towards your credit card balance means you pay less in interest rates.

One major consumer group study showes that fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current credit card interest rate. Imagine the savings if all of us called for better rates.

Latest Credit Card News

noreply@blogger.com (Channi) — Tue, 08 Jul 2008 12:23:00 +0000

The credit card industry in the UK is constantly changing and here at CreditCardLatest.co.uk our team keep a daily watch on what is happening within the companies and cards on offer to bring you all the latest news from the UK credit card market:

4th July 2008	New Capital One Balance Transfer Card
2nd July 2008	Capital One Platinum Card Changes
1st July 2008	Egg Balance Transfer Offer Changes
20th June 2008	New MBNA Platinum Card Offer
16th June 2008	New Halifax Credit Card
10th June 2008	New Citi Platinum Card Offer
4th June 2008	HSBC Credit Card Changes Offer
2nd June 2008	MBNA Rewards Card Changes Offer
2nd June 2008	New Capital One Platinum Card Offer
23rd May 2009	Capital One Cashback Card
19th May 2008	New Barclaycard Breathe Card Offer
14th May 2008	Lloyds Platinum Credit Card Changes Offer
9th May 2008	BA Credit Card Bonus Miles
5th May 2008	New RSPCA Credit Card
2nd May 2008	Egg Changes Balance Transfer Offer
28th April 2008	MBNA Platinum Card Changes Offer
18th April 2008	BT Credit Card Launches
14th April 2008	Credit Card Customers And The Internet
8th April 2008	Credit Crunch Results In Limit Cuts
3rd April 2008	Capital One Platinum Card Changes
1st April 2008	Mint Credit Card Offer Changes
18th March 2008	MBNA Rewards Card Offer Changes
13th March 2008	Credit Card Fraud Abroad Rises
10th March 2008	MasterCard Garden Makeover
7th March 2008	New Barclaycard Cashback Card
3rd March 2008	Egg Balance Transfer Offer Changes
25th February 2008	Sainsburys Changes Credit Card Offer
20th February 2008	HSBC Credit Card Offer Changes
15th February 2008	New easyJet Credit Card
8th February 2008	Barclaycard Buys Goldfish
4th February 2008	Mint Credit Card Updates Offer
2nd February 2008	Egg Cancels Credit Cards
21st January 2008	Sainsburys Credit Card Offer
16th January 2008	MBNA Platinum Credit Card Changes
10th January 2008	NatWest Credit Card Offer Changes
7th January 2008	bmi Credit Card Relaunches
4th January 2008	Capital One Credit Card Changes
2nd January 2008	Mint Credit Card Changes Offer
28th December 2007	New Charity Credit Card Offer
28th December 2008	Egg Changes Balance Transfer Offer
18th December 2007	Co-operative Bank think Credit Card
14th December 2007	MBNA Rewards Card Changes Offer
7th December 2007	NatWest Credit Card Prize Draw
4th December 2007	New Mint Credit Card Offer
30th November 2007	New Goldfish Low APR Credit Card
21st November 2007	VIP Entertainment Credit Card Launches
16th November 2007	One In Ten People Use Credit Card Daily
12th November 2007	Extra Consumer Purchase Protection
9th November 2007	New Lloyds TSB Credit Card
5th November 2007	MBNA Platinum Changes Card Offer
2nd November 2007	Egg Increase Balance Transfer Offer
29th October 2007	Credit Card Usage in Great Britain
23rd October 2007	bmi Card Launches With Miles Offer
17th October 2007	Balance Transfers Increase In Popularity
12th October 2007	New Breakthrough Credit Card Offer
9th October 2007	SonyCard Mp3 Player Offer
5th October 2007	New Mint Credit Card Offer
2nd October 2007	Barclaycard New Balance Transfer Offer
27th September 2007	Credit Card Borrowing Down
21st September 2007	Bonus Rewards From Nectar
18th September 2007	New Shell MasterCard Launch
14th September 2007	MBNA Platinum New Card Offer
7th September 2007	MasterCard Contactless Payments
3rd September 2007	Credit Card Holders Urged to Sign Up
28th August 2007	New Goldfish Rewards Credit Card
20th August 2007	Credit Card Borrowing Declines
15th August 2007	Retailers Sign Up For Contactless Credit Cards
10th August 2007	New Barclaycard Football Card
7th August 2007	MasterCard Returns To Profit
2nd August 2007	New Capital One Cashback Card
27th July 2007	Barclaycard Increase Balance Transfer Offer
25th July 2007	Credit Card Pin Code Overload
19th July 2007	Virgin Increase Balance Transfer Offer
10th July 2007	New Barclaycard Breathe Card
5th July 2007	Credit Card Spending Rises
2nd July 2007	New HSBC Credit Card Offer
26th June 2007	OFT To Work With Credit Card Companies
21st June 2007	Visa To Sponsor Football World Cup
15th June 2007	Holiday Credit Card Tips
11th June 2007	Credit Card Satisfaction Survey
7th June 2007	New Citi Platinum Purchases Card
5th June 2007	Credit Card Cash Withdrawals Fall
29th May 2007	Post Office Financial Services Growth
24th May 2007	Credit Card Fees For No Usage
21st May 2007	RBS And NatWest New Card Offers
16th May 2007	Credit Card Habits
11th May 2007	Credit Cards Replacing Cheques
8th May 2007	Contactless Credit Card Rollout
4th May 2007	Airmiles Changes Cards
30th April 2007	Biodegradable Credit Card
26th April 2007	MasterCard Signs Up Lloyds TSB
19th April 2007	Barclaycard Planning Green Credit Card
16th April 2007	Checking Credit Card Statements
11th April 2007	Easier Fraud Reporting
5th April 2007	Credit Card Interest Confusion
2nd April 2007	Egg Increase Balance Transfer
2nd April 2007	New Credit Card Fraud Reporting
30th March 2007	Visa Invests In Mobile Payments
22nd March 2007	Barclaycard Trials Travel Card
19th March 2007	Credit Card Cash Withdrawal Fees Rise
14th March 2007	Credit Card Fraud Falls
8th March 2007	Credit Card Fees Abroad
5th March 2007	Londoners Get More Rewards
2nd March 2007	Credit Cards And Travel Cover
28th February 2007	Chip and PIN One Year On
23rd February 2007	Lloyds TSB Introduces Annual Charge
21st February 2007	Credit Card Spending Declines

Credit Card Resources Reloaded

noreply@blogger.com (Channi) — Sat, 03 May 2008 04:10:00 +0000

Capital One Student Credit Card

Capital One® No Hassle CashSM for Students

Establish Credit—Save For Your Next Big Purchase

More cash back—25% annual bonus on the cash you’ve earned during the year
No catch—1% cash back on purchases you make from day one
No limits—No limit on cash back
No Expiration—Rewards won’t expire for the life of your account
Great savings—At Capital One Saving ZoneSM on Yahoo! Shopping
Don’t forget—0% APR on purchases until June 2008

Capital One® Platinum Card for Students

Exclusive savings: up to 40% off featured deals and 10% savings on everything else at Capital One Saving ZoneSM on Yahoo! Shopping (Learn More)
Online account service and 24/7 customer support
Additional safety on your puchases, thanks to extended warranty program
24-hour Roadside Assistance with lock-out service, towing, and flat repair
$100,000 Worldwide Automatic Travel Accident Insurance
Collision, Damage, and Loss Insurance on rental cars
Emergency card replacement or cash advance if your card is lost or stolen

Citi Student Credit Cards

Citi® Bronze® / AAdvantage® MasterCard® for College Students

Having a credit card without rewards is like flunking arithmetic. Or worse, failing to earn American Airlines AAdvantage® miles with every purchase you make. Which is why the only card to have is the Citi® Bronze®/AAdvantage® card because before you know it, American Airlines will take you just about anywhere in the world.

No annual fee for your card and free membership in American Airlines AAdvantage® program
Earn 1 AAdvantage® mile for every $2 you spend – up to 25,000 miles per year*
No blackout dates on AAdvantage® award travel*
AAdvantage® miles may never expire*
$0 liability on unauthorized charges
Access to credit education tips and tools
No minimum income or co-signer required
Special Student Deals

Citi mtvUTM Platinum Select Visa Card

Apply for the only card that pays off big for earning good grades and using credit wisely.

0% APR* for 6 months on purchases, cash advances and balance transfers
Earn 5 ThankYou Points® for every dollar you spend at restaurants, bookstores, record stores, movie theaters and video rentals stores
Earn 1 ThankYou Point for every dollar you spend on all other purchases
Earn 25 ThankYou Points for paying on time
Earn 250-2000 ThankYou Points twice a year for maintaining a good GPA
Redeem points for gift cards, MTV events, and airline tickets
No balance transfer fee with this offer
No Annual Fee

CitiPlatinum Select Card for College Students

0% APR* for 6 months on purchases, cash advances and balance transfers
$0 liability on unauthorized purchases
FREE Online Account Management
No minimum income or cosigner required
No balance transfer fee with this offer
No annual fee

Citi Dividend Platinum Select Card for College Students

No Cosigner or Minimum Income Required
Free Online Account Management
Citi® Identity Theft Solutions
Citi® Photocard option
The Lost Wallet® Service
Credit Education Tools

*See Card Terms and Conditions

Citi® Driver’s Edge® Card for College Students

School’s Hard. Getting This Card Is Not.

0% APR* for 6 months on purchases, cash advances, and balance transfers
Earn rebates towards any car, new or used
Build your credit history
Free online account management
$0 liability on unauthorized purchases
No annual fee

Link: ~

Credit Cards and High School Students

noreply@blogger.com (Channi) — Sat, 03 May 2008 04:07:00 +0000

The Federal law doesn’t provide any restrictions about issuing credit cards to minors. In fact, credit card companies consider teen-agers as a very profitable market. Most credit card companies often require a co-signer when a minor applies for a credit card. When a teen-ager reaches the age of 18, he has the right to sign-up for a credit card on his name even without a cosigner.

Are Student Credit Cards an Advantage?
Some parents feel that providing their kids with credit cards while they are still in high school help them learn about money early in life. With proper guidance and support, obtaining a student credit card can help young people learn about how to handle their finances properly.

A student credit card is a great way in establishing a credit history in preparation for their future. Some credit card companies refuse to grant credit card approval for those without a credit history. But with the help of a parent as a co-signer, it will be much easier to get a credit card.

Or a Disadvantage?
On the other hand, a young person with a student credit card can also get into trouble. The convenience that a student credit card can bring may lead to uncontrolled spending. With just one swipe of the card, they can purchase an item easily at any time. Eating out in restaurants with friends is also just as convenient. They can easily do so without bringing with them any cash.

The problem comes when it’s time to pay the bills. At the end of the month, their billing statement may reveal that they have spent more than their alloted monthly budget. It is also a possibility that a student who does not think about his spending for the past month has already exceeded his allotted credit limit.

The Role of Parents
With this in mind, it is very important that the students themselves realize the value of credit and how to use credit cards to their benefit. Parents play a big role in helping their kids understand that credit cards should not be used like cash. Instead, every time they use their credit card to buy something, they should already plan out on how to pay back that purchase. Students must be reminded that serious thinking must be done before they use their credit card to make a purchase.

If you own a student credit card, be aware of the dates when you should be paying off your balances. Even if your parents are helping you to pay your bills it is crucial that as early as now, you learn the responsibility of paying your debts on time. Once you finish school, you will have the sole responsibility of paying your debts. By learning how to use your credit card wisely and putting it into practice, you won’t have a hard time managing your finances later on.

Student credit cards can be an advantage or a disadvantage for students. It will all depend on whether they will use their student credit card wisely and prudently.

Posted By:Samantha Wilson

Tips for the First Time Credit Users

noreply@blogger.com (Channi) — Sat, 03 May 2008 03:59:00 +0000

Posted By admin:Samantha Wilson

College students are a huge market for credit card companies. Students need to build their credit history and getting a student credit card is one of the easiest ways to do so. Are you planning on applying for a student credit card too? Do you already have a credit card in your name? Whether you’re a student or a first time credit card holder, let this article give you some tips on how you can use your credit to your most benefit.

Read your credit card agreement. In reality, not many credit card applicants take the time to read their credit cards’ Terms and Conditions in full. As a first time credit card applicant, make it a habit to read the fine print before signing up for anything. Why is it crucial to read the fine print? Because the true costs of your credit card are disclosed here. What you see in the ads are only the best features of the credit card, the actual conditions are explained in the Agreement and it is up to you to find out.

Set your monthly budget. As a student, practice effective budgeting or money management starting now. This will greatly help you in handling your finances in the future. Set a definite amount for
you to spend each month and make sure that you have enough to set aside for your debts, credit card payments and for your savings. Every month you should be putting something away in savings. If you can’t put something away in savings each month then you are living outside of your means and you need to take a hard look at your spending habits.

Pay off your credit card balance in full each month. Make it a point to pay back your monthly credit card balance in full to avoid paying the interest. There are some credit building companies that say its good to leave a running balance on your credit card because it will encourage the credit companies to increase your credit limit. I don’t know how true that is. I’ve had cards that I have paid off each month that have given me regular credit line increases. What matters most in building your credit history is how you use your available credit and how timely you are in submitting your payments.

Stay within your credit limit. Staying within your credit limit means more than just not going beyond your allotted credit. Financial advisers recommend not using more than 30% of your available credit if you want to keep your credit history in excellent standing. This habit will not only protect your credit history, it will also protect you from the risk of incurring more debts than you can afford.

Check your credit card statements regularly. It is your obligation as a credit card holder to check the accuracy of your account statements. If you find errors or unauthorized charges in your account, call your credit card issuer immediately. If your credit card company provides online access to your account, take advantage of this feature by checking your account on a daily basis. Doing so will also alert you about your due dates of payment.

Use your credit card with caution. Credit cards are meant to be financial tools when you need them. Nevertheless, credit cards are not supposed to be used without careful consideration. Before charging a purchase to your credit card, ask yourself, do you really need to make this purchase? Can you pay back your balance by the end of the month? Is it a necessity or just a want? How will this purchase effect my monthly budget?

Student Credit Cards: Your Companion In Your Studies

noreply@blogger.com (Channi) — Sat, 03 May 2008 03:53:00 +0000

A recent study conducted by the Georgetown University Credit Research Center shows encouraging results about students and student credit cards. According to this report, 87.9 percent of students in college manage their student credit cards effectively.

Unlike in the past years, this study has proven that college students are now more aware about their responsibilities as credit card holders and this is shown by the fact that most college students pay off their monthly balances in full. Overall, the average balance in a college student’s account is $552 which is just one third of the average balances of the general population.

This is certainly a good news and hopefully, this trend will continue and improve in the coming years. More and more young people today are becoming aware of the importance of having a student credit card especially when they enter college. With the help of information available online, students are learning the basic points on how to use credit cards while protecting their credit at the same time.

It is true that one of the challenges about owning a student credit card is controlling spending. Many students have developed debt problems because they continue charging purchases on their student credit cards and paying only the minimum each period. Because student credit cards are so convenient to use on shopping, many people- including adults, tend to forget the consequences of not being able to repay their balances on time. But this can be prevented if a student practices self-discipline and determination in keeping the use of credit cards in perspective.

Of course, aside from convenience, the main purpose of acquiring student credit cards is to build credit. But a credit history will not be of much use if all that is contained in one’s credit report are unpaid debts and past due bills. If you’re a student, always remember that protecting your credit history is just as important as establishing it.

Credit cards for students are now accompanied by options that help students manage their finances more easily. Banks send out monthly statement of accounts by mail, but now, students also have the option to check their account at any time just by going online. This way, even when they’re too busy with their classes and projects, they can still take a few minutes from their time and check on their account.

Another great provision is the liability fraud protection that most credit card companies offer. This is important for college students if they incur unauthorized charges in their account. Carrying a credit card instead of cash is also a safer way to buy things or pay bills. In case their credit card is misplace or stolen, a student can call the bank right away to freeze the account.

Finally, many student credit cards now give students the opportunity to earn bonuses or incentives from their purchases. Discounts from selected merchants and establishments also make a big difference in helping students save their monthly budget.

About the Author

Samantha Wilson is a consultant for credit cards for students. For years she has written student credit cards articles that would help build student credit.
Copyright 2008

Best Credits:buildingcreditforstudents.com

Unionbank E-On VISA Electron Debit Card

noreply@blogger.com (Channi) — Wed, 02 Apr 2008 03:25:00 +0000

Finally got it! The online application really does work. I applied online and got an e-mail response telling me that my card will be available after 3 days at the Unionbank branch I specified. I went there after 8 days so I can’t really tell how fast they are but when I got there my card was waiting for me. Paid the 350 peso annual fee and that’s it!

In case you’re interested, here’s the link to the Unionbank E-On VISA Electron information page online application form. Now I’m one more step closer to having my Paypal account activated! Will try this over the next few days.

Low Interests CREDIT CARDS

noreply@blogger.com (Channi) — Mon, 31 Mar 2008 03:24:00 +0000

Chase Platinum Visa® Card
		The Chase Platinum Visa® Card, issued by Chase, is designed for those who have very good credit and are looking for an overall good platinum card with a rewards program. Features: Various Internet account related services. No liability for unauthorized transactions. Lost and stolen card reporting. Emergency cash replacement. Emergency card replacement. Various travel and emergency assistance services. Travel accident insurance. Extended warranty for purchases. Auto rental insurance (Auto Rental Collision Damage Waiver). Year-end financial statement (upon request). See website for additional benefits. Certain restrictions, limitations, and exclusions apply. If an account is opened, please refer to the Guide to Benefits for details.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 12 Months	11.24%		$0	Point

Capital One® No Hassle Points(SM) Rewards - Excellent Credit
	The Capital One® No Hassle Points(SM) Rewards card is a great rewards card for people with excellent credit. Features: $0 fraud liability for any unauthorized use if your card is lost or stolen. 24-Hour Travel and Emergency Assistance. Additional protection on your purchases with an extended warranty program from Visa®. Emergency card replacement or cash advance if your card is lost or stolen. Exclusive savings: up to 40% off featured deals and 10% savings on everything else at Capital One® Saving Zone(SM) on Yahoo! Shopping.

Intro APR		Regular APR	Annual Fee	Reward Type
No Introductory Rate Available		13.90%	$0	Point

IberiaBank Visa® Classic Card
		The IberiaBank Visa® Classic Card, issued by Pulaski Bank, is designed for those with average credit who may occasionally carry a balance. Features: Various internet account services. Lost and stolen card reporting. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 6 Months	5.0%		$0	n/app

Discover® More(SM) Card
			The Discover® More(SM) Card, issued by Discover, is designed for those with very good credit who are looking for a cash reward credit card. Features: Various card designs to select from. Various Internet account related services. Up to $500,000 in travel accident insurance. Fraud and security protection services. Auto rental insurance. Discounts on products and services at participating merchants and retailers. See website for additional benefits.

Intro APR	Regular APR	Annual Fee		Reward Type
0% Intro APR*	10.99%	$0		Rebate

Bank of America WorldPoints® Platinum Plus™ MasterCard® Cre
		The Bank of America WorldPoints™ Platinum Plus™ MasterCard® Credit Card, issued by FIA Card Services, N.A., is designed for those with very good credit who would like to take advantage of the reward program. Features: See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 12 Billing Cycles	9.99% / 15.99%		$0	Point

Citi® Diamond Preferred® Card
		The Citi® Diamond Preferred® Card, issued by Citibank, is designed for those with good credit who plan to take advantage of the introductory rates and the excellent services. Features: Various Internet account related services. Identity theft solutions. Price protection program. Optional personal photo on card. Fraud and security protection services. Lost and stolen card reporting. Emergency cash replacement. Emergency card replacement. Automatic bill payments. Year-end financial statement (upon request). Up to $1,000,000 in travel accident insurance. Auto rental insurance. Various travel and emergency assistance services. Medical referral services. Legal referral services. Lost luggage assistance. Discounts on auto rentals. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for up to 12 Months	As low as 7.24%		$0	n/app

MERRILL+® Card
		The MERRILL+® Card, issued by Bank of America, is designed for those with very good credit who plan to take advantage of the reward program offered through Merrill Lynch. Features: Various Internet account related services. No liability for unauthorized transactions. Fraud protection services. Automatic bill payment. Purchase protection. Extended warranty for purchases. Auto rental insurance. Emergency transportation assistance. Up to $1,000,000 in travel accident insurance. Lost luggage assistance. Personal concierge service. Transatlantic companion ticket offer from British Airways. Save $250 on advance purchase Club World tickets to London on British Airways. Special MERRILL+ rates at The Leading Hotels of the World®. Complimentary spa services at leading resort destinations. Automobile rental upgrades and discounts. Discounts on products and services at participating merchants and retailers. Cardholders whose annual spending on purchases reaches certain levels will have access to additional benefits and services. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
1.9% APR for 12 Months	9.99%		$0	Point

Citi® Diamond Preferred® Rewards Card
		The Citi® Diamond Preferred® Rewards Card, issued by Citibank, is designed for those with good credit who plan to take advantage of the reward program offered. Features: $0 liability on unauthorized purchases. Various Internet account related services. Identity theft solutions. Price protection program. Optional personal photo on card. Fraud and security protection services. Lost and stolen card reporting. Emergency cash replacement. Emergency card replacement. Automatic bill payments. Year-end financial statement (upon request). Up to $1,000,000 in travel accident insurance. Auto rental insurance. Various travel and emergency assistance services. Medical referral services. Legal referral services. Lost luggage assistance. Discounts on auto rentals. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 12 Months	As low as 9.74%		$0	Point

Blue from American Express®
		Blue from American Express® is an ideal credit card for those with good credit who already have an established credit history and are looking for a card with access to a reward program. Features: Access to Blue's Membership Rewards Express(SM) program for no additional annual fee. Built-in ExpressPay feature that lets cardholders make purchases without having to swipe their card. Various Internet account related services. No liability for unauthorized Internet transactions. Year-end financial statement. Return protection. Extended warranty for purchases. Purchase protection. Auto rental insurance. Emergency card replacement. Medical referral services. Legal referral services. Lost luggage insurance. Up to $100,000 in travel accident insurance. Various travel and emergency assistance services. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for up to 15 Months	10.99%		$0	Point

AT&T Universal Savings Platinum Card
		The AT&T Universal Savings Platinum Card, issued by Citibank, is designed for those with good credit who desire a credit card with platinum cardholder benefits. Features: $0 liability on unauthorized purchases. Secure, free online account management. Card can be used as a calling card. Receive 2 free directory assistance inquiries per month. Receive up to 30 free phone minutes per month. Wireless phone loss and theft insurance reimbursement for replacement coverage. Various Internet account related services. Identity theft solutions. Fraud and security protection services. Year-end financial statement. Up to $1,000,000 in travel accident insurance. Lost luggage assistance. Auto rental insurance. Emergency card replacement. Emergency cash replacement. Lost and stolen card reporting. Medical referral services. Legal referral services. Various travel and emergency assistance services. Automatic bill payment. Up to 10% Savings on AT&T Purchases. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 12 Months	As low as 9.24%		$0	n/app

Capital One® Platinum Prestige
		The Capital One® Platinum Prestige card is designed for those with excellent credit who want a credit card with a very low interest rate. Features: $100,000 Worldwide Automatic Travel Accident Insurance. 24-hour Roadside Assistance with lock-out service, towing, and flat repair. Emergency card replacement or cash advance if your card is lost or stolen. Exclusive savings: up to 40% off featured deals and 10% savings on everything else at Capital One® Saving Zone(SM) on Yahoo! Shopping.

Intro APR	Regular APR		Annual Fee	Reward Type
No Introductory Rate Available	7.90%		$0	n/app

Pulaski Bank Gold Visa® Card
		The Pulaski Bank Gold Visa® Card, issued by Pulaski Bank, is designed for those with good credit who are looking for a very low cost credit card. Features: Various Internet account related services. Auto rental insurance. Various travel and emergency assistance services. Emergency cash replacement. Emergency card replacement. Lost and stolen card reporting. No liability for unauthorized transactions. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 6 Months	8.00%		$0	n/app

Citi® Platinum Select® Card
		The Citi® Platinum Select® Card, issued by Citibank, is designed for those with good credit who would like to take advantage of the various standard services and benefits provided by Citibank. Features: Various Internet account related services. Reports to all major credit bureaus to help you establish your credit history. Citi Identity Theft Solutions. $0 liability on unauthorized purchases. Secure, free online account management. Up to $1,000,000 in travel accident insurance. Auto rental insurance. Fraud and security protection services. Lost wallet service. Lost and stolen card reporting. Emergency card replacement. Emergency cash replacement. Optional personal photo on card. Various travel and emergency assistance services. Medical referral services. Legal referral services. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for up to 12 Months	As low as 7.24%		$0	n/app

Bank of America Rewards™ American Express® Card
	The Bank of America Rewards™ American Express® Card, issued by FIA Card Services, N.A., is designed for those with average credit who want to participate in the reward program. Features: See website for additional benefits.

Intro APR		Regular APR	Annual Fee	Reward Type
0% APR for 12 Billing Cycles		9.9%	$0	Point

Capital One® Platinum Prestige - Visa®
		The Capital One® Platinum Prestige - Visa® card is designed for those with excellent credit who want a credit card with a very low interest rate. Features: 24-Hour Roadside Assistance with lock-out service, towing, and flat repair. $100,000 Worldwide Automatic Travel Accident Insurance. Emergency card replacement or cash advance if your card is lost or stolen. Collision, Damage, and Loss Insurance on rental cars. Exclusive savings: up to 40% off featured deals and 10% savings on everything else at Capital One® Saving Zone(SM) on Yahoo! Shopping.

Intro APR	Regular APR		Annual Fee	Reward Type
No Introductory Rate Available	7.90%		$0	n/app

Pulaski Bank Visa® Card
		The Pulaski Bank Visa® Card issued by Pulaski Bank, is designed for those with an average credit history who are looking for a very low cost credit card. Features: Various Internet account related services. Emergency cash replacement. Emergency card replacement. Lost and stolen card reporting. No liability for unauthorized transactions. See website for additional benefits.

Intro APR	Regular APR		Annual Fee	Reward Type
0% APR for 6 Months	6.50%		$35	n/app

Bank of America® Platinum Plus® Visa® Card
	The Bank of America® Platinum Plus® Visa® Card, issued by FIA Card Services, N.A., is designed for those with very good credit who will take advantage of the introductory offer and the platinum benefits. Features: See website for card benefits.

Intro APR		Regular APR	Annual Fee	Reward Type
0% APR for 6 Billing Cycles		APR Varies*	$0	n/app

How Secured Card works

noreply@blogger.com (Channi) — Mon, 31 Mar 2008 03:22:00 +0000

Your new Bank of America credit card can help you establish a credit history that will benefit you now and in the future.

You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit.
You can then make purchases with your card up to the amount you have in your security deposit account.
You must pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments.
Based on your credit and payment history, you may qualify for an unsecured card at a later date.²

Value and pricing

Credit lines available from $300 to $10,000
$29 annual fee

Secured benefits

Online Banking service^***
Total Security Protection^®, our free package of security features, including zero liability from unauthorized card use if you notify us promptly^***
Travel and emergency assistance^***
Automatic auto rental insurance^***
Purchase Replacement^***
Purchase Guard^***
Convenience checks at no extra charge^***
Additional cards at no extra charge

We reserve the right to change your terms, rates and fees at any time, for any reason, in accordance with the cardholder agreement and applicable law. Please see terms and conditions for important information concerning this offer.

No frame support

Photo Expressions® Terms and Conditions

Bank of America reserves the exclusive right to determine whether to use any submitted photo on the Photo Expressions card.
Upon submitting your photo to Bank of America, you represent and certify that you have sole rights to use the photo and have obtained any necessary consent to allow Bank of America to alter, copy, print, distribute, prepare and to use the photo or derivative works of the photo on the Photo Expressions card.
You agree to return the Photo Expressions card to Bank of America immediately upon the request by Bank of America.
You agree to indemnify and hold harmless Bank of America from all claims that arise from Bank of America using the Photo Expressions card.
There is no charge to add Photo Expressions to your card nor is there a charge to request a different photo be added to your card.

Credit Protection Plus Terms and Conditions

Credit Protection Plus ("the Plan") is an optional product available on your Bank of America credit card account.

Whether or not you purchase the Plan will not affect Your application for credit or the terms of any existing credit agreement You have with Us.

Benefits: In return for a Monthly Program Fee, the Plan can credit up to 18 Monthly Benefit Amounts in the event You incur an approved Hospitalization, Disability, Involuntary Unemployment, or Family Medical Leave. You can also receive Three (3) Monthly Benefit Amounts for any approved life Event. in the event of Your Loss of Life, the Plan can credit a lump sum benefit amount equal to the outstanding balance on the Date of Loss or $25,000, whichever is less.
Cost: The Monthly Program Fee is 95¢ per $100 of Your Plan Balance up to $25,000. For your convenience, the fee is automatically billed to Your credit card account. During months when there is no balance and no activity Your credit card statement, there is no charge for the Plan that month.
Eligibility Exclusions: There are eligibility requirements, conditions and exclusions that could prevent You from receiving benefits under the Plan. Please refer to the Addendum to the Credit Card Agreement for a full explanation of all requirements, conditions and exclusions.
Termination: If, at any time during the first thirty (30) days after the date Your protection begins, You cancel the optional Plan, all Plan fees billed to Your account will be refunded via a credit to the protected card. You have the right to cancel the Plan at any time by making a telephonic or written request to the Plan Administrator. The Plan will automatically terminate under the following circumstances: You no longer have the Enrolled Account; Your Enrolled Account is closed due to account charge-off; You suffer a Loss of Life; Your Enrolled Account becomes 4 payments past due, You enter into a repayment plan for the Enrolled Account, or You conduct or attempt to conduct fraud relating to Plan benefits.
The Plan Administrator is CSI Processing, LLC at Credit Protection Plus, P.O. Box 34888, Omaha, NE 68134-0888; (800) 242-6806 Monday - Friday, 7:00 a.m. - 10:00 p.m. Central Time.

AT&T UNIVERSAL CARD DISCLOSURES

noreply@blogger.com (Channi) — Mon, 31 Mar 2008 03:13:00 +0000

* AT&T Universal Savings Platinum Card Program Information

Your AT&T Universal Savings Platinum Card account (Card Account) will receive a savings based upon eligible transactions appearing on your current month's billing statement. The savings will show on your Card Account as a statement credit as long as your Card Account is open and current. However, if your Card Account is no longer open or current, you will not be able to earn these savings.
The only eligible transactions for which you earn savings are AT&T consumer products and/or services and Cingular bill payments. AT&T consumer products and services must be purchased through 1-800-222-3111, 1-866-246-4852, www.att.com, www.telephones.att.com, www.cingular.com, Cingular Company owned stores or AT&T customer service centers. Purchases from independent Cingular dealers are not eligible, unless they are for payment of Cingular service. We do not determine whether AT&T consumer products and/or services are correctly identified and billed to us as qualifying transactions, but we do reserve the right to determine which purchases qualify for the savings. Returned purchases, disputed or unauthorized/fraudulent transactions, finance charges, and Card Account fees do not earn any savings unless otherwise specified. Unless you are participating in a limited-time promotional offer, you will earn 5% on each dollar you spend on eligible AT&T purchases that is matched by the amount you spend on other purchases. However, for the first 12 months of cardmembership, you will earn 10% on each dollar you spend on eligible AT&T purchases that is matched by the amount you spend on other purchases.
You may save a maximum of $350 in any calendar year (eligible transactions appearing on your January-December billing statements).
You have no property rights or other legal interest in the savings. Savings have no cash value until such time as they are posted to your account as a statement credit. We may revise any of these AT&T Universal Card Savings at any time with 30 days prior written notice. In addition, we may also terminate the AT&T Universal Card Savings Program with 30 days prior written notice.
Citibank (South Dakota), N.A. is the issuer of the AT&T Universal Savings Platinum Card and provides all savings associated with this program.

** Terms & Conditions

The balance transfer APR is 0% for 12 months from the date of the first balance transfer. After the promotional period ends, your standard APR will be applied to any unpaid promotional balances. As of March 21, 2008, the standard variable APR for purchases is either 9.24% Rate 1, 21.24% Rate 2 or 14.24% Rate 3 in that order based on our review of your application and credit history. The standard APR for cash advances is a variable 20.24%. However, if you default under any Card Agreement that you have with us, we may automatically increase the rate on all balances (including any promotional balances) to a variable default rate of 29.24%. The minimum finance charge is $.50. Foreign purchase transaction fee is 3.0% of the purchase amount after its conversion into U.S. dollars. The transaction fee for cash advances is 3.0% of each cash advance, minimum $5. The transaction fee for balance transfers is 3.0% of the amount of each balance transfer, $5 minimum.

*** AT&T PREPAID PHONE SERVICE TERMS AND CONDITIONS AGREEMENT

By using the AT&T PrePaid Phone Service ("PrePaid Service") feature of your AT&T Universal Card ("Card") to use or buy phone minutes, you consent to the terms, conditions, rates and charges below and in the service guide at www.att.com/prepaidguide; also available from Customer Care at 1–800–303–9189.

Minute value applies to state-to-state calls only. A surcharge not to exceed 7 minutes applies to U.S. pay phone calls, a portion of which compensates pay phone providers. One minute billing increments. Partial minutes used are billed as full minutes. International rates are higher than state-to-state rates, differ according to destination called and can change. Rates may be higher for calls made to or from mobile phones.
For calls that begin and end in the same state, minutes are deducted at these rates per minute of talk time: 1 minute: DC, IL, IN, MA, RI, U.S.VI; 3 minutes: AL, AR, CA, CT, DE, GA, HI, KS, KY, LA, MD, ME, MI, MS, NE, NJ, NV, NY, OH, OR, PR, SC, TN, UT, WI, WV; 5 minutes: AK, AZ, CO, FL, IA, ID, MN, MT, NC, NH, OK, PA, TX, VA, VT WA, WY; 8 minutes: MO, ND, NM, SD.
The PrePaid Service can be used to place the following types to calls: in-state and state-to-state where service provider is authorized to carry such calls; outbound international calls from the U.S. to over 200 locations around the world; and inbound international calls to the U.S. and from country to country outside the U.S. from select countries with the use of the AT&T USADirect® Service. Call Customer Care for international calling information before you leave the U.S. The PrePaid Service cannot be used for toll free calls, calls for paid services with premium charges or for operator handled calls. Except for the 2 directory assistance inquiries per month provided with your Card, directory assistance rates are higher than state-to-state rates.
Safeguard your Card. You are responsible for any loss or unauthorized use of any promotional or purchased minutes residing on the PrePaid Service feature of your Card.
Service provider makes no warranty, express or implied, regarding the condition or fitness of the services offered for any particular use or purpose. As permitted by law, the liability of service provider shall be limited to direct damages for any personal or property injury, and for all other claims to an amount equal to the charge for the affected services. IN NO EVENT WILL SERVICE PROVIDER, ITS EMPLOYEES, AGENTS OR ANY COOPERATING SERVICE PROVIDERS BE LIABLE FOR ANY PUNITIVE, SPECIAL, INDIRECT, RELIANCE, INCIDENTAL OR CONSEQUENTIAL DAMAGES.
The exclusive remedy for all disputes arising out of purchase or use of phone minutes through the PrePaid Service feature of your Card, except for those taken to small claims court, is arbitration. YOUR DISPUTE WILL NOT BE HEARD BY A JURY OR IN COURT AND MAY NOT BE MADE PART OF A CLASS ACTION. Arbitration does not apply to California residents for disputes arising in California.
Your PrePaid Service access may be suspended or terminated without notice if service provider has reason to suspect fraudulent use. Promotional phone minutes provided with your Card are limited to 30 minutes per month, are non-refundable and expire if not used during that month. Purchased phone minutes are non-refundable, and do not expire. If your Card account is closed by you or the Card issuer for any reason, the PrePaid Service feature will no longer be available to you except for any phone minutes purchased by you until such minutes are depleted.
Recharge minutes may have different rates, surcharges and terms and conditions and are not refundable. Service provider reserves the right to impose a maximum U.S. dollar value and/or number or minutes that may reside on the PrePaid Service feature of your Card at any given time.
Complaints not resolved to your satisfaction may be directed to the appropriate state regulatory agency in the state where the promotional phone minutes were received or the prepaid phone minutes were purchased.
10. Service provided by AT&T or affiliate; by AT&T Alascom in Alaska. Service provided where authorized.

© 2007 Citibank (South Dakota), N.A. Citi and Citi with Arc Design are registered service marks for Citigroup Inc

AT&T and the AT&T Logo are trademarks of AT&T Knowledge Ventures, licensed to Citigroup Inc.

MasterCard® is a registered trademark of MasterCard International Incorporated.

AT&T Universal Card
P.O. Box 6500
Sioux Falls, SD 57117
www.universalcard.com

CHOOSING A CREDIT CARD

noreply@blogger.com (Channi) — Mon, 10 Mar 2008 07:19:00 +0000

How will you use your credit card?

The first step in choosing a credit card is thinking about how you will use it.

	If you expect to always pay your monthly bill in full--and other features such as frequent flyer miles don’t interest you--your best choice may be a card that has no annual fee and offers a longer grace period.
	If you sometimes carry over a balance from month to month, you may be more interested in a card that carries a lower interest rate (stated as an annual percentage rate, or APR).
	If you expect to use your card to get cash advances, you’ll want to look for a card that carries a lower APR and lower fees on cash advances. Some cards charge a higher APR for cash advances than for purchases.

What are the APRs?

The annual percentage rate--APR--is the way of stating the interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. The APR states the interest rate as a yearly rate.

Multiple APRs
A single credit card may have several APRs:

	One APR for purchases, another for cash advances, and yet another for balance transfers. The APRs for cash advances and balance transfers often are higher than the APR for purchases (for example, 14% for purchases, 18% for cash advances, and 19% for balance transfers).
	Tiered APRs. Different rates are applied to different levels of the outstanding balance (for example, 16% on balances of $1–$500 and 17% on balances above $500).
	A penalty APR. The APR may increase if you are late in making payments. For example, your card agreement may say, “If your payment arrives more than ten days late two times within a six-month period, the penalty rate will apply.”
	An introductory APR. A different rate will apply after the introductory rate expires.
	A delayed APR. A different rate will apply in the future. For example, a card may advertise that there is “no interest until next March.” Look for the APR that will be in effect after March.

If you carry over a part of your balance from month to month, even a small difference in the APR can make a big difference in how much you will pay over a year.

Fixed vs. variable APR
Some credit cards are “fixed rate”--the APR doesn’t change, or at least doesn’t change often. Even the APR on a “fixed rate” credit card can change over time. However, the credit card company must tell you before increasing the fixed APR.

Other credit cards are “variable rate”--the APR changes from time to time. The rate is usually tied to another interest rate, such as the prime rate or the Treasury bill rate. If the other rate changes, the rate on your card may change, too. Look for information on the credit card application and in the credit card agreement to see how often your card’s APR may change (the agreement is like a contract--it lists the terms and conditions for using your credit card).

How long is the grace period?

The grace period is the number of days you have to pay your bill in full without triggering a finance charge. For example, the credit card company may say that you have “25 days from the statement date, provided you paid your previous balance in full by the due date.” The statement date is given on the bill.

The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers. Instead, interest charges start right away.

If you carried over any part of your balance from the preceding month, you may not have a grace period for new purchases. Instead, you may be charged interest as soon as you make a purchase (in addition to being charged interest on the earlier balance you have not paid off). Look on the credit card application for information about the “method of computing the balance for purchases” to see if new purchases are included or excluded. Information on methods of computing the balance is in the section “How is the finance charge calculated?”

How is the finance charge calculated?

The finance charge is the dollar amount you pay to use credit. The amount depends in part on your outstanding balance and the APR.

Credit card companies use one of several methods to calculate the outstanding balance. The method can make a big difference in the finance charge you’ll pay. Your outstanding balance may be calculated

	Over one billing cycle or two,
	Using the adjusted balance, the average daily balance, or the previous balance, and
	Including or excluding new purchases in the balance.

Depending on the balance you carry and the timing of your purchases and payments, you’ll usually have a lower finance charge with one-cycle billing and either

	The average daily balance method excluding new purchases,
	The adjusted balance method, or
	The previous balance method.

Minimum finance charge
Some credit cards have a minimum finance charge. You’ll be charged that minimum even if the calculated amount of your finance charge is less. For example, your finance charge may be calculated to be 35¢--but if the company’s minimum finance charge is $1.00, you’ll pay $1.00. A minimum finance charge usually applies only when you must pay a finance charge--that is, when you carry over a balance from one billing cycle to the next.

What are the fees?

Most credit cards charge fees under certain circumstances:

	Annual fee (sometimes billed monthly). Charged for having the card
	Cash advance fee. Charged when you use the card for a cash advance; may be a flat fee (for example, $3.00) or a percentage of the cash advance (for example, 3%)
	Balance-transfer fee. Charged when you transfer a balance from another credit card (Your credit card company may send you “checks” to pay off the other card. The balance is transferred when you use one of these checks to pay the amount due on the other card.)
	Late-payment fee. Charged if your payment is received after the due date
	Over-the-credit-limit fee. Charged if you go over your credit limit
	Credit-limit-increase fee. Charged if you ask for an increase in your credit limit
	Set-up fee. Charged when a new credit card account is opened
	Return-item fee. Charged if you pay your bill by check and the check is returned for non-sufficient funds (that is, your check bounces)
	Other fees. Some credit card companies charge a fee if you pay by telephone (that is, if you arrange by phone for payment to be transferred from your bank to the company) or to cover the costs of reporting to credit bureaus, reviewing your account, or providing other customer services. Read the information in your credit card agreement to see if there are other fees and charges.

What are the cash advance features?

Some credit cards let you borrow cash in addition to making purchases on credit. Most credit card companies treat these cash advances and your purchases differently. If you plan to use your card for cash advances, look for information about

	Access. Most credit cards let you use an ATM to get a cash advance. Or the credit card company may send you “checks” that you can write to get the cash advance.
	APR. The APR for cash advances may be higher than the APR for purchases.
	Fees. The credit card company may charge a fee in addition to the interest you will pay on the amount advanced.
	Limits. Some credit cards limit cash advances to a dollar amount (for example, $200 per cash advance or $500 per week) or a portion of your credit limit (for example, 75% of your available credit limit).
	How payments are credited. Many credit card companies apply your payments to purchases first and then to cash advances. Read your credit card agreement to learn how your payments will be credited.

How much is the credit limit?

The credit limit is the maximum total amount--for purchases, cash advances, balance transfers, fees, and finance charges--you may charge on your credit card. If you go over this limit, you may have to pay an “over-the-credit-limit fee.”

What kind of card is it?

Most credit card companies offer several kinds of cards:
	Secured cards, which require a security deposit. The larger the security deposit, the higher the credit limit. Secured cards are usually offered to people who have limited credit records--people who are just starting out or who have had trouble with credit in the past.
	Regular cards, which do not require a security deposit and have just a few features. Most regular cards have higher credit limits than secured cards but lower credit limits than premium cards.
	Premium cards (gold, platinum, titanium), which offer higher credit limits and usually have extra features--for example, product warranties, travel insurance, or emergency services.

Does the card offer incentives and other features?

Many credit card companies offer incentives to use the card and other special features:
	Rebates (money back) on the purchases you make
	Frequent flier miles or phone-call minutes
	Additional warranty coverage for the items you purchase
	Car rental insurance
	Travel accident insurance or travel-related discounts
	Credit card registration, to help if your wallet or purse is lost or stolen and you need to report that all your credit cards are missing

Credit cards may also offer, for a price,
	Insurance to cover the payments on your credit card balance if you become unemployed or disabled, or die. Premiums are usually due monthly, making it easy to cancel if the payments are higher than you want to pay or you decide you don’t need the insurance any longer.
	Insurance to cover the first $50 of charges if your card is lost or stolen. Under federal law, you are not responsible for charges over $50.

Before you sign up to pay for any of these features, think carefully about whether it will be useful for you. Don’t pay for something you don’t want or don’t need.

How do I find information about credit cards?

You can find lists of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers. The Federal Reserve System surveys credit card companies every six months. You’ll need to get the most recent information directly from the credit card company--by phoning the company, looking on the company’s web site, or reading a solicitation or application.

Under federal law, all solicitations and applications for credit cards must include certain key information, in a disclosure box similar to the one shown.

Annual percentage rate (APR) for purchases	2.9% until 11/1/06 after that, 14.9%
Other APRs	Cash-advance APR: 15.9% Balance-Transfer APR: 15.9% Penalty rate: 23.9% See explanation below.*
Variable-rate informtion	Your APR for purchase transactions may vary. The rate is determined monthly by adding 5.9% to the Prime Rate.**
Grace period for repayment of balances for purchases	25 days on average
Method of computing the balance for purchases	Average daily balance (excluding new purchases)
Annual fees	None
Minimum finance charge	$.50
Transaction fee for cash advances: 3% of the amount advanced Balance-transfer fee: 3% of the amount transferred Late-payment fee: $25 Over-the-credit-limit fee: $25
* Explanation of penalty. If your payment arrives more than ten days late two times withing a six-month period, the penalty rate will apply. ** The Prime Rate used to determine your APR is the rate published in the Wall Street Journal on the 10th day of the prior month.

APR for purchases. The annual percentage rate you’ll be charged if you carry over a balance from month to month. If the card has an introductory rate, you’ll see both that rate and the rate that will apply after the introductory rate expires.

Other APRs. The APRs you’ll be charged if you get a cash advance on your card, transfer a balance from another card, or are late in making a payment. More information about the penalty rate may be stated outside the disclosure box--for instance, in a footnote. In this example, if you make two payments that are more than ten days late within six months, the APR will increase to 23.9%.

Variable-rate information. Information about how the variable rate will be determined (if relevant). More information may be stated outside the disclosure box--for instance, in a footnote.

Grace period for repayment of balances for purchases. The number of days you’ll have to pay your bill for purchases in full without triggering a finance charge.

Method of computing the balance for purchases. The method that will be used to calculate your outstanding balance if you carry over a balance and will pay a finance charge.

Annual fees. The amount you’ll be charged each twelve-month period for simply having the card.

Minimum finance charge. The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance.

Transaction fee for cash advances. The charge that will be imposed each time you use the card for a cash advance.

Balance-transfer fee. The fee that will be imposed each time you transfer a balance from another card.

Late-payment fee. The fee that will be imposed when your payment is late.

Over-the-credit-limit fee. The fee that will be imposed if your charges exceed the credit limit set for your card.

What are your liability limits?

If your credit card is lost or stolen--and then is used by someone without your permission--you do not have to pay more than $50 of those charges. This protection is provided by the federal Truth in Lending Act. You do not need to buy “credit card insurance” to cover amounts over $50.

If you discover that your card is lost or stolen, report it immediately to your credit card company. Call the toll-free number listed on your monthly statement. The company will cancel the card so that new purchases cannot be made with it. The company will also send you a new card.

Make a list of your account numbers and the companies’ phone numbers. Keep the list in a safe place. If your wallet or purse is lost or stolen, you’ll have all the numbers in one place. Take the list of phone numbers--not the account numbers--with you when you travel, just in case a card is lost or stolen.

What can you do about billing errors?

The federal Fair Credit Billing Act covers billing errors. Examples of billing error are

	A charge for something you didn’t buy
	A bill for an amount different from the actual amount you charged
	A charge for something that you did not accept when it was delivered
	A charge for something that was not delivered according to agreement
	Math errors
	Payments not credited to your account
	A charge by someone who does not have permission to use your credit card

If you think your credit card bill has an error, take the following steps:

Write to the credit card company within 60 days after the statement date on the bill with the error. Use the address for “billing inquiries” listed on the bill. Tell the company
Your name and account number,
That you believe the bill contains an error, and why you believe it’s wrong, and
The date and amount of the error (the “disputed amount”).
Pay all the other parts of the bill. You do not have to pay the “disputed amount” or any minimum payments or finance charges that apply to it.

If there is an error, you will not have to pay any finance charges on the disputed amount. Your account must be corrected.

If there is no error, the credit card company must send you an explanation and a statement of the amount you owe. The amount will include any finance charges or other charges that accumulated while you were questioning the bill.

What if the item you purchase is damaged?

The federal Fair Credit Billing Act allows you to withhold payment on any damaged or poor-quality goods or services purchased with a credit card--even if you have accepted the goods or services--as long as you have made an attempt to solve the problem with the merchant.

The sale must have been for more than $50 and must have taken place in your home state or within 100 miles of your home address. You should notify the credit card company in writing and explain why you are withholding your payment.

You may withhold the payment while the credit card company investigates your claim. If you pay the charges for the goods on your credit card bill before the dispute is resolved, you will lose your right to make a claim.

Source: Federal Resrv.

Mortgage Rates Are Actually Going Up

noreply@blogger.com (Channi) — Mon, 10 Mar 2008 07:12:00 +0000

The Fed can (and probably will) continue lowering short term interest rates but it is not doing much to bring down long term interest rates that dictate how much people pay on most mortgages.

Look at what long term interest rates have done since the lows of mid January. This is definitely NOT good for the housing market.

According to bankrate.com: “This week, a slim majority of the panelists believe mortgage rates will rise over the next 35 to 45 days. About one-quarter believe rates will remain relatively unchanged (plus or minus 2 basis points). The rest think rates will fall.”

Source: National Bubble

One important thing to keep in mind is that mortgage rates are based on more than just Fed rate

(Manila)Credit card thieves fall in Glorietta mall

noreply@blogger.com (Channi) — Mon, 10 Mar 2008 07:09:00 +0000

By Erwin Oliva, Julie M. Aurelio
INQUIRER.net, Philippine Daily Inquirer
First Posted 03:03am (Mla time) 03/08/2008

MANILA, Philippines--A taste for expensive signature brands did them in.

An employee of a popular videoke bar and four others were arrested Friday night in Makati after buying several brand-name items amounting to between P40,000 and P50,000 with the use of a stolen credit card.

The five alleged thieves were cornered inside the Glorietta 3 mall at the Ayala Center after public relations executive Imelda Dominguez, the credit card's owner, learned that the card was used in a transaction after she had lost it.

Supt. Manny Santos Jr, chief of the Makati police's investigation section, told the Philippine Daily Inquirer (parent company of INQUIRER.net) the suspects will be charged on Monday at the city prosecutors' office with violation of Republic Act 8484 or the Credit Card Access Law.

The suspects were identified as Ma. Concepcion Enriquez, 22, her brother Regie Enriquez, 21; Rey Paul Ibañez, 18; and Robert Castaneda, 22; all jobless and residents of Mandaluyong City.

Also arrested was Pauline Carla Arenal, 25, a cashier of the Red Box KTV on the third floor of Greenbelt 3 where the credit card was reported lost.

A representative from Matrix Entertainment, which operates the Red Box KTV, told INQUIRER.net that the company was fully cooperating with the police investigation, and has reportedly ordered an internal investigation in its branch in Greenbelt 3 where the employee was allegedly involved.

Initial investigation showed that Dominguez, 45, a resident of Kingswood Condominium in Brgy La Paz, Makati City, lost her Citibank credit card at the Red Box KTV on Friday and reported it to bank authorities.

Citibank immediately informed Dominguez, who just came from Singapore, that her missing credit card was being used, prompting her to alert security personnel in Glorietta mall, where the last transaction was made.

Glorietta 3 security officer Sonny Sablay told INQUIRER.net that Dominguez alerted them Friday afternoon of the ongoing transaction by the suspects.

Mall security was able to corner the suspects at around 5:22 p.m. at the Glorietta 3, minutes after they allegedly made the unauthorized purchases.

"We were able to recover Havainas slippers, Nike shoes, Nike jackets and other items from the suspects, as well as the stolen credit card in the name of Imelda R. Dominguez," Santos said.

Police added the suspects carried with them an allegedly fake identification card and even reportedly forged Dominguez's signature in making the purchases.

Arenal and the other suspects are currently in the custody of the Makati City Police awaiting inquest proceedings on Monday morning.

A Credit Card You Want to Toss

noreply@blogger.com (Channi) — Wed, 13 Feb 2008 07:26:00 +0000

Credit-card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments, but whose credit score has fallen for another reason. Now, some consumers complain, Bank of America (NYSE:BAC - News) is hiking rates based on no apparent deterioration in their credit scores at all.

The major credit-card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving an explanation for the increase, according to copies of five letters obtained by BusinessWeek. Fine print at the end of the letter -- headed "Important Amendment to Your Credit Card Agreement" -- advised calling an 800-number for the reason, but consumers who called say they were unable to get a clear answer. "No one could give me an explanation," says Eric Fresch, a Huron (Ohio) engineer who is on time with his Bank of America card payments and knows of no decline in the status of his overall credit.

Bank of America spokeswoman Betty Riess confirms some bank cardholders could be receiving rate increases for reasons other than declines in credit scores, such as running higher balances with their Bank of America cards or with other creditors. She says the increases are part of a "periodic review" that assesses customers' credit risk. She declined to say if the Charlotte (N.C.) bank had changed its credit standards thereby bumping some consumers' rates or how many cardholders were being affected by the review. Bank of America has 40 million U.S. credit-card accounts.

Buzz about the letters is building on the Internet. Since mid-January Credit.com, a credit-card information site, has received 40 complaints from consumers Bank of America had notified of sharp rate increases, even though they were current on their bills, says Emily Davidson, a Credit.com researcher. Complaint sites My3cents.com and BankofAmericaBadforAmerica.org say they have also received similar complaints.

The so-called "opt-out" letters give borrowers the option of no longer using their card and paying off the balance at the old rate. But they must write Bank of America by later this month if they plan to do so -- otherwise their rates on existing and new balances automatically rise.

Arbitrary Criteria

What's striking is how arbitrary the Bank of America rate increases appear, credit industry experts say. In recent years, many card companies have turned to a practice called "risk-based pricing," where they will raise a regular paying consumer's rate because of a decline in the person's FICO score. FICO is a credit-risk score developed by Fair Isaac (NYSE:FIC - News) that includes a number of risk metrics the Minneapolis company doesn't disclose. Credit reporting bureaus supply creditors with FICO scores along with other data, such as late payments and debts owed.

In a December congressional hearing spearheaded by Sen. Carl Levin (D-Mich.), lawmakers slammed big card companies for using such pricing with customers who pay on time. By law, credit-card lenders can change terms as long as they notify borrowers. Even so, JPMorgan Chase (NYSE:JPM - News) and Citigroup (NYSE:C - News) announced ahead of Levin's hearing that they would stop the practice of raising card rates based solely on FICO scores.

But Bank of America appears to be taking an even more aggressive stance because, beyond credit scores, it is using internal criteria that aren't available to consumers. That makes the reason for the rate increase even more opaque. "Congress has faulted credit-card companies for lack of transparency in raising rates," says William Ryan, a financial industry analyst at Portales Partners, a New York-based research firm. "Bank of America is bringing it to a new level."

An Unjustified, For-Profit Move

Analysts also say they are surprised by the magnitude of the rate raises Bank of America is imposing on affected cardholders. Michael Jordan, 25, a software developer who lives in Higganum, Conn., says he received a letter from Bank of America in late January advising him that his card rate would rise from 9.99% to 24.99%. The software developer, who earns $80,000 per year, says he was "shocked" because his payments had been on time and his credit score hadn't changed in the last year. In fact, Jordan says, he has only $4,500 in overall outstanding credit-card debt on two cards and that, on the Bank of America card in question, he had paid down his balance to $3,000 from $3,700 last August. "His rate increase seems unjustified based on his credit profile," says David Robertson, publisher of The Nilson Report, a credit-card industry trade publication.

When Jordan called Bank of America about the higher rate, he says, the bank representative couldn't explain why his rate was going up. On a second call, he adds, the individual told him the reason for the increase was that he hadn't been paying down his balance fast enough, though he had lowered it by 19% in the last six months and was only now utilizing 54% of his $5,500 credit limit. Riess, the Bank of America spokeswoman, declined to discuss individual rate increases or to list all the criteria the bank was using as reasons to raise rates on existing cardholders.

Analysts say the bank's move is obviously aimed at shoring up profits. On Jan. 22 Bank of America reported a 95% decrease in fourth-quarter earnings due mostly to increases in loan-loss reserves for consumer credit, including rising card charge-offs and write-downs in mortgage-related securities. Bank of America faces another profit sinkhole with its pending acquisition of troubled Countrywide Financial (CFC). Portales' Ryan notes that boosting rates on existing credit-card holders is one of the quickest levers a bank can pull to try to boost earnings.

Anticipating Charge-Offs

Bank of America hasn't made it easy for consumers to reject the new rates. The letters require that consumers write Bank of America to agree to no longer use the card and pay off the existing balance at the old rate -- they can't telephone to do so, nor does Bank of America provide a form or a return envelope. Moreover, consumers don't have much time to respond. Cardholders say they got the letters in the latter half of January: four of the letters obtained by BusinessWeek require a written response by Feb. 19, while the fifth requires a response by Feb. 29. If the company doesn't get a response by those dates, rates automatically rise. A response, of course, assumes consumers read the letter from Bank of America as they sort junk mail. "It's a reasonable assumption that most don't," says Karen Gross, a legal scholar on consumer credit and president of Southern Vermont College.

Bank of America also benefits from consumers who do write in an agreement to pay off balances at the old rate and not use the card again, says Nathan Powell, a credit analyst at New York-based research firm RiskMetrics Group. The bank, he says, is clearly trying to protect itself from worsening credit-card charge-offs ahead, something analysts widely expect in the card industry as the economy deteriorates. Powell says the bank must have identified a list of other credit criteria besides FICO that it is using to screen cardholders and determine it's no longer worth new business if they don't accept the higher rate. So far, Bank of America's charge-off rates have risen in line with the credit-card industry, up to 5.08% of receivables at the end of the fourth quarter from 4.57% a year ago. "The bank doesn't want to get behind the curve," Powell says.

"Unacceptable" Hikes

Bank of America is trying to get ahead of Amanda Pennington, 29, of Euless, Texas. She says the bank raised her credit limit three months ago from $5,000 to $8,000 because of her strong payment history. Then she got the letter from the bank in mid-January notifying that her rate would rise from 15.74% to 25.99%. When she called, she says, the bank told her it was raising her rate because her balance was now too high, though it was still under the higher new limit the bank had previously granted. After paying tuition for a community college course, transferring another balance, and paying for daily expenses, Pennington's Bank of America debt now stands at $7,500. Bank of America declined to comment on individual customers.

Adam Levin, CEO of Credit.com and former head of New Jersey's Division of Consumer Affairs, says he is surprised Bank of America would risk bad public relations with its rate increases, given the congressional hearings in December. The bank risks alienating new customers and existing ones by being so brazen, he says, adding, "Either Bank of America has more financial troubles than it is willing to admit or it has a level of institutional arrogance that is unacceptable."

By Robert Berner

Yahoonews!

Debit Card Duplicity

noreply@blogger.com (Channi) — Fri, 18 Jan 2008 01:52:00 +0000

Think you're applying for a credit card? Think again.

By Elizabeth N. Brown

January 2008

Photo by Christoph Niemann

When Ken Lauderman saw that $159.95 had been deducted from his bank account, he was confused. He hadn't made any big purchases. In fact, he was a bit short on funds, which is why he had recently applied online for the credit card that EDebitPay offered.

"The advertisement said they would provide you this Visa card with a high credit limit, and there was no charge or anything like that," says Lauderman, 42, an Army veteran from Coal Township, Pa. "It basically stated that everybody gets approved, no matter what."

To Lauderman, who wanted to rebuild his credit, the deal seemed too good to be true—and it was. For one thing, the card wasn't a credit card. It was a debit card, of the type you can get from your own bank, he says. Except this one came with an application and processing fee of $159.95, a fee he was unaware of.

Lauderman is one of hundreds of people whose bank accounts were debited by EDebitPay, a Southern California company also known as EDP Technologies Corp. and EDP Reporting. Since 2002 the company has marketed online at least 22 different cards (under names such as Acclaim Visa, Sterling Visa, Elite Plus MasterCard and Secure Deposit MasterCard) and other financial services. Applicants are instructed to provide their names, addresses—and bank account numbers.

Lauderman says the company "made it sound like it was part of the application process, to verify that you had a checking account."

According to a Federal Trade Commission complaint against EDP, once EDP had a customer's account number, it debited the $159.95. Customers who called EDP to complain often couldn't get through or were put on hold. Or they were told that by applying they had consented to the fee and were obligated to pay. Lauderman was also hit with bank fees because he had insufficient funds to cover EDP's debit. The Better Business Bureau helped him get his money back.

Over the last three years, the BBB has received more than 760 complaints nationwide against EDebitPay, says Gary Almond, vice president of operations for the BBB's Southern California branch.

In July a federal judge halted EDP operations after the FTC filed a complaint. The company was allowed to resume operations in August, under court order to refrain from misrepresenting its products and services and from debiting consumers' bank accounts without express consent.

EDP attorney Michael Mallow says the company is working with the FTC to resolve the case. He insists EDebitPay didn't intend to scam anyone: In fact, when EDebitPay lowered the fee from $159.95 to $49.95, "application rates doubled," he says. "The only way you could explain [the increase] is that people must have seen the price." He says EDebitPay has made the fee more visible.

Even if EDebitPay has made changes, the BBB's Almond says, many other companies promote prepaid debit cards online—some legitimate, some not—so it's important not to reveal personal information to unfamiliar companies.

If a card issuer does deduct fees from your account without your consent, here's what to do:

As soon as you discover an unapproved withdrawal, inform your bank. Ask for a federal Regulation E form and say you wish to file a dispute. Ed Magedson, founder of RipOffReport.com, advises on the site to emphasize that you never authorized a debit and to "be persistent."
Contact your state attorney general's office. Be prepared to report the website where you applied for the card, how you heard about the company, when and how much money was debited from your account and what resolution you are seeking.
Contact the BBB in the state where the issuer is located.

-aarp

Credit Card Search by Bank...

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:26:00 +0000

	JP Morgan Chase JP Morgan Chase provides many great offers: Platinum, Cash Plus Rewards, Flexible Rewards Card, Value Miles Platinum, Disney, Subaru, Toys "R" Us, Universal Entertainment Card, Gas Rebate Card, Continental Airlines and more.
	Capital One Capital One offers credit cards for frequent flyers and shoppers who want to redeem rewards for travel, merchandise or cash back. Capital One also features platinum Visa and MasterCard credit cards with competitive rates designed for all types of credit.
	Citibank Citibank offers a great choice of cards with rewards, 0% APR for up to 12 months, low ongoing APR, no annual fee and instant online decision. Citi Platinum, Dividend, Diamond, Drivers, Upromise, and AT&T Universal Cards. Also see Citibusiness and student credit cards.
	Bank of America Bank of America has many great credit card offers like Platinum Plus VISA Card, Worldpoints Platinum Plus VISA Card, Cash Rewards Platinum Plus MasterCard, World Mastercard with Worldpoints and many more.
	American Express American Express credit cards can earn up to 5% cash back with Blue Cash^SM. American Express cards offer free rewards program and great rates. Cards include Blue, Gold and Green Reward cards, Delta SkyMiles, Hilton Platinum, Starwood Preferred and Business Credit Cards.
	Discover® Card Discover Bank Introduces the Discover® More Card with Cashback Bonus® Program - Earn 5% Cashback on gas purchases, and 0% Intro APR. Choose from various More card designs including Clear, Flag, Wildlife, Sealife Collection and more. Also available: Miles Card, Open Road Card, Business Cards, and Student Cards.
	First Premier Bank First PREMIER Bank offers secured and unsecured credit cards. Get your Credit back on track!
	Advanta Advanta Business credit cards offer 0% Intro and as low as 7.99% APR. Choose Between the Platinum Business Card, Advanta Life-of-Balance Platinum and the Advanta Platinum with Rewards.
	HSBC Bank HSBC Bank offers credit cards that include 5% Earnings and 0% Intro GM Card, the Orchard Bank MasterCard and the HSBC Platinum MasterCard.
	First National Bank Credit Cards First National Bank of Omaha offers Visa credit cards for consumers with good credit seeking low interest rates, extended introductory APR periods, rewards and gasoline rebates.
	MasterCard Credit Cards The MasterCard, along with the Visa Card, are the most widely accepted credit cards in the world. MasterCard is owned by over 20,000 member organizations. They serve customers in over 210 countries, and process over 15 million transactions a day in over 180 currencies.
	Visa Credit Cards Visa credit cards are the number one credit card used by people around the world, Visa cards offer exceptional convenience and reliability. Visa has unsurpassed acceptance in more than 150 countries, as well as at Internet merchants. And with a Visa credit card, you can get cash at more than 840,000 ATMs in the Visa Global ATM Network. It's a secure, reliable way to pay for anything you need, anywhere in the world.

Scam Alert: Reality Check

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:21:00 +0000

Vito Fossella knew the $2,985 check he received from the $250,000 "Super Seven Contest" in May was too good to be true.

As a street-smart New Yorker, the U.S. representative for Staten Island and parts of Brooklyn understands that a sure way to be scammed is to believe you've won a prize even if, like him, you never entered the contest.

The congressman knows that checks for "winning" sweepstakes and lotteries—as well as those in "deposed foreign royalty" schemes (such as the infamous Nigerian e-mail scams), work-at-home ploys and other ruses—share a common thread: The victim is instructed to deposit the check in his or her bank account and then wire-transfer the funds.

One of Fossella's constituents did just that, after receiving a check to "help pay the taxes" on a prize she'd "won" in the same Super Seven contest. Police say she lost $9,200.

"It's easy to see why so many people fall for these fake-check scams. The check looks very legitimate and authentic," Fossella says, and the contest representatives have "all the right answers." He says that one of his staffers thought he'd uncovered a telltale sign of a scam on Fossella's check because the word "void" appeared on a photocopy but not on the original. He was wrong: Fossella says that the contest rep reached by phone knew, correctly, that "it was a security precaution to prevent fraud."

Fraud experts say a scam is in the making anytime you receive an unsolicited check or an "overpayment" from an online auction sale or a new business venture, with instructions to forward money. The deposited check may be credited to your account right away, allowing you to wire the requested money. But it could take your bank up to two weeks to authenticate the deposited check. If the check turns out to be counterfeit, you'll be held liable for the wired funds and could face criminal fraud and counterfeiting charges.

Here's what else you should know:

Don't be fooled by a check's appearance. "Anyone can buy check paper [with watermarks and other security features] off the shelf that spells 'void' on photocopies but not on the original," says Kim Bruce of the U.S. Secret Service. It's likely to be bogus if you don't see the word "void" on a photocopy.
Do a Web search on the check issuer. Fossella's check appeared to have been issued by the Berkley Insurance Co. in Greenwich, Conn., but a phony company, with a phone number in Canada, had mailed the Super Seven award notification letter and the check. Berkley spokesman Ira Lederman says the check likely was created from a legitimate Berkley check mailed in the last year but stolen from the post office in Canada. (Note: Participating in foreign lotteries and contests violates U.S. law.)
Examine the check for inaccuracies such as an incorrect Zip Code or a misspelled street name in the address of the issuer.
Look for a nine-digit bank routing number and an account number in the lower left corner of the check; Fossella's check had neither. "If the routing number is missing, or has more or fewer than nine digits, it's no doubt a fake," says Charles Bruce, executive director of the National Check Fraud Center (www.ckfraud.org) in Charleston, S.C. Still, scammers often make up routing and account numbers to fool their victims.

If you receive a suspicious check, contact the U.S. Secret Service at www.secretservice.gov. Report checks received by mail to the U.S. Postal Inspection Service at 1-877-876-2455, toll-free.

Sid Kirchheimer is the author of AARP/Sterling's Scam-Proof Your Life.

Scam Alert... Stealing Home

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:19:00 +0000

By Sid Kirchheimer

In 2002, when Catherine Meads was facing foreclosure on her home in Washington, help came knocking. . . literally. A man appeared unannounced at her front door with a packet of information. "It said, 'Money to lend' and 'Save your house,' " says Meads, 65, who had been unable to work and pay her mortgage after breaking both arms in an accident and caring for two dying siblings.

Meads said the man, an agent for a businessman named Vincent Abell, told her he could help her with a loan to stop foreclosure. But after quickly signing the papers the day of her foreclosure, Meads discovered that she had signed away her home and that the $9,203 loan to "reinstate her mortgage" was in fact a payment from Abell to buy her house.

"They gave me no chance to read anything, and they didn't discuss the terms. They just had me sign," Meads says. She now rents her home from Modern Management Corp., a company Abell controls. Abell and company officials deny any wrongdoing.

About the same time, in Hastings, Minn., Kevin Brown, 46, was facing foreclosure on the home he had built himself on his family's farm. A divorce had left him $6,000 in debt, so he turned to Home Funding Corp. to refinance his mortgage. Instead, the company got the house. "It turns out they had forged documents," he says. "They even had my 'signature' on a document that took possession of everything inside the house, including my children's piggy banks."

Brown got his house back only after the state attorney general documented scores of similar schemes by Home Funding. The lawyer for James Hoffman, who runs the company, declined to comment.

One in 25 U.S. homeowners faces foreclosure each year. Tens of thousands are duped by predatory "rescue" lenders who promise 11th-hour help but instead trick their way into taking ownership of the properties.

Older people are often targeted because they tend to have high home equity but heavy debt from medical bills, says Steve Tripoli of the nonprofit National Consumer Law Center in Boston and co-author of a recent report, "Dreams Foreclosed."

So-called rescuers learn of impending foreclosures from newspapers and specialty publications. Scammers get the properties by falsifying papers or tricking harried homeowners into unknowingly signing sale documents.

"If you're facing foreclosure, contact a lawyer immediately," says AARP attorney Jean Constantine-Davis, who represents Meads and others suing Modern Management. (If legal action has not yet begun on your foreclosure, call AARP Foundation Litigation at (202) 434-2121 for information.) Try to arrange a flexible mortgage payment schedule. If a loan becomes necessary, contact your state attorney general to find credible lenders.

Scam Alert: Rebate Runaround

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:18:00 +0000

Don’t get snagged on money-back offers.

By Sid Kirchheimer

Last August, Sharon Dirlam of Santa Barbara, Calif., finally received her promised $300 rebate for buying a new computer.

"All it took was 29 e-mails, three phone calls, several letters and five months of my time," Dirlam says. "I had to resend everything two, three times, and still I didn't get all the money. It's clear to me they wanted me to quit, but getting my rebate became a personal quest—one of the most exhausting experiences of my life."

Retired bank employee Larry Vansickel of Altoona, Pa., is just as tired—but not as lucky—from trying to claim a $100 rebate for a swimming pool cleaner purchased in July 2005.

He had to send the store receipt, original UPC bar code, personal information and copies of his driver's license and electric bills—all by registered mail that cost him $8, Vansickel, 62, says. After that, he says, he fulfilled a requirement to resubmit everything one year from the purchase date. A few months later his rebate request was rejected. The reason: "I missed the deadline on that second submission by 10 days," he says.

Sound familiar? Rebate gripes have soared nearly 400 percent since 2002, says Steve Cox of the Council of Better Business Bureaus. Rebate fulfillment companies—businesses hired by manufacturers or retailers to handle such promotions—now rank 35th among 3,900 industries and services in the generation of complaints.

Rebates are offered to boost product sales, with an estimated $6 billion distributed to Americans each year. Still, most rebates go unclaimed. One reason: Rules are so complicated or vague that customers don't even bother, says Matthew Gold, an attorney with the Federal Trade Commission.

The biggest complaints of customers who do bother are for "late delivery, unclear terms or just not receiving the rebate when the buyer meets the requirements," Gold says. "The problem is huge."

How can you avoid hassles and get the rebate you expect?

Know the terms before you buy. Inspect the terms on the rebate form or store receipt—or grill the retailer about them. Current law places no limit on the hoops you must jump through to get a rebate, but those hoops, Gold says, must be disclosed.
Make copies of everything. This includes store receipts, bar codes, forms, product containers and serial numbers. For the clearest copies of bar codes, take digital photos of them and print the photos from a computer. (One reason rebate issuers require original bar codes is to protect against customers who send multiple rebate requests for one offer.)
Answer every question. Any excuse to deny your claim may be used against you. If asked for your fax number, for example, write "I don't have one" rather than leave the field blank.
Act quickly. Consumers used to have 60 to 90 days to submit a claim for rebates, says Timothy Silk, assistant professor of marketing at the University of British Columbia. Now the average is 15 to 30 days.
Use certified mail and ask for a receipt. Forms should also be handwritten; if typed, they raise suspicions of mass-mailing rebate fraud.
Shop where rebates are easy. Stores like Staples, Cingular and Costco let customers complete rebate forms at checkout or online.
Complain. Gold suggests writing directly to the CEO of the product's manufacturer and retailer instead of the rebate fulfillment house. Or, if you feel terms weren't fully disclosed or your rebate doesn't arrive, contact the FTC at 1-877-382-4357 toll-free or www.ftc.gov, your local BBB, or your state attorney general's office.

Door-to-Door Deception

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:15:00 +0000

Unwitting magazine subscribers may be buying trouble

By Sid Kirchheimer

"Heather" came knocking on a noble mission: "She said she was a soccer player at Iowa State University and her team was collecting money to buy books for children in need," recalls Harriett Summa.

The young woman who appeared at her door in May was well dressed, articulate and helpful. She asked if she could do any chores for Summa, and then changed a light bulb in the garage. Summa, 86, who lives near Des Moines, immediately got her checkbook.

Then Heather got pushy. "I first offered $20, but she said, 'Couldn't you make it $40? I have a quota I need to make,' " Summa says. "I figured I could afford it, so I wrote the check for $40."

Two nights later, the local TV news reported on a rash of door-to-door scams across central Iowa, all by a young woman falsely claiming she was an ISU soccer player seeking charitable donations—and duping dozens of people out of $5 to $120 a visit.

"I was furious," Summa says. She got even angrier when she realized that Heather had given her a "donation receipt"—backdated to 2005—from Quality Subscriptions Inc., of Buford, Ga. Her donation was in fact for magazines she'd never ordered—and Heather had never even mentioned magazines. Quality Subscriptions is part of United Family Circulation, which has drawn more than 80 complaints nationwide to the Better Business Bureau (BBB) for falsely selling magazines door to door.

With a backdated receipt, Summa had no way to get a refund because federal law allows only three days to cancel a purchase from a door-to-door solicitor. (By law a salesperson must inform you of your right to cancel.) But Summa was able to freeze her $40 check and change her bank accounts to avoid identity theft.

Complaints about United Family and its subsidiaries say their pitchmen misrepresent themselves as neighbors or students raising money for charities or scholarships. The company says it doesn't condone or teach this approach in its training.

Consumer advocates say the salespeople are typically teens and young adults who themselves are sometimes victims of unscrupulous companies that lure them with false promises of money and travel but pay them little.

Magazines are often marked up 300 percent, and "the odds are you'll never get them, especially if you pay in cash," says Phil Ellenbecker, an electrical engineer in Wisconsin who tracks door-to-door crimes on his website, www.travelingsalescrews.info.

Besides scamming people, Ellenbecker says, crews pushing magazines and other products have committed at least 280 felonies in recent years. Older people are most vulnerable. They invite salespeople in, he says, and when "the resident's in the kitchen getting them a glass of water, the solicitor is stealing their medication, checkbooks and wallets."

After a magazine salesman killed a 77-year-old New Jersey woman in 2004, her town adopted a law requiring criminal background checks for door-to-door solicitors. Such laws are being considered elsewhere, including Wisconsin. "Very little protection is afforded to individuals," says state Sen. Jon Erpenbach, D. "My advice: Just say no from inside your locked door."

Scam Alert: When Trouble Calls

noreply@blogger.com (Channi) — Wed, 16 Jan 2008 06:11:00 +0000

Don’t get hung up by telemarketers.

By Sid Kirchheimer

In June Rosemary McDougall got an unsolicited phone call at dinnertime from a telemarketer selling automotive warranties.

"I find it more than coincidental," says her son, Graham, "that she had taken her car to the dealer for repairs the day before. But they deny providing her car or contact information to the caller."

The phone solicitor had specific details about her 2002 Dodge Durango—no longer under factory warranty but driven only 21,000 miles—and persuaded her to buy a "protection" policy for $295.

"It sounded like a good deal," says the 82-year-old widow, a cancer survivor who lives in Metairie, La. She gave her credit card number to the salesman—but immediately regretted it.

The next day, McDougall, a retired IRS auditor, called Colby Evans, the salesman from Automotive Warranty Solutions. The Florida-based company has generated numerous complaints, often for telemarketing to people who, like McDougall, are enrolled in the National Do Not Call Registry.

"I left several messages, but he never returned them," Rosemary McDougall says. Her son, a gerontologist at the University of Texas School of Nursing, Austin, intervened and eventually reached Evans. "He told me, 'Your mother bought it, and we're not going to cancel.' Then he hung up on me."

Two weeks later a bill arrived in the mail from Automotive Warranty Solutions. "It was for $2,700, the 'balance due' on that $295 policy, which already had been charged on my mother's credit card," says Graham McDougall Jr. "I have no doubt they were trying to scam her. She was vulnerable and exhausted from her chemotherapy."

Only after Graham complained to the Better Business Bureau, the Federal Trade Commission and AARP did his mother get her $295 refunded and the policy canceled. Automotive Warranty Solutions CEO Ralph Mancuso also wrote a letter of apology to McDougall, but he declined to comment to Scam Alert.

Since taking effect in 2003, the Do Not Call Registry has significantly curtailed the number of unwanted phone sales calls. Still, the FTC, which manages the list, gets 3 million complaints a year from registrants. Here's how to prevent unwanted sales calls—and protect yourself if you make a telemarketing purchase you later regret:

Re-register. Those enrolled in the Do Not Call Registry must re-register after five years. To verify when you need to re-register—or sign up for the first time—visit www.donotcall.gov or call 1-888-382-1222 toll-free.
Act locally. Some states operate their own do-not-call registries. Go to www.ataconnect.org for a list of state programs.
Check caller ID. Telemarketers are required to display their phone numbers and, if available, the name of the company selling the products. Be wary of ID numbers marked "private" or "unknown"—and never buy from a caller who won't give a callback number.
Sleep on it. No matter how enticing the offer, don't buy during the sales call. Don't reveal your credit card number without getting a written contract with all the terms, and don't trust anyone who asks for a fee upfront.
Know the rules. Some states allow up to three days to cancel a purchase from a telemarketer; in others the sale isn't final until you receive written confirmation from the seller—and there may be a brief grace period after that.
Complain. You can file a complaint about unsolicited calls with your state consumer office or with the FTC (go to www.donotcall.gov and click on "File a Complaint") if you've been on its registry for at least 31 days.

To learn more, go to the National Fraud Information Center at www.fraud.org and click on "Telemarketing Fraud."

Sid Kirchheimer is the author of AARP/Sterling's Scam-Proof Your Life.