Although I haven't posted since February, please play along and pretend it was just last week, OK?
Fine new credit card offers this week:
The Citi Diamond Preferred Card is offering me 0% on purchases and balance transfers until July of 2008 plus a 9.99% fixed APR after that. That's way better than what they offer online, where you'll see they're only giving the 0% on balance transfers and NOT purchases, and the ongoing rate is 12.74% at best. Plus there's the reward program. For me, though, I'd be more likely to take the online deal because you get6,000 of those ThankYou points free and the mail offer is not giving me that. I don't need 0% anything, and I don't carry balances, but I do like my points, yes I do.
Next up is a Wells Fargo Visa Business Platinum card. Wellsy is offering me 0% on purchases for 12 months, interest rate as low as the prime rate + 4% (which would thus equal 12.25% assuming I qualified for their best rate), and "up to" 2% cash back on purchases, with the cash reward credited automatically to my account. I got excited for a moment and thought it was a straight 2%, but reading the fine print I see it's 0.5% on the first $350 of purchases, 1% on the next $1,650 and then 2% after hitting $2000. And that's per month, not per year. So you really have to be using that card to hit the 2%. Ah, Wellsy, your fine print stinks. That's the ultimate come on---2% my butt.
All right. Now we have the American Express Rewards Plus Gold Card, which has come in some fancy golf leaf enveloping. This is one of Amex's charge cards, which comes with an annual fee of $150, although they'll waive it for the first year. It's not a bad card if you're a traveler---2 points per dollar on airline and hotel purchases for the first year and 1.5 points per dollar after that. It also promises access to Gold Card Events, "giving you the ability to purchase some of the most sought-after tickets" to concerts and sports, "often before they're made available to the public." I wish I knew someone who had this card so they could tell me just how often they get some kind of VIP status to get good tickets. I'm skeptical, but that might draw me in if I really believed I could get good tickets to a U2 show or something. For now, however, it goes n the circular file.
I actually have a stack of 40 other offers I've received since I last posted, but I don't feel like opening them all. I'm wiping the slate clean and will only report on new mailings in the future.
A commenter asked why I never seem to talk about Chase credit card offers. The reason is that I'm already up to my eyeballs in Chase cards; it just so happens that Chase has had a lot of cards that I've wanted in the last few years, and so they really don't bug me with new offers very often. Maybe I'll close down some of those accounts that I don't use much so I can get more mail from Chase. Nah.
Creditcard Cards Offers Rewards
Hot Topic Creditcard Cards Offers Rewards ( Under List )
Today's Credit Card Offers: American Express and National City Bank
Posted on
2010/06/17 |
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American Express sent me some checks I could use to transfer balances from other credit cards and only pay a 1.99% APR until November of this year. Only in the fine print did they mention that I would pay a fee of 3% of the total transferred, capped at $99, but still.
Here's how I figure it: If I had a balance of $3,000 that I wanted to transfer, I'd pay $90 to do so. Well, if I had a card with a 12% interest rate, $90 would be 3 months worth of finance charges. Transferring the balance, I'd pay those 3 months of finance charges up front, then get the 6 months at 1.99%, then I'm basically back to where I started from. A little savings, but not much.
On the other hand, if I had a $6000 balance and an 18% interest rate on the other card, then it would be a much better deal, because I'd be charged $99 to transfer that balance, which is roughly one month of finance charges on that other card.
I don't have any balances to transfer, so it doesn't matter, but I thought I'd share the math in case you're thinking of doing this and wondering if you're getting a good deal or not. Watch those balance transfer fees!
I also got an offer from National City for a Visa Business credit card, which will offer me a 0% APR on transferred balances until July of 2009. and this with no fee on the transfer. That's a good deal if I had a balance elsewhere. It says the card's interest rate could be anywhere from 9.99% to 17.99%. That's kind of a big range, which I find annoying, but almost all the card companies do that now. You don't get to find out your interest rate until after you fill out the application and they send you the card. Surprise! You get a 13.99% interest rate! Surprise! You get a 17.99% interest rate! And if you don't like it, you have to go through the hassle of canceling the card.
Anyway, I'm not getting this card, although it's not a bad deal.
Here's how I figure it: If I had a balance of $3,000 that I wanted to transfer, I'd pay $90 to do so. Well, if I had a card with a 12% interest rate, $90 would be 3 months worth of finance charges. Transferring the balance, I'd pay those 3 months of finance charges up front, then get the 6 months at 1.99%, then I'm basically back to where I started from. A little savings, but not much.
On the other hand, if I had a $6000 balance and an 18% interest rate on the other card, then it would be a much better deal, because I'd be charged $99 to transfer that balance, which is roughly one month of finance charges on that other card.
I don't have any balances to transfer, so it doesn't matter, but I thought I'd share the math in case you're thinking of doing this and wondering if you're getting a good deal or not. Watch those balance transfer fees!
I also got an offer from National City for a Visa Business credit card, which will offer me a 0% APR on transferred balances until July of 2009. and this with no fee on the transfer. That's a good deal if I had a balance elsewhere. It says the card's interest rate could be anywhere from 9.99% to 17.99%. That's kind of a big range, which I find annoying, but almost all the card companies do that now. You don't get to find out your interest rate until after you fill out the application and they send you the card. Surprise! You get a 13.99% interest rate! Surprise! You get a 17.99% interest rate! And if you don't like it, you have to go through the hassle of canceling the card.
Anyway, I'm not getting this card, although it's not a bad deal.
American Express Wants Me to Pay for a Credit Card. Why Would I Do That?
Posted on
2010/06/16 |
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In the past two weeks, I've received 6 mail solicitations from credit card companies, with 3 of those being American Express trying to get me to sign up for a card I have to pay for. Let's see what they're offering that's so great I'd pay for it, and we'll look at the other offers, too.
First off is the Platinum Card from American Express, which they say I'm being offered for being such a great cardmember for so long. (And I have been good, I'll give them that.)
This card costs $450 per year. What could possibly move me to pay $450 for this card? Let's see.
I'd get enrollment in the Membership Rewards First program, which is supposedly a step up from the Membership Rewards program you peons have. the selling point of "First" seems to be better travel rewards, luxury rewards from their First Collection portfolio, and "one-of-a-kind experiences." No word yet on what is so great here.
OK, I can get a complimentary companion airfare when I use the card to buy an airline ticket. That could cover the $450 right there. This of course assumes I'll be traveling somewhere that would make me fork over real money for an airline ticket. As the airlines know all too well, we're all trying to get by on frequent flier miles these days. Anyway, that could make this card worth it.
Another feature is access to airport clubs from American Airlines, Continental, Delta and Northwest. Nice for the frequent traveler, not so much for me.
From here the benefits are only so-so as far as I'm concerned. Upgrades at certain hotels, upgrades on certain cruises, membership in "premier" car rental programs, etc. No big deal. I'm not spending my time cruising around the world.
OK, back to the Membership Rewards program. It's still one point per dollar, just like the others, and supposedly it offers something more, but it's unclear what it is.
They're also telling me the card has a personal concierge service to help me no matter what I might need, from "a conference room in Boston" to "a gift delivered in Paris" to "help locating a rare edition of a classic novel." Who am I? Nelson Rockefeller?
There's also the By Invitation Only feature that gets you into experiences that "are simply not available to the general public at any price." Sports, fashion, fine dining, and performances are mentioned. It would be nice to include a few examples, like maybe if I get to be in the locker room at the Super Bowl, which would seem worth it to pony up some cash.
If you are a frequent world traveler and international (wo)man of mystery, I could see paying $450 per year, but otherwise I don't understand the attraction. Other than the free companion ticket, the rest is nice but not vital.
I also got a solicitation for the American Express Business Platinum Card. The marketing says "Be among the few who know what it feels like". That sounds almost sexual; I'm excited.
This one costs $450, too, and offers pretty much the same benefits as the card above. It markets the By Invitation Only events as good for client entertainment, which is interesting. It also offers a couple of event examples --- the US Open Tennis Championships and an unforgettable wine tasting tour through California's Napa Valley. (I once had a forgettable tour through Napa Valley. I have a hard time remembering it after getting drunk on so many tastings.)
So, same deal with this card I think. If you travel a lot, could be worthwhile, but unless you're going to use the companion ticket feature, it probably doesn't pay for itself.
Not done yet. I could also get the American Express Business Gold Rewards Card.
This one's cheaper. Only $125 per year, with the first year's fee waived.
Unfortunately, it's even more hazy as to why I'd pay for this card. I do get the Membership Rewards program, including the opportunity to earn some decent bonuses --- $5,000 points when I use the card the first time and $20,000 points if I put $1000 on it in the next 4 months or so. That 25,000-point bonus is an airline ticket right there. Not bad.
There's some other features they tout, but I'm not buying. Other than the initial point bonuses, I fail to see why I'd want to pay $125 for this.
Here's what I got these last two weeks...
I could get the Gold Delta SkyMiles Business Credit Card (also from American Express). Costs $95 per year, but first year is waived. If I was already a heavy user of Delta, this would obviously be attractive.
I'm pre-qualified for the Banco Popular Platinum MasterCard. Nothing so great there.
Bank of America has a Platinum Plus Visa with my name on it. Offers a 0% rate on purchases for about a year. If I needed to stash some debt at 0% I might go for this, but I don't see anything too special otherwise.
First off is the Platinum Card from American Express, which they say I'm being offered for being such a great cardmember for so long. (And I have been good, I'll give them that.)
This card costs $450 per year. What could possibly move me to pay $450 for this card? Let's see.
I'd get enrollment in the Membership Rewards First program, which is supposedly a step up from the Membership Rewards program you peons have. the selling point of "First" seems to be better travel rewards, luxury rewards from their First Collection portfolio, and "one-of-a-kind experiences." No word yet on what is so great here.
OK, I can get a complimentary companion airfare when I use the card to buy an airline ticket. That could cover the $450 right there. This of course assumes I'll be traveling somewhere that would make me fork over real money for an airline ticket. As the airlines know all too well, we're all trying to get by on frequent flier miles these days. Anyway, that could make this card worth it.
Another feature is access to airport clubs from American Airlines, Continental, Delta and Northwest. Nice for the frequent traveler, not so much for me.
From here the benefits are only so-so as far as I'm concerned. Upgrades at certain hotels, upgrades on certain cruises, membership in "premier" car rental programs, etc. No big deal. I'm not spending my time cruising around the world.
OK, back to the Membership Rewards program. It's still one point per dollar, just like the others, and supposedly it offers something more, but it's unclear what it is.
They're also telling me the card has a personal concierge service to help me no matter what I might need, from "a conference room in Boston" to "a gift delivered in Paris" to "help locating a rare edition of a classic novel." Who am I? Nelson Rockefeller?
There's also the By Invitation Only feature that gets you into experiences that "are simply not available to the general public at any price." Sports, fashion, fine dining, and performances are mentioned. It would be nice to include a few examples, like maybe if I get to be in the locker room at the Super Bowl, which would seem worth it to pony up some cash.
If you are a frequent world traveler and international (wo)man of mystery, I could see paying $450 per year, but otherwise I don't understand the attraction. Other than the free companion ticket, the rest is nice but not vital.
I also got a solicitation for the American Express Business Platinum Card. The marketing says "Be among the few who know what it feels like". That sounds almost sexual; I'm excited.
This one costs $450, too, and offers pretty much the same benefits as the card above. It markets the By Invitation Only events as good for client entertainment, which is interesting. It also offers a couple of event examples --- the US Open Tennis Championships and an unforgettable wine tasting tour through California's Napa Valley. (I once had a forgettable tour through Napa Valley. I have a hard time remembering it after getting drunk on so many tastings.)
So, same deal with this card I think. If you travel a lot, could be worthwhile, but unless you're going to use the companion ticket feature, it probably doesn't pay for itself.
Not done yet. I could also get the American Express Business Gold Rewards Card.
This one's cheaper. Only $125 per year, with the first year's fee waived.
Unfortunately, it's even more hazy as to why I'd pay for this card. I do get the Membership Rewards program, including the opportunity to earn some decent bonuses --- $5,000 points when I use the card the first time and $20,000 points if I put $1000 on it in the next 4 months or so. That 25,000-point bonus is an airline ticket right there. Not bad.
There's some other features they tout, but I'm not buying. Other than the initial point bonuses, I fail to see why I'd want to pay $125 for this.
Here's what I got these last two weeks...
I could get the Gold Delta SkyMiles Business Credit Card (also from American Express). Costs $95 per year, but first year is waived. If I was already a heavy user of Delta, this would obviously be attractive.
I'm pre-qualified for the Banco Popular Platinum MasterCard. Nothing so great there.
Bank of America has a Platinum Plus Visa with my name on it. Offers a 0% rate on purchases for about a year. If I needed to stash some debt at 0% I might go for this, but I don't see anything too special otherwise.
Got the news today that my Amazon credit card is getting a big interest rate hike --- from the current 10.90% up to 14.24%, a raise of 3.25 percentage points. That's big!
I have the option to turn down this hike BUT if I do I can't use the card anymore. AND I need to use my reward points before rejecting the hike, otherwise I lose them.
I pay off my credit card every month, so I don't really care and I'll keep the card at the new rate. But many other people have been getting these notices recently, and they're not necessarily in the same situation in terms of keeping their balances at zero.
On Friday President Obama signed a new law that is going to stop card issuers from doing a lot of things like raising rates on existing balances or changing rates with like 5 minutes notice. That's good stuff, but I will guarantee you this: every person in American who holds 2 or more credit cards will see the interest rate go up on at least one of them. These card companies know how to take money --- tell 'em what they CAN'T do and they'll start thinking about what they CANdo to get the money flowing again.
I have the option to turn down this hike BUT if I do I can't use the card anymore. AND I need to use my reward points before rejecting the hike, otherwise I lose them.
I pay off my credit card every month, so I don't really care and I'll keep the card at the new rate. But many other people have been getting these notices recently, and they're not necessarily in the same situation in terms of keeping their balances at zero.
On Friday President Obama signed a new law that is going to stop card issuers from doing a lot of things like raising rates on existing balances or changing rates with like 5 minutes notice. That's good stuff, but I will guarantee you this: every person in American who holds 2 or more credit cards will see the interest rate go up on at least one of them. These card companies know how to take money --- tell 'em what they CAN'T do and they'll start thinking about what they CANdo to get the money flowing again.
6 Capital Ones, 6 American Express, 2 Discover, 1 Local/MBNA, 1 Advanta, 1 Wells Fargo, 1 First Equity
Posted on
2010/06/13 |
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So I'm supposed to chronicle my credit card offers and I've fallen way behind, so I'm chucking the whole stack. I'm not going to bother even opening these; I'll just start over with whatever I get next. But in looking at my stack, it is interesting to see Capital One and American Express tied for the lead in terms of who sends me the most stuff. I have no Capital One cards, so it makes sense they'd pursue me, but I have a Blue card from Amex and they've obviously decided I would benefit from even more.
Discover didn't send too much, and I have none of their cards, so I would expect more than I get.
I have a lot of Chase & Citi cards, so it's not surprising that they've stopped soliciting me (other than Chase's constant "convenience checks").
Bank of America/MBNA sends me very little--in fact, the only one I got in the recent past is actually my local bank marketing an MBNA card with the local bank's brand on it.
I just chucked them all into the trash without shredding a one. If you're a dumpster diver, you could get a lot of credit in my name right now.
Discover didn't send too much, and I have none of their cards, so I would expect more than I get.
I have a lot of Chase & Citi cards, so it's not surprising that they've stopped soliciting me (other than Chase's constant "convenience checks").
Bank of America/MBNA sends me very little--in fact, the only one I got in the recent past is actually my local bank marketing an MBNA card with the local bank's brand on it.
I just chucked them all into the trash without shredding a one. If you're a dumpster diver, you could get a lot of credit in my name right now.
The elimination of credit card debt - Some pesticides in the home to help your situation
Posted on
2010/06/09 |
0
Comments
Eliminating credit card debt might be a little difficult, but surely isn't impossible. To know more, read on. A little effort on your part today is sure go a long way towards a healthy financial future!
With plastic money being easily available to people, credit card debt issues have become a very common situation faced by many. But the good news is; you can put an end to it sooner than you previously thought, provided you work towards it. Most of us get a second chance to rectify our mistakes and so do you. Stop brooding over what has already happened, work towards rectifying your previous mistakes today and welcome a brighter debt free future with open arms.
In order to eliminate your credit card debt, you need to follow a few Dos and Don'ts, and you will be surprised to see how these can improve your financial state significantly.
Dos:
Analyze your financial state realistically and figure out a plan how you will deal with your debts.
Make a realistic personal budget and strictly follow it.
Start saving your hard earned money. Saving will not only give you the confidence to fight your situation with a positive spirit but also help you improve your financial state.
Once you have decent savings in your bank account, it's time to attack your debts. Pick the one with highest rate of interest first and start paying them off one by one.
Don'ts:
In case you are in the habit of making minimum payments, then it's high time you stopped it. Minimum payments do not help you much in paying off your debts; instead it may take you 30 years to get debt free that too by paying three times the amount you had initially borrowed.
Do not neglect your loans. It is a very dangerous thing to do. Neglecting you loans may leave you in a bigger mess. This will not only contribute towards increaseddebt amount but also towards a bad credit report.
Keep a proper track of your spending. The moment you start using your creditcards carelessly, you put yourself in credit debt.
I strictly recommend my reader to follow these simple dos and don'ts and believe you me it'll be a big leap towards a debt free future. But in case you are in a baddebt trap then just following these dos and don'ts might not be enough. In that case, I suggest going for debt settlement plans. The two popular settlement plans are:
Debt negotiation: it is a process of reducing your debt amount to a figure that you can afford to pay, by talking it out with your creditors.
Debt Consolidation: this is another kind of debt settlement, where you consolidate multiple debts into one single loan with a minimized monthly payment.
In any case, I think taking professional help is the best thing to do as a professional can help to solve the best plan with your lender to help you improve your financial situation.
So now they have gone through this story, you have a good idea of how to eliminate debt on credit cards. So go ahead and take appropriate action and move towards a future free from debt. Good luck!
With an economy in turmoil, a large percentage of people are no longer qualifying for traditional credit cards. Even those who can qualify are trying to stay away from more traditional credit cards to reduce their personal expenses and debts. Rather than throw your hands up in the air and say there’s nothing you can do, here’s a look at a few alternatives to credit cards that may help you get back on your feet financially.
Credit Union Credit Cards
Studies have shown that credit cards issued through credit unions are far less likely to charge high fees and penalties often charged by banks. They have lower annual fees and longer grace periods to pay your monthly bill than a regular credit card, too.
Not everyone can qualify for a credit union membership or for a credit union issued credit card, but it’s definitely something to consider before signing on the dotted line of a regular credit card.
To find a credit union near you, go to creditunion.coop. The Credit Union National Association can help you find a credit union by calling (800) 358-5710.
Prepaid Credit Cards
On a prepaid card, you deposit the money onto the card and use it until you’ve run out. It’s much like a debit card. There are no interest charges on purchases since you’ve pre-paid for them and you won’t receive any billing statements in the mail.
Prepaid credit cards are not without fees, however. When you first set up the card, you may pay about $10 to open the account. Some prepaid cards charge monthly maintenance fees, transaction fees and then fees each time you put additional money on the card. Most prepaid cards do not report use to the credit reporting agencies, so it’s not even going to help rebuild your credit score.
Prepaid cards are a decent option for someone who needs a card with a Visa or Mastercard logo on it to make a purchase online, by phone, or to rent a car for example – but probably not your best financial option for an all-the-time card.
Secured Credit Cards
To get a secured credit card, you make a deposit to the bank issuing the card – typically between $500 and $1000. Secured cards offer limited credit lines, but they do report your payments to credit reporting agencies which means they will help you re-establish your credit score.
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