Posts Tagged With 'Credit Card'

Do You Understand Your New Credit Card Agreement?

By Jasmine Pinschof  Dec, 16, 2011  

Last week we wrote about the U.S. Consumer Financial Protection Bureaus ongoing crusade aiming to simplify credit card agreements, even as the CFPBs own survey had found that consumers reported to be fairly satisfied with how the current, post-CARD Act, version is presenting the terms and conditions of these contracts.

As promised, the CFPB has now released its vision of a shorter, simpler credit card agreement and has posted it on its website for comments. Well, having reviewed CFPBs version and compared it to a generic agreement, my conclusion is that it is neither shorter, nor simpler, although it is made to look that way. Let me explain.

The bureau has split the credit card agreement into two separate parts.

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CitiBank Credit Card Offers – DEC 2011

By Jasmine Pinschof  Dec, 10, 2011  

Despite news this week of CitiGroup, the parent of CitiBank, slashing close to 5,000 jobs in the upcoming months, its credit card division continues to flourish. Blaming the cuts on unprecedented market conditions, it appears the conglomerate is banking on several new credit card offers, including the Citi Thank You card. Here are a few more of the current offers and promotions, courtesy of CitiBank.

This credit card offer comes with several perks, including 40,000 Hilton HHonors bonus points after spending $1,000 in your first four months of opening your account. Wondering what that equates to in terms of hotel stays?

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Reader Question – Does canceling a secured credit card effect crdit score?

By Oliver Dalrymple  Nov, 29, 2011  

Its QA time again. This one comes from Avacodo who is asking

If you start out with a secured credit card to build credit and you get your credit build up, and you are approved for a unsecured credit card. is it better for your credit score to cancel the secured card or should you keep it because its your oldest card?

Answer: 1. Ask if current CC company if they are willing to unsecure it (if you already have an acceptance offer for another CC, it may even be worth to mention that to them)2. If yes great. Also ask for a credit limit increase.3. If no keep it. Let it sit with a very small monthly balance. Use it to buy gas and food, small stuff. Accept the new unsecured credit card, establish it with 2 years of clean repayment history.4.

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Credit Card Offers Luring Subprime Borrowers Again

By Jasmine Pinschof  Oct, 13, 2011  

To the dismay of some, credit card companies are once again loosening their criteria for creditworthiness and are targeting those who have had credit problems in the past. In fact, in the first six months of 2011, banks across the nation issued 5.4 million new credit cards to those whose credit histories have taken a hit to the point of their being classified as subprime. Not only that, but this trend is expected to continue. So why are so many disgruntled with this news? After all, its these very markets that make the American economy go round, yes?

The reasons, or rather, the big reason, many banks are feeling a bit more generous in their approvals has much to do with the historically low charge off and delinquency rates.

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Q&A – How to transfer money from my Chase Credit Card to bank account?

By Oliver Dalrymple  Sep, 27, 2011  

Many of you might be asking this same question so Im posting with the answer here. Enjoy. The question is from Jake

I want to transfer money (about $200 or $300) from my US Chase Credit Card to an Indian Bank account. How can this be done? What are all the fees and what is the total? Btw, I am currently in India and I want rupees.I tried investigating on Google, ( believe me, for 2 days ) and the pages I found was VERY complicated, so please answer!

Answer: The APR to take out cash from your credit card are ridiculously high! I would contact chase bank and ask them. For instance, for me if I were to take out any money from my chase credit card I will have 25% APR on it Yeah, not worth it.

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Can’t Pay Off My Credit Card Debt

By Jasmine Pinschof  Sep, 21, 2011  

Although most Americans have credit card debt, some find that they are unable to pay off that debt. Fortunately, if you are unable to pay the debt that you owe on your credit cards you have several options.

There are three main options to assist you with paying off your credit card debt when you find that you are unable to do so by yourself: Consumer Credit Counseling, declaring bankruptcy or radical budgeting. Each option has drawbacks and benefits, and may be combined to best suit your needs.

Consumer Credit Counseling

Consumer Credit Counseling (CCC) is a service in which your credit card debt is combined into one, lump amount of debt, which you pay off simultaneously through a single payment.

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Chase Credit Cards Finding the Most Desirable Credit Card

By Oliver Dalrymple  Aug, 25, 2011  

Many consumers across the country have Chase credit cards. Chase is among the most well known financial institutions that offer credit to individuals. To acquire a credit card there is, of course, an approval process. There are several things you can use to boost your odds of acquiring a charge card from this financial institution.

Getting one of the many Chase cards is similar to getting any card. An application has to be submitted, no matter if its over the internet or by postal mail. Nowadays most consumers select the Web option, mainly because it usually lead to faster processing.

Obtaining a charge card from Chase really should be easy if you have a current overall credit score of at least 720 and without any serious flaws on your credit profile.

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Councils Charging For Paying Bills By Credit Card

By Michael McConachy  Sep, 27, 2010  

A consumer group has criticised a number of councils and local authorities for imposing surcharges for people who wish to pay tax bills or other costs by credit card.

‘Which?’ magazine, using Freedom of Information legislation, found that 55 councils in the UK are imposing additional fees for those who chose to pay by credit card, with 12 adding 2% or more to the cost of services.

Two councils were also found to be charging for debit card transactions, which attract a much lower fee for the retailer than a credit card transaction.

Bath and North East Somerset Council were named amongst the worst culprits, imposing a surcharge of 3% on council tax payments, planning applications and many other services, if a credit card is used.

Credit card companies impose a fee on retailers, known as merchants, for handling a credit card transaction and it is that fee that councils claim is the reason behind these charges. The

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