tagged w/ Credit Cards
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Opening a credit card from a store does more than get you a discount, it also hurts your credit score.
Equifax Blogger Ilyce Glink warns that opening credit cards hurt your score which is not worth it if you are looking to buy a home.
"The credit card I opened had only a $2,000 line of credit. I charged several hundred dollars worth of clothes and paid it off before the end of the month.
I saved 20 percent on the clothes. I cost myself thirty points in my credit score."
This experience also explains why mortgage lenders will pull your credit history at least twice between the time you apply for and close on your loan.
In today's new world of mortgage finance, lenders are tightening credit requirements. It's far more difficult to get a mortgage today than it was five years ago.
Even borrowers who have near-perfect credit histories with credit scores in the 800 range are being rejected for reasons that seemingly make no sense-like a small investment loss taken on a tax return, or an extra $500 deposited into a savings account that couldn't be adequately explained.Opening a credit card from a store does more than get you a discount, it also hurts... more
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A credit card can be both a friend and an enemy – giving you rewards for purchases, but charging high interest rates on what you owe. We’re here to show you how to even the score – here is a list of things to buy with your credit card now to reap the benefits later.A credit card can be both a friend and an enemy – giving you rewards for... more
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Many customers at the Louis Vuitton store might be wondering 'should I buy the bag first then cut my card? or cut and run'.
The sculpture at the store was created by Michael Landy, who recently made an art bin exhibit to trash artwork by artists like Damien Hirst and Tracey Emin.
"The work, called Credit Card Destroying Machine, includes a fox's head, a stuffed magpie, old scissors and rusty saws, all of which move and make noises when activated. It also uses pens and an A3 pad to create the abstract drawings which Landy is giving away."-Evening StandardMany customers at the Louis Vuitton store might be wondering 'should I buy the... more
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A great little photo guide showing how you can make a tiny grappling hook from a credit card. It's probably not strong enough to hold the weight of a cat, but, it'll be a great tool to use when stealing a bag of skittles away from a neighbours desk.A great little photo guide showing how you can make a tiny grappling hook from a... more
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Debit cards have become a big part of our everyday lives. The increase in use of debit cards can be attributed to the growing debt the US public has managed to accrue using credit cards. Banks are trying their best discourage the use since they make more on fees from credit card transaction.Debit cards have become a big part of our everyday lives. The increase in use of debit... more
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Debit cards have become a big part of our everyday lives. The increase in use of debit cards can be attributed to the growing debt the US public has managed to accrue using credit cards. Banks are trying their best discourage the use since they make more on fees from credit card transaction.Debit cards have become a big part of our everyday lives. The increase in use of debit... more
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Reeling from a criminal probe into the Florida GOP's finances, Republican leaders finally got a peek Wednesday at the spending habits of the man at the center of the long-running scandal: Jim Greer.
The ousted party chairman charged nearly $500,000 to his American Express card to eat well and live well: spa treatments, flowers, flights, fine hotels and pricey restaurants. In a month ending in March 2008, he spent $41,421.31 in Las Vegas, Washington and Beverly Hills, according to billing statements obtained Wednesday by The Miami Herald and St. Petersburg Times.
Greer's spending is just a sliver of the $7 million charged on party AmEx cards between late 2006 and 2009. The Herald/Times on Wednesday also obtained the statements of Senate President Jeff Atwater, who charged $44,116, and former party executive director Jim Rimes, who has charged the most to date: more than $2 million.
Board members of the scandal-rocked state GOP are scheduled to meet behind closed doors Friday, where they will likely discuss not only the ongoing IRS and federal criminal investigations but also whether to release the credit card statements of all party leaders and staffers. Board members this week received only Greer's statements.
Gov. Charlie Crist never had a credit card, but he's not free from the controversy. FBI agents have asked about the Crist campaign, said Republican fundraiser Al Hoffman.Reeling from a criminal probe into the Florida GOP's finances, Republican leaders... more
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She was a 25-year-old junior staffer when the Florida Republican Party gave her an American Express card.
Over the next 2½ years, nearly $1.3 million in charges wound up on Melanie Phister's AmEx — $40,000 at a London hotel, and nearly $20,000 in plane tickets for indicted former House Speaker Ray Sansom, his wife and kids, for starters. Statements show thousands spent on jewelry, sporting goods and in one case $15,000 for what's listed as a month-long stay at a posh Miami Beach hotel, but which the party says was a forfeited deposit.
The credit card records, obtained by the St. Petersburg Times and Miami Herald, offer the latest behind-the-scenes look at extravagant and free-wheeling spending by the party touting fiscal restraint. Not only did certain elite legislative leaders have their own party credit cards to spend donors' money with little oversight, but Phister's records show these leaders also liberally used an underling's card — without her knowledge, she says.
"I did not have the sole discretion to initiate credit card spending," Phister said in an e-mail statement. "Over that period of time, there were multiple instances when the card was used to make purchases that I had no knowledge of, and I did not regularly review the monthly credit card statements which I understand were sent directly to the Party's accounting office."
Even after a series of embarrassing revelations over profligate credit card spending by the likes of Republican U.S. Senate frontrunner Marco Rubio, Sansom and incoming House Speaker Dean Cannon — and pending state and federal investigations of party finances — revelations of the huge charges on Phister's card had veteran GOP fundraisers apoplectic.
"Oh my God. I can't believe it,'' said Al Hoffman, a top fundraiser from Fort Myers, when told of the $1.258 million on Phister's card. "See, that's it. They have an underling do it all. There's no reason a young assistant should be ringing up charges like that."She was a 25-year-old junior staffer when the Florida Republican Party gave her an... more
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Heidi Montag speaks out about the horrors of having to pay for plastic surgery with a credit card.Heidi Montag speaks out about the horrors of having to pay for plastic surgery with a... more
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Credit cards might be on their way out. The Fed reports that credit card debt decreased at an annual rate of 2.25 percent in January and a www.creditcards.com poll taken in February found that one in ten consumers had either given up or lost use of a credit card in the previous eight months.
Part of the reason is consumer choice: We’ve grown wary of paying so much in the form of fees and interest rates. But the decline in plastic is also card issuers’ own doing. Companies have cut credit limits and raised interest rates after getting burned during the recession. Here are 5 reasons why credit cards’ days might be numbered:
1) Card companies raised interest rates, making credit cards more expensive, and therefore less useful. According to the website www.indexcreditcards.com, the average interest rate is now 16.8 percent, compared to closer to 14 percent two years ago. At the same time, the days of extended introductory interest rates and 0 percent APR (annual percentage rate) are largely over.
2) Card companies have also slashed credit limits, which means consumers have less access to credit. The total available credit on new credit cards had declined to almost half of what it used to be, according to the credit reporting agency Equifax. People with poor or fair credit scores find it particularly difficult to take out new credit cards.
3) Debit cards and cash are replacing plastic. Jeremy Simon, a reporter for www.creditcards.com, says that consumers are turning to debit cards and cash in place of credit cards. “That’s partially because cardholders are trying to lower their debt levels in an uncertain job market,” he says. When consumers pay with debit cards, they know they’re using money that’s already in their bank account. A recent BIGresearch survey found that almost one in three consumers say they pay with cash more often than they used to. At the same time, Javelin Strategy & Research found that for online purchases, the value of sales by debit cards rose 21 percent from 2008 to 2009.
4) Card companies are facing more restrictions, which might make it more difficult for them to turn profits. Ever since the Credit Card Act went into effect earlier this year, card issuers have had to abide by a stricter set of rules: They must give cardholders more time to pay their bills, they are no longer allowed to make “arbitrary” rate increases, and they can’t surprise consumers with “over the limit” fees. Card companies have long argued that such restrictions could harm their business model and potentially even cause some of them to withdraw from the marketplace. Meanwhile, consumer default rates also rose during the recession, putting further pressure on card companies’ bottom line.
5) Consumers are getting smarter – and credit card debt isn’t a smart thing to have. The BIGresearch survey also found that two in five respondents were focused on paying down debt and about the same number wanted to decrease their overall spending and add to their savings. That suggests the recession has prodded consumers to get on top of their financial situation, which usually includes eliminating or minimizing credit card debt.Credit cards might be on their way out. The Fed reports that credit card debt... more
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Thursday's edition of my three times a week talk show.Watch he show here on CURRENT TV on Tues, Thurs & Sats here at WWW.UNITEDKINGDOMTALK.CO.UK
JOIN ME ON MONDAY'S @ 12pm in the afternoon FOR THE LIVE SHOW at : http://www.unitedkingdomradio.co.uk . You can join in LIVE by SKYPE,email or telephone.
In today's show :
Letting out a little bit of wee.
Jennifer feeds cows.
Heart shaped pillow.
The sort of place I like to live.
How can you eat something that has just come our of it's mother.
Young people know how to fix computers.
A lazy way of saying time.
Asian decor.
Credit card trouble.
Good looking Pigeons.
Why do I bother ?
Suko on the toilet.
Clock.
Blocking unknown phone numbers.
Angel cake slices.
It's not what is given - it's who gave it.
My Giraffe falls over.
A lovely and pictures from Kath.
A sewing class.
Only weigh yourself once a week.
Beautiful smells.
There's just no point.
Join me for my new music & chat show Mon - Fri at 10am - 11am UK time on Swish Radio :
http://www.heartheswish.com/digitalpl...
chris@unitedkingdomtalk.co.uk
WWW.UNITEDKINGDOMTALK.CO.UKThursday's edition of my three times a week talk show.Watch he show here on... more
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An awareness of class makes clear who is screwing whom. That's why American capitalism's official line is that we are a "classless society."
March 1, 2010 |
Near midnight and I am making tortillas on an iron skillet over a gas flame. Some three thousand miles to the north, my wife and dog nestle in sleep in the wake of a 34-inch snowstorm, while the dogs of Ajijic are barking at the witching hour and roosters crow all too early for the dawn. While my good Mexican neighbors along Zaragoza Street sleep.
Yet here I am awake and patting out tortillas, haunted by the empire that I have called home most of my life.
I like to think that, for the most part, I no longer live up there in the U.S., but southward of its ticking social, political and economic bombs. Because the US debt bomb has not yet gone off, Social Security still exists, and the occasional royalty check or book advance still comes in, allowing me to remain here. And so long as America's perverse commodities economy keeps stumbling along and making lifelike noises, so long as the American people accept permanent debt subjugation -- I can drink, think and burn tortillas. Believe me, I take no smugness in this irony.
There is a terrible science fiction-like awe in the autonomous American economic monolith, in the way that it provides for us, feeds on us and keeps us as its both its lavish pets and slaves. The commodity economy long ago enslaved Americans and other "developed" capitalist societies. But Americans in particular. The most profound slavery must be that in which the slaves can conceive of no other possible or better world than their bondage. Inescapable, global, all permeating, the commodities economy rules so thoroughly most cannot imagine any other possible kind of economy.
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It comes down to owning stuff, and that the stuff we own also owns us (as anyone paying rent for a storage locker can attest). Transmogrified by industrial materialism, we have become what we own. More specifically, what we are observed by the rest of our society as owning. In the commodified society of industrial materialism, owning is being. So much so, that politicians bandy the term "ownership society" about, not only without causing the public to gag, but to cheers. Even liberals who claim to dislike the term don't want to be in a "We don't own shit society."
Early modern capitalism was more or less understandable, if not always pleasant. One can see why a pre-industrial world that had owned less would embrace owning a bit more. Who gave a damn if it came from Adam Smith's "unseen hand," the hand that was taking care of the already rich, who in turn managed the order of the world as seen through the lens of aristocratic and bourgeoisie English commerce. "If we work our guts out Nellie, we can buy a pork knuckle every Sunday. And a featherbed, if you get my drift. Woo Hoo!"
Enter the reign of the bourgeoisie, self-appointed and self-interested middlemen to anything and everything. The sheer complexity of the industrial revolution and associated finance was a dog that could fatten many fleas.
When the bourgeoisie did not get what it felt was a good cut of the action from the monarchies, it raised hell, sometimes enough to cause revolutions. If they won, as they did in America, they took credit for establishing democracy. If they lost, they fobbed it off as a "people's revolution," leaving the working slobs, the actual producers of wealth, to face the king's hangmen.
Even when "the people" occasionally win one of those "people's revolutions", we never really win. Not in the end. For instance, here in Mexico, contrary to what we've seen in Zapata movies, there has never been a successful people's revolution in terms of lasting and real egalitarian reform. Just armed struggle, and many promises of reform, always to be abandoned after the revolution. They were subsequently wiped out by the politically potent urban middle class, in league with traditional elites, such as the haciendados and corporatists. The bourgeoisie never gives up its profitable connections to the elites. Same as in America. The bourgeoisie lives at the pleasure of the elites.
However, in the people's revolutions it was mainly "the people" who got killed. So they get naming rights. The people own their revolution only in death. Just as in the U.S., the elites here and the business classes get everything else and rent it back to us as mortgages or whatever.
You can argue that people have always screwed other people for a buck, or a drachma or a shekel. You will win with that argument every time. However, the real issue is about how many people got screwed and how hard by how few. Under 250 years of capitalism, the rising take from the ongoing screw job has grown astronomical. Enough to buy every political tub-thumper in Washington and a Supreme Court. Enough that if the elite cartels on Wall Street rip 300 million Americans for trillions, leaving them squinting at the fine print on their eviction notices, they cannot do jack about it. Except pay the next ransom demand for their credit . On their credit cards. Then sign their children into future debt slavery.An awareness of class makes clear who is screwing whom. That's why American... more
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All the banks and credit card companies are changing things. They are sending letters out to help the consumer understand all the changes. WHACKO-TV permitted Tony Facovia to buy a series of commercials to explain how these new credit card policies will affect us all. We have to give him credit, no one else will.All the banks and credit card companies are changing things. They are sending letters... more
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By David Ellis, staff writerFebruary 17, 2010: 2:58 PM ET
NEW YORK (CNNMoney.com) -- If you haven't heard, big changes are soon coming for the credit card business.
The CARD Act, which was signed into law last May, will finally go into effect Monday, meaning big changes for the millions of card-carrying Americans across the country.
Among other things, it will eliminate some of the more egregious practices of the past like so-called "double-cycle billing", arbitrary rate increases and hefty fees for exceeding your credit limit.
But while the new law also promises consumers more transparency about their credit card bill, cardholders still need to watch out for a whole new series of traps and tricks.
Higher fees: For starters, consumers could suddenly find themselves socked with a variety of new fees and charges.
Banks and other card issuers have already been aggressively implementing new fees or raising existing ones to help make up for any potential revenue lost as a result of the CARD Act.
Last May, for example, Discover Financial Services (DFS, Fortune 500) announced it would start charging a 2% fee on all purchases made outside the United States.
And whereas 3% was once the standard charge for rolling over a balance from one credit card to another, issuers like JPMorgan Chase (JPM, Fortune 500) are now assessing customers a 5% fee, according to Bill Hardekopf, CEO of the card rating site LowCards.com.
But with the new law setting no restrictions on the types of fees issuers can implement, consumers should pay particularly close attention to the "Terms and Conditions" section of their statement so they know exactly what they are being charged for, warn experts.
"Fees are the one source of revenue that will become more and more important," said Hardekopf.
Tougher to get a card: As Congress moved closer to passing the law last spring, banking industry advocates cautioned that shaking up the status quo would mean that credit would be more difficult to come by for consumers.
So far, that seems to be playing out as predicted.
The amount of credit made available to consumers by credit card companies plunged by $252 billion, or 7%, between March and September of last year, according to IRA Bank Monitor.
Credit is poised to tighten even further. As part of the CARD Act, credit card companies will be severely restricted in how they market cards to college students, potentially shrinking an important part of their business.
But issuers are also expected to implement much more severe underwriting practices. Some may demand, for example, details on an applicant's income or proof of other savings.
Consumers with poor or even a mediocre credit history, as a result, may find it much more difficult to get a card or have their credit limit extended after the new law takes effect on Feb. 22, said Joseph Ridout of the advocacy group Consumer Action.
"I think it is fair to assume that credit card companies are going to scrutinize their potential customers a lot more closely than they did in the past," he said.
Fewer rewards: Consumers may also be increasingly unable to enjoy the fruits of their spending as a result of the new law.
It wasn't that long ago where a cardholder could easily earn credit towards a free airline ticket or cash back for every dollar spent. But issuers are now quietly becoming more stingy with their rewards in an effort to save money.
American Express (AXP, Fortune 500), for example, recently told its co-branded card customers they would not be able to accrue reward points on their purchases if they were late with a payment. Only by paying a $29 fee could they recoup those points.
To avoid missing out, experts suggest that consumers carefully read any notices they get from their credit card company about changes to their loyalty or rewards program.
"Rewards can be another way of penalizing people too," notes Nick Bourke, manager of the Pew Safe Credit Cards Project.
Rising rates: One of the biggest victories for consumers in the new law are a series of limits on how and when credit card companies can set interest rates.
Whereas in the past, banks could raise your annual percentage rate just for missing a payment on your cell phone bill or without giving a consumer much advance notice, such practices will soon be outlawed. Issuers now have to alert you at least 45 days in advance before raising your rate under the CARD Act.
The new law won't shield consumers from rate hikes altogether, though.
In recent months, banks have moved consumers over to so-called variable rate cards, whose rates fluctuate based on the direction of the prime rate. And with that rate at historic lows, experts said consumers should be prepared for at least a moderate increase in their APR at some point.
The new law also does not include any sort of interest rate cap banks and issuers can charge customers that are late on their payment by two months or more.
Credit card companies may remain reluctant to impose any usurious rates ahead of a review of penalty rates and fees by the Federal Reserve scheduled for later this year and given the public discontent for banks these days.
But that doesn't mean the days of big rate hikes are gone for good, Bourke said -- especially for consumers who are overwhelmed by debt. So experts suggest consumers should take extra care to stay current on their bills.
"The [CARD] Act doesn't absolve anyone from having to pay back their bills or take people out of harm's way if they run into trouble," said Bourke.By David Ellis, staff writerFebruary 17, 2010: 2:58 PM ET
NEW YORK (CNNMoney.com)... more
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Imagine being able to use your smart phone to accept credit card payments at your annual yard sale. The Square team has been developing this innovative service since February, 2009, and just launched its beta phase. Their goal is to bring "immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily." Square's innovation is a small adapter that plugs into the audio impute jack of any smart phone. After setting up an online account, you can use this adapter to accept credit card payments for anything. Square eliminates receipts, gives rewards and even donates a penny from every purchase to a cause of your choice. Beyond shopping, this little device offers a powerful tool to anyone who needs to raise money. It could be scaled to meet a variety of needs, like increasing community donations for a cause or an emergency. Check out this awesome product intro video to see Square in action.
http://www.youtube.com/watch?v=QSzsFAJAKHI&feature=player_embeddedImagine being able to use your smart phone to accept credit card payments at your... more
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Credit Cards have been a contributing factor to the economic crisis plaguing the United States. See how much credit is really out there and what the government is doing to make consumers safe, kinda.Credit Cards have been a contributing factor to the economic crisis plaguing the... more
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1. Consider waiting to get new credit cards until after Feb. 22 because new accounts are protected from interest rate increases for the first year. As issuers compete for new customers in the new reform law landscape, there may be good deals and offers for people with good credit.
2. For existing accounts, consider doing a balance transfer from higher interest rate cards to accounts with lower APRs. Some issuers are offering good customers balance transfers of at least a year. Remember that there is a cost of 3 percent or 4 percent of the amount transferred, so weigh that decision carefully. Also, take note of what the new interest rate will be AFTER the promotional period ends. If it's higher than the rate on the old card or only a few points lower, it may not be worth it to switch.
3. Have a Plan B backup card or two. Issuers can still lower your credit limit and close your account without advance notice. Make sure you have more than one card as a backup in case this happens to you and you need a credit card for emergencies.
4. Charge a small amount on those other cards every other month and pay it off in full when the bill comes. This avoids any dormancy fee that may be assessed and may prevent the company from closing the account for inactivity. Some issuers require a minimum amount of charging to avoid inactivity fees, so check your terms.
5. Young adults' access to credit will be restricted by the new law. For college students or anyone under 21 who is responsible with credit, the best move could be to get a credit card now while you still can on your own. After Feb. 22, you will have to get an adult (over 21) co-signer and may be asked to show proof you have the ability to pay.1. Consider waiting to get new credit cards until after Feb. 22 because new accounts... more
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