The Myth of Unlimited Credit Card Spending: True or False?

Perhaps you’ve seen one of the various TV shows about the people who go out in search of the truth behind history’s greatest myths or who test the veracity of some of the most common and famous tall tales. Well in a similar fashion, Card Hub recently explored the truth behind the myth that some charge cards and credit cards provide users unlimited spending power, and what we discovered might shock you.

While people with excellent credit flock to No Preset Spending Limit (NPSL) cards, such as the Visa Signature Credit Card, the World MasterCard Credit Card or the charge cards from Chase and American Express, thinking that the lack of a “preset limit” means the lack a spending limit altogether, this is decidedly untrue. What NPSL actually means is …

9 Coupon Categories We Tend to Overlook

This is a guest post by Coupon Sherpa, a simple and easy to use, all inclusive coupon site with deals on online, grocery, mobile and printable coupons.

Think about coupons and I’ll bet you think of grocery coupons. After all, the average shopper can shave 30 to 50 percent off their weekly bill with some carefully placed pieces of paper.

Fortunately, there are plenty of blogs that tell you how to make the most out of grocery coupons (ours included). Today I’d like to focus on the orphan coupons — those you might overlook in your search for savings on breakfast cereal and rutabagas.

Sadly, I’m as guilty of sticking to grocery coupons as the next person. Other than restaurant coupons, I’m not so great in the alternatives category. Then several weeks back, a …

You Have Options When it Comes to Mortgage Payments and Home Foreclosure

This is a Sponsored post written by me on behalf of Fannie Mae. All opinions are 100% mine.

 While many may be in agreement that the U.S. economy is on the mend, or close to being on the mend, especially as we hear more talk about how newly-elected Representatives plan to get more Americans back into work after months and even years of unemployment, a great deal of families all across the country are desperately trying to piece their lives, financial and otherwise, back together.

One of the most heartbreaking results of the financial crisis, or recession, is the amount of people who have lost their homes due to foreclosure. Not being able to pay your monthly mortgage payments is a frustrating and frightening position to be in; facing the reality …

Breaking News: Supreme Court Rules in Favor of Chase

The Supreme Court unanimously ruled today that JPMorgan Chase & Co did not have to provide written notice before increasing interest rates for account holders who defaulted on their credit card payment.

The class-action lawsuit was filed in 2004, five years before the passage of the CARD Act. The CARD Act changed the notification requirements for interest rate hikes, requiring that cardholders now receive 45 days notice on any increase, including default. This decision will likely have little impact on future cases but it will impact pending cases.

In the suit Chase Bank USA v. McCoy, James McCoy accused Chase of violating federal law by retroactively increasing his interest rates after his account was closed following a late payment. Chase argued that its cardmember agreement documented the conditions that McCoy had to adhere to in order to …

Some Banks Assess Checking Account Fees to Recover Lost Revenue

Here is an easy New Year’s resolution that may save you over $100 in 2011: Pay attention to the notices and fine print from your bank. Fees are rising with many major banks, and there may be more you have to do to get or keep a free checking account.

When Congress passed regulations on the financial industry, banks warned the restrictions would cause them to raise rates and fees to recover the lost revenue. Banks have proved many times they weren’t bluffing. Banks have added a number of new fees in the past two years, and now they are testing fees on checking accounts, something that could affect millions of consumers by the end of 2011.

“Banks could lose billions of dollars in revenue this year from regulations,” says Bill Hardekopf, CEO of LowCards.com and …

Issuers Pushing Cash-Back Credit Cards

January is the busiest month for new credit card applications. Issuers will flood consumers with numerous offers promoting new credit cards, especially cash-back cards.

“Don’t be surprised if credit card offers replace Christmas cards in your mail box this month,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. “Credit card issuers want your business and they are competing for every customer, even trying to lure customers away from each other. Good deals are available, but it is important to compare offers to find the lowest rate and best rewards for you.”

Credit card mailings are up significantly from last year. U.S. consumers received approximately 1.2 billion offers for new credit cards in the third quarter of 2010, compared to just 391 million in the third quarter of 2009, according to Mintel …