Wednesday,04th December, 2013
FICO, the firm whose algorithms are used in 90 percent of lending decisions, has announced it's allowing credit card companies and other lenders to share with customers the credit scores they use to manage accounts -- free of charge. The initiative was unveiled on Nov. 4, and, by that date, two card issuers, Barclaycard and First Bankcard, had signed up to participate. Free for all However, the FICO Score Open Access program is available to all providers of financial services that use the company's scoring services.
Wednesday,27th November, 2013
New York attorney general Eric T. Schneiderman issued a consumer alert on Nov. 14, warning of the potential dangers of medical credit cards. These first came into existence in the early 2000s, when they were most commonly used for cosmetic and other elective procedures, but have more recently become mainstream. Sick credit cards According to Schneiderman, many doctors and dentists are today pressuring patients to use them to fund basic care procedures that are not covered by private insurance or Medicare. This, he contends, may be putting many -- and especially many elderly -- Americans at risk of unmanageable credit card debt.
Wednesday,20th November, 2013
American Express has partnered with ShopRunner to offer its charge and credit card customers free two-day shipping for eligible items bought from more than 80 online retailers. To enjoy the privilege, card members need only enroll at www.shoprunner.com/americanexpress. A valuable perk This is a potentially valuable perk, as ShopRunner normally charges consumers $79 for annual membership. There are more than 80 participating online retailers, including: Brooks Brothers drugstore.com GNC Lord & Taylor Neiman Marcus PetSmart Toys R Us
Wednesday,13th November, 2013
The Credit CARD Act of 2009 has been very effective in driving down many fees, but is failing to make much progress with another of its goals: to persuade consumers to pay down their balances faster. Those are among the key findings of a new study recently published by New York University's Leonard N. Stern School of Business. Credit cards and interest The act requires credit card companies to prominently publish on monthly statements a box that shows how much interest could be saved if the consumer were to make more than the minimum payment. The requirement has had a slightly positive effect, but the number of cardholders who actively responded to being nudged in this way was disappointingly small: After the regulation was implemented, the proportion of cardholders who changed their monthly payments so as to eliminate their balances over 36 months rose by only about 0.5 percentage points. However, given that the cost of implementing the requirement was close to zero, the researchers still judged it worthwhile.
Wednesday,06th November, 2013
If you plan to buy or lease a new Chevrolet, Buick, GMC or Cadillac in the short- or medium-term future, you should check out a new card that Capital One is offering in association with General Motors. It offers first-class rewards, although restrictions on how these are redeemed make it of interest only to prospective purchasers or lessees of these GM cars, trucks, SUVs and crossovers. Rewards credit cards for gear heads Here are the headline features of the new GM Card from Capital One: Rewards must be redeemed against the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle. You earn 5 percent on the first $5,000 of card purchases annually. After you bust that $5K cap, you earn 2 percent on all other purchases. There are no limits on earnings, nor do they expire. There are no limits on the amount of earnings you can redeem. There's no annual fee. There are no foreign transaction fees. You get all the perks that enrollment in the World Elite MasterCard program brings.
Wednesday,30th October, 2013
American Express is accelerating its drive to widen Membership Rewards redemption options with an innovation that allows its customers to pay New York City taxi fares -- along with accompanying tips and tolls -- using rewards points. The option, an industry first according to a company press release, is being rolled out to the 7,000 cabs within the city that are equipped with VeriFone in-taxi TV screens. Rewards credit cards that are going places Here's how it works: At the end of their journeys, AmEx members with eligible products choose the on-screen "Credit" option, and then swipe or tap their charge or credit cards on the VeriFone terminal in the normal way. The card issuer's IT systems automatically check the customer's Membership Rewards balance to see if there are sufficient points to settle the charges. If there are, the screen shows two prompts: Use points No thanks
Wednesday,23rd October, 2013
Back in April 2011, IndexCreditCards.com reported an intriguing phenomenon -- starting in the first quarter of 2008, consumers who had both mortgages and credit cards were for the first time prioritizing paying their plastic over their home loans. Now that situation is reversing again, and homeowners who are forced to make a choice are once more beginning to prioritize their mortgage payments, according to the September 2013 edition of the same tracking study cited in the initial report. TransUnion, the credit bureau that conducts the study, forecasts that by the end of this year most people in that position will be paying their home loans first. Credit cards less important than mortgages