Tag Archives: Card

New Jersey Church Burns Credit Card Offers In Protest Of Predatory Lending …

Posted on April 24, 2012 by admin| Leave a comment

New Jersey Church Burns Credit Card Offers In Protest Of Predatory Lending …
News from Huffington Post:

Rev. DeForest B. Soaries, third from right, pastor of the First Baptist Church of Lincoln Gardens (FBCLG) in Franklin Twp. and members of the church set fire to a bucket of credit card offers sent to members of his church. Third from left: Priscilla McKie, director of events for FBCLG, (in pink) fourth from left: Rev. Alyson Browne Johnson, executive pastor of FBCLG and Major Lanuel Ferguson, director of security, right, participate in eht event. The church members burn the offers in protest of

Sometimes, more than incense and candles are burned at Church.

Last Sunday, members of the

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First Credit Card Rules of the Road

Posted on April 20, 2012 by admin| Leave a comment

First Credit Card Rules of the Road
News from Fox Business:

Dear Opening Credits,

Hello Erica! I’m a 21-year-old college student with a part-time job and a roommate. I was just approved for my first credit card. At first, I was really excited, this being my next big step into adulthood and all. Now I’m just scared. I’ve seen and heard horror stories about credit cards turning ugly, and although I’m very financially responsible, I feel as though using a credit card is like playing a game with difficult and rigid rules. My questions are: 1) how should I go about making payments? My mom says to make a payment immediately after making a purchase, and I feel as though that defeats the purpose of a credit card, and 2) should I make minimum payments on big purchases or pay the entire balance off as I don’t buy things without first having the money in my checking account. I’ve had friends tell me to make the minimum payments, but paying 20% in interest rates seems not only stupid, but unacceptable, and 3) if I go a month without making a purchases on my card, will my score be affected? 

- Alexandria 

Dear Alexandria,

There most certainly are reasons to be wary of credit cards! They include the ability to overcharge and wind up in horrible debt, then experience credit damage that can last for years. If you charge with that new card of yours i…………… continues on Fox Business

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Feds Back Down, OK Credit Card Fee Before You Even Get the Card

Posted on April 17, 2012 by admin| Leave a comment

Feds Back Down, OK Credit Card Fee Before You Even Get the Card
News from Fox Business:

Federal authorities are formally backing away from rules that prevented banks from charging application and other fees before credit card accounts are opened.

Under proposed new rules published Thursday by the Consumer Financial Protection Bureau (CFPB), there will be no limit on the amount of fees charged before an account is opened. After approval, issuers will still be subject to a cap on fees during the first year of all new accounts.

The agency acknwleges its new proposal “may impose potential costs on consumers” who would be hit with fees they wouldn’t have faced before. 

The move is a victory for a Sioux Falls, S.D., bank — First Premier — that caters to people with bad credit. The bank made headlines in 2010 by charging a whopping 79.9% interest rate on its credit cards. In a battle against regulators, the bank got what it wanted in a federal lawsuit that claimed rules limiting fees before accounts were opened created a hardship and would cause irreparable harm to its business.

Not everyone is celebrating. Consumer groups criticized the CFPB and urged the agency to “stay the course” and keep the original restrictions.

“The CFPB should not back down in protecting consumers from this sort of chicanery,” says Chi Chi Wu, a staff attorney…………… continues on Fox Business

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After Recovering From Bad Credit, Ditch the Bad Credit Credit Card

Posted on April 16, 2012 by admin| Leave a comment

After Recovering From Bad Credit, Ditch the Bad Credit Credit Card
News from Fox Business:

Dear Credit Care,

I have a bank issued credit card that has a $ 14.50 monthly fee. I just paid off the card last week and was thinking of canceling it. However, when I call they give me every reason not to. They tell me that the card is good for my credit score because they report to the credit bureaus four times a month. The card currently has a zero balance. I hear that getting rid of cards can hurt one’s score. I just finished doing an overhaul on my credit. My score was below 600 about a year ago. Now my score is 700. The card has a $ 700 credit line. Should I just cancel it or pay the monthly fee? I just opened a different bank issued credit card with a $ 1,000 credit line so that I can transfer some balances from other high interest cards. I also just received a $ 250 credit line increase from another credit card. Thanks for your time.  

- Wayne

Dear Wayne,

Congratulations on managing your credit in a positive way and increasing your credit score. Remember that your credit score is calculated based on what is reported to the three major credit bureaus. How you manage your cre…………… continues on Fox Business

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Credit card caper demands answers

Posted on April 16, 2012 by admin| Leave a comment

Credit card caper demands answers
News from Nashua Telegraph:

Wilton-Lyndeborough Superintendent of Schools Trevor Ebel has some explaining to do.

The School District credit card that was issued to him and bore his name has some questionable purchases on it. There are bills from grocery stores and gift shops. There are charges for limousines, alcohol and movies. There are charges from some of the best restaurants in Boston and San Francisco.

Some charges on the School District’s Citizen Bank credit card are small, and Ebel reimbursed the School District for some personal expenses.

Other expenses are real whoppers, like $ 894.14 for dinner at Fleming’s Prime Steakhouse and Wine Bar in Boston and another for $ 513.56 at Legal Sea Foods in Boston, which were charged at the beginning of December 2010.

And while WLC district officials have been probing the expenses after an auditor’s report that red-flagged some of the charges, Ebel has been a no-show at public meetings. Meanwhile, he’s taken a mysterious medical leave, and a new acting superintendent has been appointed.

Ebel and other school officials took three trips to attend educational conferences during the past fiscal year to Pittsburgh, Boston and San Francisco.

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The Best Time For Young People Get A Credit Card

Posted on April 13, 2012 by admin| Leave a comment

The Best Time For Young People Get A Credit Card
News from San Francisco Chronicle:

It may not seem like it, but it is possible go to through life without using a credit card. That being said, when used responsibly, credit cards offer numerous advantages over other payment methods. They’re convenient, they protect you against fraud and theft, and they offer cash back and other rewards. They can also help you build the credit history you’ll need if you want to borrow money to buy a house or a car. If you think paying with plastic might be the way to go, here are some points to consider in deciding when to get that first card and why.

High School
Why you shouldn’t wait:
“Credit cards are a reality,” says Anisha Sekar, VP of Credit and Debit Products at the card comparison website NerdWallet.com. “By introducing the idea of a line of credit early on, parents can teach their kids responsible card use in a safe environment,” she says.

A credit card shouldn’t be a high schooler’s introduction to personal financial management, however.

“I’d recommend opening a youth checking account when the child is in middle school, so that he can get into the habit of balanc…………… continues on San Francisco Chronicle

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Consumer agency suggests looser credit card rule

Posted on April 12, 2012 by admin| Leave a comment

Consumer agency suggests looser credit card rule
News from Reuters:

By Dave Clarke

WASHINGTON | Thu Apr 12, 2012 7:03pm EDT

WASHINGTON (Reuters) – Public interest groups are chiding the new U.S. consumer watchdog for proposing to rollback part of a credit card rule that cracks down on the fees that can be charged to borrowers.

On Thursday, the Consumer Financial Protection Bureau (CFPB) released a proposal that would scrap a rule issued a year ago by the Federal Reserve that covered fees charged before a credit card is issued.

The rule is now being held up by a court challenge mounted by First Premier Bank.

The CFPB said the proposal was meant “to resolve the uncertainty caused by the litigation” by dropping the Fed’s plan to expand the crackdown mandated by the 2009 Credit Card Act.

Consumer groups, who are usually staunch defenders of the agency, balked at CFPB’s proposal, calling it a mistake.

“The CFPB should not back down in…………… continues on Reuters

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Seven Worst Credit Card Habits

Posted on April 12, 2012 by admin| Leave a comment

Seven Worst Credit Card Habits
News from Fox Business:

Likely you’ve done it — lost your credit card bill under a pile of papers and by the time the bill surfaces, it’s past due. Guess what: You’ve just committed one of the seven deadly sins of credit card use – and the costs will add up.

Yes, the best credit cards are a convenient way to pay. Compare the time and hassle saved swiping your gas credit card at the pump to going inside a cramped, noisy convenience store to hand over cash. You can rack up credit card rewards too. But committing any of these credit card no-nos can ding your credit score, cost you money and even eat up some of that time you thought you’d saved.

Paying late

“The no. 1 deadly mistake is paying your bill late,” says Manisha Thakor, author of Get Financially Naked. “People say, ‘It’s just a day late — it’s not a big deal.’ But a lot of people don’t realize that being an hour or a day late is as bad as being five days late.”

The consequences are short-term and long-term. Short-term, a late credit card payment can cost you up to $ 25 in late fees, plus interest.

…………… continues on Fox Business

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RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release

Posted on April 11, 2012 by admin| Leave a comment

RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release
News from Chicago Tribune:

The Credit Card Chart

April 11, 2012

These are nationally available credit cards offering the lowest interest rates on purchases as of Apr. 11. If you typically pay off the entire balance monthly, look for a zero-annual fee card that allows the most interest-free or grace days. Some cards listed below feature special introductory or “teaser” rates for a specified time before regular rates apply. Additional fees and residency restrictions may apply. Rates are subject to change. Rebates and other benefits may be available. 
 National avg.  APRs as of Apr. 11     Standard   Gold    Platinum
                       8.20        8.88    12.86

Low APR Standard Cards 

                               Reg.  Ann.  Grace Intro
 Card Name                 Phone         APR(%) Fee($  )Days APR/mos
 1  First Federal Card                  (843)529-5800  07.15    0  25   na
 2  IberiaBank Visa(R) Classic Card     (800)968-0801  07.25    0  25   na
 3  First Federal CashBack ScoreCard    (843)529-5963  08.15    0  25   na
 4  Simmons First Visa(R) Classic       (800)272-2102  10.25    0  25   na

Low APR Premium Cards

Note: Minimum income requirements apply to Gold, Platinum and Signature cards, which offer hi…………… continues on Chicago Tribune

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