After a reader noticed that Mastercard’s Merchant Violation report form for consumers only let you put in 100 characters even though it said you had 5,000, we wrote a post about it (in addition to using the form itself to report the error). Now Mastercard has informed us that they fixed it, and indeed it passes our test. Finally, “As a point of reference, consumer questions and issues can be raised on our Twitter page at @MasterCard, as well as the web forms,” the MasterCard rep pointed out via email. That’s right, there’s now at least two ways to talk to MasterCard using over 100 characters. [More]
personal finance
"Bump The Bonus" And Get More Airline Miles For Free
By 5.17.11
One way to build up frequent flyer miles quickly is to apply for several of the credit cards that give bonus miles for signing up. You buy stuff you were going to buy anyway and meet the minimum spend requirement, get the miles and move on. But then a while later you notice that the same credit card is offering even more miles for newer applicants. Curses! Instead of despairing, though, The Frugal Travel Guy Rick Ingersoll says you should call the credit card company and ask them to increase the bonus miles they gave you to the new level. [More]
Personal Finance Roundup
By 5.17.11
Need Job? Try Church. [Wall Street Journal] “Across the nation, local churches and other religious organizations have stepped up their recession-busting efforts with free career workshops, résumé clinics and networking functions.”
The ROI Of An MBA [Ask Men] “Choose wisely and you’ll be making the best investment of your life.”
5 things to know about your 401k [MSN Money] “It pays to understand all the details of your company’s plan so you maximize your savings.”
Dave Ramsey’s 12% Solution [Bucks Blog] “Particularly troubling are his statements about the potential returns to be had by investing in the stock market, and his recommendations on how much retirees can safely withdraw from their nest eggs each year.”
3 New Retirement Rules You Can’t Ignore [US News] “Make sure you are aware of these changes in order to adequately prepare for retirement.”
Mastercard's Merchant Violation Form Only Accepts 100 Characters
By 5.16.11
I guess Mastercard has gotten tired of hearing long-winded consumer complaints about stores breaking their merchant agreement with them. The form on their website where you’re supposed to make complaints says that you can use a max of 5,000 characters, but when you actually go to type something in, it won’t let you enter in more than 100. Perhaps they would rather consumers tweet their complaints? [More]
Do VIP's Get Privileged Treatment From Credit Bureaus?
By 5.16.11
NYT reports that the three major credit bureaus each keep a special VIP list of important people who are given preferential treatment when fixing their credit reports. The list has the names of celebrities, politicians, judges and others on it. When they have errors on their reports, they are fixed by employees who work in America, and fixed swiftly. The rest of us get our requests shunted overseas to be dealt with in a cursory manner. [More]
Debt Collector Evaporates At First Sign Of Resistance
By 5.16.11
Ryan shares with us his consumer kicking booty story of how he got a debt collector to run off with their tail between their legs. It sounded like an amazing deal. He got a letter from a debt collector telling him that they represented AT&T and would cut him a special break and settle for only $69.30 instead of $693.30. Wowzers! Problem was, he didn’t owe AT&T any money at all. [More]
Save Money On Groceries By Avoiding Baskets, Carts
By 5.14.11
If your cupboards are anything like mine, they’re filled with food you have no intention of eating anytime soon and enticing snacks that you wish weren’t there. The reason you’ve got too much food is you were able to mindlessly toss too many extra items into your cart or basket. [More]
How Long Could You Survive On $50?
By 5.14.11
Although poverty isn’t much fun, it can be entertaining and informative to impose severe restrictions on spending for a short period, just to see what you’re made of. [More]
Credit Cards Pitches Return To Campus
By 5.13.11
Despite being largely banned by the CARD act, credit card issuers have figured out how to get around its provisions and still reach college kids, reports WSJ. Here’s what they’re doing: [More]
Visa Developing "One-Click" Payment System
By 5.12.11
Visa announced that they’re working on a “one-click” payment system that would make it easier for consumers to shop online without having to enter their credit card and billing information over and over again. [More]
Never Pay A Debt Collector The Full Amount
By 5.12.11
The dirty little secret of debt collecting is that most of them are not working directly for the original company you ran up the debt with. They’re an outside third party and they bought your debt for pennies on the dollar. The debt collector’s goal is to get the most money out of you for the least amount of effort. This means all you have to do to make this calculus work to your advantage is settle with the debt collector for around the same price he paid to buy your debt. So start low. [More]
Michaels Debit Card Breach Not Just In Chicago, But Across 20 States
By 5.12.11
Last week we told you about a debit card breach found in Chicago area Michaels arts and craft stores. This week, the Chicago Tribune says that the impact is much more widespread than thought, as it turns out that actually, thieves stole debit card info at Michaels in 20 different states. [More]
Jim And Pam Get A Money Makeover
By 5.10.11
Jim and Pam Halpert, the beloved and relatable couple from The Office, could be in financial trouble. Not because DeAngelo Vickers decided to make them head janitors — what wacky office dynamic upset will that guy think of next?? — but because they got married, had a baby, bought a house, and changed their job descriptions, they are in need of a serious money makeover. Over at Bankrate, a certified financial planner takes on the profile of these two fictional characters and gives them real money-saving advice. [More]
Class Of 2011 Have Most Debt Of All Time
By 5.10.11
Congratulations, graduating class of 2011. You’ve pulled all-nighters, subsisted on ramen for weeks, and worn pajamas to class, all to achieve the beautiful shining goal of a college degree. Add to that another distinction, one that probably won’t be mentioned during too many commencement speeches. You’re also graduating with the highest debt of all time, an average of $22,000 a person. Hope that business about a degree giving you a higher earning potential is true, because you’re gonna need it. [More]
A Tearful Breakup Letter To The Credit Card Company
By 5.10.11
Jon Acuff cut up all his credit cards and cancelled all his accounts. He thought was enough to end his relationship with his credit card company. But one of them wasn’t quite ready to move on. They sent him a letter that was oddly close to something a spurned lover begging for another chance might send. “They hadn’t heard from us in a while and just wanted to see how we were doing, writes Jon. “They promised that they’d change if we took them back. Things would be different this time.” That got Jon thinking that he should write a letter back in the same vein to give their relationship total closure. [More]
Personal Finance Roundup
By 5.10.11
Best Personal Finance Apps [Ask Men] “Apps can help us lose weight, stay on a fitness regime and, amazingly enough, get our finances in order.”
7 Biggest Money Mistakes College Grads Make [US News] “Whether it’s taking on too much debt or not enough, this year’s graduates are navigating a financial minefield.”
401k mistakes job-hoppers make [MSN Money] “If you’re not careful when you switch employers, you could run the risk of damaging your nest egg.”
Net Worth, Self-Worth and How We Look at Money [NY Times] “How you feel about money can have a significant impact on how you save, spend and plan for your financial future — not to mention on your overall mental and emotional well-being.”
Six Tips to Getting the Best Deal on Your Rent [Wall Street Journal] “Six tips for getting the best deals.”
Bank Of America Testing Letting You Choose To Overdraft Via Text Message
By 5.9.11
Bank of America currently rejects debit card items that would make your balance go below zero, but Finextra reports they’re going to test out a new system that sends you a text message when you’re about to overdraft. The message will give you the option to let the transaction go through and incur an overdraft fee. [More]
Luxuries That Aren't Worth Giving Up
By 5.8.11
Highly frugal people can fall into the trap of sacrificing quality of life in exchange for saving money for no definable purpose. On the other hand, it’s also easy to slip into self-destructive spending routines that harm you while providing diminishing returns in pleasure. Everyone has financial lines they won’t cross. [More]
