Woman Tribune » Business & Finance

Calling All Business Owners: Tips on Your Phone Service that Will Save You Money

Holly — Thu, 11 Mar 2010 16:03:45 +0000

This is a guest post by Nicole Hayward, Marketing Director at Junction Networks.

If you are a start up or small business owner, odds are you’re going to need a business phone service. (You’re not going to tell prospective clients to call your cell phone much longer…) Here’s a tip that’s going to make your business look bigger, better, and smarter: Use a Hosted VoIP service.

What is Hosted VoIP?

Voice over IP (VoIP) is the growing technology that allows you to make phone calls over your internet connection. You may associate Skype with VoIP, which is an app that allows you to call another Skype user. However, there are phone services that integrate with the Public Switched Telephone Network (PSTN), allowing you to make and receive phone calls like you would on a traditional phone.

Because of its relatively new emergence to the market, a VoIP service may seen intimidating. But, I’m here to assure you it’s actually cost efficient, reliable, AND easy to set up!

Why is VoIP Great for Small Businesses?

First and foremost, VoIP is great for small businesses because of its cost efficiency and ease in setting up. Frankly, if you choose a hosted VoIP service, you won’t need to pay a phone company to wire a business phone at your office or home. Instead, you’ll sign up for the service, purchase an IP phone to plug into your internet connection, and you’re set. Also, the actual phone service is cheaper because long distance calls are essentially local calls; voice data travels over the internet until it reaches a local PSTN to transfer to the recipient.

Secondly, VoIP has great features and scalability. You will find, using a hosted VoIP service, that you can choose a package that fits your business needs and budget. “This technology allows for businesses to take advantage of services like auto attendants, conference bridges, voicemail servers, video conferencing, click-to-call website integration, business hours routing, and voicemail-to-email notifications…” says TechCrunch. In addition to these features, you will be able to:

Add users (extensions) in a matter of a few clicks as your business grows
Answer your phone from the road using a smart phone app or your laptop in your hotel room
Transfer calls to your remote employees with extension dialing (available with some services like OnSIP)
Take your phone system with you when you move to a new office.

How Do You Get Hosted VoIP?

Well, of course I am biased, since I work for a great Business VoIP Service, OnSIP. You can easily sign up and try our service. But, feel free to weigh your options by Googling “Business VoIP”. Remember if you choose Hosted VoIP, all you will need are IP phones (e.g. Cisco or Polycom) and a broadband connection. Or, you can always email me with questions. Good luck in growing your business and communications!

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Nicole Hayward is the Marketing Director at Junction Networks, the creators of OnSIP Business Phone Service. Joining the software development industry after a traditional engineering education, she became passionate about discovering new software tolls for business efficiency and success. Follow Nicole and the rest of her team on Twitter @OnSIP and on the OnSIP blog. Or, you can email her at Nicole [AT] JunctionNetworks [DOT] Com.

Citibank Prints Social Security Numbers on Envelopes Sent to 600,000 Customers

Holly — Sun, 07 Mar 2010 19:49:07 +0000

Unless you’re that guy from the LifeLock commercials, you really don’t want to have your social security number paraded about like it isn’t the one and only thing a person needs in order to steal your identity and ruin your credit and everything you have worked for your entire life. Well, that is unless you have the common sense that Citibank possesses; which is, well, none that we can see from what was uncovered in late January.

Way too many companies have put their customers at risk by mishandling private information and we can now add Citibank to that list of companies. In late January, Citibank sent out about 600,000 envelopes–with their customer’s social security numbers printed on the front. But Citibank claims that this is not as severe an offense as we may think; in fact, no one could know that there were social security numbers printed on the envelopes because Citibank had combined the numbers with a larger string of digits and letters that resembled more of a mail routing number than a social security number. Customers were made aware of this incident as part of Citibank claiming complete transparency and they had also given their customers the option of enrolling in six months of credit monitoring at no cost.

There is absolutely no excuse why Citibank thought it wouldn’t be a big deal to print their customer’s private information that could potentially ruin everything they have worked for financially thus far; having people’s social security numbers come printed on envelopes from their bank, albeit being jumbled with other letters and numbers is nothing more than a gross display of neglect. There is not one inkling in my mind at the moment, after hearing about this, that could lead me to believe that Citibank truly has their customer’s interests at heart. If a financial institution does not think it’s important to keep my social security number to themselves, what other information will they feel perfectly fine handing over to strangers?

In lieu of this mishandling of personal consumer information, the Privacy Rights Clearinghouse has offered advice to consumers on how to deal with a security breach.

New Credit Card Statements Could Help Consumers Decrease Debt

Holly — Thu, 04 Mar 2010 12:42:40 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Consumers will soon receive their first credit card bill since last week’s implementation of the CARD Act and their statement will look very different.

“The new debt information on your credit card statement is one of the best provisions of the CARD Act and it will benefit every cardholder,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

The most significant change in your statement will be a chart which will clearly show how long it will take and how much you will actually pay should you make just the minimum payment each month. In addition, the chart will display how much you need to pay each billing cycle in order to completely pay off your balance in three years.

Suppose you owe $3,000 and your interest rate is 14.4%. Your statement would show that if you made no additional charges and paid only the minimum payment, it would take almost 11 years to pay off the balance at an estimated cost of $4,745. In addition, it would show that if you wanted to pay off the balance in three years, you would need to pay $103 per month and it would cost an estimated $3,712.

“Consumers will be shocked at how long it takes to pay down a balance and how much interest is actually paid if you are only making the minimum payment. When people see this personal information clearly presented in black and white, it should have a significant impact on getting consumers to pay off their credit card balance in a much more timely manner. Cardholders can’t ignore reality when they see the numbers each month on their credit card bill,” says Hardekopf.

An example of the minimum payment table can be found on the Federal Reserve website.

Consumers will see several additional changes on their credit card bills:

Your statement should be much easier to understand. Fees and interest charges should be highlighted and explained in simple language in a legible font size, not buried in fine print.

Your statement should give a toll-free number for counseling assistance from legitimate nonprofit organizations. Issuers are required to provide contact information for three organizations that have been approved by the United States Trustee or a bankruptcy administrator to provide credit counseling services in, at the card issuer’s option, either the state in which the billing address for the account is located or the state specified by the consumer. The National Foundation of Credit Counseling (NFCC) has added help lines to meet the expected increase in consumer assistance under the government’s new regulation.

Some issuers will give a summary of total fees and interest paid to date during the current billing cycle and year to date.

Not only will your bill look different, but the delivery and due dates may also be different. Pay attention to the due date because it is possible that your due date has changed as a result of the provision that requires at least 21 days notice before your due daye. Your due date now has to fall on the same day every month. The payment cut-off time cannot be earlier than 5PM on the due date. If your payment due date falls on a weekend or holiday (when the company does not process payments), you will have until the following business day to pay without penalty.

These statement changes may belimited to or be most effective for those with paper statements. If you have online banking without a paper statement, you will miss these numbers about your debt. You may have to go looking for it in a PDF file instead of it being delivered directly to you. According to a recent AP story, the biggest banks are not putting the minimum payment on the online account summary page. Bank of America, Chase, Citi and others say they are educating customers through mail and email about the new statements. Capital One is using banner ads about the new disclosures when cardholders log on.

“Banks should act in the spirit of the CARD Act and also make the minimum payment information easily available to online accounts,” says Hardekopf.

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LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for all 1260 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for eight years.

Significant Credit Card Changes Proposed by the Federal Reserve

Holly — Thu, 04 Mar 2010 11:19:38 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Today, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees, as well as requiring credit card issuers to reconsider increases in interest rates. This rule will go into effect on August 22, 2010.

“This proposal addresses two key costs of using a credit card–fees and interest rates,” said Federal Reserve Governor Elizabeth A. Duke. “The rule would prevent credit card issuers from charging large penalty fees for small missteps by consumers and would require issuers to reevaluate rate increases imposed since the beginning of last year.”

The proposed rule would:

Ban inactivity fees. Some issuers have recently instituted an inactivity fee if there are no transactions on your credit card for a certain period of time.

Force issuers to evaluate rate increases. At least every six months, credit card issuers must reevaluate annual percentage rates increased on or after January 1, 2009 and if appropriate based on their review, reduce the annual percentage rate applicable to the account. This includes changes in the consumer’s creditworthiness, and to increase in the rate due to change in market conditions or the issuer’s cost of funds. However, the statute also expressly provides that no specific amount of reduction in the rate is required.

Stop credit card issuers from charging penalty fees that exceed the dollar amount associated with the consumer’s violation of the account terms. Card issuers would no longer be able to charge a $39 late fee for a $20 minimum payment. The fee could not exceed $20.

Require credit card issuers to provide reasons for increases in rates.

Prevent issuers from charging multiple penalty fees based on a single late payment or other violation of account terms.

“These are significant changes in the credit card industry that will help every cardholder. But if history is any indicator, credit card issuers will find new ways to make up for the revenue they will lose when these rules take effect in August, and those changes could be in the form of new or increased fees,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

This proposed rule represents the third stage of the Board’s implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. In July 2009, the Board issued a rule implementing the provisions of the Credit Card Act that went into effect on August 20, 2009. In January 2010, the Board issued a rule to implement the provisions of the Credit Card Act that went into effect on February 22, 2010.

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The Unintended Consequences of the Credit CARD Act

Holly — Wed, 24 Feb 2010 17:22:30 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

On Monday, February 22nd, the major provisions of the Credit CARD Act took effect, nine months after they were signed into law.

Many of these provisions will have a very positive effect on consumers, but the law has resulted in some unexpected fallout.

“The CARD Act has some very significant benefits for credit cardholders. The restrictions on interest rate hikes and the ban on over-the-limit fees are tremendous. Consumers have cried out for these protections for years and they are finally about to take effect,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “However, there are a number of unintended consequences that have resulted from the CARD Act. These changes might affect more credit card consumers than the law helped.”

Here is a look at some of the unintended consequences of the CARD Act:

Since issuers will be unable to raise interest rates on new accounts for twelve months, they simply raised the advertised APR before February 22nd so it affected everyone shopping for a new credit card account. According to the LowCards.com Complete Credit Card Index, the advertised Annual Percentage Rates for credit cards averaged 13.46% last week. Six months ago, the average was 12.11%. One year ago, the average was 11.51%.

People under 21 will find it harder to build their credit score. If they do not have a job with enough income, they must get an adult to co-sign. Many young adults will not take this extra step, losing out on the opportunity to build up a good credit history throughout college. Without a positive credit history, they may not receive as good an interest rate on their first house or car loan.

Fees, fees and more fees. Issuers are introducing more cards with annual fees, increasing existing fees, and putting new fees on accounts. Last October, Bank of America notified a small percentage of their customers that it is adding an annual fee of $29 to $99 on their accounts beginning in February. Balance transfer fees, which have been at 3% for most issuers, have now been increased to 5% by Chase and Discover. Firth Third Bancorp recently added a $19 inactivity fee if your card is unused for a twelve month period.

The scarcity of fixed rate credit cards. Most issuers switched their fixed rate cards to variable rates, since the CARD Act allows APR increases in variable rate cards if the index used to calculate that variable rate increases. As an example, if the infex for a variable rate card is tied to the prime rate and the prime rate increases by 1%, the APR on that card can increase 1%. Many issuers switched their fixed rate cards to variable rate cards so they could maintain their margins once the CARD Act was instituted.

Since any amount above the minimum payment goes toward the balance with the highest APR, some issuers raised the minimum payment up to 5% on a number of accounts.

A decrease in the amount of credit card rewards or cash rebates. Reduced rewards could come in several different forms.
- A cutback in the payouts of cash back cards.
- More miles or points needed for that free airline trip or hotel stay.
- Higher tiers required for consumers to receive the same level of rewards.

A decrease in the number of credit cards awarded by retail stores. Providing proof of income when applying for a credit card will make it significantly harder for consumers to instantly qualify for a credit card. This will certainly impact the marketing efforts of the 10-15% discount on a purchase if you sign up for a store’s credit card. Retailers rely on this marketing strategy to increase purchases and to build their mailing list of customers used for offering future coupons or early-bird discounts.

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Transferring a Credit Card Balance–A Good Idea?

Holly — Thu, 04 Feb 2010 17:37:55 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Balance transfers have been popular among credit cardholders for a number of years. More consumers are now considering a balance transfer due to the rising interest rates on their existing cards. But is this a good idea?

If you have good credit and your credit card APR is currently above 20%, this is the time to consider transferring your balance to a card with a lower rate. As we saw in 2009, balance transfer fees are increasing and the introductory periods on these offers are decreasing. This trend is likely to continue in 2010.

“Balance transfers are a good illustration of the changes in the credit card industry. Issuers once used balance transfer offers to lure cardholders from other issues; they were eager to accept any application because any growth was good. The loans were cheap and easy with 0% for at least twelve months and no balance transfer fee. These loans were so easy to get that some cardholders transferred their balance from card to card at the end of each introductory period, never paying interest on their credit card debt,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Several years ago, issuers added a 3% balance transfer fee, with a $50 or $75 cap. Then the cap was dropped. 3% was the standard fee until some issuers began raising it last year in an attempt to increase revenues in any way they could.”

Here are the current balance transfer fees by issuer:

Chase: 5%
Discover: 5%
Bank of America: 4%
Citi: 3%
American Express: 3%
Capital One: Most do not have balance transfer fees, but the Platinum Prestige card charges 3%

“The CARD Act does not restrict balance transfer fees. It would not be surprising to see further increases in the balance transfer fees this year,” says Hardekopf.

Issuers learned a lesson from the lending meltdown that helped bring the record-setting defaults that are still dragging down credit card revenue. Today, credit card default rates exceeded 10% for some issuers. This makes issuers even more sensitive to risk and they are taking strong measures to avoid it. They have sliced credit limits and limited the terms of balance transfer offers to reduce risk. In the eyes of the issuer, cardholders who need a balance transfer the most are likely in a higher risk category and could have a greater probability of default.

Who Should Apply for a Balance Transfer Card?

Start with your credit score because issuers will use this to determine your credit limit, interest rate, and length of the introductory period. If you have excellent credit (a FICO score of 740) and your APR is over 15%, you should consider transferring your balance to a card with a lower interest rate.

If your credit card rates are high because your credit score is low, it is unlikely that you will receive the offer that you need, so you must have realistic expectations. You will not receive the lowest advertised rate and your introductory period may only be three to six months. Your credit limit may be less than the amount that you requested and you may not be able to transfer your total balance. Use the average limit of your other cards to estimate the credit limit for a new card. Balance transfers may be limited to a portion of your credit limit.

“Before a consumer transfers a balance from one card to another, one should do the math to see if the amount of interest payments that you save via the introductory offer outweights the balance transfer fee that has to be paid immediately. Be sure to factor in the ongoing APR if you are not able to pay off the entire balance during the introductory period,” says Hardekopf.

If the offer you receive does not meet your needs, decline the card. Limit the number of applications because multiple credit applications are a red flag on your credit report and can lower your credit score.

Which Card Should You Apply For?

The length of time it will take to pay down your debt should determine the cards you compare for balance transfers. If it will take you more than a year to pay off your balance, look for a card with an ongoing low interest rate because a low APR for the long-term is likely to be more important than the length of the introductory period.

If you can pay off your balance in less than a year, apply for a card with 0% for 12 months for balance transfers. With a 0% loan, you will pay off your balance much faster if your total payment is applied to the balance. You will also save yourself money in interest payments.

The best cards for balance transfers are the ones that offer an introductory period of twelve months for balance transfers and a low ongoing APR. Pay attention to what transactions are included in the introductory offer. Some offer 0% for 12 months on purchases, but not balance transfers; similarly, other cards may not include the 0% on any purchases.

Avoid cards with high interest rates, even if they offer generous rewards. Since you carry a balance, paying off your debt as fast as you can at the lowest interest rate is the only factor you should use to compare credit cards. Most credit card issuers do not give you points for balance transfers.

The Fine Print

You must pay on time, every time. If you have a late payment, your introductory period will likely end and you will be assessed the APR on the transferred balance.

There is no grace period with balance transfers. Interest charges begin at the time the check is issued to your credit card institution.

You can’t transfer your balance to another card with the same issuer.

It takes about four weeks for the balance to be transferred. Continue to make all required payments until you confirm that the balance transfers were made. Multiple balance transfers will process inthe order they are requested on the application.

The new issuer pays the amount of the balance directly to the old issuer and the amount you owe them will be reduced by the amount you transferred. The available credit on your new account will be reduced, as if you had made a purchase.

Transferring a balance does not automatically close your old account. If you want to close the account, contact the issuer directly.

Issuers have the right to decline balance transfer requests or transfer less than you requested.

“After you transfer a balance, stop using the old card. If you use both cards for spending, you could soon have large balances on both cards and get yourself deeper in debt that you were before,” says Hardekopf.

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CARD Act–Major Provisions Less Than One Month Away

Holly — Wed, 27 Jan 2010 12:00:31 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

The major provisions of the CARD Act take effect on February 22, less than one month away.

“The CARD Act made some very beneficial changes for credit cardholders. Consumers have been wanting these strong protections for years and they will become real in one month,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “However, the industry landscape has changed dramatically since May when the CARD Act was finally signed. Issuers have reacted to a very rough economy and this new law by finding new ways to increase their revenue. They have raised interest rates, closed accounts, increased fees and decreased reward programs. It is likely that the number of people who have been negatively affected by these new changes outnumber the people that significantly benefitted from the CARD Act.”

Here are the major provisions of the CARD Act that go into effect on February 22:

There will be new rules for interest rates. Issuers cannot increase rates during the first 12 months of a new account. On existing accounts, if your rate is increased, the new APR only applies to your new purchases; your existing balance is still charged the old interest rate. (There are some exceptions on both of these provisions: if the card has a variable rate and the index goes up; if the introductory period ends and the rate increases to the standard rate; the payment is more than 60 days late; payments fall behind in the debt management plan.) Any monthly payments above the minimum amount must be applied to the balance with the highest APR first.

There will be protections for underage consumers. If you are under 21, you will have to prove that you are able to make payments, or you will need a cosigner, in order to open a credit card account. Issuers are also prohibited from offering free gifts to these young adults as inducements for signing up for a credit card.

Over-the-limit fees are banned unless consumers give issuers permission to allow the transactions that put you over your credit limit. If consumers do not “opt in,” then issuers cannot charge you this fee and your transaction may not go through.

Your statement must clearly explain how long it will take to pay your balance if you only make minimum payments. It must also teel you how much you need to pay each month in order to eliminate your balance in three years.
“This is one of the best provisions of the bill. It is too easy to pay your minimum amount without calculating how much more you need to pay to get out of this debt. Now the reality of how much you are paying in interest will be clearly stated. Hopefully, this will be an incentive for cardholders to pay more of their balance each month,” says Hardekopf.

There will be caps on high-fee cards. If your credit card company requires you to pay fees (such as an annual fee, processing fee or application fee,) those fees cannot total more than 25% of the initial credit limit. This limit does not apply to penalty fees such as penalties for late payments.

There will be changes and standardizations for billing and payments. Your due date should be the same date each month and the payment cut-off time much be 5pm or later on the due date. If your due date is on a weekend or holiday when the company does not process payments, you will have until the following business day to pay.

Two-cycle billing will be eliminated. Credit card companies can only impose interest charges on balances in the current billing cycle.

Universal default is now prohibited. Issuers can no longer increase a cardholder’s APR based on their payment records with unrelated accounts, like a utility bill.

In addition to these provisions, there are several rules that went into effect on August 22, 2009:

Your issuer must send your credit card bill at least 21 days (rather than 14 days) before your payment is due.

Your credit card company must give you 45 days notice (rather than 15 days) when they plan to increase your interest rate or certain fees (annual fee, advance fee, late fee.)

If an issuer increases your interest rate, you have the right to “opt out” of that increase. You can no longer make any new purchases with that card, but you can continue to pay off your balance at the existing (lower) interest rate for up to five years.

“We have lived with the politics and consequences of this bill for almost two years. It will be interesting to see if these new provisions are helpful for consumers or if the higher rates and fees are the only lasting changes from the CARD Act,” says Hardekopf.

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Paying Down Personal Debt

Holly — Fri, 22 Jan 2010 07:37:03 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

One positive sign from the economic downturn of the past year is that consumers finally began paying down their credit card debt.

In November, Equifax reported that credit card debt had declined 7.3% from a year ago. The latest Federal Reserve Consumer Credit report revealed that credit card debt fell in November for the 14th consecutive month. Revolving credit, the majority of which is credit card debt, has fallen over $100 billion since October of 2008, from $976.1 billion to $874.0 billion.

A number of factors could be contributing to this trend. Millions of consumers have lost their jobs or experienced a significant decline in their income. But there also seems to be widespread consumer outrage with the changes made by credit card issuers. 2009 was a year full of interest rate increases, credit limit decreases, and tightened credit by issuers. These were strong incentives for cardholders to cut back on their credit card usage and pay down their balance.

“Issuers began making these changes in 2008 and we expect them to continue in 2010. Even though the CARD Act will help stabilize some rate increases, many cardholders are already stuck with very high rates,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “The only way to protect yourself against these high rates is to pay off your balance.”

Here are some consumer tips to reducing your personal debt in 2010:

Accept that paying off debt won’t be easy. It took you a while to get into debt, and it will probably take you longer to get out. Do not get discouraged, no matter how much you can pay off or how long it takes.

Start with researching how much you really owe. If you only pay the minimum balance, it is easy to focus on that number and lose track of the total balance. Collect each of your bills with outstanding debts including all credit cards, mortgage, student loans, auto loans, personal loans, and bank loans. Create a summary sheet that lists the creditor, monthly payment, balance, interest rate, and credit limit for each. List the status of each account, if any bills are past due, and verify the payment due dates.

This debt summary may be overwhelming, so prioritize which bills to pay first. If money is short and you can’t pay all of your monthly bills, first pay the bills that are a necessity for health, shelter, basic groceries, and basic transportation. Then pay the secured loans such as your car loan. Payments on unsecured loans, such as most credit cards, should come last in these critical situations.

Contact your creditors to negotiate lower rates. The less money you pay in interest, the more money you have to pay off your bills. You may also want to shop around for a mortgage or credit card with a lower rate.
If you are in danger of missing a payment, contact your credits as soon as you realize you have a problem. They may be able to help you work out a payment plan, lower your rate, or lower your monthly payment. Credit card loan defaults are 10% or more for some issuers.

If the first person you speak with can’t help lower your rate or make adjustments to your account, politely ask to speak with a supervisor or someone who can. Persistence may be necessary to find the person who can or will help you. Explain that you are in debt, the steps you are taking to repay it, and what you can pay today. Document all conversations, including whom you spoke with, and the date, time, and the results. If this doesn’t work, contact the National Foundation for Credit Counseling to work out a debt management plan.

If you have multiple credit cards with outstanding balances, focus on paying off the card with the highest interest rate first. Continue to pay the minimum on your other cards until the card with the highest rate is paid off, then focus your effort on the card next in line. Don’t close all cards that you pay off. Keep your oldest cards open and occasionally use them to buy a magazine or a movie ticket–just pay it off each month. This will help improve your credit score.

Pay more than your minimum payment. Your minimum payment is usually only 2%-5% of your balance. At this rate, it will take you many years to pay off your debt. Pick your card to pay off and try to double the minimum payment. Soon your credit card bill will include these calculations.

Check into transferring your balance to a lower rate card. If your rate is above 15%, it could pay off to transfer the balance for that card to one that offers 0% for 12 months for balance transfers. However, this is not the “no interest for a year” loan it used to be. Issuers have tightened their balance transfer offers and you will have to search to find an issuer that offers 0% for 12 months. Citi Platinum Select currently offers 0% for up to 12 months. Most balance transfer offers have been reduced to six month.
To take full advantage of this 0% interest, pay as much as you can above the monthly minimum. Be aware that credit limits are shrinking and you may receive a smaller credit limit for your balance transfer. Only use this card for the balance transfer, not additional purchases.

Pay attention to the balance transfer fee. At the beginning of 2009, the industry standard for a balance transfer fee was 3%. But some issuers increased that fee during the year. In June, Bank of America increased the balance transfer fee to 4% and Discover now charges 5%.

If you have a credit card balance, stop using it for anything other than necessities. Use cash instead. Credit cards are convenient, but if you carry a balance, you are still paying interest for dinners, clothes, entertainment and things that are long gone. If your APR is 15%, ask yourself if the purchase is worth paying an additional 15%, ask yourself if the purchase is worth paying an additional 15% in interest per year. If you use cash, you will not only save money on interest, but also reduce the amount you spend. According to a Dun & Bradstreet report, shoppers spend 12% to 18% less when using cash.

Pay your bills on time, every time. Late payments can cause declines in your credit score. If you are 30 days late on your credit card paument, you could lose 60 to 110 points, depending on your credit score. The higher your credit score, the more points you will lose.

If you are surprised by your current rates, check your credit report. It may contain an error that is creating a lower credit score and higher interest rates for you. If you find an eror on your credit report, contact the credit bureau to report it. They must respond to your claim in thirty days or remove the information that is incorrect or can’t be verified. You can make your dispute by mail, telephone, or online. If the corrected error results in a higher credit score, contact your creditors to make sure they know about your improved score, and ask for a lower interest.

The good news. If you build a history of paying your bills on time every time, and start paying down your debt, not only will your debt decrease, but your credit score will increase. As your credit score increases, contact your issuers to ask for lower rates.

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Consumer Tips for Applying for a Credit Card

Holly — Sat, 16 Jan 2010 13:00:17 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

January is historically the busiest month for credit card applications. Consumers are inspired by New Year’s resolutions to save money or find themselves trying to repair the damage done by holiday shopping.

Before applying for a credit card, consumers should do an internal audit on their financial situation and then thoroughly compare credit card offers instead of applying for the first offer that comes in the mail.

“Shopping for a credit card can be overwhelming since there are over 1,000 credit cards on the market,” says Bill Hardekopf, CEO of LowCards.com, home of the internet’s only Complete Credit Card Index. “If you don’t have a plan, it is easy to just pick a card because it has a familiar name or the advertised features sound attractive. You want to pick the right card. If it doesn’t fit, credit cards don’t have a free return policy. Every time you apply for a card, it is reported on your credit score and too many applications can pull down your score.”

Start by checking your credit score to understand how lenders will judge you. Also, this will enable you to check the accuracy of the report to make sure you are not being penalized unfairly. Checking your score may help you estimate the interest rate you may receive.

Then, classify yourself. Credit cardholders fall into four categories: those who pay the full balance each month, those who carry a balance all the time, those who want to transfer their balance to a lower rate, and those with either no credit or marginal credit.

The type of customer you are dictates how you shop for a credit card.

If you pay the full balance each month…
If you pay off your balance each month, the interest rate is not that important. You can make the credit card work for you and earn free rewards or cash. There are reward programs for practically every hobby or interest, so apply for a card that has the best reward program that fits your needs.

Finding the best reward card can be difficult since the offers are often hard to compare. To simplify, assume that the average reward program pays you 1% of what you spend. If the card offers you more than 1% of what you spend, it is an above average offer. Very few cards offer cashback rewards over 1%. The ones that do have a minimum spending limit you must reach to receive the higher rate, or it is part of a rotating reward program and the categories change every quarter.

When choosing a reward card, first look at your annual credit card usage. If you charge less than $5,000 a year, your best option is a general reward card, such as Blue from American Express. You can select rewards on lower levels like gift cards, restaurants and retail stores. If you have an airline reward card and charge $5,000 or less each year, you may need give years to earn a free ticket (most cards offer a free, domestic airline ticket for 25,000 points.) If your usage is more than $50,000 per year, look for a card with unlimited rewards since some cards cap rewards at $50,000.

Hotel reward cards sometimes offer the most generous point distribution for everyday purchases, general purchases, and bonus points. Starwood American Express offers 10,000 points (three free nights at some hotels) with first purchase plus an additional 15,000 Starpoints if you spend $15,000 in six months. Some hotel cards also redeem points for airline tickets or retailer gift cards.

Now is the time to take advantage of cards that do not charge an annual fee and to use reward points as you earn them. Rewards aren’t covered under the CARD Act and issuers can make changes or place restrictions on them at any time. Rewards are an easy area for struggling issuers to cut costs and add fees.

If you carry a balance…
The average credit card rate is 13.25%. If your credit score is above 720 and your APR is over 15%, apply for a card with a lower rate. If you have good to average credit, you won’t get approved at the lowest advertised rate. Look at the rate tiers in the terms and conditions to judge what rate you may actually receive and to determine whether it will be worth the effort to apply.

This group of cardholders has been the hardest hit by issuers reacting to the tight credit market and the provisions of the CARD Act. In 2009, issuers increased rates for many cardholders that carried a balance to as high as 29.99%. Issuers also switched rates from fixed to variable.

“Issuers once competed aggressively to attract consumers that carried a credit card balance. Now they are raising rates, slicing credit limits, and even closing accounts for this same group. Issuers have been burned by high default and delinquency rates, and any significant outstanding balance now waves a huge red flag of risk” says Hardekopf.

If you want to transfer a balance to get a lower rate…
Ideally, balance transfers help you shift your balance from a high interest rate card to one with a lower rate. This used to be so easy that cardholders transferred their balance from card to card to take advantage of the intro period and avoid interest payments. Issuers allowed this and did not even charge a fee for balance transfers.

Today, balance transfer options are still available but they aren’t as easy and welcoming as they used to be. Many introductory periods have been cut from twelve to six months, the ongoing interest rates are higher, and some issuers have increased the balance transfer fee from 3% to 4% or, in some cases, even 5%. Citi Platinum Select offers a 0% for up to twelve months for balance transfers with a 3% balance transfer fee.

It is important for consumers to mathematically calculate whether a balance transfer makes financial sense. Compare the up front balance transfer fee (which is then rolled into your balance) and what you will save in interest payments for the introductory period to the interest payments you will make on your existing card. Carefully read the terms and conditions of the card you are considering to see if purchases made during the introductory period are covered at the introductory rate or if that rate only applies to the transferred balance.

“If you have average credit, there is no quick fix to get a lower rate. Issuers have tightened lending and approval rates to this group. The best way to lower your rate is to raise your credit score. That will take time, but it will be worth the effort,” says Hardekopf. “Ironically, one of the fastest ways to pull up your credit score is to pay down your debt and reduce your credit utilization ratio.”

If you have no credit or bad credit…
Secured cards are for those who have no credit or bad credit history and can’t get a traditional credit card. This card may also be an option for those who have a completed bankruptcy. Think of a secured card as a short-term band-aid to repair your credit. If used correctly, a good payment history with the secured card should improve your credit score enough to qualify for a standard card in twelve months to two years.

The secured card looks like a traditional credit card–a merchant will not know it is a secured card. The difference between the secured and unsecured card is the higher rate and fees for the secured card. You must make the monthly payments on the card or the bank will turn the account over to collections, further damaging your credit score.

The deposit for a secured card determines the credit limit. If your deposit is $300, you will receive a Visa or MasterCard with a credit limit up to $300. The security deposit is not used to pay for charges but to cover the balance if the account is closed. The deposit is held until the account is closed.

A secured card has certain requirements. You m ust have a telephone in your home, reside in the United States, and have a valid social security number. While many applications are accepted, you are not guaranteed to receive a card. Unpaid tax liens or undischarged bankruptcies may prevent you from getting the card. Some issuers will not offer you a card if you have declared bankruptcy in the past.

Make sure that the issuer of the secured card you are applying for reports to the credit bureaus. This is necessary to help rebuild your credit history. If the issuer doesn’t report your history, a good payment record will not positively affect your credit score. Some cards require an additional fee for this. Save yourself some money and choose a card that doesn’t require this fee but still reports to credit bureaus.

Paying your bill on time can result in your account being upgraded to an unsecured card within two years. Some cards may also increase the credit limit to more than the amount of your deposit. After twelve months of good payment history, contact the issuer about converting your secured card to an unsecured card with a lower rate and a deposit refund.

“Once you have determined the type of credit card customer you are, compare all the cards in that category. Don’t just look at the advertised slogans or features. Dive into the terms and conditions of each card. Make a grid of the rates, fees and rewards of each card so you can compare apples to apples and make an informed decision on the right card for you,” says Hardekopf.

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LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for all 1260 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for eight years.

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Credit Card Debt Declining at Record Level

Holly — Sat, 16 Jan 2010 12:00:10 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Data released last Friday by the Federal Reserve shows that the consumer debt is declining at a record pace.

The Federal Reserve Consumer Credit report reveals that credit card debt fell in November for the 14th consecutive month. Revolving credit, the majority of which is credit card debt, decreased at an annual rate of 18.5% in November. This is the largest percentage drop ever recorded. It has fallen over $100 billion since October of 2008, from $976.1 billion to $874.0 billion.

Another report, The Credit Card Index from Fitch Ratings showed that delinquent balances on U.S. credit cards reached record levels. The 60+ day delinquency rate reached an all-time high of 4.54% for the December 2009 index, which is based on performance data through November month end. This surpassed the previous high of 4.45% set in June 2009.

“These credit records show that the lending crisis continues. Consumers are still having problems paying off what they owe on their credit card balances. Issuers are still charging off accounts. Banks are working to reduce their loss rate. They are reluctant to make new loans and have tightened lending standards. Meanwhile, consumers are cutting back on using credit cards and reducing their credit card debt,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

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Credit Card Predictions for 2010

Holly — Thu, 07 Jan 2010 20:28:13 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

The LowCards.com credit card prediction for 2010 is no surprise: cardholders will pay more for credit card loans. The cost of credit cards will continue to increase for consumers even though the major provisions of the CARD Act go into effect on February 22. Cardholders could see increases in both their interest rates and existing fees, as well as the introduction of new credit card fees.

“Credit card issuers have lost billions of dollars in credit card loans during this economic downturn. Now they are staring at these new provisions of the CARD Act that will limit their ability to make revenue. They are coming up with ways to generate additional revenue and it obviously comes at the expense of the cardholder,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “This eans that cardholders will continue to pay more for credit card loans. Cardholders who pay their balance in full every month may eventually see the end of ‘free’ credit card loans as we know them.”

Here are some 2010 predictions for the credit card industry:

More Cards with Annual Fees
According to the LowCards Complete Credit Card Index which tracks the rates and fees of 1000+ credit cards, only about 20% of the credit cards in the United States currently have an annual fee. But that number should increase in 2010. Some credit card issuers have already made the first moves to test annual fees on a small percentage of cardholders or offer cards with annual fees that build customer loyalty.

Bank of America has been test marketing the effects of adding an annual fee to some of their existing customers. In October, the issuer notified a small percentage of customers that it is adding an annual fee of $29 to $99 on their accounts beginning in February 2010. Only a few customers (0.5%) received the notice but the outcry against this annual fee was loud, even from consumers who were not affected.

Chase is using premium rewards to encourage customers to select or upgrade to cards with annual fees. They introduced the Sapphire Preferred card with an $85 annual fee and enhanced benefits and earning potential.

“Bank of America and Chase are the first major issuers to test the traditionally unpopular annual fees. If other issuers think this is working, they will also add annual fees. Issuers use each other for market research,” says Hardekopf.

American Express recently introduced the new Zync card with a twist for annual fees. It is a charge card aimed at people in their twenties. The annual fee is $25 per year and includes participation in Membership Rewards. It also offers packs of benefits that can be purchased for an additional $20 per pack per year. For example, enroll in the Go Pack and receive twice the Membership Rewards on airfare.

“Issuers are trying to find ways to change the dynamic of the credit card market. They want to ‘mainstream’ annual fee cards and provide enough value to attract the consumers with good credit,” says Hardekopf. “Right now the majority of consumers do not want to pay an annual fee for their credit card. Consumers shouldn’t have a card with an annual fee for their credit card. Consumers shouldn’t have a card with an annual fee since 80% of the cards currently do not have one. Some issuers may force the annual fee, but others will find creative ways to encourage customers to accept a card with an annual fee.”

Fixed Rate Cards Changed to Variable Rates
In 2009, issuers switched many fixed rate cards to variable rates, making rate increases for everyone almost inevitable. Variable rates rise and fall with the prime rate. The rate is currently at 3.25%, the lowest level since the 1950’s. As the economy recovers, the rate is expected to rise. As it does, cardholders will see increases in APR.

“Issuers will continue to move the remaining fixed rate cards to variable rates. Fixed rate cards are almost extinct, and if your card still has a fixed rate, expect it to be switched to a variable rate in the next month,” says Hardekopf. “Issuers are switching cards to a variable rate that have the prime rate as their base so that interest rate increases can be passed on to the cardholders even after interest rate provisions of the CARD Act take effect.”

Increases in Interest Rates
Even though the CARD Act limits the issuers’ ability to raise rates “at any time, for any reason,” expect issuers to find loopholes and create opportunities to raise rates. In addition, since the CARD Act limits interest rate hikes during the first year for cardholders, issuers are like to increase the advertised APR so the cardholder is locked in at a higher interest rate.

Increase in Existing Fees
The CARD Act does not limit fees, so expect issuers to increase the existing fees. An example is the balance transfer fee. A year ago, the industry standard for balance transfer fees was 3%, meaning if you transferred $10,000, you would incur a $300 balance transfer fee. But Bank of America increased their balance transfer fee to 4% in the summer of 2009 and a Chase increase to 5% takes effect this month. Expect other issuers to follow these increases. The same increases might occur with cash advance fees.

Introduction of New Fees
Issuers can also be expected to add new fees to credit cards. This is already being tested by several issuers.

Firth Third Bancorp recently added a $19 inactivity fee if your card is unused for a twelve month period. In August of 2009, Citi informed some of its cardholders that they will be charged an annual fee of $30 to $90 unless they spend at least $2,400 per year. Some retail cards are adding a $1 monthly processing fee should you request a printed credit card statement each month.

“Since fees represent such a cash cow for issuers, expect aggressive increases in existing fees as well as some brand new fees on your credit cards in 2010,” says Hardekopf.

Decreased Rewards on Some Cards, Increased Rewards on Others
Rewards sound generous in advertising for credit cards, but the points formula can be complicated and subject to change. Expect issuers to play musical chairs with rewards in 2010.

Issuers will cut costs by reducing rewards for some cardholders, especially those who do not pay an annual fee and pay off their balance each month. Reduced rewards could come in several different forms: (a) a cutback in the payouts of cash back cards; (b) higher tiers required for consumers to receive the same level of rewards; or (c) more miles or points needed for that free airline trip or hotel stay.

However, rewards will likely be used as an incentive for cardholders to accept a credit card with an annual fee. Bonus offers will be more generous for cardholders that pay the annual fee.

Government Regulation
The CARD Act goes into effect in February, but that may not be the end of government regulations. Credit card reform is a hot issue and some Senators and Representatives think that the CARD Act didn’t go far enough. For example, Congress may try to force issuers to lower the interchange rate they charge to merchants. If this passes, it will reduce an important source of revenue for issuers and consumers will likely have to pay more to make up the loss.

“Government reform sounds good and scores political points for the lawmakers who push it, but it often results in higher payments for the people it is trying to help. If you place limits on issuers, they will find ways around them because they have to make money on these loans to stay in business. Credit card companies are not philanthropic organizations,” says Hardekopf.

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A New Year’s Resolution that You Can Actually Follow Through With: Be More Frugal!

Holly — Wed, 30 Dec 2009 15:11:16 +0000

Tomorrow is already New Year’s Eve, can you believe that because I know I can’t! Weren’t we watching horror movies and handing out candy to trick-or-treaters last week? While a great deal of people are planning their annual New Year’s Eve bashes or making plans to celebrate with their friends and family, it is also the time when a great deal of people are making New Year’s Resolutions and frankly, most resolutions are not kept for very long despite the intentions behind them. I have never been one for resolutions but looking back on the past few years and particularly our finances, 2010 has to be a prosperous year and there needs to be a little more management there and so this year, I have made a resolution. 2010 is going to be a more frugal year for this family!

Saving money may seem like a very simple task to some. However, when you get in the midst of a busy week and you’re scrambling to get chores around the house done after working all day, the convenience of ordering out instead of bringing yourself to cook a meal really overcomes you. Saving money has become increasingly hard for many families out there because of the financial crisis and it’s subsequent job loss, when you have debt piling up on top of debt and you’re struggling to pay your rent or mortgage, monthly bills and car insurance, the act of trying to save money becomes extremely difficult.

Luckily, when it comes to the topic of trying to save money, there are a great deal of people out there who feel your pain and who are in the same boat and are sharing their experiences and pointers during the process. This article, 30 Ways to Save Money is one of the best list of pointers I have come across because it not only includes the average tips such as cooking more at home and avoiding impulse buying, although they do make the list, but also advising you to stay away from lavish friends who seem to have it all which will make you want it all by extension and also to go to the movie theaters before 6PM if you enjoy that sort of thing or want to have a date night with your partner because most theaters have early bird matinee showings for the first showing of the day. There are also a great deal of coupon codes you can find from several stores, companies and businesses so when you need to purchase something, a lot of the times you can find some promotional offers and when you do, you can then buy in bulk!

Living frugally can be a bit difficult to get used to, especially when you live in a country that celebrates rapid consumerism and when you are not used to having the mindset that you need to cut back on spending or telling yourself not to buy something if you do not really need it. I’m determined to eliminate the buy buy buy mindset for 2010!

New Credit Card Practices Costing Consumers Millions of Dollars

Holly — Wed, 16 Dec 2009 12:12:33 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

A study released yesterday by the Center for Responsible Lending gives new data to show that credit card issuers have instituted a number of “hidden” price changes since debate first began on credit card reform.

The study entitled “Dodging Reform: As Some Credit Card Abusers are Outlawed, New Ones Proliferate” [PDF] says that these practices have affected over 400 million credit card accounts. The study says that the CARD Act and other regulations have had some success in limiting the costly traps of yesterday and today, but issuers have found new ways to raise fees and revenue. It also shows how minor and almost unnoticed changes can make millions of dollars for issuers.

Here are the practices that were examined in the study:

“Pick-A-Rate” pricing. This affects variable rate credit cards that are tied to the prime rate. Rather than having the interest rate on your credit card rise and fall based on fluctuations in the prime rate, some issuers are typing your variable rate to the highest prime rate published within a 90 day time period. Hence, increases in the prime rate would take place immediately but declines may not be instituted for several months. The study says this can result in APRs that are 0.3% higher than traditional pricing and that it is currently costing consumers $720 million annually. If the practice becomes standard among all issuers, the cost to consumers may reach $2.5 billion per year.

Variable rate floors prevent interest rates from going beneath the starting APR, but those interest rates can go up.

Changes in the minimum finance charge. If you have only a penny in finance charges, you can get charged a minimum amount of up to $2.

How balance amounts are categorized has led to much higher late fees. The study says that 9 in 10 consumers now pay the highest late fee due to the compression of balance categories.

More issuers are not instituting inactivity fees where consumers are charged a fee for not using their credit card account.

Growing use of fees by expanding the definition of international transactions and charging higher balance transfer/cash advance fees.

“None of these practices were included in the Federal Reserve 2008 rules or the CARD Act of 2009 but usage has grown since these regulations were passed. Expect more of this to come in 2010 because issuers will continue to find new ways to make additional revenue,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

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Stumped for a Gift Idea? Give a Gift that Anyone Would Love!

Holly — Fri, 27 Nov 2009 22:15:29 +0000

Holiday gift shopping season has officially begun, but regardless of the myriad of deals going on today and that will continue to go on until Monday, a lot of people are still stumped for the perfect holiday gift for their families, friends or co-workers if your company has a Secret Santa or you just want to give a co-worker who has helped you out quite a bit throughout the year a little something special. Luckily, there is a gift that anyone would love–Prepaid credit cards are a universal gift that allows the person who receives it to use it for something they really want or need without all the hassle of just coming out and asking them what they would like to receive, which many people do not give clear answers on most of the time, anyway!

Every holiday season I receive a good handful of gift cards and they end up sitting in my wallet until the next year because most of the time, they are for stores that I either don’t shop at or don’t have access to where I live and since these gift cards are coming from an array of states across the country, where a lot of my family is scattered, they really don’t know what I have access to, especially considering I happen to live in a farm town that has access to pretty much nothing! So prepaid credit cards would be an ideal to gift for me and a great deal of other people who don’t have the time or the resources to shop at the store in which they receive gift cards from and the gift-receiver also has the option to shop at any store that accepts a Visa card, which is pretty much all of them.

Cut your holiday shopping stress in half and pick up a few prepaid credit cards for your loved ones–Just make sure to read the terms of the cards you pick up so you know if they have any annual fees or if and when money starts being deducted from the balance if someone doesn’t use it for a few months.

Don’t Become Another Recession Statistic–Know How to Avoid Home Foreclosure

Holly — Fri, 20 Nov 2009 19:14:11 +0000

I don’t have to tell you the amount of home foreclosures that happen every single day across the country; you see them on your daily news every day and you see the impact of the massive amount of home foreclosures when you drive down the street and notice that there are more houses for sale than there are homes for families.

The recession has had a devastating impact on an unfathomable amount of families across the country, but those who have been lucky enough to weather the storm are asking themselves one, big question–What can I do so my family doesn’t lose their home? While so many hard-working people are losing their jobs and being laid off, living more frugally is a must in most American families, but sometimes we need a little help and there are a great number of options you have to ensure that you don’t become another sad statistic at the hands of the recession. Credit counseling is a debt-saving option you have that will help you avoid accumulating debt that you have no way to pay back. You can also receive some excellent advice on how to use the credit cards in your pocketbook because we know that in tough economic times, it is so easy to charge things that we may need for our homes or for our family, especially with the holiday season upon us. Credit counseling will give you the information you need that could potentially even save your home–and of course, your bank account.

One tremendous resource is ConsildatedCredit.org, an organization that specializes in credit counseling as well as many other beneficial, money-saving services such as pre-purchasing, post occupancy, money and debt management so you know how to pay back the debt you owe and in what amount of time you can most efficiently do that in without putting your finances in hardship, and also reverse equity mortgage counseling. All of these services will shield you from losing everything you have worked so hard for because of the economic downturn we are all feeling the devastating effects of. When all else fails, there is a program that can help you get out from the debt embankment you may feel you are under, and that is the Federal Government’s Homeowner Affordability and Stability Plan.

Wherever you are financially, there are many services out there that are there to assist you in making sure you don’t become another recession statistic.

Consumer Tips on Credit Card APR Increases

Holly — Fri, 13 Nov 2009 18:22:59 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Many credit card consumers have been hit with interest rate increases in 2009 that have more than doubled their rates. A tremendous number of fee and rate increases have taken place throughout the year, and credit card issuers have three more months to make additional changes before the major provisions of the CARD Act take effect.

Some issuers now charge 29.99% interest for cardholders with good credit. Consumers are questioning whether these increases are legal and if they are protected from this by the CARD Act. Congressional outrage and proposals to move up the date for the CARD Act are adding to the confusion.

“For consumers, things continue to get worse before they get better. They are angry these changes are happening to them and there is very little they can do about it,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Until the CARD Act goes into effect on February 22, 2010, issuers still have the right to increase rates at ‘any time, for any reason.’ Struggling banks and issuers are using this time to adjust their business models and are raising rates and fees on millions of consumers in order to be in a better financial position before the regulations begin.”

The CARD Act does not freeze rates or put a cap on how high issuers can increase rates, but it does offer some good protections for cardholders.

One of the best provisions in the CARD Act will protect consumers against retroactive rate increases. Rate increases will only apply to charges made after the increase. Another good provision is that interest rates cannot increase during the first year on new accounts. There are several exceptions: when the introductory period ends; when the variable rate is tied to an index and the index increases; when the payment is more than 60 days late.

However, issuers can still raise rates at any time on new balances with 45 days of advance notice. They must provide a reason for the increase.

After the issuer raises the rate, it must review the account every six months. If the increase was based on market conditions, the creditworthiness of the card user or other factors, the issuer must reduce the rate if these factors have changed.

What can you do if your interest rate is increased?

If you have a good credit score and clean payment history, call and ask for a lower rate. If you are not successful with the first person you speak with, politely ask to speak to the supervisor and make the request again. Issuers used to be very open to this. The economic climate is making it harder for issuers to grant these requests.

Shop around for a new card. You are not married to your current card for a lifetime. If you are not happy with your current card, there is nothing preventing you from shopping for a new card and using that as your main credit card. Consumers are urged to shop around by comparing the details found in the terms and conditions of three or four cards. You don’t necessarily have to close your current credit card account. It may be advantageous to keep that open since closing down your account can negatively impact your credit score.

The provisions of the CARD Act that went into effect in August now require that every issuer give their cardholders the right to “opt-out” of any interest rate increase. This means that you reject the rate increase, which closes the account, and allows you to pay off the balance at the existign rate for up to five years. If you plan on applying for a new replacement card with another issuer, submit the new application before opting out of this old card. Closing the account may cause a drop in your credit score and affect the rate on the new card. There are exceptions as to when you can opt out; cardholders can’t opt out of a rate increase if they are more than 60 days late paying a monthly bill, or if the variable rate rose with an increase on the prime rate.

“The only way that consumers can completely protect themselves against rate increases is to pay off their balance. If you don’t have a balance, it does not matter what the issuer charges you. With rates increasing to 29.99% in some cases, issuers are giving their cardholders a very good reason to pay off the card and just use cash,” says Hardekopf.

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Fed Survey Confirms Credit Card Issuers Raising Rates and Cutting Limits

Holly — Thu, 12 Nov 2009 17:21:51 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

A Federal Reserve survey [PDF] released two days ago showed that a substantial number of credit card issuers have cut credit limits, increased interest rates and raised the minimum credit scores required for a credit card during the past three months.

The quarterly survey among loan officers also found 75% of banks that make credit card loans do not expect to be compliant with the provisions of the legislation until February 2010, the month these reforms go into effect.

The Fed’s quarterly survey was conducted in October and included loan officers of the CARD Act. Here are some of the findings:

Interest Rates: 54% of banks have already increased or are planning to increase the credit card APR on their good (prime) customers. 74% of banks have already or will increase APRs on those with poor credit (sub-prime.)

Credit Limits: Just over half of the banks have cut or will cut the credit limits of their credit card customers.

Approval Rates: It is tougher to be approved for a credit card. 47% of the loan officers said they have or will raise the credit score requirements for prime customers qualifying for a credit card. That number jumps to 53% for sub-prime customers.

Annual Fees: Almost 40% of the banks had increased or will increase the annual fees on credit cards.

“This report confirms what credit card customers have been experiencing all year: significant increases in their APR and substantial cuts in their credit limits,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Issuers are trying to take these rat increases before the CARD Act provisions go into effect in February of 2010.”

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Attention Small/Home-Based Businesses: Choose Online Printing!

Holly — Mon, 09 Nov 2009 06:01:04 +0000

When you start a small business or become a home-based entrepreneur with a limited budget, start-up costs can often run you into bankruptcy before you even have the chance to rock the business world. Sure, you have to spend money to make money, but the resources available to get the materials you absolutely need in order to run an effective business are also businesses themselves and they do not always produce the best value for your hard-earned dollar. One of the biggest and most influential necessities you need for your business (and for your business-like image) are printed goods–things like business cards, stationary, flyers and brochures and businesses like Kinkos can really rob you blind as they up-sell you on pretty much everything. What businesses of this sort do is try to squeeze every last cent out of you and you invest the money knowing that there’s no way around it, you need these items and these places are so well-marketed that you really believe that they are the end-all and be-all of businesses who can effectively help you brand your business and and yourself as a professional business contact.

There are an abundance of resources online to help you with your business branding and printing needs; if you are a start-up company or just a blogger in need of some professional and aesthetically-pleasing business cards for an upcoming bloggers conference where you will undoubtedly encounter other bloggers-turned potential loyal readers and influential companies, it is always wise to do your research and search online for a company that can really produce the product you need at the quality you pay for. Online printing can save you a bundle because regardless of the time of year, there is usually a sale (or multiple sales) going on. Online businesses have a tendency to really appreciate their customers and even create professional relationships with people who do business with them frequently and online printing services tend to have even more products, services, templates and samples to choose from because of the versatility of the internet and the diversity of their clients.

An excellent online printing resource for small, start-up and home-based businesses is PsPrint. They are a leading printing company and have an extensive list of products and services ranging from the practical, like business cards, flyers, booklets and brochures, to the really cool, like greeting cards (the holidays are coming up and now is the perfect time to start planning sending out holiday cards to your customers, clients and partners with your business logo on them!), pocket folders and door hangers. They can also handle bigger business printing needs like full catalogs, menus and sticker printing (something fun to hand out during blogging conferences or when pitching your business to prospective clients.) Their prices are also great for small businesses, their stickers starting at just $40. They also have a slew of great promotions going on to help you save even more money when you do business with them. Their brochures and greeting cards are currently 50% off, business cards and postcards are 40% off and posters are an astounding 60% off! That is some major savings to be had there!

Online printing is most definitely the way to go when you’re looking for high quality printed items for your business at the right price.

Tips for Buying and Using Gift Cards

Holly — Wed, 04 Nov 2009 20:22:17 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

We are entering the holiday gift card season. While new studies show gift cards are the most popular presents to give and receive, the hidden costs may outweigh the convenience of the gift. It is important for consumers to give and use their cards correctly.

“Gift cards are easy to give, but they are also easy to forget. If the card has a monthly fee or expiration date, these can become costly little pieces of plastic,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Even though gift cards take the hassle out of holiday shopping, you want to use them wisely. It is important to know the terms of the card you are buying.”

Holiday gift cards are a big business. According to the National Retailers Federation (NRF) sales of gift cards reached almost $25 billion in 2008. A new NRF study shows that 55.2% of adults are hoping to receive a gift card this year.

However, many households still have unused gift cards from the last holiday season. According to a new Consumer Reports survey, 25% of adults that received a gift card in 2008 have yet to redeem at least one of the cards.

“This is the time to check your wallets, purses and drawers from gift cards that you received last year and use them immediately. Some cards may start charging a monthly fee after twelve months which drains away the value of the card,” says Hardekopf. “You can even use them to start your holiday shopping.”

Here are some consumer tips for buying gift cards:

Buy a card only from a merchant you trust.
Make sure the store is in a good financial position.
Ask about the fees and expiration dates of the card. Read the card’s fine print.

Here are tips for using gift cards:

If you receive a gift card, use it as soon as possible. Don’t put it aside and out of sight. Use it before you lose it or forget about it.
Check the terms and conditions of the card you receive. Look for an expiration date or any use fees.
Gift cards from major credit card networks can be used at any retailer that accepts their credit and debit cards.
If the gift card is from a credit card network, write down the card number. If it is lost or stolen, the card can be canceled and a replacement issued. The replacement fees range from $5.95 to $12. Most store cards can’t be replaced if they are lost or stolen. They are treated as cash.
Keep the card, even after the balance is depleted, until you are sure you won’t be returning any of the items you purchased with it. The retailer may require the card with the return.
Id there is a problem with the card, contact the store financial institution that issued the card. If that doesn’t resolve the issue, contact the Federal Trade Commission at 877-FTC-HELP

There are important differences between store cards and general purpose cards. Store gift cards are limited to that retailer or family of stores and many have no fees or expiration date. Not all store cards can be used online.

General purpose cards are from Visa, MasterCard and American Express. They can be used any place these cards are accepted. The purchase fee ranges between $2 and $7. Many cards charge a monthly maintenance fee that is typically $2 or $2.50 and starts after six or twelve months.

The CARD Act does provide gift card protections, but these provisions don’t go into effect until August 2010. It prohibits gift cards from expiring before give years from the date of purchase or when money was loaded onto the card. It also prohibits fees for the first twelve months.

What happens to unused gift cards? They can eventually revert back to the retailers as income. Some states can even claim unused gift cards as abandoned property.

If you have unused gift cards that you won’t use, you can donate the card to GiftCardGiver.com; that sute will distribute the card to non-profit agencies that can use the card to help others.

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Dodd Proposes a Freeze on Credit Card Rates

Holly — Sun, 01 Nov 2009 10:44:26 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Senate Banking Committee Chairman Chris Dodd recently introduced new legislation that would immediately freeze credit card rates on existing balances through February of 2010. Dodd felt this bill would prevent issuers from further interest rate hikes that have taken place since the Credit CARD Act was signed into law in May of this year.

“No sooner had it been signed into law, credit card companies were looking for ways to get around the protections this Congress and the American people demanded,” said the Democratic Senator. “This bill would end those abuses and further protect customers today.”

Since the beginning of the year, LowCards.com has recorded almost 60 changes made by nine different credit card issuers, many of which are APR increases. In the last two weeks, Bank of America added an annual fee to some cards and Citi has raised the APR to 29.99% for many cardholders as well as cancelled the accounts of customers holding some of their co-branded cards.

The changes in terms and card closures are hot issues for consumers. Congress is reacting by trying to move up the effective date of some provisions of the CARD Act from February 22 to December 1. Two weeks ago, the House Financial Services Committee approved this but analysts predict that this will not pass in the Senate.

“The actions of the credit card issuers should not be a surprise to anyone, especially Congress. When the CARD Act was being discussed, the issuers said they would have to raise rates and make changed to make up for lost revenue. They warned Congress that these changes would affect a broad spectrum of customers. That is exactly what they have done. They have raised rates, increased fees, added annual fees, moved fixed rate cards to variable rates, and cut rewards,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

“The banks and issuers are not philanthropic organizations. They are for-profit companies that have already lost billions of dollars and have struggled for over a year to rebound from the financial crisis. The high delinquency and default rates in September show that credit card issuers are still facing difficult rates in September show that credit card issuers are still facing difficult times and this will probably continue into 2010. Issuers will still have to find ways to increase revenue and reduce risk. If Congress put a freeze on interest rates, you can bet that issuers would find other ways to make up for this lost revenue.”

This new legislation would also require credit card companies to review all rate increases on credit card holders since the beginning of this year to see if they were justified.

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New Consumer Financial Protection Agency Approved by House Committee

Holly — Sat, 24 Oct 2009 10:00:25 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

The House Financial Services Committee recently approved the creation of a Consumer Financial Protection Agency (CFPA) by a vote of 39 to 29. This is the first step in creating a new regulatory agency that will protect consumers. The CFPA is an important piece of the Obama administration’s plan to tighten lending regulations and help prevent future financial failures.

The bill would give states more authority to regulate large national banks with their own stronger consumer protections on interest rates and fees associated with credit cards and mortgages. However, it would allow federal regulators to exempt banks from state laws on a case-by-case basis.

The CFPA would enforce provisions in the CARD Act that protect consumers from sudden rate increases on unpaid credit card balances. It would also create rules that would make credit card terms more transparent and easy to understand.

“Consumers feel they need some type of protection right now. This week, many Citi customers received a large rate increase to 29.99% for no apparent reason,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Cardholders are angry because issuers have significantly increased their rates and there is nothing consumers can do about it. Their only option is to accept the changes or close the account. However, it is difficult to get a new card because many issuers have reduced their risk of loans and are very selective about the new cards they issue.”

The new agency would take some of the consumer protection duties from the Federal Reserve and oversee financial lending such as credit cards, payday loans and terms on savings accounts. Those exempted include retailers, lawyers, real estate brokers, accountants, auto dealers, cable companies, and credit, mortgage and title insurers.

The CFPA does not include two of the priorities of the Obama administration. It leaves out the requirement that lenders offer standardized “plain vanilla” products. It also does not include the requirement that banks take reasonable steps to ensure that customers understand what they are receiving.

The House is expected to vote on this in November. However, the future of the agency will be determined by the vote in the Senate in 2010. Banks are strongly opposed to this bill and are lobbying Senators to dilute or reject it. Some legislators are also opposed to the idea of creating a new regulatory body.

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Attention Nurses: See the World and Receive Great Perks Doing What You Love

Holly — Sat, 17 Oct 2009 11:51:35 +0000

The US unemployment rate, as of September 2009, has hit a 26-year low. Since the recession was officially referred to as a recession in December 2007, 14.9 million people are out of work; not since The Great Depression have so many American families been without work and struggling to make ends meet. When finances get eerily low, many families opt to change careers or pick up a supplemental part-time job, yet as we have seen throughout the country, this is not an option for most families due to the lack of work in their areas.

Because of the employment drop off, many people are frantically searching for employment opportunities wherever they can. Many people are going back to school, either opting to take classes at vocational trainings and community colleges. But no matter how bad this recession gets, or if it eventually drops off into a depression, there is one field that is always in great demand for committed employees. Healthcare professionals will always be employed because people never stop getting hurt. Emergency rooms are always packed, regardless of the area you live in because kids fall down and gash their heads and break bones, as well as a myriad of other accidents that happen involving children. People are consistently being diagnosed with diseases and cancers and doctors and nurses are there to help aid patients in any way they can.

While healthcare professionals of all varieties are in demand, one healthcare profession that won’t lodge you in the ER for days at a time and will also give you the opportunity to travel and see the world; that profession is travel nursing.

A travel nurse gets a ton of perks all while performing a job that they are passionate about. The perks they receive are unlike any I have seen in any other professional out there, especially now. Along with excellent pay, from the first day you become a travel nurse, you receive health, deal and life insurance benefits immediately, as well as a 401k plan. You also receive free continuing education units, a prestigious loyalty program and regardless of where you choose to work, you receive free, private, furnished housing with utilities.

Travel Nurse Across America is a company for travel nurses that believe in long-term relationships and treat their nurses with the respect and courtesy they deserve. Nurses are never harassed by a myriad of phone calls and mailers. They offer the very best compensation for travel nurses; they compensation package and support has even been praised as the best in the business.

Travel nursing is by far one of the best employment opportunities I have seen rise up above the rest, especially during a recession, and because so many millions of Americans have lost their jobs and have nowhere to turn, this is the perfect profession for RN’s and other healthcare professionals looking for a great career.

Credit Card Debt Decreases for 11th Consecutive Month

Holly — Thu, 08 Oct 2009 21:25:13 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Yesterday, the Federal Reserve released the monthly Consumer Credit report for August that shows credit card debt is down for the 11th consecutive month. It declined at an annual rate of 13.1% to $899.44 billion, a drop of $9.9 billion. This was the largest decline since February.

One factor in this decline is the decrease in credit card limits. Credit card companies slashed the limits for almost 58 million cardholders during the 12-month period that ended in April. But consumers also appear to be cutting back in charging items on their credit cards.

These are concerning trends for credit card issuers. Several other recent reports reinforce these concerns.

Delinquency Rates
In August, credit card delinquencies were up again for several major issuers. Bank of America delinquencies increased to 14.54% from 13.21%. Citigroup delinquencies increased to 12.14% from 10.03%. Discover delinquencies increased to 9.16% from 8.43%.

Third Quarter Earnings
Banks will release their third quarter earnings next week. Some analysts are expecting an 11th consecutive quarter of lower profits.

Consumer Response
In a recent Consumer Reports survey, more than a third of consumers polled said they’ve paid off and closed a credit card account since January 2008. Of those that did, more than half said this was in response to the actions of the banks such as raising rates, imposing fees and cutting limits.

Further Rate Increases
Another issuer is significantly raising rates before the CARD Act provisions go into effect. Wells Fargo & CO. is currently notifying some of its cardholders that it will raise interest rates by three percentage points starting November 30.

“These numbers are not good news for credit card issuers as they struggle to regain profitability,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “They are trying to restore revenue by raising rates and fees. This angers cardholders and some are cutting back on their credit card spending while others react by closing their accounts. Increased payments have forced some into delinquency, and the issuer is left with unpaid balances that they cannot collect. And this cycle continues.”

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Debate Heats Up on Credit Card Interchange Fees

Holly — Fri, 02 Oct 2009 14:36:26 +0000

This is a guest post by Bill Hardekopf, CEO of LowCards.com.

Congress passed the Credit CARD Act in May, attempting to reform the credit card industry. But some Senators are pushing for additional regulations. Senator Chris Dodd. one of the forces behind the CARD Act, is currently drafting legislation to modify the interchange fee.

Merchants pay an interchange fee each time a credit card is used for payment. This covers the cost of electronic system used to process the payment. The fee is typically 2% of the purchase price. Since these fees are factored into the price of everything we purchase, the American consumer currently pays $2 in fees for every $100 they spend whether or not they use a credit card. Merchants claim these fees are higher than necessary.

In a report released last week, the Merchant’s Payment Coalition said that banks received an estimated $48 billion in interchange fees in 2008. The National Retail Federation (NRF) calculates the same estimate and says the $48 billion is triple the $16 billion charged when the NRF began tracking the fee in 2001. In 2008, this cost the average American household $427, up from $159 in 2001.

The cost of the interchange fee has been a burning issue for retailers for several years, but the discussions have heated up in the last few months. In June, the Credit Card Fair Fee Act (HR 2695) was introduced in Congress by House Judiciary Committee Chairman John Conyers (D-Mich.) and it has been referred to committee. Last week, Senator Dodd announced he was working on legislation that restricts the interchange fee. Retail giant 7-Eleven collected 1.6 million signatures from customers calling for Congress to enact legislation on unfair interchange fees; these signatures will be presented to Congressional representatives this Wednesday at the U.S. Capitol.

“Many merchants wanted regulations limiting this fee included in the CARD Act.” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Paying the interchange fee reduces the profit of the item for retailers. This is especially difficult for businesses like convenience stores and gas stations that have a small profit margin to start with.

“Since these fees aren’t disclosed at the time of purchase, many cardholders may not be aware of this fee. According to the National Retailers Foundation, the fee is charged as a percentage of the whole transaction, including sales tax. This results in a larger fee than if it is only changed on the merchandise.

“But there is another side of this coin. The question has to be asked: would retailers roll back the price should the interchange fee be decreased? In addition, if regulations and restrictions pass, credit card issuers and processors will lose significant revenue and will look to cardholders to help make up for this drop in revenue. We have already seen issuers make substantial changes in the credit card industry in order to make up for the revenue they expect to lose when the provisions of the CARD Act take full effect. So restricting the interchange fee could lead issuers to assess additional fees in other areas. Interchange fees also help fund rewards for credit cards. Smaller interchange fees also help fund rewards for credit cards. Smaller interchange fees could mean smaller rewards,” says Hardekopf.

Banks and credit card issuers are urging members of Congress to resist any changes to the current system, saying that retailers don’t want to pay their fair share.

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Saving Money for the Holiday Season

Holly — Tue, 29 Sep 2009 18:35:31 +0000

My partner and I were driving to the pharmacy this morning; he has been coming down with a cold and it finally settled in this morning and when I woke up I have been battling being incredibly cold, a runny nose, sore throat, bad headache, ear infection and other aches and pains. There’s no doubt about it, it’s definitely cold and flu season! So we were driving to the pharmacy this morning to stock up on cold and flu medication, and while we were driving I was talking about how beautiful it is outside now. Fall is my favorite season of the year–the leaves are changing into vibrant colors, it is absolutely gorgeous to be greeted with when you wake up every day, pumpkin spice candles, cake mix and coffee creamer have hit the shelves (have actually picked up some of these myself) and people are gearing up for Halloween.

Halloween will be here and gone before we know it and afterward, the holiday season will be upon us and with the holiday season comes the maxed out credit cards. But a season of holiday cheer in the middle of an economic recession is very difficult for families everywhere. Money is already tight; there’s a rent/mortgage to pay, food to put on the table, bills, heating costs, fundraising and dues for extra-curricular activities your kids are involved in and when you throw some gift-buying into the mix, it’s easy for families to hit the bottom of their bank accounts and go broke before they know what’s happening. That is why it is very important for families to save money throughout the year whenever they can for the holiday season, although I will definitely be the first one to say that saving money is difficult and I honestly am not able to save money at the moment because of how tight money has gotten around here.

There are many ways to cut corners to splurge on gifts for your loved ones for the holidays. Many people shop throughout the year for holiday gifts while items are cheap because prices are already starting to rise for many hot ticket items in hopes of catching people who are picking them up closer and closer to the holiday season. Cheap presents are available through many great retailers who want to save families money and for families who want to give their children and loved ones a holiday of some sort, even with severe money limitations are looking into payday loans, which offers people the ability to receive a loan in as little time as possible, most of the time at low costs and the leniency for people to be able to pay back as soon as they can. A great deal of families are resorting to payday loans to get them through the upcoming winter and the additional financial burden the season puts on families and then pay back that money when their heads are sufficiently above water.

Many families are doing all they can to survive the impending holiday season and with financial services and help reaching out to families not sure if they can make it will do tremendous amounts to relieve a great deal of stress those people are feeling this time of year.

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