College Credit Card

College Student Credit Cards – Free Information and Tips from Leading Website

CreditCardAssist.com offers a service providing free information, advice and tips for students on how to college student credit cards to their advantage.

(PRWEB) June 20, 2006 -- With tuition to pay, food to buy, rent due and a part-time job, college students know how difficult it can be to make ends meet. That’s why college student credit cards ( http://www.creditcardassist.com/student/creditcards.html ) can be a nice option for students trying to make it through post-secondary education. Since getting the most out of a credit card can be confusing, a whole host of free information, tips and advice on college student credit cards are available at CreditCardAssist.com.

Many college students are new to credit cards and credit card debt and that’s why credit cards for college students are becoming more and more popular. For one thing, young people don’t usually have a credit history. This makes many financial institutions reluctant to give them other types of credit cards. Fortunately, college student credit cards are available to high school and college students everywhere.

College credit cards are a good and often necessary option for many students, but they are less likely to come with other perks and bonuses such as cash back rewards and airline miles. Even though these credit card rewards may not be available to students, they should investigate them anyway. Low annual fees, low interest rates and added rewards or rebates can make all the difference to a person when it comes to their credit card.

Even though college credit cards can ease the minds of students, buying groceries when money is tight or purchasing much-needed school books, they can also cause additional stress. A few beers charged one day and some rollerblades charged another and the credit card can be easily maxed. It doesn’t take long for credit card spending to get out of hand.

People who have never used a credit card need to be aware of the pitfalls associated with credit card debt. Unknowingly or irresponsibly accumulating a negative balance can result in years and years of credit card debt that can long outlast many other types of student debt. Also, poor management of one credit card can affect a student’s financial future.

Students who neglect to pay the minimum payment on their college credit card can quickly develop a bad credit rating that will prevent them from obtaining future credit cards, lines of credit and other funds. On the bright side, students who regularly make their minimum payments on time will develop an excellent credit rating that will help them venture into adulthood, start a small business, buy a car or buy a house.

The best way for students to build favourable credit ratings is for them to spend regularly on their student credit card, but to pay the balance off each month before it has a chance to roll over. This is a good habit to get into and prevents people from learning to spend more money than they earn.

Even though credit cards can be misused, they are important part of every lifestyle, whether it is used to buy textbooks, book a hotel room or to fix a vehicle in an emergency. They provide peace of mind and can teach people how to manage their finances.

Students can learn everything they need to know about getting their first college student credit card at CreditCardAssist.com.

CreditCardAssist.com, based in Los Angeles, provides a wide variety of free information, tips, and advice on college student credit cards as well as many other types of credit card offers. For more information, visit the company's web site at http://www.creditcardassist.com

© Copyright 1997-2006, PRWeb®. PRWeb is a registered trademark of PRWeb International, Inc.

posted by News at 3:54 AM

College Student Credit Card

If you ignore paying credit card, the bad news will not go away

By Steve Bucci, bankrate.com
July 23, 2006

Dear Debt Adviser: I am currently a college student working toward my master's degree. Last summer, I was offered a credit card with a somewhat large limit ($2,500). Well, unfortunately, I managed to max it out by the end of the summer because I had a job at the time and thought I could pay it off.

When school started, my income became very limited. I only had money to pay for rent and food, nothing else. As a result, I let the credit card go and have never really answered the creditors' phone calls. A couple days ago, a new phone number started calling me and I think they sold my debt to a collector. I do not know what to do. Right now, I could only afford to pay $50 a month at the most. I am so confused and feel so helpless. Please help me.

Ventura County Star
P.S. I will never do this again. I definitely learned my lesson. Thank you. — Jess

Dear Jess: When I first began giving credit and debt advice, I coined a phrase. At the risk of having my wife roll her eyes, let me pass it on to you: "Debts, unlike wine, do not improve with age." Your letter is an excellent example of this premise. In fact, usually the problem just gets worse. In your case, the amount that you owe continues to grow each month with interest charges and fees due to the fact that you are not making a payment.

One common misconception is that once you stop making payments on your credit card debt, and it is written off or is turned over to a collection agency, any applicable interest charges and fees on the account stop. That is incorrect. The terms for the account remain in effect when the debt is sold to another company.

So the balance on the account is accruing interest each month and most likely a late payment and over-the-limit fee each month. By ignoring the debt, you now owe more than the original $2,500 balance, probably a lot more.

For all practical purposes, this debt will not go away. Some people might tell you there is a statute of limitations on debts, and there is. However, if you are planning on living a normal life between now and the expiration date of the debt, which may be years away, then you have to deal with it. That means dealing with the collector. As difficult and painful as it might be to deal with your collector now, it will be better and cheaper than waiting for a court summons and dealing with it then.

Here's my advice: First, figure out how much you can afford to pay back each month. Don't just use your current income and expenses. Try to free up money by cutting back and add to income with a part-time job or some other work. Consider selling some stuff to get a decent good-faith down payment in hand. Next, call the collector and agree on a repayment plan. Be careful not to over-promise just to get off the phone. Get your arrangement in writing to be sure that you both understand it.

Keep in mind that collectors have to follow rules. One rule is that they cannot use abusive language on the phone. If you are unable to reach a workable solution with the collector, I would suggest that you call the original credit card issuer and try to work with it directly. If this fails, contact a reputable credit counseling agency and let it help you resolve the situation.

Tackling the problem instead of ignoring it will alleviate your feelings of helplessness and you will feel much better about the situation.

Good luck!

P.S. I'm glad you have learned your lesson. As financial problems go, this is not a big matter. How you handle it is.

— The Debt Adviser, Steve Bucci, is president of Money Management International Financial Education Foundation and the author of "Credit Repair Kit for Dummies." Visit http://www.moneymanagement.org or call 1-877-311-2227 for debt advice.

2006 © The E.W. Scripps Co.

College Student Credit Card Advice

posted by News at 4:01 AM

Airline Credit Card

This is a charge that will be seen at Air France soon as well. Watch for other Euro-carriers to do the same. Credit card charges have been identified as a next item for the airline's distribution cost controls. Credit card firms are going to get squeezed.

Note that no charge applies to wire transfers. As soon as airlines figure out a way to enable online bank-to-bank transfers via their websites, credit card transactions are going to see even higher fees. Airlines are going to break out every cost they used to swallow - either the sales channel will have to eat the charges (like travel agents) or the travelers will have to pay them. Ultimately, of course, the traveler pays. However, as the web has shown, travelers learn fast. Streamlined transactions are coming because the traveler will not pay a dime more than necessary. And many costs in the distribution chain are simply unnecessary.
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KLM will introduce a charge of 7.50 euros ($9.46) for credit card bookings made in the Netherlands of its cheapest economy class fares, it said on Monday. The per-passenger charge applies only for bookings made directly with KLM, including Internet bookings, on European and intercontinental flights, the airline said in a statement and reported by Reuters news agency. KLM will simultaneously on August 1 introduce a new payment method for Dutch customers, allowing them to pay by a wire transfer without extra charges. KLM said the charge was necessary because the costs of credit card payments were too high in relation to the cheapest economy class fares.

Airline Credit Card

posted by News at 4:00 AM

O Interest Credit Card

O Interest Credit Card

Spending begins at home as temperatures soar
24 July 2006

As Brits across the country become accustomed to temperatures more befitting the Continent - with Wednesday 19th the hottest ever July day in England – Halifax Credit Cards' statistics reveal that our spending patterns have also taken on a more 'Mediterranean' feel.

While the temperature has steadily climbed in the past week, Halifax credit card statisticians have also noted a spending surge relating to entertaining at home or enjoying our gardens.

Heatwave Credit Card Spending Trends:

The proportion of credit card expenditure on food and drink for home consumption increased by 7% last week, with expenditure on eating out also up (3%).

The proportion of credit card spending on home and garden improvement also rose by 5%.

The level of credit card spending on holidays and travel reduced by 5%.

Eating out takes on new meaning

The proportion of credit card spending on food and drink for home consumption rose by over 7% in the space of a week – suggesting that dining al fresco and bringing out the BBQ were the order of the day. The percentage of transactions made with credit cards for eating-in was similarly up 8% - meaning we have been spending more often as well as spending more on this type of purchase.

The number of credit card transactions used for eating-out (e.g. bars and restaurants) also increased by 4%, as did the amount of money we spend on eating out (up by 3%) when comparing the week commencing 15th July with the week commencing 8th July.

There's no place like home…when it's hot

Similarly, the amount we spent on our credit cards on home and garden improvement saw a significant 5% rise in the space of a week – as we rushed to garden centres and DIY stores to get our gardens ship shape for enjoying the sunshine. The volume of home and garden transactions increased by 6% over the same period.

Spending on holidays and travel fell-off by 5% in the third week of July as the temperatures soared and thoughts of far-flung exotic destinations were banished.

Back to Nature

The flip side of our new-found love of everything outdoors was a noticeable dip in credit card spending on other areas.

Spending on household items (e.g. carpets and furniture) using a credit card reduced as a proportion of overall credit card spending – by 15% - and the number of transactions for this type of purchase saw a similar trend.

Shopping for new clothes also seems to have been further from our minds while enjoying the sunshine. The amount we spent on clothing was 7% less in the third week of July than in the previous week.

Ian Larkin, head of Halifax Credit Cards, comments: "We Brits like to make the most of every minute of sunshine we get and a week of unprecedented temperatures seems to have sent us all dashing out to make the most of it."

"However, it is worth checking that your credit card offers a competitive rate before you splash out. The new Halifax One Card offers 0% for nine months on purchases as well as balance transfers which means your summer treats will be interest free until winter has been and gone."

Copyright © 2004-2005 Easier Media Ltd. All rights reserved.

posted by News at 3:59 AM

Best Credit Card Rate

THE Department of Trade and Industry is to launch a stinging attack on the credit card industry for sending out millions of unsolicited credit card cheques every month to consumers without adequate warnings about charges.

CREDIT & LOAN TOOLS

* DEALER FINDER: Loans
* DEALER FINDER: Credit cards
* TiM LISTS: Best value credit cards
* GUIDES: Credit & loans

It is expected the DTI will demand clearer labelling of interest rates and fees as well as greater information about the way the cheques work. But it is expected to resist calls to outlaw the unsolicited mailing of cheques.

The DTI's report, which could be published as early as this week, is in response to fierce criticism of credit card cheques by the Treasury Select Committee, chaired by John McFall. In December 2003 the committee recommended clearer, standardised labelling of interest rates and charges on cheques. But in February last year, McFall attacked the card providers again, saying 'consumers deserve a better deal'.

Credit card cheques are often sent under the pretence of making it easier for people to pay bills. Some offer cardholders the chance to consolidate loans or other card debts on one card. The worst culprits entice borrowers by saying the cheques can be used for a dream holiday or home improvements.

But unless consumers read the small print they will be stung by interest rates far in excess of those on their credit card account. The cheques also have additional handling fees of up to 2.5%.

Most major credit card companies, including Barclaycard, Capital One and MBNA, regularly issue cheques to cardholders. Typical interest rates charged are about 21% (see above), almost five times higher than the rate at which the banks borrow from each other and about 40% higher than the typical rates on credit card borrowing.

Halifax, with 5.5m cardholders, has one of the highest charges - up to 22% - for cheques linked to its popular One credit card, which has a rate 15.9%. HSBC charges up to 22.4% on its cheques, though it does not send them out unsolicited.

Worryingly, recent research by online comparison service uSwitch shows that one in three credit cardholders does not know the interest rates charged on the cheques.

Worse still, cash drawn on a credit card cheque is usually treated as a cash advance and so interest racks up as soon as the cheque is processed.

Consumer lobby group Which? says it will be disappointed if the Government stops short of banning unsolicited cheques. Mike Naylor, principal researcher at the organisation, says: 'The issues with credit card cheques are as bad as ever. If consumers receive them in the post they should rip them up. They do not represent good value.

'If someone wants to use a cheque they should have to request it from their provider and be told the rates charged and the terms of use. With consumer debt at record levels, it is worrying that card companies are behaving so irresponsibly.'

Naylor adds: 'Which? would like to see interest rates and charges printed prominently on the cheques or the cheque stub so consumers are in no doubt how much the extra borrowing will cost.'

© 2006 Associated Newspapers Ltd


Best Credit Card Rate

posted by News at 3:59 AM

Credit Card Services

Selling unpaid debts offers buyers great potential for profit, and a lack of oversight lets some 'bottom feeders' cash in

By FRED O. WILLIAMS
News Business Reporter

Harry Scull Jr./Buffalo News
Debt collection lawyer Timothy Collins says debt sellers sometimes sell an account more than once.

Outsiders don't have to hack a bank's computer to get your account information. They can just buy it - cheap.

In Buffalo and around the country, banks and other creditors are selling unpaid debts on a new and wide-open market.

The buyers of bad debt say that they help consumers by offering better repayment terms than a bank.

But industry watchdogs say that sold-off accounts, free of lenders' oversight, provide a buffet for collection bullies.

"We call them bottom-feeders, companies that go out and buy up old debt for pennies," said Thomas G. Conway, chief of the Consumer Frauds Bureau at the New York State attorney general's office.

"We've seen an explosion of those type of companies and complaints resulting from those practices," Conway said.

Banks that hire strong-arm collectors can get yanked into court and have their image sullied. But when banks sell debts, they are free to turn their back on collectors.

After an expensive divorce, Harold Wood was trying to repay his debts when he got a shock: Three firms - one in California and two in Western New York - were collecting the same $14,000 credit card bill he ran up in 2002.

"I hit the total panic button," said Wood, a computer programmer from Long Island. He only discovered the triple-billing after a counselor urged him to check his finances.

Wood's unpaid account was sold by credit card issuer First USA, then passed around until it somehow got into the hands of multiple collectors, he said in court papers. Even after he told the collectors about the triple-billing, one of them withdrew $1,000 from his checking account, he said.

Timothy Collins, whose Amherst collection law firm is one of the firms that dunned Wood, said the dispute is hardly the first of its kind. "It does happen," Collins said. "Certain sellers will sell the same account to multiple parties." He denied wrongdoing, saying he relied on the debt buyer who hired him to have clear title to Woods' debt.



Debts are hot items

Selling a debt may sound odd, but it's a hot idea in the financial sector. Investors buy $100 billion a year in old credit card bills alone - plus more in bad checks, doctor bills and other obligations, industry analyst Kaulkin Ginsberg in Bethesda, Md., estimates.

"Virtually all major credit card companies sell portfolios," said Paul LeGrady, director of the research at Kaulkin Ginsberg. Debt brokers sell accounts from Chase, HSBC, Fleet, Bank of America and other major lenders. Buyers can bid over the Internet and download account information in minutes.

The accounts often include Social Security numbers, along with addresses and phone numbers. Buyers hire collectors to bring in the money or collect it themselves.

Most accounts cost less then 10 percent of the original debt, so the potential profit is high. Buyers expect to triple their money in five years, LeGrady said.

"You're actually helping people," said Johnny Williams, president of debt buyer Total Assets Recovery outside Dallas. One of his investors is a church that sees collection as part of its humanitarian mission. "What's appealing to these ministries, they can relieve the entire debt if they want to," Williams said.

Some debt buyers aren't so tender hearted. In 2004, the Federal Trade Commission shut down a collector called CAMCO that operated a hardball collection scheme with sold-off accounts.

The Illinois company bought years-old credit card accounts that originally came from mainstream lenders like Fleet, Citibank and First Card. The debts had been written off by others, but CAMCO squeezed money from them by threatening to put people in jail, seize their wages and take their homes. Some victims paid to make the threats stop even though they didn't owe money, the FTC said.

"The scale of this fraud is staggering," agency staff wrote in court papers. CAMCO had several hundred workers who generated millions of dollars and 2,000 consumer complaints in the eight months before it was unplugged.



Misusing account data

Collectors are supposed to safeguard account information, but CAMCO shows that collectors themselves can misuse the accounts they buy, never mind hackers and identity thieves.

In Western New York, a debt buyer called Account Management Services operated abusive collection offices under the guise of a law firm, Maine's attorney general charges in a lawsuit filed in Augusta. The collectors falsely threatened people with felony charges and the loss of their homes and tried to collect more than people really owed, the suit said.

Mark Bohn, president of Account Management Services of North America, said a unit of the company called First American hires law firms to collect debts but isn't responsible for their tactics. He also denied operating the collection offices, although his company does provide office space to some.

Bohn also denied permitting abusive tactics, saying they're bad for business. "If there's a violation, we can't collect the amount," he said. "The better [collectors'] compliance, the better it is for us."

Bohn's company buys debts totaling $2 billion a year in face value, he said. It usually pays about 3 cents on the dollar and expects to triple its investment over time.

"It's mostly credit cards, just about every major issuer," Bohn said. The company hires 150 collection law offices nationally, he said, including Collins' firm and several others in the Buffalo area.

Some retailers have sold debts for decades, but major lenders didn't join in until the 1980s, when the savings and loan bailout created a market for unpaid loans. After the bailout ended, investors started scooping up loans from healthy banks.

Banks may screen their initial buyers, but few restrict the resale of debts, allowing the accounts to circulate indefinitely.

"You've got companies that will buy 2,000 accounts, pull out every hit [correct address], then sell it," one collector in Buffalo said. "Every time it's sold it becomes worse and worse."

Contracts for debt sales can require the buyers to resell only to reputable companies, said David Ludwig, president of National Loan Exchange Corp., a debt broker near St. Louis. However, "once it's gone, it's out of your control," he added.

Ludwig, one of the founders of the bad-debt market in the 1980s as an auctioneer for the Resolution Trust Corp., said problems in the industry are minor. Sellers would quickly get wind of an unscrupulous operator and shut them out of the market, he said.

Peggy L. Twohig, a top financial regulator at the Federal Trade Commission, isn't so sure. Debt sales may be a cause of the wave of complaints directed at the collection industry, she said.

"It's very possible that's part of the picture," said Twohig, associate director of the agency's division of financial practices. "Once it's sold . . . whatever oversight a creditor might do may not be there."



Banks not responsible

Are banks obligated to protect borrowers who don't pay? The American Bankers Association doesn't issue guidelines for bad-debt sales and had no comment on the practice, spokeswoman Laura Fischer said.

Several big credit card issuers refused to discuss sales of delinquent accounts. Diane Wagner, spokeswoman for Bank of America, owner of credit card issuer MBNA, said the institution considers debt sales proprietary information. Representatives of Capital One and HSBC also wouldn't comment.

An exception was Providian National Bank, a San Francisco credit card issuer with 10 million accounts. Providian, now part of Washington Mutual in Seattle, said it screens buyers of its accounts but doesn't restrict them from reselling.

"When we sell the debt we sell it completely," spokesman Alan Elias said. "Everything that happens after that is not ours."

Courts have agreed.

After Providian sold off California resident Angela Feldmeier's debt in 2003, the account wound up in the hands of an abusive debt collector in Buffalo. The collector threatened criminal prosecution for a debt that had been erased, but Providian wasn't responsible, Bankruptcy Judge Trish M. Brown ruled.

Buffalo-based M&T Bank started selling off its bad debts for the first time earlier this year, Administrative Vice President Geralyn Bonilla said. Not a credit card issuer, M&T sold 4,000 bad checks and unpaid installment loans for an undisclosed sum.

"It's a basement full of charged-off paper that's been sitting around doing nothing," she said, "so if someone's going to offer you a few cents on the dollar, it's a no-brainer."



Protections fall short

Even disputing a debt doesn't prevent a collector from reselling it. Consumer protection law only freezes a debt if a credit reporting agency gets into the act, said Thomas Kane, an expert on debt-collection practices at the FTC's Consumer Protection Bureau.

"If a consumer says, "I'm a victim of identity theft,' that doesn't prevent the collector from selling or transferring the debt," Kane said.

Larry Wittkugle keeps getting dunned for an old Household Bank credit card that he paid off in 1996. Every so often, a different debt collector jars his retirement with a stern letter urging him to pay off the account again.

"I show them it's been paid, but they keep selling it to some other poor character," said Wittkugle, a retired insurance executive in Ohio. The bank, now part of HSBC, can't stop the collection attempts because it sold Wittkugle's account. The original buyer, whom Wittkugle paid, is out of business.

"It's lasted 10 years," he says of the dunning calls and letters. "It's going to last for 20."

Dennis Hammond, executive director of the 500-member Debt Buyers Association in Los Angeles, said the market should be free to decide who is qualified to buy debt. Collectors are already regulated, and some problems will crop up in any business. "Regardless of rules and regulations," he said, "there's always going to be someone who is going to do something negative."

That's little comfort for consumers. After disputing the debt with three collectors trying to dun him for it, Wood's debt surfaced yet again. A fourth collector eager to claim his fat credit card bill called his ex-wife last year and threatened to seize her house unless she came up with the money.

"They hit her for $4,500," Wood said.

"I would like to see this stuff regulated," he said of his sold-off debt. "There needs to be some accountability in the system, and it's not there."


e-mail: fwilliams@buffnews.com

Copyright 1999 - 2006 - The Buffalo News

posted by News at 3:57 AM

No Credit Credit Card

Turning the Tables on Credit Card Companies Inspires Students and Saves Cash
July 25,2006 12:00 AM EST

A New Class at the Los Angeles Learning Annex based on the best selling E-book “Balance Transfer Magic” Inspires Students by Saving them Cash. (FVNEWSWIRE Jul 12, 2006)

Los Angeles, CA (FV Newswire) - A new class at the Los Angeles Learning Annex based on the best selling E-book “Balance Transfer Magic” inspires students by saving them cash.

“I’ve taken some great courses at the Learning Annex over the years, but this has to be the best.” Los Angeles business owner Cindy Howe marveled at the results the “Balance Transfer Magic” class produced for her: “I took a $20,000 balance on a credit card with a 20% interest rate and converted it to 0% for a year on the same credit card. It was simple to do, and it saved me about $4000 in interest. Just like that. Wow.”

Class Instructor Lawrence D. Goldberg, author of “Balance Transfer Magic,” was not surprised that people had great results from taking the class. Besides having produced those results for himself, the E-book, available at www.BalanceTransferMagic.com has achieved almost universal praise from its readers.

That praise comes from others than readers and students. “Balance Transfer Magic” was featured in an article in the Wall Street Journal’s financial website TheStreet.com, received mention in Yahoo Business, and has been endorsed by CardRatings.com, the highly respected Credit Card Consumer Advocate.

The one thing that did surprise Mr. Goldberg was how many people prefer to have the information told to them in a class, instead of reading the book. "For many, it is more cost effective to spend three hours in a class or an hour or two in an individual consultation than to spend several hours reading the $15 E-book, despite the $50 cost for the class and $100 per hour for individual consultation.

“Of course, for those wanting to learn quickly how to generate one or two thousand dollars cash in their pocket from their credit cards, $50 is a small price to pay. And they are amazed at how simple it really is.”

“It is extraordinarily gratifying to see the light bulb go on for each student as they realize how much power they truly have over their interest rates and credit card debt, especially when they see what a wonderful tool credit cards can be - if you use them right.”

The Learning Annex must be reading those responses and experiencing increasing registration for the class - they booked three more “Balance Transfer Magic” classes in the Los Angeles area: Monday, July 24, Thursday, September 28, and Thursday, November 2.

As part of the “Balance Transfer Magic” class, each student receives a username and password to the www.BalanceTransferMagic.com website, which enables them to download the “Balance Transfer Magic” E-book and use the site’s debt fighting tools. “The E-book is first rate, and so is the class,” said student Ben Friesel, “I’ve been telling all my friends that they have to take this class and get the book.”

The additional bookings by the Learning Annex and enthusiastic response of students has prompted E-book publisher No Free Lunch Distributors to consider turning the “Balance Transfer Magic” class into a DVD. "We produced videos for libertarian stand-up comic Tim Slagle, and did post production for video interviews of Ayn Rand, so we feel comfortable about our quality control, especially with the choices now available with digital recording and reproduction.

The decision about the Balance Transfer Magic DVD could come as early as the end of summer.

“The main thing,” says author Goldberg, “whether by reading the “Balance Transfer Magic” E-book, taking the class or through private consultation, is for people to realize they do not have to put up with paying exorbitant credit card interest rates. Nor do they need to use expensive and rip-off credit card consolidators which can ruin their credit rating. There is an effective low cost alternative that works. “It’s like Dorothy’s red shoes in the Wizard of Oz - you already have the power - you just have to learn how use it.”


Company: NO FREE LUNCH DISTRIBUTORS
Contact: Lawrence Goldberg
Phone: 818 954-0888
Email: N/A
Web Site: http://www.BalanceTransferMagic.com

No Credit Credit Card

posted by News at 3:58 AM

Bad Credit Card

The entire banking system in Taiwan is estimated to write off a total of NT$252.5 billion in non-performing loans this year, including NT$100 billion in credit-card loans and NT$69.8 billion in cash-card loans, a senior bank said at a seminar yesterday.

Tsai You-tsai, president of the International Commercial Bank of China (ICBC), made the remarks at a seminar hosted by the Taiwan Thinktank on the problems and solutions concerning the development of the island's consumer banking industry.

Since the credit-and cash-card debt storm broke out in November 2005, the quality of the credit-card and cash-card assets has deteriorated rapidly. The overdue credit-card loan ratio rose 1.12 percentage point from December 2005 to May 2006, and the non-performing cash-card loan ratio shot up 5.4 percentage points during the same period, according to Tsai.

He said in the first five months of the year, all credit-card and cash-card issuers in Taiwan erased as much as NT$88.2 billion in bad card loans, more than double the combined earnings of NT$35.4 billion posted by a total of 44 domestic banks.

The ICBC chief expected the entire banking system in Taiwan to write off NT$252.5 billion in non-performing loans, including NT$100 billion worth of credit-loans, NT$69.8 billion in cash-card loans and NT$82.7 billion in other individual consumer loans.

He said the credit-card and cash-card debt storm has not only led to suicides of those unable to repay their loans, but has also seriously undermined the earnings of banks.

In 2005, all the domestic banks together raked in total profits of NT$59.8 billion, representing a sharp drop of 60 percent from 2004, according to Tsai.

He continued that the banking system in Taiwan raked in a total revenue of NT$104.7 billion, but 60 percent of which was used to write off bad loans and the remaining 40 percent used to cover issuing costs, personnel and marketing expenses.

In order not to suffer a similar undesirable situation, Tsai urged banks to develop their risk concept and reinforce their risk management ability.

Meanwhile, Chairman Chen Po-chih of the Taiwan Thinktank yesterday noted that the worst time for the bad card debt issue has gone, as following negotiations between banks and customers, the card loan repayment by customers is improving significantly.

Chen said what counts most now is that smaller banks should consider merging with larger banks to secure robust financial structures and become more competitive in the market.

Copyright © 1999~2006 The China Post. All rights reserved.

posted by News at 3:57 AM

life insurance settlement

Cash life insurance settlement refers to a cash settlement for relinquishing the life insurance policy of a person for several reasons, like medical treatment, incapacity to afford premiums, poor performance of the policy, and so on. Generally Cash Life Insurance Settlement companies purchase life insurance policies from individuals, trusts and companies and award a fixed percentage of the policy amount to the policy seller. Then the Company will become the owner and beneficiary of the policy and when the policy owner dies or when the policy matures, the Company collects the full amount of the policy. Therefore obviously, the difference between the amount that the Company has paid to the policy owner and the amount it has received from the Insurance Company will be the income to the Company on that particular insurance settlement transaction. Cash Life Insurance settlement companies offer higher amounts on the insurance settlements than the insurance companies.

Owing to several reasons, insurance policy owners may go for cash life settlements. If the policy owner is in great need of money for emergency situations or for meeting expensive medical treatment, he/she may choose cash life settlements. Similarly if the policy owner thinks that the policy is no longer serving his needs, if he wants to invest that amount in some other better policy or if he wants to supplement the policy amount along with his other retirement benefits, then he can opt for cash life settlements. On the other hand, some policyholders wish to have inheritance cash advances in which the heirs of the policyholder receive a portion of the policy amount now itself instead of waiting until the holder dies.

Generally cash life insurance settlements are availed by only those people who carry life insurance policy worth of minimum one hundred thousand dollars in U.S.A. Moreover senior cash life settlements are availed by those people whose age is above sixty-five years and whose policy amount exceeds one hundred thousand dollars. There are some cash life settlement brokers who will bid on the policy. However it is up to the policy owner to accept or reject the offer made by the broker. Before selecting the cash life settlement company, the policyholder should be very careful and should do thorough prior research about the genuineness of the company.

Life Insurance Settlements provides detailed information on Cash Life Insurance Settlements, Corporate Life Insurance Settlements, Life Insurance Settlement Loans, Life Insurance Settlement Options and more. Life Insurance Settlements is affiliated with Insurance Settlement Loans.

Article Source: http://EzineArticles.com/?expert=Ross_Bainbridge

posted by News at 4:23 AM

Small Business Credit Card

It all starts with a great idea, an idea that has probably been in your mind for a long time. You have the product sorted out, how you are going to deliver your service, where you are going to set up your office and how you are going to market your new business. But the stumbling block always seems to be the finance to get you going.

Finding the finance to get a small business off the ground is a major issue for any potential small business. Some new businesses lend themselves to very little start up capital because the main selling point is the owner’s skills and knowledge, for example consultants, web designers, PR specialists. Businesses which require stock holding, plant and equipment and other investment, face the real challenge of getting their start up finance together.

So what sources can you tap into to ensure your business gets off to a solid start?

Your Savings

The first port of call! If you have been in employment for some time then before going it alone you should hopefully have some spare cash behind you. Whether this be in the form of cash in a savings account or shares and unit trusts, this is a good start to your fund raising exercise.

You can be more focused in saving cash if you have had the goal of setting up your own business for awhile. Knowing you need to save to get your business off the ground will make sure you don’t spend your future nest egg on unnecessary items. Whilst a new Plasma TV or the latest DVD Recorder may seem to be an essential purchase, knowing that you have a business to set up in the future will be sufficient a deterrent to keep the cheque book firmly locked away!

Keep Your Job

Some business owners are lucky enough that during the early days of the business they can keep the day job while working on the business during the evenings and weekends. This has two benefits. Firstly, they are still earning thereby allowing more time to build up a cash reserve. Secondly, it’s an opportunity to test out the business to make sure there is a market.

Make sure that you can realistically keep both balls in the air at the same time otherwise you will end up doing justice to neither your job or your new business. The support of your family is also essential if you are to follow this strategy. They have to accept that what used to be ‘family time’ may have to take a back seat until you decide to concentrate on the business full time.

Family and Friends

These can be a useful source of finance for any start up. If you have harboured ambitions to run your business for some time, then many of your family and friends are already likely to know about your idea. You should therefore have an indication who is for it and who is against it.

If you haven’t shared your secret desire then it’s time to be slightly devious! If you are in the early planning stages start drip feeding your ideas to key people whom you think are likely to support you. Tell them your ideas, share your ambitions and goals and on a regular basis update them with your progress. The plan is to get them sold on you and your future business at an early stage.

Once you get to the point where you are ready to start asking for contributions hold an Investor Evening. Prepare a presentation outlining your plans, the business, the market etc. Show the potential investors what their return will be in recognition for supporting you.

Invite as many people as you can and promise an interesting and fun evening, Be bold at the very start; tell them exactly why they are there, so there are no misunderstandings. After you have done your presentation gather all the names of the people who may want more information or even a one-to-one with you.

Whilst this group are people who know you and so are more likely to trust you, don’t forget that you are developing a very different relationship which can quickly turn sour. Be prepared for rocky times!

Bank Line of Credit or Loan

Now you’re getting into the serious stuff! Getting support from a Bank for a new business is tough, as many entrepreneurs will testify. One sneaky way is to apply for an unsecured loan while you are still in employment. If you have planned things right you will know when you are starting up, so a few months before you pack your job in, apply for a loan based on your salary. However, make sure that you can comfortably meet the repayments. There is no grace period; you will be expected to pay back immediately, so your business will have to start earning very quickly.

The alternative is a business line of credit facility. There is no fixed repayment date, although they will be for periods from 6 to 12 months, and all you have to do is ensure that you keep within the overdraft limit. You will have to write a business plan to present to the Bank which outlines your idea and the business.

Mortgage or Equity Release

With the way house prices have been increasing over the last few years, the vast majority of people now have substantial equity in their homes. The cheaper alternative to a Bank overdraft or loan is a mortgage. The interest rate is lower and, as the repayments are spread over a longer period, the monthly repayment is less (although you will end up paying more interest in the long run).

The disadvantage of raising cash this way is that your home is potentially at risk. If meeting the monthly repayments is dependent on what the business can generate then a slow start could cause cash problems. So be very sure you can meet the repayments even during a lean period.

Credit Cards

If you haven’t got any savings, can’t get support from family or friends, or a Bank loan or mortgage, then there are your credit cards! However, whilst it’s easy to draw down on your card, be wary! Credit cards are the most expensive form of debt.

They are ideal because all you may have to do is pay the minimum amount but card debt, as most people have found out, can be a long term burden. But, if you need a cash lump sum to kick start the business and you know you can pay it off within a few months, then it’s an alternative source of finance worth considering, if somewhat unorthodox!

Business Grants

Business grants are available for specific industries, sectors and reasons. Grant providers will usually only give a portion of your requirement, so they cannot be used to totally finance a start up. However, they can be useful in filling a funding gap.

Business Angels

A popular way to fund a business are Business Angels. These are people, usually retired or successful business people in their own right, who are looking for opportunities to invest in new businesses.

In exchange for an investment they will typically look for a shareholding in the business and some hands-on involvement. They will have a vast business experience and so are useful people to have on board. However, you will have to accept an element of loss of control but that needs to be balanced against your desire for funding.

Getting finance for your new business can be a challenge but there are a number of avenues to explore and so with dedication and focus you could soon be on your way to launching your own small business.

Robert Warlow
© Small Business Success
http://www.smallbusinesssuccess.biz

Small Business Success is a resource dedicated to helping small business owners be more successful. If you are looking for a regular flow of ideas and tips then subscribe to Small Business Success a free newsletter, which provides you with quick tips, ideas and articles.

For more information visit http://www.smallbusinesssuccess.biz



Please be advised that this article represents the views and opinions of the author and not of www.dailyindia.com.

Copyright © 2004-2006 DailyIndia.com

posted by News at 3:56 AM

Low Interest Rate Credit Card

The Mortgage Industry is what I am referring to. Everyone thinks that it is pretty straight- forward but it really isn't. I have been in the industry a good portion of my adult life and on radio and television talking about it for almost two decades. The entire time I have been trying to educate the general public to the ins and outs of the industry. I know from the response that I have at least made a minuscule impact. It is on nights like this that make me wish I could do more. Half the problem is that there are so many companies seeking to use a slight of hand to make everybody believe "there is such a thing as a free lunch!" Maybe there is but I haven't been invited.

Let me expand my thesis with the following statement: “If you own a house, you can have a credit card or two but you should never carry a balance from month to month”. It absolutely makes no sense at all. Yet the highest individual debt carried by Americans today is credit card debt. Why? Practically no one stops to read the fine print and figure out what the interest rate is on each card. While no one was paying attention not only were the rules for repayment of credit cards changed but the companies themselves quietly starting moving people off of the fixed rate payback to a variable rate. The variable rates now top out at Thirty Three and a third percent. People use credit cards as installment debt, and it is at the top of the list for the most costly financing you can get.

A ten thousand dollar credit card balance at 18% will cost you $250 a month. If the interest rate doesn't increase it will take you about 8 years to pay this off. If you were to take a 10 year fixed mortgage in the low 6% range and design your payments to pay the debt in 8 years you would pay about $130 a month. Factor in that the interest on the credit card isn't tax deductible while the interest on the home loan is and the difference is staggering.

I could dissect every type of debt financing the average person has but I won't because people really do not want to see this. If they did, they would figure it out for themselves and financing would simply change. People wouldn't pay the ridiculous rates and companies would have to stop charging such high rates. You wouldn't have to hear… "What's in your wallet?"

Suffice to say I can't stop the insanity but you can. You can end it for yourself by learning and understanding the power of home financing to get you out of the maze and on your way to financial freedom. At this point, someone always states they pay cash for everything. Unless you were born wealthy or won the lottery at a young age, you didn't buy your house with cash. You can use your house, however, to head yourself in the direction of being a cash buyer within a decade or two.

The key is to take advantage of the interest rates at any given time and to always have cash reserves. Without the reserves, at the first sign of trouble you are heading back to your old stomping grounds—credit cards and other financial mouse traps. The power is yours--use it.

For additional information please click here. Now go out and redesign your future!

Copyright © 2006 Salem Web Network. All Rights Reserved. Terms under which this service is provided to you

posted by News at 3:55 AM

term life insurance quote

Perhaps the most simple, convenient and affordable form of insurance that exists for a specified tenure is Term life insurance. Term life insurance is insurance for a short period of time and is deemed to be pure protection, as it builds no cash value. If the insurer dies within the specified duration of the insurance, the death benefit goes to his or her beneficiary. As the term expires the insurer is not required to payout.

Term life insurance is an incredibly beneficial policy. The policy has proved its worth at the time of natural disasters and other calamities. For instance term life insurance was a great financial support and source of mental peace to the survivors of 9/11 and Katrina.

The popularity of term life insurance is witnessing a surge day by day. Term life insurance is cited as one of the hottest products in the latest Fitch ratings. As per the annual 2005 Review and 2006 Outlook for the US insurance industry, term life insurance is the hottest pick in the insurance industry today. In terms of Julie Burke, managing director, Fitch Ratings, “a product like term life insurance can create reserving and capital changes for insurers, which can be addressed by scale”.

The primary reason behind the booming popularity of term life insurance is a drop in the premium rates of the policy. Even though term life policy comes at very low interest rates yet a major drop in the premium rates of insurance is expected this year. According to Insurance Information Institute, the premium rates for insurance are expected to drop by 3 percent in 2006. The drop is a consequence of immense competition in the market and the diminishing mortality rate amongst human beings.

However the case is not the same in China. China Life Insurance Co. has increased the rates for term life product. China Life has increased the premium rate on the Kangning Term by 30%.

Lately Kanetix, Canada’s leading insurance marketplace and MetLife, renowned insurance company have made it to the news because of their new attempts in the field of term life insurance. Kanetix has launched a new term life insurance quote service, with standard and preferred rates highlighted for insurance shoppers. The quotes are in an easy-to-read and comparables format. The quotes are available for a coverage of $250,000 and above and the preferred rates can cause saving of up to 30% off the standard rate. According to the company nearly 50% of the people applying for life insurance coverage through the portal can benefit from some savings. The estimate so made is on behalf of the past study of the portal. The portal would permit the shoppers to review the price range offered and make an informed choice.

MetLife has come up with three term life insurance products for people who seek to have a non-permanent insurance. The three products are One Year Term Insurance, Scheduled Term Insurance and Level Term Insurance. These three forms are ideal for individuals who require a large insurance cover but have limited budgets.

Mansi Aggarwal recommends you visit Term Life Insurance News for more information.

Article Source: http://EzineArticles.com/?expert=Mansi_Aggarwal

posted by News at 4:19 AM

0 Credit Card

0% CREDIT CARD OFFERS

Reported and Web Produced by: John Matarese
Updated: 06/29/06 09:30:57

If you've built up a balance on your credit card...You might be tempted to jump to another card offering zero percent interest on balance transfers. It sounds lie the end of your problems... Or is it?

---------------------

You've seen plenty of envelopes from credit-card companies sporting a big zero. Those tempting offers promise zero-percent interest on balance transfers. But our partner, Consumer Reports Magazine, cautions that zero-percent offers can cost you plenty.

"You have to be careful with any of these cards. For example, after 15 months, the interest rate on this one jumps as high as 19.99 percent."

And many cards make you pay to switch, with something called a "transfer fee."

---------------------

This one charges three percent of the balance, so it would cost you 150 dollars to transfer a 5000 dollar balance.

Another gotcha ? This card promises a zero-percent rate on balance transfers through April of 2007, but in fine print says "we reserve the right to change the account terms including the APRs at any time for any reason."

And with many of these zero-percent offers, Consumer Reports says be careful about charging any new purchases on the new card: they could start racking up 19 percent interest.

Bottom line, if you do decide to get a zero-percent credit card: avoid transfer fees, do not use them for new purchases, and pay them off quickly.

So ask questions and read the fine print, or that balance transfer could end up costing you even more in the long run!

As always dont waste your money.

I'm John Matarese.

All material © 2006 WCPO-TV Scripps Howard Broadcasting Company. All Rights Reserved.

posted by News at 3:54 AM

Gas Credit Card

Gasoline Credit Cards: What You Need to Know

Credit cards that offer cash back are becoming increasingly popular with consumers who are searching for savvy ways to save a couple of bucks at the pump.

(PRWEB) June 12, 2006 -- Soaring gas prices predicted to remain in the high range throughout the year have forced consumers to find their own remedies to ease the pain at the pump. Credit cards that offer cash back are becoming increasingly popular with consumers who are searching for savvy ways to save a couple of bucks at the pump.

Last year alone, credit card companies mailed out about 14 million gasoline credit card offers, an increase of about 100% when compared to the year before. This vast interest in cash back programs has credit card companies in a competition frenzy with some competitors offering as high as 10% cash back on gas purchases during the introductory period.

How Gasoline Cards Work
Basically, there are two types of gasoline credit cards with cash back programs. Firstly, there are credit cards offered by major oil companies like Exxon-Mobil, Chevron, Hess and Shell who offer cash back bonuses each time you pump gas in one of their stations. The catch is, even though you can use this card in any gas station of your choice, you will only receive cash back bonuses on gas purchased from their own stations.

The second type of gasoline credit cards are usually issued by major financial institutions and credit card companies. All major credit card companies such as Visa, MasterCard, American Express and Discover offer cash back credit cards with varying percentages of cash back bonuses. These cards offer customers the flexibility of choosing any gas station of their preference while still receiving the cash back bonuses. In addition to gasoline rebates, these cards usually offer limited cash back on everyday purchases as well.

For instance, both Discover and Citi Bank recently introduced their own versions of gasoline credit cards with 5 % cash back on all gasoline purchases and 1% cash back on all other purchases. So, let’s assume on average you spend $40 a week on gas and another $50 on other everyday expenses. At the end of the month, you will get $10 cash back on all your purchases.

So, What’s the Catch?
We have looked at the positive aspects of gasoline credit cards and so far it has been an attractive choice. Now, let’s look at some of the negative features associated with gasoline credit cards.

First of all, to qualify for cash back bonus programs you need to have good credit. Since a majority of American’s falls under poor to average credit ratings, most of them will not get qualified. Even if they do qualify, they will only be eligible under a high interest rate, which will eventually consume any cash back savings.

Secondly, you must pay off your monthly balance in full in order to reap the savings. This obviously makes sense, as it would be irrational to pay 18% in interest charges while saving 5% on gasoline purchases. So if you are one of the millions of American’s who are unable to pay off the balance in full each month, this type of card is not for you.

Thirdly, you must be aware of the cash back limits before you sign up for a gasoline credit card. All credit cards carry some sort of a cap on how much cash back you can earn during the year. Most credit cards allow clients cash back bonuses for up to $300-$600 per year.

Finally, keep an eye on your cash back bonuses if you have not yet redeemed the savings. Some cash back credit cards allow clients a period of 6-12 months to redeem their bonuses. After this period, the savings will expire and the customers will not be able to claim it.

CreditGUARD of America is a non-profit credit counseling agency that assists consumers through debt counseling and financial education. Please visit our web site at www.creditguard.org or call 1-800-867-0406 for a free consultation with a certified credit counselor.

© Copyright 1997-2006, PRWeb®. PRWeb is a registered trademark of PRWeb International, Inc.

posted by News at 3:53 AM

online credit card application

Credit Wanted brings you the best credit card offers on the internet. Search our credit card database for applications online. Credit Card offers include Visa, MasterCard, American Express and Discover credit cards. Shop for consumer, student, business, pre-paid, low interest rate and guaranteed approval credit cards. Whatever type of credit you are searching for, we can help. Get your free credit report here also.

Boise, ID (PRWEB) July 25, 2006 -- CreditWanted.com - a one-stop store for all your credit card needs, is now under new ownership.

Swords & Cues L.L.C. has recently acquired the business and website of CreditWanted.com, in addition to their other popular websites of eLearn2Earn.com, 123FindaWebDesigner.com, StudentLoanSearch.info, and NiagaraPokerSupply.com.

This new website, built with the consumer in mind, offers you a one stop website where you can compare credit cards of all types, from American Express, CitiBank, Discover, HSBC, Bank of America, Chase, Orchard Bank, and more. And then simply click on the credit card that you want and apply. Available are low interest credit cards, guaranteed credit cards, credit cards for those with bad or no credit, secured credit cards, rewards credit cards, business cards, student cards, cash back cards, airline cards, and more.

While some might think that credit cards are troublesome, there are actually more benefits than disadvantages to having a credit card.

Building your ever important credit rating
When it comes to getting low interest loans and getting financed for other bigger purchases, your credit rating is one of the first things that lenders look at. They want to know if you can handle your money in a responsible manner. By having a credit card, charging items to it, and then paying it off, you get the chance to show that you can handle your finances.

You don’t have to carry cash.
A credit card is much safer to carry around than cash. Even if your credit card should get stolen, you can report the loss and not be held accountable for the unauthorized purchases. When cash is lost, it’s usually gone for good.

Free insurance on purchases.
Credit cards also offer free insurance on items that have been purchased, allowing you to return items that do not meet your expectations or cancel transactions that weren’t authorized.

Credit helps in an emergency.
One of the main uses of credit cards is to supply extra funds in an emergency. Many cards offer car insurance and roadside assistance as well as cash advances and checks that can be written from the limit of the credit card. If you have a bill that’s larger than you expected, credit cards can help to pay it off until you gather the money that you need.

Online shopping.
Shopping on the Internet is safer and easier when you use a credit card instead of a check or money order. Almost all online retailers take credit cards over a secure link, allowing transactions to be completed instantly rather than having to wait for checks to clear.

Widely used.
Nearly every retailer takes credit cards as well as restaurants, hotels, airlines, car rentals, and gas stations. You are covered with a form of payment wherever you go and whatever you do.

Rewards
And of course, credit cards also like to thank their customers for using them with rewards like cash back or airline miles. You can also receive discounts on future purchases or gas rebates.

With punctual payments and low balances, you can increase your spending limit as well to give you even more flexibility with larger purchases. Instead of having to start a book of payments, you can charge the item and possibly reduce the amount of interest that may have had to pay with the retailer.

With all these reasons to own a credit card, you can check out this website at http://www.creditwanted.com. The application process is simple. Just click on the card you want, fill in a few fields, and the bank will process your application. You can also get a free credit report at their site. Just click on the link at the top of their home page.

© Copyright 1997-2006, PRWeb®. PRWeb is a registered trademark of PRWeb International, Inc.

posted by News at 3:51 AM

Credit Card For People With Bad Credit

By MEGAN SCOTT, Associated Press (ASAP)
© July 24, 2006

By now, we know there is no money in stuffing envelopes and that dialing area codes 809, 284 and 876 does not cost $2,500 a minute (though it may cost you a pretty penny). We even know that a former minister of finance from Nigeria is not going to pay us in exchange for transferring millions of dollars into our bank account.

But con artists are developing more sophisticated online scams, say Internet experts. Audri Lanford, co-director of scambusters.org, says a friend with a doctorate recently asked her if Bill Gates was going to send her $245 for each e-mail she forwarded.

"If you don't know beforehand if it's a scam, it's very easy to get taken," says Lanford, who founded scambusters.org with her husband Jim about 12 years ago. "That's why we believe education is so important. Being smart is not enough to protect yourself."

Thanks to the Internet, running a scam is much easier these days, says Joel Smith, chief technology officer for AppRiver, an e-mail security firm. Old scams -- with come-ons like "get paid for reading books" -- required con artists to place an ad in a newspaper or call numbers from the phone book. Now con artists have instant access to millions of people.

Scammers can target specific people -- pretend to be their bank, their Amazon.com account or the IRS -- and make Web pages that look like the real sites. They can steal identities from people who enter personal information online and scam them out of thousands of dollars. Sadly, Smith says, because so many of these scammers are overseas, they don't get caught.

"The minimum cost to get involved in any of these scams is you're wasting time," says Jeff Cohen, vice president of ImageWorks, which builds Web sites for companies. "The maximum cost is identity theft. Then there is everything in between," an inbox clogged with spam, purchasing something you don't want, sending junk mail to everyone in your address book, a virus wiping out your files.

How can you keep this from happening to you? asap turned to the Internet gurus to find out what scams to watch out for.

PHISHING: These e-mails come from what appears to be your bank, Amazon or PayPal with the warning that your account has been compromised and you must confirm your information. Don't click on the link in the e-mail, warns Shane Keats, market strategist for McAfee SiteAdvisor, a Web security product. "You'll go to a phishing Web site that is designed to look exactly like the real McCoy except for one thing -- where you put in your user name and password, SSN, that information is going to a scammer's basement." Unsure whether an e-mail is a phishing attack? Check the account in question at its regular Web address. Keats also recommends installing security software that has an anti-phishing component.

HOT STOCK TIPS: Any stock tip that comes through e-mail is not a good thing, says Smith. Scammers find companies that are days away from closing, encourage everyone and their mamma to buy stock to drive the price up -- and then sell. "While they're making a profit as soon as they sell the stock, you're left holding a bunch of worthless stock," says Smith. Smith warns about other financial scams, such as offers to work from home (some people missed the memo on stuffing envelopes), lower your mortgage or reduce your debt.

BREAKAGE SITES: Trust us on this one. You are not getting a free iPod and PetCo is not going to give you a free $500 gift card for filling out a survey. Breakage sites lure consumers with bogus offers -- free gas, say, or a free camera. "As you start to fill out the survey, it gets longer and longer," says Keats. "When you get to the final page to say you're done (98 percent of people give up before this point), it redirects you to another breakage site that wants to send you through the same survey list." By that time, the scammer already has your e-mail address (they needed it to send the gift card). You'll get tons of spam, but no iPod.

LOTTERY SCAMS: "Right now, this is where we get the most questions," says Lanford. "You get an e-mail that you won some foreign lottery, and then there's a variety of reasons you have to pay them money. It could be that it's taxes, that it's just a processing fee, but very often people lose a couple thousand dollars." So we'll say this one loudly. THIS IS A SCAM!

OVERPAYMENT SCAM: Someone overseas responds to your classified ad on the Web, promising to send you a cashier's check for more than the amount of the item so you can pay for shipping. You get the check, deposit it in the bank and then ship the product. "It will take weeks, months for you to find out that the check was bad," says Lanford. "You will have already sent the item, so there won't be much that can be done."

MEDICINES: You get an e-mail about a drug that can help you lose weight while you sleep. You know it's a scam, but you have a glimmer of hope. About 50 percent of the time, these sellers don't even send you the drugs, says Smith. They take your credit card information and max it out. If you do get the drugs, be careful, he says. Most are coming from overseas, where there is no agency like the FDA watching out for consumer interests. You could be getting aspirin. And there is little clinical evidence that Hoodia, the new weight loss drug from the African cactus, is effective or safe.

E-MAIL FORWARDS: A terminally ill young girl has supposedly written a poem about taking the time to enjoy life. And you can help. For every person you forward this poem to, the American Cancer Society will donate money to her recovery. Unfortunately, flooding your friends' inboxes with this poem is not going to help this poor girl. "There's no way the originator of an e-mail can tell who an e-mail is being forwarded to or how many people got the forward," says Cohen. (The American Cancer Society warns about this scam on its site.) Same logic applies to the Bill Gates e-mails. Smith also says to be leery of e-mails asking for donations to tsunami or hurricane victims.

FAKE NEWS STORIES: Osama bin Laden is dead! Click here to see the pictures! You think, wow, "'That doesn't seem like a scam, that seems like someone has pictures of Osama bin Laden, let me download the files,'" says Smith. "It winds up being spyware and your computer becomes a spam sending machine." If you really want to know if a story is legit, check reliable news sources. May we suggest asap.ap.org ?

___

Megan Scott is an asap reporter.

Copyright 1993-2006, HamptonRoads.com / PilotOnline.com

posted by News at 3:50 AM

Instant Approval Credit Card
'YOU'RE PRE-APPROVED' To Get Deeper in Debt
Philip F. Harris


Philip Harris was born in Massachusetts and received his B.A. in Political Science from the American University in Washington, D.C. His graduate work was done at Howard University and the University of Northen Colorado. He has worked at the local, county, regional, state and federal levels of government, including serving on a White House Task Force on National Rural Policy. In addition he is a novelist and an educator. His first novel, Waking God, was released in June"06.

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Philip F. Harris
June 30, 2006

It is somewhat humorous to hear all of the news about the Fed raising interest rates in order to curb inflation. After all almost the entire rise in prices are due predominately to one item, oil. My question is, “how are consumers paying for higher priced items?” Where does the money come from to pay for the high cost gas and oil related products while at the same time paying the mortgage, buying food, clothes, medicines, and all of the other basic living expenses?

This past week I, and probably millions of others, received some interesting items in the mail. Credit card checks for 3, 4 and 7,000 dollars. All I had to do was sign them and take them to the bank to get cash “to pay off loans, consolidate debt, take a vacation, or for any purpose I chose.” The interest rates on these checks were between 19.9% and 21.9%

Then I received two packets of BLANK credit card checks that were good until July 30th. I was to use these blank checks to “conveniently” tap into my available credit line “to pay off loans, consolidate debt, take a vacation or for any purpose I chose.” Pictures of boats, beach resorts and $$$ signs were abundantly displayed. Interest rates were the same as above.

What would the week be like without the half dozen Home Equity Loan proposals? I was PRE-APPROVED for amounts ranging from $60,000 to over $300,000. One “quick phone call” is all it would take to have CASH within 21 days or less. Did I forget to mention the “LOW” introductory rates under 5%?

I was also offered instant approval, “Bad Credit Okay” for a new vehicle of my choice. Another check for $3,000 was received that must be cashed in two weeks. It could be as high as $10,000 if I stopped in to visit the financial services office but I could just sign it for “instant cash” to be used for, well, no need to repeat the list. And of course between my wife and me we received eight “YOU’RE PRE-APPROVED” letters from numerous credit card companies.

The list would not be complete without checking my computer’s bulk mail. Even though I clear my mail each night, there were 24 messages in the “bulk” bin this morning. There were ten more credit card approvals, a winning message from the Japanese lottery, several “get paid to shop” notices and numerous “get paid” to take these surveys.

For many, economic times are getting tougher and then we receive this weekly onslaught of mail offering us money. With a host of loans to pay, the need for a new vehicle, kids clamoring for that summer getaway, over inflated gas prices, the prospect of even higher home heating bills just a few months away, and possible unexpected financial emergencies these kinds of offers must be tempting. Added to all of these financial windfalls is the constant bombardment of commercials that demand we buy the newest and the latest. Is there any wonder that Americans are facing a crisis of debt? Can this debt driven economy sustain itself? Is the real solution to dealing with the “fear” of inflation to raise interest rates? Who really gains when those rates are raised? I am all in favor of less government and fewer laws but in this case, it may be wise to put a lid on all of these unsolicited money offers at rates that are usurious at best, and down right thievery at worst.

Philip Harris

Copyright 2006 American Chronicle is a trademark of Ultio LLC.

posted by News at 3:49 AM

Credit Card Machine

Credit Card Machine Provider

Credit card machines are a medium for accepting credit cards. According to a survey to use of credit card machines can help increase the sales of a business from 50% to 400%. The credit card machines provide a businessman with safe, speedy and secure payment while a customer has the advantage of immediate secure and transaction.



www.merchant-accounts.com is the company that provides reliable and safe merchant services. The merchant service provider is one of the largest processor in US and offers different types of merchant accounts and credit card processing products like credit card machines.



A merchant account is a necessity for a retail business as it provides additional payment options to the customer. The customer appreciates the convenience and the flexibility offered by a merchant account as it enables him to make a transaction on the internet, on the phone, or in person. The credit card machines are one of the tools which the merchant uses for merchant account transaction. These small machines are responsible for generating huge sales and for increasing the cash flow.



www.merchant-accounts.com offers merchant accounts and products like credit card machines. Different types of credit card machines are available like Hypercom credit card machines, Terminal with printers and Pin pads. The Hypercom credit card machines, a Veriphone product comes with a 90- day low price guarantee, dependable and reliable processor and a free extended warranty on all terminals.



The company offers low discounted rates with no application fees or monthly minimums and no hidden costs. Many different types of Credit card terminals are also found on the site with many advanced features along with the features of a printer. The Hypercom Pin Pads helps in accepting debit cards and is compatible with most of credit card machines like Hypercom T7 terminals. www.merchant-accounts.com offers a free credit card machine with every merchant account.



www.merchant-accounts.com is one of the best merchant account providers in America and it offers merchant accounts like Retail Merchant Accounts, Internet Merchant Accounts, Home Based Merchant Accounts and Wireless Merchant Accounts besides offering credit card processing machines. Find the best credit card machines and terminals to accept credit cards from the customers displayed on the site.


Visit the site www.merchant-accounts.com to get more information regarding the services and products being offered by the merchant account provider.

company: Advanced Merchant Services
contact person: Steve Depraida
e-mail: steve_depradia@yahoo.com
phone: 888-498-6641
site: http://www.merchant-accounts.com

posted by News at 3:48 AM

Credit Card Balance Transfer

(PRWEB) July 25, 2006 -- Credit-Cards-Resource.com offers the best deals on credit cards for consumers, students, and small businesses. The site offers credit cards from major issuers including Chase, Bank of America, Discover, American Express, US Bank, HSBC, Advanta, and Citibank credit card offers. Visitors can find and compare Visa credit cards, MasterCard credit cards, Discover credit cards, and American Express credit cards from various issuers to get the exact credit card features they desire. In addition to comparing conventional credit cards, visitors can also compare prepaid credit cards that are great for college students and young adults.

When I was looking for a rewards credit card, I used Credit-Cards-Resource.com to compare the Hilton Honors credit card the Discover gas credit card, and the rewards Discover credit card
Credit-Cards-Resource.com is organized into sections for consumers, students, and small businesses. Visitors can focus their search to compare cash back credit cards, airline miles credit cards, points credit cards, etc.). Other types of credit card categories that can be compared include low interest, balance transfer, bad credit, and more. Visitors can browse for credit cards, review side-by-side comparisons, view a list of all cards in a category and select any three to compare, or search to find the best credit card for their individual needs.

"When I was looking for a rewards credit card, I used Credit-Cards-Resource.com to compare the Hilton Honors credit card the Discover gas credit card, and the rewards Discover credit card " said credit card applicant Sally Riley. "The comparison enabled me to see all the fine print terms of each card and the rewards each card offers." Side-by-side comparisons allow visitors to review a summary of the card, a list of card features, the purchase APR, the annual fee, and an editor’s rating of 1-5 stars.

Within each category on the site, credit cards are sorted from highest- to lowest-ranked. Credit-Cards-Resource.com editors carefully take into consideration card features, rewards, incentives, ease of redeeming rewards, annual fee, ongoing APR, brand, and issuer when rating cards. Visitors to the site can save time by using articles to select the appropriate category of card, and applying for the highest-ranked credit card in the chosen category. The site makes it easy to apply for gas credit cards, low interest credit cards, and credit cards of every category – Visitors simply click "Apply Now" to reach a credit card application.

In addition to side-by-side comparisons, Credit-Cards-Resource.com features an advanced search tool that allows visitors to filter all the cards on the site by type of applicant (consumer, student, or small business), category, brand, and/or issuer to help narrow down credit card options and focus on only those that match their needs. Visitors can review the cards in a list of their search results, or choose up to three cards from the search results list to compare them side-by-side.

The guide section of Credit-Cards-Resource.com provides up-to-date information on each category of credit card, its benefits, its negatives, and tips for proper usage. Articles on how to choose a credit card, how to use credit cards wisely, and other topics inform and educate visitors. The guide also includes links that allow visitors to compare the top three credit cards from each category and review a summary of the best credit card in each category. A list of frequently asked questions about credit cards helps visitors understand APR, annual fees, and other credit card terms and features that may cause confusion. Finally, even after visitors find and apply for a credit card, they can come back to Credit-Cards-Resource.com for its credit card news – a collection of news stories from publications around the US that are relevant to credit card applicants and users.

Visit Credit-Cards-Resource.com today to find, compare, review, and apply for a credit card.

About Credit-Cards-Resource.com
Credit-Cards-Resource.com is the best place to find, compare, review, and apply for credit cards securely online. The site makes it easy for visitors to select the right credit card by allowing visitors to compare credit cards side-by-side. Credit-Cards-Resource.com features over 100 credit cards from issuers including Chase, Citibank, American Express, and Discover.

© Copyright 1997-2006, PRWeb®. PRWeb is a registered trademark of PRWeb International, Inc.

posted by News at 3:48 AM

Prepaid Credit Card

Prepaid Cards Help Some Manage Money

Terri Gruca
Reporting

(WCCO) A new kind of prepaid card is gaining popularity to help people who have no real credit history and people who want to control their spending.

Construction worker Matthew Goodrum said his hard-earned cash flies out of his hands the minute he cashes his paycheck.

"I get the money," Goodrum said. "I'm going to spend it because it's accessible."

To help stop the financial bleed, Goodrum decided to try a reloadable, prepaid debit card. It looks just like a traditional debit card, but it is not linked to a bank account.

His limit is based on the amount of money he loads onto the card.

"I can use it just like a credit card, pay my bills," Goodrum said.

The prepaid cards can be used anywhere debit or credit cards are accepted.

"It becomes an easier way for you to carry your money," said Bertrand Sosa with NetSpend.

The cards are issued by banks and private companies and Sosa said that type of plastic is becoming a popular way to set limits.

"There are people that are buying it because they want to give it to their teens, their kids in college," Sosa said. "There are people that are buying a prepaid debit card for controlling their spending."

The prepaid cards are branded with Visa and MasterCard logos and carry the same protections as traditional debit and credit cards.

The cards can be picked up and loaded at a variety of retail and financial locations nationwide.

"So if you bought a card in say, Austin, Texas, and you're traveling to California, most likely, there's a convenient location near you in that state," Sosa said.

While the prepaid cards may be convenient, Gail Hillebrand with Consumers Union warns, the fees tacked on can really add up.

"You're going to pay to get that card or you're going to pay every month to hold it and you're going to pay when you use it," Hillebrand said.

Fees vary depending on the company and the plan you choose. Goodrum paid $9.95 to activate his card and shells out another $9.95 every month for unlimited transactions. There may also be reload fees, ATM fees and postage fees, so it is important to do your homework.

"If you do qualify for a bank account, you might compare the cost of this product to the cost of a bank account and see how much it's going to cost you," HIllebrand said.

For those who don't qualify for a bank account, like Goodrum, a prepaid debit card can be a cheap and easy solution.

"Everybody I know pretty much uses them because it's convenient," Goodrum said.

Reloading the cards is easy. Consumers go to an authorized location, give the cashier their card and the money to put on it. The cashier swipes the card and the consumer is out the door.

(© MMVI, CBS Broadcasting Inc. All Rights Reserved.)

posted by News at 3:47 AM

Consolidate Credit Card Debt

Charges don't always fit the crime

By Sean Kelleher, Special to Gulf News


Dubai: Whilst in Monopoly you can acquire the 'Get Out Of Jail Free' card; for many with consumer debt in the UAE it may read something like the 'Go To Jail-Do Not Pass Go' card; especially for those who have simply got their personal finances mismanaged by the odd dirham or two for the odd month or so.

Every nation's approach to financial services has its ironies and inconsistencies.

One of the biggest for the UAE remains the fact that, on the one hand, lenders and credit card companies are allowed to aggressively solicit the layman to acquire debt.

Yet, on the other, should that debt be mismanaged, (in international terms), by a 'smidgen', the borrower faces all the hardships of your average common criminal, (readers need to know that a 'smidgen' is a sum or volume used by granny to arbitrarily define a sum of 'not much').

Financial fraud

Bottom line: borrow money in the UAE for cars, property, or whatever, and the consequences of mis-management do not always seem to fit the crime. The amount of investment I see being 'cashed-in' to pay consumer debt, plus known stories of hardship for those with debt and no other assets leads to this view.

Ironically, it seems to be a sound system for reducing the amount of blatant financial fraud. For this week though, the concern is debt as part of financial planning for the average UAE resident.

In an inflationary UAE, managing debt will become more topical, and the draconian rules applied mean that the most useful advice on debt management is: avoid getting into debt in the first place.

This week's column then is about simple steps to manage debt, and, if you end up in debt with a creditor, what steps can you take to mitigate or prevent the 'Go To Jail' card. With consumer debt becoming more widespread, the advice has to be useful to someone, somewhere.

The third party source I borrowed from to help is the AOL online money pages.

The trigger for getting me on to the subject was their web search statistics which indicated that their readers/users ranked loan repayment second in importance by way of the number of searches under the broader heading of financial services.

For the record, car insurance was up there at number one; reducing energy costs at number three, then, from 4th to 8th: tax; starting a business; property; stocks and shares and, in eighth place, exchange rates.

Interestingly, investor/user search bias was towards issues that assist in reducing costs rather than issues that increase wealth.

AOL suggest that the four most important things to do once you are in debt are: firstly, make a complete list of debts.
Secondly, work out a budget.

Thirdly, whatever you do, don't avoid repayment of all or part of the liability for that month/period.

By far the most logical thing to do (even in the UAE) is to contact the creditors and liaise with them on how to repay. Fourthly don't borrow more money.

Whilst this would be logical advice for many scenarios, the exception would be where the creditor is allowing you to consolidate debt at a cheaper rate allowing the borrower to free up more monthly earnings. A rare facility in the UAE.

The point on budgeting is important. In many countries the income and expenditure analysis is a critical part of financial planning. The tool does not have widespread usage in the UAE's financial services world. How many debts can be prevented by enforcing this simple exercise?

Ultimately, consumers should not fear lenders and creditors.

The 'Go To Jail' card is mostly dished out to those that have failed to communicate with lenders and creditors. So it is vital consumers understand that debt is a two way communication process.

Every payment, whatever amount, is a clear sign of the intent to honour a financial commitment

How to break the cycle of debt

For those already in debt, AOL has provided a four point plan on how to negotiate with creditors:

- Step One: Explain clearly what you can pay and how often.

- Step Two: Be realistic about what you can afford. Creditors might even accept 'token' offers of a few dirhams, as long as they can see that it is part of a plan to repay the debt eventually. After all, jails full of bank and credit card customers is not good PR for those companies.

- Step Three: Creditors may challenge you on proving the accuracy of your income and expenditure position, so be prepared. If you have lost a job, been out of work through illness that has reduced your income, be prepared to provide the data and evidence.

- Step Four: If creditors do not respond, pay a small amount that you can afford anyway. This is sound advice. The fact that you are paying monies in is clear evidence of your intent to pay. Third parties, such as the courts, looking at the evidence and the intent to pay, are more likely to sympathise with the borrowers position.

The writer is managing director of Mondial (Dubai) LLC.

© Al Nisr Publishing LLC 2005. All rights reserved.

posted by News at 3:46 AM

Eliminate Credit Card Debt

BBB advises: as you pack your teen for college, throw in some financial advice

Published Sunday, July 23, 2006

If you are the parent of a college freshman, the "To Do" list is probably growing by the hour. There are dorm room furnishings to consider, computer equipment decisions to make, immunization/medical records to gather and other items to "check off" your list. The Better Business Bureau advises parents to include financial counseling.

"Parents typically take the time to discuss the risks of illegal drug use and other personal safety issues. We hope they will also remember to advise their college-bound son or daughter how to manage finances responsibly. That way, when they graduate in a few years, they'll have a head start on the road to financial stability," said Steve Cole, president and CEO of the Council of Better Business Bureaus.

The BBB is joining with national non-profit consumer credit counseling agency ClearPoint Financial Solutions to encourage parents to review with their teens the "ABCDs" of good finances, before they head off to campus:

A is for Account Awareness

(1) The typical teen needs some direction when selecting a bank, opening a checking account and learning how to maintain it. What may seem common sense to you (record every withdrawal, balance the account each month, don't draw on funds until they are available), might be a mystery to your child. Don't forget to offer instructions on how to use debit and ATM cards responsibly.

(2) Tell your teen to keep his account information (paper statements, passwords, ATM cards) in a safe, secure location. BBB surveys show that identity theft victims are more likely to be robbed by people they know (family members, friends, roommates), than a stranger. Do not leave account statements or computer passwords strewn about the dorm.

(3) Emphasize the importance of regularly monitoring his/her financial accounts (checking, saving, credit). That is a quick way to determine if someone has stolen their password, Social Security number or account number is accessing their funds, and it is the best way to keep a handle on their financial status.

B is for Budgeting Basics

(1) Following an organized budget will help your teen stay on track with spending and financial goals. Help your college freshman to set up a semester budget. Begin with income. Your son or daughter to calculate how much money will be available from you, a part-time job, financial aid, grants or loans or other revenue sources.

(2) Help your student project what he will need during the semester for books, rent, food, entertainment and other expenses. It might be a good idea for your teen to track expenses that first month and then determine if their income for the semester is likely to prove sufficient. If expenses need to be cut, what is expendable?

(3) Discuss what happens if there is a gap between their expenses for the month and available income. Will your teen live off their credit card (not a wise idea!)? Call home for more money? Take an advance off of next month's income? Obtain a part-time job?

C is for Credit Cards

(1) It is not uncommon for college students to be inundated with offers for credit cards. Those students who succumb to the easy lure of "charging it" can wind up carrying hefty card balances. Help your teen understand that credit is not the same as cash and that interest rates, late fees and other charges will impact the amount they owe.

(2) Even small purchases can add up over time, particularly if students are lax about making timely payments. If it makes sense for your child to have a credit card for emergencies or important school-related expenses, show them how to research the best card for their purposes. Ignore "free t-shirt" or tempting credit lines. Look at the annual fee, the interest rate, grace period, late fees and other charges.

(3) Stress that a credit card is one small part of an overall financial plan. Possessing a credit card should not free your teen of the responsibility to set spending priorities, exercise fiscal restraint, and establish a good credit record.

D is for the Dangers of Debt

(1) Your teen needs to understand how important it is to pay off their debt in a timely and responsible fashion. Discuss the basics of debt management: pay on time; pay more than the minimum payment due; and, avoid missed or late payments that result in costly late fees, higher interest rates and negative marks on their credit report.

(2) Assure your college student that it is okay to ask for help, from you, from a professional credit counselor or from sources of financial assistance the college may offer. One easy way to locate reputable credit counselors is to contact the National Foundation for Credit Counseling (www.nfcc.org/) or the Association of Independent Consumer Credit Counseling Agencies (www.aiccca.org/) for a list of members.

(3) Do not succumb to a "too good to be true" solution. It is a sad fact of life that scam artists are always willing to prey on those who feel caught in a financial bind. College students are not immune from tempting "make hundreds of dollars, no experience necessary" employment schemes; enticing "guaranteed" loan offers; or unsolicited e-mails promising to reduce or eliminate burdensome debt.

Copyright Boca Raton News

posted by News at 3:45 AM

Student Credit Card

Student credit-card use raises worry

Justin Pope
Associated Press
Jul. 18, 2006 12:00 AM

More than half of all college students have at least one credit card that is billed to them, a new study says, and about a quarter of those students have used their cards to pay tuition.

Overall, more than four in 10 student cardholders carried a balance from month to month, with a median balance of $1,000, according to an American Council on Education analysis of 2003-04 federal data released Monday.

Fifty-five percent of students who used their cards to pay tuition were carrying a balance, compared with 38 percent who had not charged tuition, the study said.
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Beyond that, the data didn't indicate the extent to which tuition charges are the reason students carry credit-card balances. But the figures highlight concern about students relying on credit cards to pay for college, given that student loans and installment plans generally charge significantly lower interest.

Many schools, particularly state institutions and community colleges, let students or parents pay tuition bills with credit cards for convenience. But some institutions refuse to allow the practice, saying they worry it will steer students toward more-expensive ways to borrow. Some colleges also say the fees charged by credit-card companies to process the payments aren't worth it, considering the biggest beneficiaries are often parents simply looking to pad their frequent-flier accounts.

The ACE study found that, among student cardholders, 48 percent carried a balance by their fourth or fifth year in college. The same was true for 37 percent of freshmen.

Copyright © 2006, azcentral.com. All rights reserved.

posted by News at 3:43 AM

Credit Card Consolidation

Credit Card Consolidation

Use care when choosing debt consolidation firm
HOWARD AIN | HEY HOWARD

Credit card debt jumped for the seventh consecutive month in May, suggesting Americans are using their cards to finance more purchases as interest rates rise, according to the Federal Reserve.

Unfortunately, some people have so much credit card debt they have a hard time paying it off and look for ways to get out from under the debt without filing bankruptcy.

That's the problem facing Chris Hoerlein of Camp Washington, who, three years ago, contracted with a debt consolidation company.

"They would collect money from you and they would put it into a settlement account where they would deal with all of the debtors," Hoerlein said he was promised.

He began sending his money to the Texas company, Risk Management Partners, and it was supposed to deal with his six creditors.

"Over the last three years they had collected $15,600 from me to settle my debts," he said. Hoerlein said the company, also calling itself Miracle Management Group, did reach a settlement with one of his creditors -- but only one.

"After their fees, and the account they had settled, they had $11,400 of mine still left in the settlement account," Hoerlein said. But, the company started disappearing earlier this year. "At the beginning of June, all of a sudden their Web site shut down. In May, all their phone numbers had quit working," he said.

On June 9, Hoerlein wrote to the company to cancel his contract with them and asked for his money back. Although someone from the firm signed that they received the letter, Hoerlein has yet to receive any of his money.

I checked and learned the Arizona State Banking Department sued Risk Management Partners and Miracle Management Group for operating without a state license. The company was ordered to stop doing business in Arizona last year and ordered to pay more than $96,000 to out-of-state victims.

"Nobody ever knew anything about that from outside Arizona," Hoerlein said. "I had never heard anything about it, or even realized there was any trouble."

Hoerlein has sent copies of his complaint to authorities in Arizona and Nevada, where the company was also operating. He said he needs that $11,400 in order to pay bill collectors who have now started calling him. "They're leaving messages day and night and they're not very friendly, frankly," he said.

Bottom line, there are many of these debt consolidation and management companies which claim they can help you settle your outstanding debts, but you must be very careful before signing up with them.

First, check them out with the Better Business Bureau and the state banking department to make sure they are in good standing and properly licensed. Remember, some of these companies are non-profit and don't require you do pay any money --which makes sense to me because this is the time when people can least afford to pay for anything else.

Copyright © 1995-2006 Cincinnati.Com >> Community Press & Recorder >> Use of this site signifies your agreement to the Terms of Service and Privacy Policy, updated June 7, 2005.

posted by News at 3:43 AM

Credit Card Debt Consolidation

Debt Consolidation Home Loans - Advantages and Disadvantages - Lower Credit Card Interest Rates and Tax Write-Offs

Business

With the rise of interest rates, debt consolidation is becoming more common. It entails taking out one loan to pay off many others, and is often done to secure a fixed interest rate or for convenience. It is easier to write one check than many.

It may also be advantageous, especially if you are consolidating credit card debt into a fixed home loan. Although there is some risk in converting unsecured debt into secured debt, there may also be a tax write-off. Also, the change in the bankruptcy laws has made it more difficult to remove debt via bankruptcy. Consolidation could also entail placing unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, which is often a house.


In cases of a secured loan, the interest rate can be reduced due to the reduced risk of the lender. When a debtor is in danger of bankruptcy, the debt consolidator may buy a loan at a discount. According to Wikipedia, a prudent debtor can shop around for consolidators who will pass along some of the savings. But be forewarned, a consolidation can affect the ability of the debtor to discharge debts in bankruptcy, so the decision to consolidate must be weighed carefully.

There are some advantages in securing a lower interest rate over a longer period of time. The lower rates can allow for the debt to be paid off sooner because the amount paid toward the principle can be significantly more.


It may be better to shop for a loan before payments are missed and your credit score is harmed. Some unscrupulous companies will knowingly wait until a client has backed themselves into a corner and must refinance in order to consolidate and pay off bills. In these cases the available lenders may charge the maximum allowed interest rate and the barrower will be force to pay any allowable fee to complete the debt consolidation.

You may also want to consider consolidating a loan into non-secured debt. There are numerous credit card offers available that can lower the rate of interest. Some companies will offer zero percent interest for a limited time. If you are in a position to take advantage of these offers, zero interest is best.

Copyright 2005 Best Syndication

posted by News at 3:42 AM

Travel Reward Credit Card

Bank of America offers first American Express card
By Jonathan Stempel

NEW YORK, June 28 (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research), the No. 1 U.S. credit card issuer, said it will begin issuing its first American Express-branded card on Friday.

The clear plastic card will be offered on Bank of America's Web site under a joint venture that the No. 2 U.S. bank and American Express Co. (AXP.N: Quote, Profile, Research), the credit card and travel services company, announced in December.

Card users will be eligible for Bank of America's rewards programs. Their cards will carry no annual fees, offer one reward point per dollar of retail purchases, and offer double reward points for travel and dining until 2007. Cardholders may also choose to carry revolving balances each month.

Bruce Hammonds, the bank's card services president, said Bank of America plans later this year to introduce a range of premium cards for its customers' exclusive use on American Express' network.

Hammonds was chief executive of MBNA Corp., the largest independent U.S. credit card issuer, before Bank of America acquired it six months ago for $34.2 billion.

Charlotte, North Carolina-based Bank of America will be responsible for billing, customer service and charge authorizations, and own customer loans and receivables.

New York-based American Express will process transactions on its global merchant network, as part of its strategy of opening the network to third-party issuers.

In announcing the joint venture, American Express said it would dismiss Bank of America as a defendant in its antitrust lawsuit against Visa International Inc., MasterCard Inc. (MA.N: Quote, Profile, Research) and some large U.S. banks.

A 2004 U.S. Supreme Court decision allowed American Express to offer cards through banks that previously stuck with Visa and MasterCard.

Other large card issuers include Citigroup Inc. (C.N: Quote, Profile, Research), JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research), Morgan Stanley's (MS.N: Quote, Profile, Research) Discover, and Capital One Financial Corp. (COF.N: Quote, Profile, Research).

© Reuters 2006. All Rights Reserved.

posted by News at 3:41 AM

Low Apr Credit Card

Www.BankRateCreditCard.com is now offering its customers the ability to apply for American Express credit cards or business lines of credit in a convenient and easy to use format. Of special interest is the innovative One from American Express(SM) card, which adds 1% of purchases into the cardholders savings account.

Austin, TX (PRWEB) July 2, 2006 -- Michael Ziegler, in association with Zen Marketing, LLC, is pleased to announce that their innovative website http://www.bankratecreditcard.com is now offering its customers the ability to apply for American Express credit cards and business lines of credit. Previously, BankRateCreditCard.com has offered many choices of Visa, Mastercard, and Discover Card. These choices continue to be available.

Of particular interest to credit card shoppers will be the One from American Express(SM). The One has a unique Savings Accelerator(SM) Plan that contributes 1% of eligible purchases into an FDIC insured High-Yield Savings Account in the card holder's name. The cardholder can add additional funds to the savings account, which will add to a family's systematic savings program. To see more information on One go to: http://www.bankratecreditcard.com/creditcard/amex-one

Another exciting benefit for customers choosing American Express through BankRateCreditCard.com is the American Express Business Capital Line. American Express Business Capital Line offers small businesses a line of credit up to $100,000 at a competitive APR as low as prime + 1.99% for both cash and check purchases. 100% of the line is available as cash and NO collateral is required from qualified borrowers! To see more information on American Express Business Capital Line go to: http://www.bankratecreditcard.com/creditcard/amex-capital-line

The credit card industry has become very competitive in recent months, and it is difficult for the average person to keep up with the many offers available for those who want or need a new credit card. BankRateCreditCard.com surveys and monitors the offers of many of the country's best banks and issuers, then puts the best of the best on its website for its customers.

For additional information or a sample copy, Contact:
Mike Ziegler
website: http://www.bankratecreditcard.com
phone: (512) 860-2951

www.BankRateCreditCard.com has been operational for approximately 8 months as of date of press release. www.BankRateCreditCard.com was created to provide customers a choice and a way to compare the best offers of the major credit card issuers in an easy to navigate format.

Source : PR Web Press Release

posted by News at 3:40 AM

Apply Online For Credit Card

Details of the United Airline Business Credit Card Application

The United Airlines Business Credit Card is one of many business card options for those in the business and travel world that are seeking a professional credit card. This card is issued by Chase and intended for business owners with good credit.

The card has 17.99% variable APR on purchases, 23.99% variable APR on cash advances and uses the Two Cycles Average Daily Balance (including new purchases) method for calculating the financed amount. There is an annual fee of $75 for the card and $25 for additional cardholders. The interest rates are a bit higher than most business cards but fairly average when compared to other reward cards.

The reward program features many great bonuses for business owners and travelers. You get one mile per dollar spent. These are compatible with frequent flyer miles. You receive 17,500 bonus miles after your first purchase. Cardholders of the United Airline Business Credit Card also receive a $25 United discount travel certificate and a free one-way, 1,000 mile, one-class upgrade certificate after their first purchase. You can earn 2 miles for every $1 spent on purchases from United. Earn bonus miles at participating restaurants nationwide.

There is a limit of 150,000 miles that can be earned per year. But if you are a Mileage Plus Premier, Premier Executive, or Premier Executive 1K member, you are exempt from mileage limitations. Earned miles do not expire as long as you earn or redeem miles at least once every three years.

For more information or to apply for the United Airline Business Credit Card, Beth Derkowitz recommends Find Credit Cards.

Source: http://EzineArticles.com/?expert=Beth_Derkowitz

posted by News at 3:36 AM

Business Credit Card

Smart Answers
By Karen E. Klein

A Rumor of Money for Entreprenuers
Entrepreneurs' choices range from angel investors, personal savings, small business loans, business credit cards, and friends and family

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My company began in January, 2005. We've spent $12,760 establishing ourselves, getting patents, and obtaining a business product portfolio plan. We need $1.7 million to move forward. We've tried to get investors, venture capitalists, grants, and even a business credit card. You hear about how much money is "out there" for entrepreneurs, but we can't seem to get straightforward answers about how to get it. Is there any advice you can offer?
—D.R., St. Louis, Mo.
Is there really money available "out there" for entrepreneurs? Well, yes and no. The answer really depends on which entrepreneurs are asking for the funds—and why.
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"With an attractive idea, solid team, a complete business plan, and a clear plan for how you will make money, the possibilities for funding could be endless. You might even find yourself turning down investors," says Channing Chen, a venture consultant for the San Francisco Small Business Development Center. "Without any or all of those attributes, you could also find yourself knocking on a lot of doors to no avail."

It sounds as if you've got yourselves a legal structure and some proprietary intellectual property. You also mention a product portfolio plan, but not a complete business plan. If you don't have one, you definitely should put one together.

IDENTIFY MARKET. "Your job, as the entrepreneur, is to put together a plan or 'story' that conveys how your business will make money and what [investors] can expect as a return. Plenty of entrepreneurs find themselves funding initial admin activities such as incorporation, filing for patents, and other legal or accounting-related activities when they have no idea what the market acceptance is for their product or service," Chen says.

Start by identifying your potential customers, quantifying their interest in your product, and figuring out how big your potential market is. How much will it cost you to acquire customers? You'll turn this data into projections for the financial component of your business plan. "These projections show how fast your business is expected to grow over the course of several years. From these projections, a valuation of the company can be derived in addition to the value of the investor's stake in the company,"Chen says.

Make sure you do a professional job on the entire plan, particularly the sales and marketing piece. "No matter how good your business plan is overall, the most important section of the plan is the sales and marketing," says Joe Knight, co-author of Financial Intelligence, A Manager's Guide to Knowing What the Numbers Really Mean. "You need to really analyze your market…and have a solid strategy for how you are going to sell into that market. Venture capitalists go straight to the sales and marketing plan and if that doesn't make sense to them, then the rest doesn't matter."

MULTIPLE SOURCES. Look online for scads of advice, templates, and professional help writing a business plan. A good place to start your search is with the U.S. Small Business Administration, www.sba.gov (click on "starting your business"). For resources in the St. Louis area, visit www.stlouisarchangels.com as well as the Missouri Small Business Development Centers.

Even with a sterling business plan, $1.7 million is a lot of money for a young company to be requesting. It's unlikely you'll find all that money from one source at one time (companies typically do several rounds of funding over several years), so continue investigating multiple options. But cross venture capitalists off your list for now. "VCs are looking for deals that are $4 to $5 million and up," Knight says. "Look at angel investors. These are investors who invest on their own or in consortiums."

Angels typically invest between $25,000 and $100,000 in exchange for some ownership interest in your firm. Search online for angel investor groups in your region (it sometimes helps to be local, though it's not mandatory) and look over their Web sites to determine what kinds of companies they're interested in and how to get your business plan in front of them for consideration.

VERY INTERESTING. Along with private investors, you should be considering personal savings, small business loans, and—possibly—business credit cards as pieces of the funding puzzle. "A business credit card is probably the easiest and fastest way to get business funding," says Justin McHenry, research director at IndexCreditCards, www.indexcreditcards.com, a credit card research site.

"Business credit cards offer sizable credit lines, potentially $50,000 or more, plus many will offer a 0% interest rate for the first year of purchases, giving entrepreneurs a little breathing room before payments are due and interest starts accruing," McHenry says.

There are, of course, downsides to using credit cards for your business startup. The most obvious is that credit cards carry higher interest rates than other types of loans. The second is that even if you have incorporated your company, almost all credit card companies will insist that you be personally responsible for the debt.

CIRCLE OF FRIENDS. "If the business fails and the card is not paid off, it will go on [your] personal credit history and could haunt you long after the business is just a memory," McHenry notes. A list of small business credit cards offering the lowest rates to small business customers is available at McHenry's site.

Realistically, your best bet for initial capital is most likely going to be the people who know you and your business partners: friends, family, and acquaintances. "These are the people who know you best, trust your judgment, and can usually get you needed capital faster than outside or 'random' investors who may conduct lengthy due diligence," Chen says. Going with what—and who—you know is probably your best bet in the near term. Good luck!

Karen E. Klein is a Los Angeles-based writer who covers entrepreneurship and small-business issues.

Source : http://www.businessweek.com/smallbiz/content/jul2006/sb20060724_959298.htm?chan=top+news_top+news

posted by News at 3:36 AM

Online Credit Card Approval

US-style law to allow plea bargaining for big City fraud cases
By Frances Gibb

Longer sentences for bigger offenders is part of a new system to deal with an annual £14bn bill
A TOUGH US-style approach to big-money City fraudsters, including sharp increases in prison sentences and a national fraud squad, will be announced by the Government today.

The plans, aimed at cutting the economy’s annual £14 billion fraud bill, include pleabargaining, whereby lesser defendants are offered lenient sentences or witness immunity in return for vital evidence against a "Mr Big". Such tactics were cited by the "NatWest Three" as unfair in their unsuccessful fight to resist extradition to the US to face charges related to the Enron scandal.

The authorities believe that such measures are essential if the British criminal justice system is to stand any chance of curbing the rising levels of high-finance fraud.

Robert Wardle, head of the Serious Fraud Office, has told The Times that the incidence of fraud far outstrips the number of cases investigated. “The justice gap must be narrowed,” Mr Wardle says in an interview to be published tomorrow.

He is strongly in favour of longer jail terms for fraudsters, including a sharp increase in the maximum term for theft, which was recently reduced from ten years to seven.

The present system of fighting financial crime involves costly, cumbersome and lengthy fraud trials, which regularly collapse. The aim of the overhaul of fraud cases to be announced by Lord Goldsmith, QC, the Attorney-General, is to shorten trials by focusing on key suspects. Less important offenders will be asked to become witnesses in exchange for lighter penalties, and in the most complex trials, juries would be scrapped.

Last week John Reid, the Home Secretary, announced his intention to revive controversial proposals for judge-only trials in fraud cases. The measure is on the statute book but was rejected when it came before Parliament for the approval needed to bring it into force.

The reform package is the outcome of a Whitehall review, expected to propose a unified strategy. At present fraud is tackled across various agencies, such as the Serious Fraud Office, the Crown Prosecution Service, HM Revenue & Customs and the Serious Organised Crime Agency. Lord Goldsmith is expected to announce that the City of London Police economic crime unit will have overall responsibility for investigating fraud across England and Wales.

Greater police resources will be recommended: now more than 10,000 officials are investigating fiscal and benefit fraud, yet there are only about 400 officers in police fraud squads, plus 120 in the City. There will be a national reporting centre, enabling agencies to share intelligence.

The fraud review has been impressed by America’s pragmatic approach, aiming for the few big-league criminals rather than spreading the net and seeing everyone escape.

Prosecutors working with the Serious Organised Crime Agency have been given powers to plea-bargain with defendants and to offer witness immunity. Such deals are likely to be accompanied by wider use of moves to remove the proceeds of fraud from the defendant.

Lord Goldsmith said when announcing the fraud review last autumn: “Every year fraud costs the economy the equivalent of £230 for every person in the UK. It cuts across multinational corporations and is embedded in terrorism, human trafficking and drug smuggling. It affects individuals through credit card fraud and ID theft.”

David Corker, a specialist fraud lawyer from Corker Binning, the London law firm, said: “I would welcome a move to concentrate on the Mr Bigs, with plea-bargains for the rest and profit-stripping. The problem, though, is that tabloid newspapers might find it hard to accept that someone who is guilty should not be banged up or is getting a light sentence.”

Plea bargains, deals with lesser witnesses to catch bigger fish and tougher sentences are all key to the US system of prosecuting fraud, with convincing results. Kenneth Lay, the Enron chief who died recently, had been convicted on several counts of fraud, conspiracy and bank fraud, and was awaiting sentence. He could have spent the rest of his life in jail.

Lay insisted that the only fraud at Enron was committed by underlings, and maintained that Andrew S. Fastow, who had been chief financial officer, bore most of the responsibility. Fastow pleaded guilty to conspiracy and agreed to serve ten years in jail, other charges being dropped in exchange for his co-operation with prosecutors and testimony in the trials of Lay and Jeffrey Skilling.

James D. Zirin, a litigator in New York who knows the US and British trial systems, said: “The purpose of public prosecutions is to make examples of people. So we do tend to focus on the Mr Bigs. Fraud cases are generally made through co-operating co-conspirators who strike a plea bargain with the prosecutor. There is no better way to make a case. Who else could they call as a witness to fraud — the Archbishop of Canterbury?”

PAYING A HIGH PRICE FOR JUSTICE
# In March the two-year Jubilee Line extension trial collapsed, leaving taxpayers with a £60 million bill. The six defendants were cleared. £14 million went on legal aid

# A £12 million Southwark Crown Court fraud trial collapsed after two months in July 2004 because the Serious Fraud Office was “grossly negligent”, disclosing in documents to the defence a highly secret paragraph

# The Independent Police Complaints Commission is to investigate the Revenue & Customs team involved in Operation Venison after the collapse in May last year of a £120 million VAT fraud trial. Another 18 cases may be affected. Court costs could be £100 million

# The Maxwell brothers, Kevin and Ian, were cleared after a seven-month trial in 1996 costing £30 million, at least half in legal aid, ended in acquittals

# The Brent Walker fraud trial ended in 1994 with costs of about £40 million. The former boxer George Walker was cleared; Wilfred Aquilina, his finance director, was convicted of false accounting

# The Guinness fraud trials of 1990-93 cost some £30 million and ended with the acquittal of Thomas Ward on a theft charge. Ernest Saunders, Gerald Ronson, Jack Lyons and Anthony Parnes were convicted, Roger Seelig and Lord Spens were acquitted and charges against David Mayhew, a takeover consultant, did not go to trial.

Link : http://www.timesonline.co.uk/article/0,,200-2282939,00.html

posted by News at 3:35 AM

Apply For A Credit Card

Credit card demand slows in June: survey

July 25, 2006 - 1:04PM

Australians applied for a record amount of credit cards last financial year but demand for new cards has slowed, a new survey shows.

The Baycorp Advantage Quarterly Credit Card Index showed demand for credit cards fell slightly in the three months to June to 959,231 applications.

This was a slight drop of 0.07 per cent, or 663 applications, from the March quarter.

Baycorp managing director Andrew Want said the rush to apply for new low-interest credit cards looked to be slowing with the index indicating some consumers may be consolidating their debt into personal loans.

"Consumers have enjoyed an unprecedented amount of choice from credit card providers in the past year, with demand driven by competitive products from card issuers such as zero interest on balance transfers and products offering lower interest and fewer frills," he said.

Recent Reserve Bank data shows Australians are spending more on their credit cards but the Baycorp index shows actual new card applications are not increasing at the same rate, he said.

Credit card applications in the three months to June fell the furthest in the Northern Territory when compared with the same period a year ago, while applications jumped the most in the ACT.

Mr Want said as consumers become more defensive in how they manage household debt, there is likely to be activity in product types that helps consumers consolidate household debts.

"The first wave of this was the move to low-cost credit cards, and now this quarter's credit demand index seems to indicate that there is a second wave underway to products offering fixed interest and scheduled repayments," he said.

"It indicates that consumers are becoming much more informed about how to be manage their personal credit portfolio and are using their power of choice to find the products that suit individual consumers best."

The index also showed a record number of personal loan applications in the June quarter with 811,065 applications, an increase of about 17 per cent on the March quarter.

Total unsecured credit demand, for both personal loans and credit cards, grew 9.9 per cent on the June quarter in 2005.

© 2006 AAP

Link : http://www.theage.com.au/news/

posted by News at 3:34 AM

Credit Card Offer

Credit Card Fraud May Now Be A Thing Of The Past
By Rosli Abidin Yahya

Bandar Seri Begawan - Brunei will be launching the micro-chip credit card soon to replace those with magnetic stripes to reduce credit card fraud by as much as 80 per cent after the new technology was introduced in other countries.

However bank officials said they could not give a specific date for the launch.

"It may be this year or next year.

We may need to implement the technology here too as credit cards with magnetic stripes may not be accepted by our customers in other countries," they said.

Meanwhile, bank officials said owners could prevent the cloning of their magnetic-stripe credit cards by never losing sight of their possessions while making payments especially when overseas.

They said credit card skimming often occurs in businesses where credit cards are used regularly such as restaurants and other entertainment venues overseas.

"At restaurants, you will normally lose sight of your card when the waiter takes it to pay your bill.

"Some skimmers are so small that they can fit into the palm of your hand, which makes it extremely easy for waiters to keep in their pouches," they said.

They added that credit card skimming is a method by which encoded information from the magnetic stripe of a credit card is gathered by an electronic credit card reader or skimmer.

"This information is used legitimately when processing a transaction.

"In the hands of a criminal, the electronic credit card reader becomes a handy tool to gather information for making illegal transactions and purchases.

"Usually a criminal connects this skimmer to the credit card machine or a portable skimmer could be used to swipe your card when you are not looking.

"If you make a purchase, your information will automatically be stored in the skimmer.

"At a later stage, the criminal will use this information to make unauthorised purchases or encode this information on the magnetic stripe of a counterfeit card," they said. -- Courtesy of Borneo Bulletin

Link : http://www.brudirect.com/DailyInfo/News/Archive/July06/260706/nite14.htm

posted by News at 3:33 AM

Credit Card

Credit Card Debt Outgrowing Income

In the last 10 years, the average family income has grown 9 percent, but credit card debt has jumped 70 percent.

Erin Brown is 27, and already she is living under a mountain of debt: a $130,000 mortgage and at least $50,000 dollars in student loans.

Brown said, "I had student loans, I had credit card debt and I had sort of been working the past five years just to get out of that hole."

But just because she was working doesn't mean Brown has stopped spending.

"I have a lot of jeans, and I keep buying more," she says.

While Brown's grandmother pinches pennies reusing paper napkins, Brown said struggles not to buy a 23rd pair of jeans.

Robert Bixby, executive director of the Concorde Coalition, said, "We used to have a saving ethic in the country, which seems to have turned into a consumption ethic."

Some of it is generational. Americans who came of age during the Depression seem less likely to be spendthrifts than those born in post-War World II prosperity.

Jim Roberts, a marketing professor at Baylor University, said overspending is cultural too.

"We are constantly bombarded with advertising that happiness can be purchased at the mall and over the Internet or the catalogue."

Even more, overspending has never been easier. The internet makes it possible to shop 24/7 and almost anything can be bought on credit, regardless of one’s ability to pay.

"Technology, cars, homes, vacations, private school education for our children, there's no end to it," Bixby said.

Americans also overspend because saving for college or retirement often seem so futile. The "I'll do it later" mentality is the sort of savings plan being embraced by today’s American citizen.

Copyright 2006 by WSOCTV.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

posted by News at 3:33 AM

Credit Card Reward

Goldfish today announced the launch of a new credit card offer which will give new customers the opportunity to reap rewards faster from one of the leading reward schemes in the UK. Customers taking out the new card will earn double Goldfish points, as well as benefit from competitive interest rates on purchases and balance transfers.

As part of the new offer, Goldfish will reward new customers with double points for the first three months. The points, which can be earned on all purchases, will equate to two Goldfish points for every £1 spent.

At a time when consumers are clambering for an ever decreasing number of credit card reward schemes on the market, the new offer will reinforce Goldfish’s position as one of the leading points-based cards, offering a variety of redemption partners.

The news follows Morgan Stanley’s recent acquisition of Goldfish and demonstrates Morgan Stanley’s commitment to offering the greatest value and flexibility in rewards for cardholders across its portfolio of card products, which also includes the Morgan Stanley Platinum Cashback card and the i24 Card, which is aimed at the premium end of the market.

The new offer rewards cardholders with £10 vouchers redeemable once they’ve accumulated 1,500 points (£750 worth of spend in first three months, rather than £1,500). Goldfish cardholders have the all-important flexibility to use their vouchers at 18 leading retail partners including Boots, Argos, John Lewis, WHSmiths and Marks and Spencer plc.

Recent findings from Morgan Stanley research has shown that almost half (46%) of all UK credit cardholders take advantage of a loyalty scheme attached to their credit card.

The new offer from Goldfish bucks the industry trend witnessed over the past 12 months, whereby at least eight credit card companies have reduced or scrapped their reward scheme. Even without the new credit card offer, the Goldfish reward scheme stands out from competitors for its extensive choice of partners and ease of redemption.

Commenting on the offer Charlotte Hogg, managing director of Morgan Stanley’s UK credit card business said: “When Morgan Stanley acquired Goldfish we set out to reignite interest in the brand and the launch of this credit card offer is the first step. The new offer positions Goldfish as a leading reward scheme for those seeking competitive rates partnered with a high-redemption reward offer that can be tangibly exchanged in a number of top retailers.”

posted by News at 3:32 AM

UK Credit Card

An old converted shoe and boot factory in Northampton was the site for a revolution in the nation's borrowing and spending habits 40 years ago.

It was there that 30 new bank clerks, freshly recruited the month before, joined a team of ten or so managers from Barclays bank to launch the country's first ever credit card - the Barclaycard.

The bank stole a march on its rivals by copying an idea that had taken off in the United States in the 1950s with American Express and Diners Club.

Barclays bought a credit card system from Bank America in California, set up shop in Northampton, and got its branches to trawl through their records for more than a million of their most likely and credit-worthy customers for a mass mailing of new unsolicited cards.

One of the people who had been taken on was John Healey who, until then, had worked collecting life insurance premiums door-to-door for the Pearl Assurance company.

He says not all the bank's customers liked the idea of the new bits of plastic that had arrived in the post, uninvited.

"People didn't know what they were really, they just arrived on their door mats.

"Some were quite happy, some were absolutely up in arms about it.

"We got loads of letters back saying 'what the hell are you doing, we shall never use these'."

Plastic revolution

Barclays has lost the original business plan which the bank's directors approved to launch the new venture.

But it was certainly revolutionary for the UK.

Only half the country's population had bank accounts and many people were paid weekly in cash with the average wage being £10.

For most people the only way to pay for anything was in cash or by cheque.

Borrowing was possible but it was often a tedious and sometimes tortuous affair, involving interviews with a bank manager to justify a loan, or filling in forms for hire purchase agreements for goods like fridges and TVs.

One of the first Barclaycard customers was John Wallington, who lives in Torquay.

He recalls that using the new cards in shops was not at all easy:

"You had to look for a sign and then go in.

"Not all of them were ready to accept it and even if they had a machine, if they hadn't had a customer with a card before they often couldn't find the machine.

"Or the manager who was the only one who could use it would be out to lunch."

At first, the new cards required you to repay all your spending when you got the monthly bill.

The breakthrough for the industry came a year later in 1967 when the government allowed cards to offer extended credit.

A rival to Barclaycard called Access was launched in 1972 by the other main UK banks, the Midland, Lloyds, NatWest and the Royal Bank of Scotland.

This spawned one of the more well-known advertising campaigns of the last few decades with the card being styled as "your flexible friend" which then became a popular catchphrase.

Sucker market

Since the early 1990s, the number of credit cards available in the UK has boomed and there are now more than 1,300 of them.

heir growth has been stimulated in particular by the arrival of US banks in the UK market and now there are more than 75 million credit and charge cards in circulation.

Despite this apparent increase in competition, the considerable profitability of lending on plastic hardly changed at all between 1993 and 2004, according to recent studies by Shelagh Heffernan, professor of banking and finance at the Cass business school in London.

She says interest rates on credit cards also appear immune to changes in the Bank of England base rate.

What has been going on?

Professor Heffernan says this all reflects customer inertia.

"Banks are extremely good at identifying the consumers who don't tend to change banks or credit cards very frequently - most consumers don't.

"So charges paid by customers who don't repay in full each month are giving these banks a very large margin."

To all intents and purposes, these people form a self-defining, captive, sucker market.

Her advice is to switch excessive credit card borrowing to unsecured bank loans, for which banks now charge much lower rates of interest than before.

Cards and debt

Of course, credit cards are very useful and convenient. They are a very easy way to pay for things.

Just remember when you could buy a theatre or cinema ticket only by queuing at the box office.

Now we use the phone or the internet.

And if you do pay off your spending each month they are a great way to borrow interest-free for a short period of time.

But hand-in-hand with the growth of borrowing has gone the growth of debt.

Tales are common of bankrupt individuals running up tens of thousand of pounds of debt on cards given to them by banks who did not check if they could repay.

Professor Ronald Mann, of the Texas University Law School, author of a new book about the growth of the credit card industry around the world, says that credit cards do appear to lure people to spend impulsively.

"As credit card borrowing increases personal bankruptcies increase.

"And people are more likely to file for bankruptcy if they borrow on credit cards than if they borrow on other things."

Outstanding borrowing on credit cards in the UK currently stands at £56bn, up sharply from just £14bn ten years ago.

But credit card debt has been falling since the start of the year because their use has been tailing off in favour of debit cards.

So maybe the 40th anniversary of the appearance of the credit card here may mark the high-water point of its popularity with the shopping public.

What are your views on the issues covered in this story? Send us your comments and memories.

posted by News at 3:31 AM

Low Interest Credit Card

Frank Walker
July 23, 2006


An interest rate rise seems almost certain with an announcement of a 3 per cent inflation rate expected this week and new figures showing Australians are spending more than ever on credit cards.

The Reserve Bank is widely tipped to put up interest rates by a quarter of a per cent - to 6 per cent - when it meets on Tuesday week.

A Bloomberg survey found 20 out of 23 economists expect the Reserve Bank to raise interest rates in August. Many tipped yet another increase before the end of the year, the third in 2006.

A 0.25 per cent increase in August will add $40 a month to a mortgage of $225,000. A second increase would push repayments up further to an extra $78 a month on now.

The increase will hit hardest in NSW - Sydney in particular, where mortgages and rents are the highest in the country.

Credit card holders will also be hit hard as figures released last week showed a record $16.5 billion credit card spending splurge in May, including $1 billion in cash advances.

Credit card debt has doubled in less than five years with the average owed now a record $2771, a 1 per cent jump on April and 7.6 per cent higher than 12 months ago.

Soaring petrol prices are likely to push inflation to 3 per cent or higher. Economists said this month's tax cuts would add to inflationary pressures and increase the likelihood of further interest rate rises.

Commsec economist Craig James said the Reserve Bank should try to assess whether people are spending more on credit cards because they are struggling to make ends meet or whether they just feel flush.

"If credit use is up because people using low-interest cards feel they can rack up bigger debts then the Reserve Bank may be inclined to put up rates to slow that down," Mr James said.

"But if soaring petrol prices, higher mortgages, rising health insurance payments are forcing people to use their credit cards more then the Reserve Bank runs a risk if they raise rates."

Evidence pointed to hardship as Visa found their card usage at petrol stations had rocketed up 22 per cent in the March quarter.

Mr James warned a rate rise could tip NSW into a recession as growth drivers like the building sector were already flat and a rate rise would prolong the property slump.

Access Economics warned this month's tax cuts would power up the economy as people have more cash in their pocket, adding to inflation.
Source: The Sun-Herald

posted by News at 3:30 AM

Chase Credit Card

Getting a Chase Platinum Business Card is something to consider. There are several benefits offered to those that qualify for this credit card including the ability to take advantage of 12 billing cycles of 0% interest rate. Those that are looking for a solid credit card for their business or business expense account should consider what the Chase Platinum Business Card can do for those needs. With so many options out there costing so much more, this is the card to have in your wallet.

The Details

The Chase Platinum Business Card provides for several benefits to those that are looking for a good account for business related costs. This credit card is designed for those that have a very good credit rating. It is designed to provide twelve months of 0% interest through the introductory rate. After that period, the interest rate is still low at 11.99% variable. For cash advances, you will find 23.99% acceptable as well.

This credit card offered by Chase does use the two cycles average daily balance method for calculating interest. If you carry large balances from month to month on this credit card, you may find this to be less than the ideal choice for your needs. Yet, you get all of the benefits of a good credit card to go along with it. There is no annual fee. Your maximum credit limit can be as high as $35,000 depending on your specific needs. You can also benefit from balance transfers.
In addition to these things, the Chase Platinum Business Card provides for ideal benefits including savings up to 20% of business related merchandise, emergency cash replacement, lost and stolen card protection, one million dollars in travel accident insurance and auto rental insurance. You get quarterly financial statements and purchase protection as well.

The Chase Platinum Business Card provides for all the necessary benefits that a business line of credit should have. You will find it to be one of the best in low rates and the longest introductory periods. It is sure to become a staple in your wallet.

For more information or to apply for the Chase Platinum Business Card, Beth Derkowitz recommends Find Credit Cards.

Article Source: http://EzineArticles.com/?expert=Beth_Derkowitz

posted by News at 3:29 AM

Bad Credit Credit Card

When you have a bad credit rating obtaining a credit card is more difficult. Most credit card companies will just deny your request. This then makes finding a bad credit, credit card extremely important. Now when you are applying for a bad credit, credit card there are several important factors to consider.

First, if you have a bad credit and are now in a better financial situation do not make the mistake of applying for every credit card offer there is. Your credit score will lower with each credit card inquiry. To eliminate excessive inquires, reduce your selections down to one or two companies that specialize in bad credit, credit cards. The reason for this is the likely hood of being accepted is much better than it would be with a regular credit card company. This is a great first step in bringing your credit rating and history back up to an acceptable level.

Before applying or accepting an offer from a bad credit, credit card Company, it is wise to research the company and other various offers. Most companies are attempting to help you change your situation, but there are some companies that use this as a time to take advantage of your situation for their benefit. Unfortunately as a rule you will not be able to obtain low interest rates at first but some are still better than others when it comes to bad credit, credit cards.

You will want to be sure to read all the disclosures and other information in regards to any user fees, penalties, and other possible hidden costs. As an example; if you are applying for a secured credit card you will need to open a savings account with that particular bank. This amount varies and will be the collateral for your card. So your credit limit will be the same amount as your savings account and if you do not pay the bank then claims it. In addition to the deposit most will have a startup fee, a annual fee and a monthly service fee. Many companies will charge that to your credit card so you already have a balance before you actually receive the card.

You will probably not be able to do away with all extra fees, such as above, that are associated with bad credit, credit cards. But if you read all the information from several companies you should be able to find the two with the lowest interest rate and least amount of user fees.

Article Source: http://EzineArticles.com/?expert=Blake_Hendrickson

posted by News at 3:29 AM

Credit Card Application

Credit-Cards-Resource.com provides the most complete website to find, compare, review, and apply for over 100 different credit cards for consumers, students, and small businesses. The site allows visitors to compare credit cards from various issuers, brands, and categories side-by-side on features such as APR, annual fee, and incentives offered. Each credit card is carefully rated and summarized by Credit-Cards-Resource.com editors.

(PRWEB) July 25, 2006 -- Credit-Cards-Resource.com offers the best deals on credit cards for consumers, students, and small businesses. The site offers credit cards from major issuers including Chase, Bank of America, Discover, American Express, US Bank, HSBC, Advanta, and Citibank credit card offers. Visitors can find and compare Visa credit cards, MasterCard credit cards, Discover credit cards, and American Express credit cards from various issuers to get the exact credit card features they desire. In addition to comparing conventional credit cards, visitors can also compare prepaid credit cards that are great for college students and young adults.

Credit-Cards-Resource.com is organized into sections for consumers, students, and small businesses. Visitors can focus their search to compare cash back credit cards, airline miles credit cards, points credit cards, etc.). Other types of credit card categories that can be compared include low interest, balance transfer, bad credit, and more. Visitors can browse for credit cards, review side-by-side comparisons, view a list of all cards in a category and select any three to compare, or search to find the best credit card for their individual needs.

"When I was looking for a rewards credit card, I used Credit-Cards-Resource.com to compare the Hilton Honors credit card the Discover gas credit card, and the rewards Discover credit card " said credit card applicant Sally Riley. "The comparison enabled me to see all the fine print terms of each card and the rewards each card offers." Side-by-side comparisons allow visitors to review a summary of the card, a list of card features, the purchase APR, the annual fee, and an editor’s rating of 1-5 stars.

Within each category on the site, credit cards are sorted from highest- to lowest-ranked. Credit-Cards-Resource.com editors carefully take into consideration card features, rewards, incentives, ease of redeeming rewards, annual fee, ongoing APR, brand, and issuer when rating cards. Visitors to the site can save time by using articles to select the appropriate category of card, and applying for the highest-ranked credit card in the chosen category. The site makes it easy to apply for gas credit cards, low interest credit cards, and credit cards of every category – Visitors simply click "Apply Now" to reach a credit card application.

In addition to side-by-side comparisons, Credit-Cards-Resource.com features an advanced search tool that allows visitors to filter all the cards on the site by type of applicant (consumer, student, or small business), category, brand, and/or issuer to help narrow down credit card options and focus on only those that match their needs. Visitors can review the cards in a list of their search results, or choose up to three cards from the search results list to compare them side-by-side.

The guide section of Credit-Cards-Resource.com provides up-to-date information on each category of credit card, its benefits, its negatives, and tips for proper usage. Articles on how to choose a credit card, how to use credit cards wisely, and other topics inform and educate visitors. The guide also includes links that allow visitors to compare the top three credit cards from each category and review a summary of the best credit card in each category. A list of frequently asked questions about credit cards helps visitors understand APR, annual fees, and other credit card terms and features that may cause confusion. Finally, even after visitors find and apply for a credit card, they can come back to Credit-Cards-Resource.com for its credit card news – a collection of news stories from publications around the US that are relevant to credit card applicants and users.

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posted by News at 3:28 AM

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Australians applied for a record amount of credit cards last financial year but demand for new cards has slowed, a new survey shows.

The Baycorp Advantage Quarterly Credit Card Index showed demand for credit cards fell slightly in the three months to June to 959,231 applications.

This was a slight drop of 0.07 per cent, or 663 applications, from the March quarter.
Baycorp managing director Andrew Want said the rush to apply for new low-interest credit cards looked to be slowing with the index indicating some consumers may be consolidating their debt into personal loans.

"Consumers have enjoyed an unprecedented amount of choice from credit card providers in the past year, with demand driven by competitive products from card issuers such as zero interest on balance transfers and products offering lower interest and fewer frills," he said.

Recent Reserve Bank data shows Australians are spending more on their credit cards but the Baycorp index shows actual new card applications are not increasing at the same rate, he said.
Credit card applications in the three months to June fell the furthest in the Northern Territory when compared with the same period a year ago, while applications jumped the most in the ACT.

Mr Want said as consumers become more defensive in how they manage household debt, there is likely to be activity in product types that helps consumers consolidate household debts.
"The first wave of this was the move to low-cost credit cards, and now this quarter's credit demand index seems to indicate that there is a second wave underway to products offering fixed interest and scheduled repayments," he said.

"It indicates that consumers are becoming much more informed about how to be manage their personal credit portfolio and are using their power of choice to find the products that suit individual consumers best."

The index also showed a record number of personal loan applications in the June quarter with 811,065 applications, an increase of about 17 per cent on the March quarter.

Total unsecured credit demand, for both personal loans and credit cards, grew 9.9 per cent on the June quarter in 2005.

posted by News at 3:28 AM