Writing “Ask For ID” on the back of your credit card isn’t an unimpeachable guarantee of security, but it could be the last line of defense between you and a fraudulent charge. Invoking perilously flawed logic, the Boston Globe argues: “the cardholder gains nothing by not signing the card or writing in ‘See ID’ on the signature panel.” Let’s dismantle this nonsense piece by piece.
credit cards
By 4.25.08
../../../..//2008/04/25/american-express-profits-fell-6/
American Express’ profits fell 6% as more Americans defaulted on their credit card debts. [NYT]
4 Hints For Getting Your Ticket Money Back When The Airline Goes Bankrupt
By 4.25.08
We got passed a communique from the Fiserv debit-card processing company to its clients that offers some insights for consumers concerned about getting their money back if they have bought tickets on an airline that has gone bankrupt (as several have recently). Here’s the takeaways:
- Chargebacks can be filed on all tickets, whether they were purchased directly from the airline or from a third-party
- You don’t have to take a replacement flight offered by another carrier if you don’t want to
- You have 120 days from the date of expected travel to file a chargeback
- Depending on merchant policy, travel insurance may be transferable or redeemable
(Thanks to mac-phisto!)
10 Ways To Save Real Money
By 4.25.08
The champagne is dry and crusty, and all the hundred-dollar bills used to light cigars have crumbled into ash. It’s time to tighten our belts and get real about spending less and saving more. Here’s 10 ways to save some serious cash…
IHOP Threatens To Call The Police Because You Refuse To Show ID With Credit Card
By 4.23.08
I went to IHOP(INTERNATIONAL HOUSE OF PANCAKES) on March 30th with my wife to eat. After our meal I went to the counter to pay and presented my Visa as payment. I was asked for photo ID, and kindly declined. I was then told that they were not going to be able to accept my card without photo ID.
5 Credit Card Scams To Beware
By 4.23.08
Completely fictional companies pass these charges onto people’s credit card bills and bank accounts and cellphone bills. The processing companies just pass them on and it’s up to consumers to monitor their bills and dispute the charges. So the fake company is just very nice about canceling all the charges from the people who complain, and then they rake in from all the people who don’t check their bills close enough.5. “Cramming”
Completely fictional companies pass these charges onto people’s credit card bills and bank accounts and cellphone bills. The processing companies just pass them on and it’s up to consumers to monitor their bills and dispute the charges. So the fake company is just very nice about canceling all the charges from the people who complain, and then they rake in from all the people who don’t check their bills close enough. [More]
Postal Worker Steals Your New Credit Cards, Goes On Shopping Spree
By 4.22.08
Police have arrested Paul Hank, a distribution clerk at the Smithtown, NY post office, after he stole credit cards from the mail and went on a shopping spree, says Newsday
Man Sentenced For $3.6 Million Credit Card Fraud
By 4.21.08
A Californian named Andrew Michael (not pictured at left) was sentenced to four years in federal prison last week for scamming Citibank and credit card companies by fraudulently applying for an $8.5 million commercial line of credit—some $2 million of which he spent on personal goods for himself, including “170 troy ounces of silver, 479 tubes of gold flakes, [and] a Rolex watch.”
Consumers Finally Allowed To Speak Out Against Abusive Credit Card Practices
By 4.19.08
Consumers were finally allowed this week to testify in favor of a proposed Credit Cardholders’ Bill of Rights without being forced to sign waivers allowing their creditors to release private financial records to the public. The three cardholders who testified lambasted their credit card companies for penalizing them even though they abided by their cardholder agreements.
Banks Canceling All App-O-Rama Player's Credit Cards?
By 4.17.08
Are credit card companies cracking down on “app-o-rama” (AOR) gamers, those folks who do a slew of credit card applications at the same time for to get as many bonus offers, credit lines, and 0% balance transfers as they can? After some of these FatWallet forum members did an AOR, all their credit cards were closed with one bank. For one guy, stook2001, this meant five new Citicard credit card accounts as well as three already existing Citicard accounts in good standing. The only reason given for the closing was the number of inquiries on his credit report. AOR thrived when credit card companies were throwing all sorts of enticing promotional offers in a desperate drive to get more customers. Now that credit card defaults are rising and credit card companies are trying to get rid of customers that might end up as liabilities, AOR could be just as on its way out as a no-doc stated income interest-only option-ARM mortgage.
It's Impossible To Cancel Arcot's SecureCode On Your Mastercard
By 4.17.08
Be wary of Arcot, a credit card security company that’s devoid of customer service.
Nels had to sign up for Arcot’s SecureCode to complete an online purchase. Now he wants to cancel it, but can’t find anyone at Arcot who can help him. The web pages he’s sent to are dead ends, and he left messages with Arcot’s executives that were never returned.
Paying Off $9,482 Debt In 5 Months
By 4.16.08
FatWallet forum member NewNole2001 details how they just finished paying off $9,482 in credit card debt. Here’s how Nole did it:
Follow-Up: Citibank Steps In, Forces Sears To Remove The $1070 Charge
By 4.15.08
Tom just sent us a follow-up to yesterday’s post, and it’s good news:Score another one for The Consumerist! This morning I contacted Sears’ Executive Customer Service Department. They attempted to contact the store manager on my behalf. I stress “attempted” because they were hung up on too.
Watch Out For Scammers Pretending To Be Your Credit Card Company's Fraud Department
By 4.15.08
This should have been one of the first things your parents told you about avoiding scams, but in case they were busy watching TV or something — here you go:
Citicard Exec On Ending Universal Default: "It's Like Telling People You Stopped Beating Your Wife."
By 4.14.08
I was talking to a high-up marketing type person from Citicards recently and she wanted to know what Consumerist readers were complaining about with regards to the little plastic devil she pushes. She told me how Citicards had recently stopped doing Universal Default, which is where if you’re late on your payments with one creditor, other creditors get to treat you like you defaulted with them and spike your APR. She said she was personally appalled after finding out that her company had the policy in the first place, but then struggled with how to tell customers about it, because, she said, “It’s like telling people you stopped beating your wife.”
Sears Refuses To Refund $1070 For TV They Never Delivered
By 4.14.08
Update: one day after being posted here, the issue has been resolved. Sears strikes again! They sold Tom a TV for $1,070 on Black Friday last November. “Of course, it wasn’t in stock but they assured me that they could order it,” he writes.
Raleigh Restaurant Requires Credit Card For Reservation, Then Charges $20 Per Person Who Doesn't Show
By 4.14.08
It’s common for restaurants to not seat a party until everyone has arrived, but here’s something we’ve never seen before: requiring a credit card to make the reservation, then charging $20 per person who doesn’t show up—but still refusing to seat an incomplete party. When Matthew tried to get his party of ten seated without two of the people—basically saying he’d pay the $40 to get out of the bar and at a table—management refused. We think this restaurant doesn’t like its patrons very much.
