9 big credit card myths [MSN Money] “What you don’t know could hurt you.”
credit cards
Sneak Peek Of BillShrink.com's New Credit Card Comparison Tool
By 6.18.08
Billshrink.com is going to bring a never-before-seen level of transparency to consumers looking for the best credit card offer. Think of it as a turbocharged dashboard for navigating the credit card market. The site launched earlier this year as wireless plan comparison service, but with personal debt at record highs and personal savings rates at record lows, the credit card vector is potentially even more important and useful tool. I sat down with CEO Peter Pham yesterday as he showed me the actual website in action.
Bank of America Gives 6-Year-Old A Credit Card
By 6.17.08
Didn’t you hate not having access to credit when you were 6? Today’s kids don’t have to suffer like you did. Meet Bennett Christiansen of Aurora, IL. He’s got a shiny new Bank of America credit card with a $600 limit.
Stop Spending By Freezing Your Credit Card In Ice
By 6.16.08
If you have trouble controlling the amount and frequency of your credit card purchases, try putting your credit card in a glass of water and putting it in the freezer. This makes it so every time you want to use your credit card, you’ll have to wait for the credit card to melt. By the time the ice has thawed, your desire to impulsively purchase may have evaporated as well. I read about this in Predictably Irrational; Dan Ariely called it, “The Ice Glass Method.” Apparently, it doesn’t ruin the credit card, although it will if you try to microwave-defrost it. This method is probably only good for people who do their shopping sprees in-person. Online shopaholics would just look through the ice.
Why Are Gas Stations Charging More For Credit Card Purchases?
By 6.15.08
Yechial wants to know why his Chase BP Visa card, which offers 5% rebates on gas purchases, costs him more to use at BP stations than if he pays with cash. He asked a BP station owner in Pennsylvania about this and the station owner told him it was because credit transaction fees had gone up—”When I told him that I would report his station to BP and to Chase Bank, he said, ‘Screw you! I don’t care, report me. They are the ones charging us more money for the transactions.'”
Mastercard Says Merchants Can't Require Additional ID, Except In Specific Circumstances
By 6.13.08
A MasterCard spokesperson has confirmed, just like we’ve been telling you all along, that a store cannot refuse to sell you something solely because you refuse to provide additional identification along with your MasterCard. The only time it’s ok is if it’s required for shipping, or when you’re at a gas pump or making orders via internet, phone, or mail, in which case they can use the MasterCard Address Verification System (AVS). But if you’re in a store, right in front of them, in the flesh, it violates their MasterCard merchant agreement. Consumers experiencing this can fill out a Merchant Violation form found in the FAQ/Contact US part of Mastercard.com. Full statement, inside…
Angry Capital One CSR Closes Account For Asking Too Many Questions, Then Hangs Up On Customer
By 6.13.08
When I asked for more details, the representative (who sounded like he was from India), took vengeance on my account and told me he was closing the account and that there was nothing I could do. When I asked for his manager, he said “There is nothing he can do, the account is closed.” —CLICK— And that was the sound of him hanging up the telephone.
Discover's Speed-Reading Sales Technique Means You Can Get To "No" Faster
By 6.5.08
A zealous Discover rep tried to get Richard to sign up for a “protection program” by speeding through the details of the agreement as fast as possible—you know, the fine print part that makes it clear you’re agreeing to a paid service. When Richard made it clear that he wanted to hear the details again and that no, he hadn’t agreed to anything, the rep hung up on him. Discover, maybe you want to have a talk with your reps about their sales techniques.
By 6.3.08
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“Maybe a whole generation will wake up and realize that collecting points on your Discover card doesn’t make you rich.” – Dave Ramsey. [TIME]
7 Tips On Using Credit Card Rewards Programs And Avoiding Rip Offs
By 6.3.08
Whether it’s because of frequent flier miles that are impossible to redeem, overly complicated terms and conditions or reward credit cards with high APR’s, credit card reward programs are usually a rip off, according to CNN Money. Consumer Reports says that about 85% of American households participate in at least one rewards program which encourage consumers to spend more money but often turn out to be more trouble than they’re worth. To help you wade through the confusion, Consumer Reports has assembled 7 tips to help you make postive use of credit card reward programs. The list, inside…
New Car? Put It On The Credit Card
By 6.1.08
Why should dealers tell you what you can and can’t charge to your credit card? Cars represent a jackpot of credit rewards that every consumer is entitled to collect. There’s nothing stopping from charging your new car straight to your credit card, if you storm the dealership armed with the right tools…
Today Is The Last Day To File A Claim In The Credit Card Foreign Transaction Fee Class Action
By 5.30.08
If you were planning on filing a claim in the credit card foreign transaction fee class action, today is the last day to do it.
Another EECB Scores Direct Hit On Best Buy And HSBC, Saves You $180
By 5.29.08
EECBs are scoring direct hits on HSBC and Best Buy. Reader Chad was having the same problem with his Best Buy credit card that reader Jason wrote in about. After he saw Jason’s successful EECB he launched one of his own. Reade Chad’s letter and Best Buy’s response inside.
Former Time Warner CSR Arrested For ID Theft
By 5.28.08
A woman in Cincinnati was arrested this week and charged with two counts of identity theft and two counts of theft, for allegedly stealing the credit card information of a customer who was paying a bill in November 2007. Time Warner fired her when the investigation started and it appears no other customers were affected, but it’s a good reminder to stay on top of your credit report at all times.
Bloomingdale's Sends You To A "Collection Agency" Over $5.00
By 5.28.08
Reader Haven accidentally underpaid a Bloomingdale’s credit card bill by $5, and so it was off to the collection agency…
Reservation Rewards Infects eCost.com
By 5.28.08
Reader Jared reports that another online business that has hooked up with the bogus Reservation Rewards membership club is eCost.com. Watch out for a popup at checkout that asks you if you want to save $10 off your next purchase. If you select it, the small print signs you up for Reservation Rewards crappy deal club and starts deducting $12 from your card every month. The good news is that if you call up, they will remove the charges very quickly, because they know it’s shady and what they don’t want you doing is actually complaining to your credit card company, bank, or someone else that might get them in trouble.
