One Year Old Gets Credit Card Offer
May 30, 2006
Considering all the information that the credit card companies have on us, I would think our age would be in that file somewhere. However we are constantly hearing news stories of infants being issued credit cards or recieving credit card offers.
How I have to wonder considering that it’s doubtful the kid accidentally signed up online or the magazine he ordered sold his information. So how do they get credit card companies offers before they can even talk?
Simple all the parent would have to do is open a savings account or do anything in the childs name. It can be the most innocent of things like signing him up to recieve children’s books and next thing you know his name is being sold left and right the same as ours.
Protect Your Credit Card
May 27, 2006
Another reminder to watch your credit card statement like a hawk. Employers have to trust that their employees will do their jobs and do them honestly. However that is not always the case and consumers should be worried when they have to hand over their credit cards to anyone even the store clerk.
A worker at Murphy USA was recently arrested for collecting credit card numbers from customers and then making large purchases on them. There seems to be no way to stop people from stealing your credit cards or even worse your identity. Things will only get worse before it gets better. And when that is going to happen is anyones guess.
No More Expiring Credit Cards
May 23, 2006
While you and I think that an expiration date on a credit card means something, the people behind the scenes know that is no longer the case. If you have utility payments that are on automatic every month they can continue to bill the card past the expiration date without fear now.
Most believes that this is not a security risk plus it helps keep your services running uninterrupted.
Many consumers genuinely want to use “recurring billing” — an automatic credit-card charge to pay for a utility or some other service. The ability of an individual to pay for a service automatically can be desirable, ensuring continuity of service.
For businesses that accept credit cards for ongoing services, the new, looser regulations can make a big difference in the percentage of billings that are actually collected.
In fact, it appears that giant Internet service providers and other sources of online content took the initiative, cajoling credit-card issuers into the new procedures. Since more transactions succeed when expiration dates aren’t required, the issuers make more money, too.
Wells Fargo Direct Deposit Advance …
May 15, 2006
Have a Wells Fargo Visa/bank card? Do you have direct deposit? Do you sometimes live paycheck to paycheck and occasionally need an advance? Well there is a handy feature on the Wells fargo web site when you check your balances - very hidden, and I stumbled on it by accident - but it has become a lifesaver during my recent job-layoff threat … its called “Direct Deposit Advance”. All you have to do is click the button, choose the amount (up to $500 or whatever you are approved for) you want to advance, and it will automatically and instantly post to your account. When your paycheck is deposited, you’ll get that amount deducted, as well as a 10% borrow fee. Instant way to advance money to your visa/bank card. Pretty cool ….
Credit Card Bait and Switch
May 10, 2006
A bait and switch is something that used and sometimes still does happen in stores. You see a product in the papers for a certain price and when you go they claim they no longer have the product or that this product is so much better.
Problem is the other product they are trying to pressure you into buying is usually much more expensive. They do this so they can get the “suckers” into the store and they work from there.
Some credit card companies have switched it up a bit but it’s still the same game. You look over the paper work and everything looks good. Especially the 0% parts. After a few months those who have a good eye and look over their statements may notice things such as a different pay date.
You have been making payments on the same day for months and suddenly it’s changed to maybe a week sooner. So if you didn’t notice you would have made a late payment and could have been hit with huge fines.
A Secured Credit Card and Building Credit
May 4, 2006
Bank Rate has a great article on building credit with a secure credit card. I have gotten many of these unsolicited in my mailbox but have only used one a few years back. I don’t use any sort of credit cards very often.
Secured cards typically have a credit line equal to the amount of money you have on deposit with the card company. Not all secured-card providers report payment histories on the card to the credit bureaus. You can check to make sure that Bank of America reports your payment history by looking at your credit reports. Once a year you can get a free credit report from each of the credit bureaus. The Bankrate feature, “Free credit reports for all,” tells you how to get your free reports.
0% Interest Rate Will Cost You
May 2, 2006
Some credit card companies offer 0% interest rates because that is what will make many people become a customer to them. After you have been with them for a few months the interest then jumps 13% or more.
If you are unfortunate enough to make a late payment they move in for the kill. It will cost you more than 19% interest for that one late payment. Even though they also charge you up to $35 for being late.
Just be wary of this and any other credit card offer.
7 Credit Card Trends That Hurt Your Wallet
May 1, 2006
Msn Money has a list of 7 credit card trends that can cost you more than you think. Interest rates is one trend that is seen repeatedly in this article. And one of the things they talk about is micropayments.
Millions only pay what they have to each month but in the long run your hurting yourself as they add on fee after fee for not paying the entire balance.
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