His name was “Erick,” and after earning respect and responsibilities at the Arco gas station he’d been working at for 8 months, he dissapeared, leaving behind only a hidden credit card skimmer that stole $300,000 worth of debit card info from reams of customers. Police believe that “Erick,” pictured, was a low-rank solider in an organized crime ring who had been given the assignment of working his way up the ladder at the gas station until he was in a position to place the credit card skimmer, a type of con known as the “model employee” scam. As a shopper, protect yourself from skimmers by only using cash, credit cards, or swiping your debit card as credit. [More]
credit cards
Shortchanged By Verizon's Rebate Card
By 7.16.09
Late last year Verizon started replacing its rebate checks with Visa debit cards. You use them as you would debit cards, only without having to tap in a PIN. Long story short — after using one of these cards I’m convinced they’re part of a scam meant to let Verizon and/or Visa skim pennies off the tops of rebates owed to customers because once there’s only chump change left on your card, you can apparently no longer use it.
How Credit Cards Are Getting Meaner
By 7.15.09
What’s going on inside the minds of credit card companies now that the CARD credit card reform act is coming down the pike? A customer service supervisor for a major credit card company emailed us to give us the low-down: reduced grace periods, cutting credit lines, increased fees on balance transfers, and, of course, jacked up APRs. Here’s the details:
Nice Letter Gets 29.99% APR Down To 12.24%
By 7.15.09
David paid his credit card one day late, one time, and Chase immediately jacked his interest rate from 12.24% to the default rate of 29.99%. He called customer service and was told he need to pay on-time for 6 months before he could get it reduced. 6 months later he calls back and now they tell him it’s 12 to 24 months. A supervisor confirmed this. Say what? That’s what he said, and so he wrote Chase a letter, and it got some serious results:
Man Can't Track Down Phantom Circuit City/Chase/Best Buy Credit Card
By 7.14.09
Ah, the perils of having a credit card issued by an electronic store that dies a slow, painful death, only to come back, haunt you and resist all attempts at seances and exorcisms.
Chase Cancels Your Credit Cards With No Notification
By 7.13.09
If you have any Chase credit cards, call to make sure they haven’t been canceled out from under you with no notice. Huh? Are credit card companies allowed to do that? Don’t be silly. Of course they are.
Beware The Costco And American Express Membership Fee Double Dip
By 7.13.09
Last week we mentioned that Costco has a habit of backdating the starting date for lapsed membership renewals, which prompted Monica to write in and let us know of another issue they seem to have with billing. If you renew your executive membership with Costco but then apply for the Costco American Express card, Amex will charge you the membership fee a second time. Monica says the Amex CSR who fixed the problem told her it happens all the time.
7-Eleven Asks Consumers To Help Fight Credit Card Companies
By 7.11.09
7-Eleven plans to serve up your next Slurpee with a petition to Congress protesting unfair credit card fees. No, the fees aren’t unfair to you, they’re unfair to 7-Eleven. The vendor of last resort is mad about interchange fees, the fees banks charge merchants for accepting a credit card payment. The recent credit card legislation signed into law protected consumers from rate increases, but stayed silent with regards to interchange fees.
Don't Put These Items On Your Credit Card If You Can Help It
By 7.9.09
A few months ago, we reminded you that your credit card company is building a psychological profile of you. But what about a short, convenient list of things that get credit card companies‘ notice? Marketplace has you covered.
15 Ways To Protect Your Money While Traveling
By 7.4.09
Bankrate shares 15 tips to protect your stash of cash while traveling abroad. Before leaving, strip down your wallet to the bare essentials, including a backup credit card, and make copies of all financial documents. While abroad, stash the copies and the backup card in your hotel safe, and take common-sense precautions like sticking to legitimate bank ATMs, and avoiding crowds. Hit the link for the rundown of all 15 tips.
Have Your Say About Credit Card Reform
By 7.1.09
We’ve been keeping you posted about the progress of credit card reform, and sharing stories of readers who have already been affected by credit card companies‘ policy changes. Now the nice folks at Consumers Union want to hear about what kinds of stunts credit card companies are trying to pull on their customers. Won’t you share your stories with them?
Credit Card Companies Return To Soliciting Children, Household Pets For Cards
By 7.1.09
I’m pleased to announce that the credit crunch is officially over. I’m basing this on a credit card solicitation sent to a Mr. Lazarus H. of Iowa. Lazarus, pictured at left, is seven years old.
Here Comes The Consumer Financial Protection Agency!
By 6.30.09
Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: “The agency will have only one mission—to protect consumers.” And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency.
Psht, Bank Of America Doesn't Need Your Consent To Give You A Credit Card
By 6.29.09
Hector didn’t know whether or not he was going to accept Bank of America‘s offer of a new credit card with a $3,500 limit, so the bank made his decision easy by issuing the card without his permission. When Hector discovered the surprise credit line, he called Bank of America with two requests: explain how they could open a new account without his consent, and keep the account open until he could figure out the new line’s impact on his credit score. Of course, without a peep, Bank of America immediately canceled the new credit card, leaving Hector wondering what might happen to his credit score…
Warning From My Dad: Beware The Minimum Payment Hike
By 6.29.09
My dad (not pictured) is one of those guys stuck on an endless credit card treadmill, pretty much maxed out to the hilt and able to cover monthly minimum payments but not much else.
Be Your Own Financial Regulator
By 6.26.09
Any sort of federal agency to protect consumers from abuse from the financial industry is months, or possibly years, away, notes Linda Stern of Reuters. That’s why you shouldn’t depend on such an agency to protect you in the meantime. In fact, you can take her advice and use it no matter what happens at the federal level.
"Chase Hiked My Minimum Payment To 5 Percent!"
By 6.25.09
Chase just notified Greg that they’re more than doubling his minimum payment requirement. Because he and his wife are carrying such a large balance due to a promotional balance transfer offer a few years ago, this pushes their monthly payment to nearly $1,000.
Study Of Credit Unions Indicates CARD Act Will Benefit Consumers
By 6.25.09
Two Harvard doctoral students in economics compared how credit unions and banks operated their credit card divisions, and concluded that the recent CARD act “is likely to bring about moderate, and even positive, changes,” as banks begin to emulate parts of the fairer business model of credit unions. Specifically, they say, all the doom and gloom from the banking industry about how consumers will get shafted by the new rules is mostly fearmongering.
