Charlotte, NC, United States (AHN) – Credit unions are benefiting from a hike on debit card fees imposed by Bank of America (BofA )on Sept. 29. They are taking advantage of the growing anti-bank sentiment across the country as evidenced by the Occupy Wall Street movements.

Another proof is the big jump in applications experienced by some credit unions for membership. In September, the National Association of Federal Credit Unions logged a 350 percent increase in Web traffic to its online credit union locator.

Besides capitalizing on the anti-bank sentiments, credit unions are highlighting their advantages such as no checking and debit card fee, no minimum balance requirements and quarterly paid dividends.

The advantage credit unions and community banks with less than $10 billion in assets have compared to banks are that these establishments are exempt from a new government rule that cut interchange of swipe fees which led banks to impose new fees.

Besides BofA, Suntrust also tacked in fees on debit cards, while Citibank phased out its free checking accounts.

To give the shift from banks to credit unions a bigger push, a Facebook group marked Nov. 5 as Bank Transfer Day when depositors are encouraged to close their bank accounts and transfer their savings to credit unions to avoid escalating bank fees.

This early, BofA is rethinking its plan to charge $5 a month for the use of their debit cards, according to reports. Although bank officials said there is no firm conclusion yet, a new plan being hatched would exempt customers who hold BofA credit cards, directly deposit their pay into the bank or hold a minimum balance from the $5 fee.

Previously, BofA said the fee would only be waived if the debit card holder has a minimum balance of $20,000.

The cardholder backlash is also causing other banks to reconsider plans to impose a fee. Wells Fargo canceled on Friday a test that would charge debit cardholders from Georgia, Nevada, New Mexico, Washington and Oregon $3 a month. JPMorgan also decided against imposing a $3 stand-alone debit card use fee per month.

U.S. banks are estimated to lose $6 billion from the mandated reduction in swipe fees.

View full post on Personal Finance Stories

The call might start something like this: “I’m Mike from Visa. Did you make a purchase for a laptop in Cambridge, Mass., for $987 with your Bank of America debit card?”

“No. What happened?” The consumer is now concerned.

“I just want to let you know that somebody has stolen your card information. Feel free to call the 800 number on the back of your card.”

Mike confirms the consumer’s name, address, and telephone number. He offers to take care of the situation by canceling the card and removing all the fraudulent charges. All he needs is the three-digit security number on the back of the card in order to reactivate the account after the fake charges are removed.

That’s the key to the latest debit-card scam – the security code.

Once “Mike” has it, he can easily withdraw all the money that is in the debit-card account while his victim mistakenly believes the problem has been resolved. Increasingly aggressive, con artists are taking debit-card fraud to a whole new level. And because they’re preying on debit cards, instead of credit cards, victims are more at risk.

Debit-card rules allow issuers to hold consumers responsible for up to $500 in losses if they don’t report the problem within two business days. (Credit-card holders are limited to $50 in losses.)

Con artists have other tricks up their sleeves to get debit card numbers, personal IDs and security codes, according to Roman Shteyn at Credit-Land.com. The five most common techniques:

Keystroke-logger. This is computer spyware that records every keystroke typed on a computer and is used to steal confidential personal information and passwords.

Cellphone. A bystander distracts you while a scammer uses the camera built into his cellphone to snap digital pictures of your name, your credit card, and the expiration date. Criminals may also place tiny cameras on or near ATM machines in a bank lobby to record your data when you make a withdrawal.

Skimmers. Clever scammers work in restaurants, gas stations and other establishments. One trick is planting a card-reader in the register. Skimmers steal info like your address, telephone pin, etc.

Card-switchers. When you are at a restaurant, card switchers steal your card and give you back a fake card or expired one.

Phishers. Scammers send fake e-mails designed to persuade you to give up your bank card information.

The solution: Protect your card number and personal information. For example, read your monthly bank statements carefully for unauthorized withdrawals. When in doubt about a suspicious phone call or unknown charge, call the issuing bank immediately. For some protection against spyware, turn off your computer when it is not in use.

Use the same level of care when using the card. Whenever you are at the gas pump, use a credit card instead of a debit card. Using a debit card without a personal identification number is dangerous because a thief can use the receipt to gain access to your account and drain it before you are aware that anything is wrong.

At a restaurant when your card is handed back, make sure it’s yours before you put it into your wallet.

With more Americans switching from credit cards to debit cards to avoid racking up debt, their vulnerability rises because they’re using real cash to pay for something, according to a Credit Land analysis comparing credit card and debit card fraud protection.

It may be fast and easy to change an infiltrated debit card account number, but getting your money back … that’s another story. In contrast to dispute resolutions for credit cards, the study finds that the process for debit cards can involve a lengthy investigation and a drawn-out process for getting your money back. Click to write a comment or read comments about this post. MinnPost.com Full RSS Articles brought to you by: MinnRoast 2011 — Journalists & politicians gently skewered Add MinnPost’s voice to the 2012 presidential campaign! Take the 2011 MinnRoast Challenge.

Support high-quality journalism in Minnesota by becoming a member of MinnPost.

View full post on All Stories

Speaking at a General Electric plant in Schenectady, New York last Friday, President Obama asserted that “America is still home to the most creative and most innovative businesses in the world.” The President drew on themes expected in tomorrow’s State of the Union address of innovation and enterprise, expanding markets and job creation, as well as policies aimed at driving America’s economy and fueling our nation’s competitiveness. President Obama spoke about the challenges America faces to lift our country from the ditch, and the efforts of his administration to accelerate that climb. [A]s we continue to fight our way back from the worst recession in our lifetimes, is to harness this spirit, to harness this potential, the potential that all of you represent. Our challenge is to do everything we can to make it easier for folks to bring products to market and to start and expand new businesses, and to grow and hire new workers. And that’s why, as part of the tax cut compromise that I signed at the end of the year, we provided incentives for businesses to make new capital investments — and in fact GE is investing $13 million in advanced manufacturing at this plant, taking advantage of some of these tax breaks. We also extended a program that GE says its customers have used to invest $6 billion in clean energy production across this country — driving demand for the company’s wind turbines. And I saw one of those big turbines on the way in. So we know we can compete. Not just in the industries of the past, but also in the industries of the future.

The President also talked about the need to increase American exports and the positive effect it has on job growth: And that’s also why I fought hard to negotiate a new trade deal with South Korea that will support more than 70,000 American jobs. That’s why I traveled to India a few months ago — and Jeff was there with us — where our businesses were able to reach agreement to export $10 billion in goods and services to India. And that’s going to lead to another 50,000 jobs here in the United States.

The speech continued: So it’s a perfect example of why promoting exports is so important. That’s why I’ve set a goal of doubling American exports within five years. And we’re on track to do it. We’re already up 18 percent and we’re just going to keep on going, because we’re going to sell more and more stuff all around the world. When a company sells products overseas, it leads to hiring on our shores. The deal in Samalkot means jobs in Schenectady. That’s how we accelerate growth. That’s how we create opportunities for our people. This is how we go from an economy that was powered by what we borrow and what we consume — that’s what happened over the last 10 years. What was driving our economy was we were spending a lot on credit cards. Everybody was borrowing a lot. The Chinese were selling a lot to us. Folks were selling a lot to us from all over the world. We’ve got to reverse that. We want an economy that’s fueled by what we invent and what we build. We’re going back to Thomas Edison’s principles. We’re going to build stuff and invent stuff.

Check out the White House’s website dedicated to the State of the Union address. Starting Tuesday and throughout the week, there will be panels, Q&A’s with experts and top administration officials, and the first-ever YouTube interview on Thursday with President Obama. Don’t miss out!

Watch the President’s full speech in Schenectady.

View full post on All Stories

If you’re a bank, things are looking up! The $700 billion from the Troubled Asset Relief Program (TARP) has largely gone to buoying up financial institutions with some help to the struggling auto industry as well. So if your name is Bank of America, Citigroup or GM then congratulations are in order. In fact, over $25 billion have been eagerly repaid by those institutions who are stockpiling funds and do not want to have any government oversight of their business. Go banks!

But—if you’re a homeowner or a potential homeowner, an average American, or a small business then the news isn’t all that great. From where I often sit behind the desk of a real estate radio show and podcast, it looks pretty discouraging. The real estate system is starting to move homes, but lending requirements are stricter than ever, and even high FICO and truly qualified buyers are not getting approval. It seems like we’ve created a system in which no one is deemed qualified. Brilliant.

TARP Funds should help those in need!

How needy are the banks? Frankly, the banks are posting great profits. They are benefitting from government funds, and even Treasury Secretary Geithner has stated that most banks now have more money than they need. That extra infusion of bailout money to repair the financial system seems to have worked—for the banks. What about the consumers?

Loan programs are increasing, interest rates are low—but credit continues to deteriorate! Job losses continue as many businesses scale back on staff and are forced into layoffs. If you’re one of many working Americans who has lost a job or lives in fear of a job loss, then the success of Bank of America doesn’t do much to feed your family or put a roof over their head, does it? They still won’t give you a loan.

And Bank of America is just one striking example of how the bailout funds are working for the big banks and against average Americans. Bank of America posted a $4.2 billion profit in the first quarter of 2009, yet they have $1.3 billion in credit losses. Doesn’t this point to a huge problem that no one is addressing?

Credit card debt is the elephant in the room!

There’s about $110 billion left in the TARP funds. Where is it going to go? I hear all this talk about bolstering the financial industry and getting credit flowing again, but no one is looking at the credit situation from the buyers’ end! Nothing will start flowing until qualified buyers can actually get loans!

Crazy Ringmasters and Hoops for Home Loans

Home values are down and the real estate market is showing signs of improvement; but folks who can finally buy are forced to jump through double hoops. It’s like the banks are crazy ring masters!

Every day I hear from folks who are forced to go through a pre-qualification procedure with one bank, even though they already have a loan with another bank. Why? Banks that have foreclosures don’t even want to do loans on their own foreclosures, so you have to get pre-qualified by the first bank’s loan reps to get a loan with another bank. That’s crazy!

Why don’t those banks open the doors, loosen credit and make loans on their own bank foreclosures to the people that want to buy? If they make the terms better and easier to qualify they can stop the foreclosures, keep buyer paying the loans, and help to unclog the housing market. Everybody wins!

So why isn’t anyone talking about the credit card and qualifying situations? These are the issues I get calls about on my radio and podcast shows every day. Want to buy a home? There are thousands out there that banks, lenders and homeowners need to sell. It’s too bad that no one seems to be qualified to buy them.

We’ve got a $700 billion elephant in our nation’s financial living room. Maybe we should start talking about it.

Moratorium? Is that still on?? I see everyone got quite!!

Prepaid credit cards provide many benefits over traditional credit cards. Here, we will discuss the difference between both of them. All banks and lenders have realized that it is very difficult for people to meet the necessity requirement of credit cards, either while applying or using. Companies are not able to make expected profit due to bad credit ratings. To solve this problem, companies introduced prepaid plastic money which could be used by anyone without need to have good ratings. This plastic money is easy to carry and convenient. Now days, it is not possible to carry the hard cash everywhere you go. You can not do anything in case someone robs you or your purse.

These credit cards are very much similar with other credit card except the money limit. This plastic card is directly connected with your saving account and companies allow you to use only the available balance of your saving account only. You can use it freely without any tension of debts or late payments. Banks deduct the amount from your saving account as you make a purchase from market. You can do online shopping through the card and cancel it on the spot in case of theft or fraudulent transaction.

Another benefit of prepaid credit cards is that they can be used and accepted globally. People can use them in any part of the world whether you are at a store in America or a museum in UK. It brings good advantage for parents, now they can keep track how much money is spent by their children. And children can not use the money more than the available balance in account. So, parents do not need to worry about the credit history of children.

More than $1 Million Investment in National TV, Radio and Online Advertising as Part of the DNC’s Vote 2010 Plan See the New TV Ad Here:

Hear the New Radio Ad Here.

The Democratic National Committee announced today the Democratic Party’s largest-ever investment in Hispanic paid media for a midterm election. The paid media campaign is part of the Democratic Party’s most comprehensive Hispanic voter education, mobilization, and outreach effort ever in a non-Presidential election year. Today, the DNC will begin airing national radio and television advertisements on Univision’s television and radio networks. The ads will air through Election Day. The DNC will spend more than $1 million on paid advertising in the Hispanic community through its national, regional, and online efforts. “Hispanic voters are not only critically important to Democrats’ success this fall, but also to our country’s future,” said DNC Chairman Tim Kaine. “We’re reaching out to the Hispanic community because we believe that by working together we can ensure Democratic victories this fall, and continue the tradition of successful Democratic leadership that is devoted to opening up new opportunities for Hispanic Americans and hard-working Americans of all backgrounds.” The national television ad, entitled “Don’t Go Back”/”No Regresemos”, notes that President Obama and Democrats have gotten the nation’s economy out of the ditch and kept the doors of higher education open to children while standing up to Wall Street and insurance companies. The ad calls on voters to stand with President Obama on November 2nd. The national radio ad, also entitled “Don’t go Back”/”No regresemos”, highlights how President Obama and Democrats have moved the country forward by getting the economy out of the ditch, improving access to college, and putting people back to work. It also lays out the choice facing voters this fall, noting that Republicans have vowed to take the country back to the old status quo, under which credit card companies, insurance companies, and big banks wrote all the rules and were able to discriminate against customers at will. The television and radio ads both highlight President Obama’s recent Moving America Forward speech in Madison, Wisconsin. The radio ad closes with President Obama speaking to voters in Spanish: “Soy Barack Obama. Te necesito a mi lado. Ayúdame a defender lo que hemos comenzado. Este 2 de noviembre, alza la voz. Y juntos, seguiremos adelante.” (This is Barack Obama. I need you by my side. Help me defend what we started. This November 2nd, raise your voice. And together we’ll continue to move forward.) English and Spanish versions of both scripts can be found below, at the bottom of this release. The DNC’s paid advertising effort is just one component of the Democratic Party’s unprecedented effort to engage voters across the country, including in the Hispanic community, for the November 2nd election. As part of the DNC’s $50 million Vote 2010 campaign, the DNC has embarked on its most substantial effort ever in a midterm election to turn out long-time and newer Hispanic voters, which includes: The launch of a new Spanish-language website with all the information that Americans need to register and vote – wherever they live. That website, VotarEsPoder, is an incredible tool for Hispanic voters. Outreach to first-time Hispanic voters, sporadic Hispanic voters, and reliable Hispanic voters through bilingual phone banking, Latina to Latina phone banking, bilingual materials, and canvassing. Bilingual multimedia on specific issues, including a Spanish-language video on jobs and the economy, a direct-to-camera Spanish-language video with DNC Chairman Tim Kaine, and a bilingual video celebrating Hispanic Heritage Month. Targeted Commit to Vote events for Hispanics. For example, Organizing for America held World Cup watch parties at which they had commit to vote forms. Aggressive outreach to national political and business leaders at the events of major Hispanic organizations like the National Council of La Raza, LULAC, and the Congressional Hispanic Caucus Institute, as well as DNC-sponsored events. In just the past few months, those events have included: A DNC Latino Summit with Hispanic activists and community leaders in June; A conference call with Chairman Kaine and national Hispanic leaders in August; A conference call with Chairman Kaine, the Honorable Hilda Solis, and national Hispanic leaders in September; And a roundtable discussion between Chairman Kaine and Hispanic leaders in September, among others. Multiple efforts to reach out to Spanish-language media. Governor Kaine, who took time off from law school to teach school in Honduras, is a fluent Spanish speaker and has made numerous appearances on Spanish-language television and radio.

Radio Ad in Spanish Audio Clip of the President: [September 28, Madison, WI speech] We can’t let this country fall backwards because the rest of us didn’t care enough to fight. Voice Over: Siempre hemos sabido que lo que empezó con esperanza sólo podía avanzar con el trabajo. Barack Obama y los demócratas no han dejado de luchar. Sacando a la economía del hueco. Poniendo a nuestra gente a trabajar. Y manteniendo abiertas las puertas de una educación universitaria para nuestros hijos. Y nunca se rindieron… ni ante Wall Street … ni ante las compañías de seguro. Pero los Republicanos quieren regresar al pasado… A cuando las tarjetas de crédito y las hipotecas incluían cargos ocultos. Y las compañías de seguro discriminaban contra quienes querían. Por nuestras familias, no podemos regresar al pasado. Hemos trabajado demasiado, y queda tanto por hacer. POTUS: Soy Barack Obama. Te necesito a mi lado. Ayúdame a defender lo que hemos comenzado. Este 2 de noviembre, alza la voz. Y juntos, seguiremos adelante. Disclaimer: Pagado por el Comité Nacional Demócrata. Democrats.org. No autorizado por ningún candidato o comité de candidatos. El Comité Nacional Demócrata es responsable por el contenido de este anuncio. Radio Ad in English Audio Clip of the President: [September 28, Madison, WI speech] We can’t let this country fall backwards because the rest of us didn’t care enough to fight. Voice Over: We’ve always known that what began with hope would only move forward with hard work. Barack Obama and the Democrats have never backed away from taking on the problems of our nation: Getting our economy out of the ditch. Putting our people back to work. And keeping the doors to a college education open for our children. And they never backed down … not to Wall Street … not to the insurance companies. But the Republicans want to return to the past … To when credit cards and mortgages included hidden fees. And the insurance companies discriminated against who they wanted. For our families and for our country, we can’t afford to go back to the past. We’ve worked too hard and there is too much left to do. POTUS: This is Barack Obama. I need you by my side. Help me defend what we started. This November 2nd, raise your voice. And together we’ll continue to move forward. Disclaimer: Paid for by the Democratic National Committee. Democrats.org. Not authorized by any candidate or candidate committee. The Democratic National Committee is responsible for the content of this ad. Television Ad in Spanish Sacando a la economía del hueco. Poniendo a nuestra gente a trabajar. Y manteniendo abiertas las puertas de una educación universitaria para nuestros hijos. Todavía queda mucho por hacer. Pero Barack Obama y los demócratas no han dejado de enfrentar los problemas de la nación. Y nunca se rindieron… ni ante Wall Street … ni ante las compañías de seguro. Audio Clip of the President: [September 28, Madison, WI speech] We can’t let this country fall backwards because the rest of us didn’t care enough to fight. VO: Únete al presidente Obama este 2 de noviembre. Alza la voz. Disclaimer: El Comité Nacional Demócrata es responsable por el contenido de este anuncio. Television ad in English Getting our economy out of the ditch. Putting our people back to work. And keeping the doors to a college education open for our children. There’s still much to be done. But Barack Obama and the Democrats have never backed away from taking on the problems of our nation. And they never backed down … not to Wall Street … not to the insurance companies. Audio Clip of the President: [September 28, Madison, WI speech] We can’t let this country fall backwards because the rest of us didn’t care enough to fight. VO: Stand with president Obama this November 2nd. Raise your voice. Disclaimer: The Democratic National Committee is responsible for the contents of this ad.

View full post on All Stories

Bank of America is going on a hiring spree, with plans to add more than 1,000 small-business bankers across the U.S. by early 2012. The Charlotte-based bank will start by beefing up its small business departments in Dallas, Los Angeles, Baltimore and Washington, D.C. this quarter, it said in a statement Thursday. The new hires won’t just be loan officers — they’ll specialize in developing relationships with mom-and-pop shops and managing products for them such as bank accounts, payroll systems, pension plans, and credit cards (and of course, loans). “Small businesses play a critical role in driving innovation and growth in our economy,” Brian Moynihan, the bank’s president and chief executive, said in a statement. The bank announced its plans during meetings with business leaders in Boston. Bank of America also said it is on track to “blow away” its goal of increasing lending to small businesses by $5 billion this year. It currently has about 4 million small-business customers, or 12 percent of the market. (It’s not the only bank courting small businesses: J.P. Morgan Chase has promised to increase its lending to small firms by $4 billion, and in June began offering discounts to companies that hire.)

The Obama administration has called multiple times for extending aid to small businesses to boost economic recovery and jump-start hiring. But lending to small businesses dipped 1.8 percent during the third quarter compared with a year ago, according to the Federal Deposit Insurance Corporation. Last month, Congress passed a bill – now signed into law – aimed at providing small businesses with easier access to credit. The aid package includes a $30 billion lending fund to be distributed by the Treasury Department to qualified small banks that promise to extend new loans to small business.

View full post on All Stories

Your credit is bad. Perhaps you have a string of unpaid bills haunting your past. Maybe you declared bankruptcy within the past 10 years, or defaulted on a student loan.

All of the above can block your access to obtaining a major credit card, such as VISA or Mastercard.

But bad credit is not the only reason you can be denied a major credit card. Some people simply have never used credit. People who like to pay cash only, have never financed a car, taken out a college loan, or a mortgage may have zero experience with credit. In that case, most card companies will reject your application, not because you have bad credit — but because you have no credit rating.

Many women who marry young and do all their borrowing under their husband’s name often find themselves with no credit rating after they are widowed or divorced. Thousands of women have been denied loans and credit cards on that basis.

Still other people carry too much debt to be considered a good risk. If you have a car loan, a student loan, a mortgage, two or three — out cards, you are unlikely to be granted another credit card.

But in any and all of the above cases, you can still obtain a credit card. No matter how bad your credit, and even if you have declared bankruptcy, you can still be granted a VISA or Mastercard with a limit as high as $5,000, if you know the right company to call, and how to make your application.

We are going to reveal these card companies and the methods by which you can obtain a VISA or Mastercard later in this report, but first, let’s talk about some of the other things you really should know about credit cards, including annual fees, interest rates, credit reports and more.

==================

Your Credit Rating

==================

How do credit card companies decide if you are a good credit risk or a bad credit risk? Well, it’s sort of a Big Brother thing. There are several large agencies in America which track the borrowing and buying behavior of just about every single American who has borrowed money at one time or another.

The four major credit rating agencies are:

CSC Credit Service :: (Phone: 800-392-7816)

TRW Information Sys. :: (Phone: 800-392-1122)

Equifax :: (Phone: 800-685-1111)

Trans Union Corp. :: (Phone: 800-851-2674)

When you send in an application for a credit card, the card company contacts one of the above agencies, which pulls your file, if one exists, and let’s the company know if you have any bad debts in your background.

If you have never borrowed money or used credit of any kind, your name will not appear in the data base of any of the above. If you have, there will almost certainly be information about you. If you have ever defaulted on a bill, or walked away from a debt owed, that information will be available. If you have never defaulted on a loan, but have made frequent late payments, that is recorded, too, and goes against your credit rating.

======================

25 Percent Error Rate

======================

If this sounds a bit like Big Brother, most would agree with you that it is. It’s scary to think that some large anonymous corporation is keeping a file on you, but it’s true. Furthermore, they will share your file with any lending institution that wants to know something about you. That’s the price you pay to obtain credit. You’ve heard the statement, “there ain’t no such thing as a free lunch.”

When it comes to the game of credit, the lunch is definitely not free, neither in the monetary sense, or in the realm of personal freedom.

To top things off, credit agencies make errors in as many as one-fourth (25 percent) of all their reports. At this minute, false information about you may be ruining your credit rating.

To check your credit rating for errors, call the agencies at the numbers I provided above. They will request that you send them a written letter asking for a copy of your credit report. They will send you a copy of the information they have about you.

Now let’s look at how card companies make the big bucks — interest rates.

===============

Interest Rates

===============

A few decades ago there were laws against charging the kinds of interest rates credit cards get today. Exorbitantly high interest rates were called “usury,” and were forbidden by federal law. Just 30 years ago loaning money at 20 percent would have landed any banker in prison. Such rates were the territory of loan sharks and organized crime.

Today, however, it’s standard business. Some cards have rates approaching 21 percent. Some product manufacturers, such as Apple Computer, have credit plans that push a whopping 23 percent.

Most credit card companies attract customers with super low interest rates, sometimes as easy as 5 percent. But what they only tell you in the fine print, which few people bother to read, it that the interest rate jumps back up after six months. Many cards that start you out at 6 percent soon jump to 18 percent, or higher. By that time, most people have chalked up a balance and are stuck. Most people simply fail to notice when their rate increases. Credit card companies count on that. They like who take no interest in details. If you don’t watch them, they’ll watch you — and your wallet — and dip into it in the most insidious ways.

====================

No Annual Fee Cards

====================

Some credit card companies charge no annual fee for use of their card. Annual fees range from $18 to $55. You pay it every year simply for the privilege of using the card. Other companies charge no annual fee. You might think, then, that this is a better deal. Most often they are not. Cards with no annual fee almost always have a higher interest rate. If you leave a monthly balance, you’ll always pay more than the annual fee in interest charges. Only if you never leave an unpaid monthly balance can you benefit form a card with no annual fee.

==================

Perks and Freebies

==================

One of those insidious ways is the offer such perks as frequent flier miles or annual rebates. Use the card so often, and get X amount of frequent flier miles. Use your card, and get credit toward the purchase of an automobile. Is this a good deal? Hardly ever. As you might have guessed, the offer of rebates and gifts is simply an inducement for you to pay super high interest rates. Unless you are a big spender and travel a lot, you’ll rarely benefit from this kind of promotion.

==========

Be Choosy

==========

In short, never sign up for a credit card until you compare rates. Shop around. Credit card companies are just as competitive as any other kind of business. That means interest rates that vary widely. In general, never go for a card that is five percent higher than the current prime rate.

========================

How To Get A Lower Rate

========================

What if you are already on the hook with a major credit card with an agonizing rate of interest? Pick up the phone, call your card company, and get tough. Often, if you ask for a lower interest rate, you’ll get one — it’s as simple as that.

As further incentive, you can threaten to transfer your balance to another card company with a lower rate. Many card companies are more than willing to take you on as a customer by paying off one of their competitors for you. Of course, you are then beholden to them. That’s okay if you score a lower interest rate.

=================================

How Anyone Can Get a Credit Card

=================================

Now what about all of you “hopeless cases” out there. What if you have deplorable credit, or no credit rating at all. You may have already been turned down by a half-dozen card companies. What can you do?

First, you should think long and hard about why you want a credit card in the first place. If you have a history of bad credit, a credit card may be the last thing you need. Many people feel that credit cards and the debt they lead people into is a modern form of slavery.

Credit cards are almost magically deceptive and alluring. They get at the deepest psychological lever of the human mind — a lever which allows people to have the feeling they are getting something for free, when in fact, they are paying two, three, four, even ten times as much for that product because of the interest they will pay on each purchase.

On the other hand, not having a credit card is becoming less and less practical in modern America. You can’t rent a car without a credit card. Carrying cash is dangerous. Checks are not accepted everywhere — and traveling to another city or country is extremely difficult without the confidence and identity a credit card brings.

===============

A Secured Card

===============

If you decide you really need and want a credit card despite your past problems with credit, you should get what is called a secured credit card. Even people who have declared bankruptcy are granted secured cards.

A secured card works this way: you pay a lump sum of cash upfront either to your bank or the card company itself, usually from $200 to $2,500. The card company will then grant your credit for up to 150 percent of the amount of your deposit. If you pony up $500, you will be granted a $750 credit line. If you put up $1,000, you will get $1,500 in credit, and so on.

Your deposit money will earn a very nice 4 to 5 percent interest while it is held as collateral by your bank or the card company. The deposit money acts like a buffer for the lender. In the event you default on your card debt, the lender gets to keep your money. They may still incur a net loss, but the risk is far less.

Additionally, the interest you gain on your deposit will offset the interest on your monthly balance if you have one. If you get a secured card with an 18 percent interest rate, you can feel good about the fact that your pre-payment is earning 5 percent.

Which card companies offer secured credit card plans?

The following:

(At the time of writing, these details are correct. If they change by any chance, you’ll have to look up the institutions in the Yellow Pages, or simply do a search online.)

CitiBank — Minimum deposit is $300, which earns 4%.

Call: 800-933-2484

Federal Savings Bank — Minimum deposit is $250, which earn 2.5%.

Call 800-285-9090

Orchard Bank — Minimum deposit is $400, which pays 4%

Call 800-873-7307

Key Federal — Minimum deposit is $300, which earns from 4% to 5%.

Call 800-228-2230

Signet Bank — Minimum deposit is $200, which earns 5%.

Call 800-333-7116.

Using a secured credit card can also help repair your credit rating if you use it responsibly over a number of years.

Even if you do not have bad credit, a secured credit card is recommended for anyone who wants the safety and convenience of a credit card. Secured cards are a safe, responsible way to control your spending, and you actually earn money though interest on your deposit while you enjoy the use of your card.

===================================================================

Copyright Andre Vas, Direct-Credit-Card.com, All Rights Reserved.

A Message To People Who Want To Apply For The Best Credit Card —
But Can’t Get Started, Don’t Know Where To Go, Or Simply Feel
Overwhelmed With The Insane Amount Of Credit Card Offers…

==> http://www.Direct-Credit-Card.com

Also go to link below to get TONS OF FREE money saving and personal
finance tips & tricks…

==> http://www.Direct-Credit-Card.com

===================================================================

Author: Andre Vas
Article Source: EzineArticles.com
iPhone iPad apps and games

The San Diego Chargers official team logo is now being proudly displayed on the NFL Extra Points™ Platinum Plus® Visa® Credit Card from Bank of America.  (www.chargerscreditcard.com ).   This rewards credit card has proven to be a touchdown with fans across the country and has made huge strides in the rewards credit card industry.  Like many retailers, universities and airlines have done for decades, NFL football teams, in association with Bank of America, now offer credit card consumers valuable rewards above and beyond the cool factor of having their favorite team printed on their credit cards.  These football-oriented credit cards are scoring big with sports fans in every state.

The NFL Extra Points™ Platinum Plus® Visa®™ Credit Card from Bank of America has important features, which include:

•           No Annual Fee.

•           0% Introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.

•           A $50 NFLshop.com gift card after your first qualifying transaction(s) using your NFL Extra Points™ Visa® Credit Card.

•           100% fraud protection

•           Earn 1 Point for every dollar you spend in net retail purchases. Points are redeemable for NFL merchandise, tickets, and VIP passes to NFL experiences.

•           Online account access and Points management.

At a time when consumers are nervous about the uncertainty in the stock market, illiquidity in the credit market and the softening real estate market, one thing remains constant – sports fans love NFL football.  Historically, football has given its fans something to believe in and something to hope for, particularly during difficult economic times.   With the NFL Extra Points™ Platinum Plus® Visa®™ credit card, Chargers fans can be reminded of their favorite team every time they open their wallets.  Real fans carry the card with pride.  Visit www.chargerscreditcard.com to complete the credit card application online in just a few short minutes.

http://www.articlesbase.com/football-articles/san-diego-chargers-credit-card-nfl-extra-points-platinum-plus-visa-618422.html

The Indianapolis Colts official team logo is now being proudly displayed on the NFL Extra Points™ Platinum Plus® Visa® Credit Card from Bank of America.  (www.coltscreditcard.com ).   This rewards credit card has proven to be a touchdown with fans across the country and has made huge strides in the rewards credit card industry.  Like many retailers, universities and airlines have done for decades, NFL football teams, in association with Bank of America, now offer credit card consumers valuable rewards above and beyond the cool factor of having their favorite team printed on their credit cards.  These football-oriented credit cards are scoring big with sports fans in every state.

The NFL Extra Points™ Platinum Plus® Visa®™ Credit Card from Bank of America has important features, which include:

•           No Annual Fee.

•           0% Introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.

•           A $50 NFLshop.com gift card after your first qualifying transaction(s) using your NFL Extra Points™ Visa® Credit Card.

•           100% fraud protection

•           Earn 1 Point for every dollar you spend in net retail purchases. Points are redeemable for NFL merchandise, tickets, and VIP passes to NFL experiences.

•           Online account access and Points management.

At a time when consumers are nervous about the uncertainty in the stock market, illiquidity in the credit market and the softening real estate market, one thing remains constant – sports fans love NFL football.  Historically, football has given its fans something to believe in and something to hope for, particularly during difficult economic times.   With the NFL Extra Points™ Platinum Plus® Visa®™ credit card, Colts fans can be reminded of their favorite team every time they open their wallets.  Real fans carry the card with pride.  Visit www.coltscreditcard.com to complete the credit card application online in just a few short minutes.

http://www.articlesbase.com/football-articles/indianapolis-colts-credit-card-nfl-extra-points-platinum-plus-visa-618427.html