December 31st, 2011
Banks are offering customers increased credit card limits before new laws come into play. Photo: Jessica Shapiro
BANKS are offering to increase the credit card limits of some customers by more than 70 per cent, ahead of new federal laws making it tougher for lenders to push for higher card maximums.
ANZ Consumer Finance wrote to credit card customers last month inviting them to apply for limit increases. In one example, the new credit limit offer for a Frequent Flyer Platinum account was 77 per cent higher than the previous maximum.
The offers come just six months before such solicitations are banned. From July 1, only customers who have ”opted in” by giving their bank written or phoned consent will continue to receive such invitations.
In their current offer letters, the banks are also inviting customers to give that consent. The ANZ letter included a reply-paid envelope if customers wanted to receive such invitations after July 1.
The Commonwealth Bank wrote to its MasterCard customers in November. In a typical letter, one customer was invited to raise his credit limit from $12,500 to $15,000.
”Having additional funds at your disposal can help you manage whatever comes your way,” said the letter. ”You don’t have to use your new credit, of course, but most customers agree it’s nice to have a little extra ‘just in case’.”
The letter also provided a reply-paid envelope for consent to invitations after the new laws come in.
Australian Consumers Association spokesman Christopher Zinn said he had no doubt other credit card providers besides ANZ and Commonwealth Bank were also soliciting customers. ”We know that lots of people are offered increases in seductive language that makes them feel honoured or privileged to take it.”
Mr Zinn said laws banning solicitations had been enacted in the US and Britain and ”the sky hasn’t fallen in”.
”If you want to increase your limit, all you have to do is make a phone call to your credit card provider,” he said.
Consumer Affairs Victoria said it was common to receive inquiries from consumers who believed their bank may have increased their credit limit without consent.
Spokeswoman Rachel Tosolini said all consumers should be wary of lifting their credit limit.
”If you can’t afford to pay off your balance in full each month, don’t increase your credit limit.”
The Consumer Action Law Centre said that often the letters were composed in such a way as to ”make people think they had to make a snap decision”.
Australian Bankers Association chief executive Steven Munchenberg said that banks ”had no interest in providing credit to people who can’t afford to repay it”.
”It just means problems for the bank as well as for the customer,” he said. In any event, ”we can’t guard against people going out of their way to misuse credit”.
He said the July 1 laws were unnecessary. ”We can’t see any reason why a bank can’t offer a customer increased credit. You’re not allowed to automatically increase existing credit levels without consent.”
Article source: http://www.theage.com.au/business/banks-rush-to-raise-credit-card-limits-ahead-of-tougher-solicitation-rules-20111231-1pg92.html
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December 31st, 2011
Banks are offering customers increased credit card limits before new laws come into play. Photo: Jessica Shapiro
BANKS are offering to increase the credit card limits of some customers by more than 70 per cent, ahead of new federal laws making it tougher for lenders to push for higher card maximums.
ANZ Consumer Finance wrote to credit card customers last month inviting them to apply for limit increases. In one example, the new credit limit offer for a Frequent Flyer Platinum account was 77 per cent higher than the previous maximum.
The offers come just six months before such solicitations are banned. From July 1, only customers who have ”opted in” by giving their bank written or phoned consent will continue to receive such invitations.
In their current offer letters, the banks are also inviting customers to give that consent. The ANZ letter included a reply-paid envelope if customers wanted to receive such invitations after July 1.
The Commonwealth Bank wrote to its MasterCard customers in November. In a typical letter, one customer was invited to raise his credit limit from $12,500 to $15,000.
”Having additional funds at your disposal can help you manage whatever comes your way,” said the letter. ”You don’t have to use your new credit, of course, but most customers agree it’s nice to have a little extra ‘just in case’.”
The letter also provided a reply-paid envelope for consent to invitations after the new laws come in.
Australian Consumers Association spokesman Christopher Zinn said he had no doubt other credit card providers besides ANZ and Commonwealth Bank were also soliciting customers. ”We know that lots of people are offered increases in seductive language that makes them feel honoured or privileged to take it.”
Mr Zinn said laws banning solicitations had been enacted in the US and Britain and ”the sky hasn’t fallen in”.
”If you want to increase your limit, all you have to do is make a phone call to your credit card provider,” he said.
Consumer Affairs Victoria said it was common to receive inquiries from consumers who believed their bank may have increased their credit limit without consent.
Spokeswoman Rachel Tosolini said all consumers should be wary of lifting their credit limit.
”If you can’t afford to pay off your balance in full each month, don’t increase your credit limit.”
The Consumer Action Law Centre said that often the letters were composed in such a way as to ”make people think they had to make a snap decision”.
Australian Bankers Association chief executive Steven Munchenberg said that banks ”had no interest in providing credit to people who can’t afford to repay it”.
”It just means problems for the bank as well as for the customer,” he said. In any event, ”we can’t guard against people going out of their way to misuse credit”.
He said the July 1 laws were unnecessary. ”We can’t see any reason why a bank can’t offer a customer increased credit. You’re not allowed to automatically increase existing credit levels without consent.”
Article source: http://www.theage.com.au/business/banks-rush-to-raise-credit-card-limits-ahead-of-tougher-solicitation-rules-20111231-1pg92.html
Posted in Best Credit Card Deals | No Comments »
Tags: credit cards balance transfers, credit cards bank of america, credit cards becoming obsolete, credit cards best rewards, credit cards build credit, credit cards business, credit cards deals, credit cards death, credit cards debt, credit cards debt statistics, credit cards default, credit cards definition, credit cards designs, credit cards discover, credit cards divorce, credit cards during bankruptcy, credit cards easy approval, credit cards easy to get approved, credit cards ending, credit cards essay, credit cards establish credit, credit cards europe, credit cards evil, credit cards excellent credit, credit cards experian, credit cards explained
December 31st, 2011
Americans are edging back toward their bad old pre-recession habits, when they charged whatever they wanted on their credit cards and didn’t worry about the build up of debt. After starting 2011 by paying down over $32 billion in credit card debt, consumers are on track to end the year with a $64 billion increase in their net credit card debt, according to Card Hub’s latest survey of credit card debt.
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That’s a far bigger increase than in either 2009 or 2010. Unfortunately, the situation in 2012 will worsen before it improves. You can thank the busy holiday shopping season for that. It occurs during the year’s fourth quarter, which is largely why the fourth quarter sees debt build up faster than in the second and third quarters combined.
Typically, Americans pay down their debt in the first quarter, buoyed by salary bonuses, tax refunds, and New Year’s resolutions. In 2009 and 2010, they paid down more in the first quarter than they ran up new debt through the end of the third quarter. The same cannot be said for 2011.
In the third quarter of 2011, consumer ran up 154 percent more credit card debt than they did in the same period a year earlier.
RELATED: Six predictions for consumers in 2012
During the Great Recession, overleveraging (spending more than you bring in) caught up with consumers and companies alike as unemployment skyrocketed and revenue sources dried up and wreaked havoc on our economy. While current credit card debt is far from peak recession levels, the pace at which consumers are adding new debt foreshadows a return to such worrisome levels.
But improve, the situation surely can. Consumers have a number of options at their disposal, but the obvious first step in combating rising debt levels has to be budgeting. It’s the “obvious” first step, not necessarily an easy one. People who are consistently spending beyond their means need to excise spending from their lives, and this necessitates making tough choices.
Make a list of your monthly expenses and rate them based on importance, with things like food, housing, and insurance taking top priority. Then cut the lowest ranked items until your spending is below your monthly income threshold with room to spare (you’ll want some savings for an emergency fund). After that, stick to your budget and work to pay down what you currently owe.
When it comes to sticking to a budget, you might find a debit card or a charge card more helpful than a credit card because they are better suited to instilling spending discipline. With a debit card, one can transfer the budgeted amount to a checking account and only spend that amount. Since charge cards do not allow you to carry a balance, you’re automatically insulated from spending more than you can afford to pay back.
On the other hand, if you don’t want to forgo credit cards because of their rewards and low introductory interest rates, you can do a couple of things to prevent overspending. One is to link your account with a checking account in order to impose the spending discipline you need. The other is to call your credit card company and get it to reduce your credit limit so as to be in line with your monthly budget. Confronting the problem of rising credit card debt with a credit card might seem rather ironic, but it is a problem that must be dealt with, so anything that can help should be welcomed.
At the end of the day, the worst thing you can do is ignore the situation until credit card debt becomes unmanageable and the problem becomes more difficult to solve.
RELATED: Six predictions for consumers in 2012
– Odysseas Papadimitriou is CEO of Card Hub, a website where consumers can learn about and compare credit cards.
Article source: http://www.csmonitor.com/Business/new-economy/2011/1231/Credit-card-debt-Are-consumers-returning-to-bad-habits
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Tags: credit cards hacked numbers, credit cards have how many numbers, credit cards help, credit cards high limit, credit cards highest cash back, credit cards in brazil, credit cards in china, credit cards in europe, credit cards in india, credit cards in israel, credit cards information, credit cards instant, credit cards instant approval, credit cards interest rates, credit cards iphone, credit cards japan, credit cards java, credit cards jcb, credit cards jobs, credit cards jobs in dubai, credit cards john lewis, credit cards joint account, credit cards journal, credit cards judgement, credit cards just for gas, credit cards kids, credit cards kohls
December 31st, 2011
Americans are edging back toward their bad old pre-recession habits, when they charged whatever they wanted on their credit cards and didn’t worry about the build up of debt. After starting 2011 by paying down over $32 billion in credit card debt, consumers are on track to end the year with a $64 billion increase in their net credit card debt, according to Card Hub’s latest survey of credit card debt.
Skip to next paragraph
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That’s a far bigger increase than in either 2009 or 2010. Unfortunately, the situation in 2012 will worsen before it improves. You can thank the busy holiday shopping season for that. It occurs during the year’s fourth quarter, which is largely why the fourth quarter sees debt build up faster than in the second and third quarters combined.
Typically, Americans pay down their debt in the first quarter, buoyed by salary bonuses, tax refunds, and New Year’s resolutions. In 2009 and 2010, they paid down more in the first quarter than they ran up new debt through the end of the third quarter. The same cannot be said for 2011.
In the third quarter of 2011, consumer ran up 154 percent more credit card debt than they did in the same period a year earlier.
RELATED: Six predictions for consumers in 2012
During the Great Recession, overleveraging (spending more than you bring in) caught up with consumers and companies alike as unemployment skyrocketed and revenue sources dried up and wreaked havoc on our economy. While current credit card debt is far from peak recession levels, the pace at which consumers are adding new debt foreshadows a return to such worrisome levels.
But improve, the situation surely can. Consumers have a number of options at their disposal, but the obvious first step in combating rising debt levels has to be budgeting. It’s the “obvious” first step, not necessarily an easy one. People who are consistently spending beyond their means need to excise spending from their lives, and this necessitates making tough choices.
Make a list of your monthly expenses and rate them based on importance, with things like food, housing, and insurance taking top priority. Then cut the lowest ranked items until your spending is below your monthly income threshold with room to spare (you’ll want some savings for an emergency fund). After that, stick to your budget and work to pay down what you currently owe.
When it comes to sticking to a budget, you might find a debit card or a charge card more helpful than a credit card because they are better suited to instilling spending discipline. With a debit card, one can transfer the budgeted amount to a checking account and only spend that amount. Since charge cards do not allow you to carry a balance, you’re automatically insulated from spending more than you can afford to pay back.
On the other hand, if you don’t want to forgo credit cards because of their rewards and low introductory interest rates, you can do a couple of things to prevent overspending. One is to link your account with a checking account in order to impose the spending discipline you need. The other is to call your credit card company and get it to reduce your credit limit so as to be in line with your monthly budget. Confronting the problem of rising credit card debt with a credit card might seem rather ironic, but it is a problem that must be dealt with, so anything that can help should be welcomed.
At the end of the day, the worst thing you can do is ignore the situation until credit card debt becomes unmanageable and the problem becomes more difficult to solve.
RELATED: Six predictions for consumers in 2012
– Odysseas Papadimitriou is CEO of Card Hub, a website where consumers can learn about and compare credit cards.
Article source: http://www.csmonitor.com/Business/new-economy/2011/1231/Credit-card-debt-Are-consumers-returning-to-bad-habits
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December 31st, 2011
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December 31st, 2011
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December 31st, 2011
If you are a frequent traveler, consider cards that are cobranded with hotels or airlines and allow you to rack up rewards points that can be used to buy flights or hotel stays. For road warriors, there are several different gas rewards cards available. And for those interested in earning cash from their purchases, issuers have unleashed several types of cash-back rewards cards.
Other perks to consider: cards with low or no balance transfer fees, cards with low penalty or late fees and specialty cards such as secured, retail or prepaid cards.
Compare similar cards
Consider which credit cards charge an annual fee. Will a card’s rewards cover its annual fee? Would fewer perks be acceptable if the card has no fee?
Also look at the annual percentage rate, or APR. Is there a special low introductory rate that shoots up after six months? Is the rate variable or fixed?
The card with the lowest APR is not necessarily the best for you. Take into account penalty and late fees, especially if you’ve been known to miss payments. And look at other fees, such as balance transfer fees or foreign transaction fees, which could make the card less appealing.
Also, read the restrictions on rewards programs. For frequent-flier cards, there may be blackout dates. Cash-back cards may have a limit on how much you can earn each month.
Other credit card perks
Credit cards come with benefits other than their rewards programs, so it pays to read the fine print. Here are a few benefits you should consider:
- Roadside assistance: Some cards will come to your rescue if you’re stranded on a snowy highway with a flat tire. But there may be geographical limitations or time-of-day limits.
- Purchase protection: Some cards come with return protection in case a retailer won’t take back a recent purchase. Others offer extended warranties on top of a manufacturer’s warranty or protection against theft or accidental damage.
- Travel assistance: Some credit cards will coordinate medical care or legal aid if you are traveling abroad. Others will cover airline fees, such as checked-bag fees, or offer access to airport lounges. Car rental, travel accident and trip-cancellation insurance are other popular perks.
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Article source: http://www.bankrate.com/finance/credit-cards/12-tips-to-manage-credit-card-debt-2012-1.aspx?ic_id=Top_Financial%20News%20Center_link_2
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Tags: credit cards hacked numbers, credit cards have how many numbers, credit cards help, credit cards high limit, credit cards highest cash back, credit cards in brazil, credit cards in china, credit cards in europe, credit cards in india, credit cards in israel, credit cards information, credit cards instant, credit cards instant approval, credit cards interest rates, credit cards iphone, credit cards japan, credit cards java, credit cards jcb, credit cards jobs, credit cards jobs in dubai, credit cards john lewis, credit cards joint account, credit cards journal, credit cards judgement, credit cards just for gas, credit cards kids, credit cards kohls
December 31st, 2011
If you are a frequent traveler, consider cards that are cobranded with hotels or airlines and allow you to rack up rewards points that can be used to buy flights or hotel stays. For road warriors, there are several different gas rewards cards available. And for those interested in earning cash from their purchases, issuers have unleashed several types of cash-back rewards cards.
Other perks to consider: cards with low or no balance transfer fees, cards with low penalty or late fees and specialty cards such as secured, retail or prepaid cards.
Compare similar cards
Consider which credit cards charge an annual fee. Will a card’s rewards cover its annual fee? Would fewer perks be acceptable if the card has no fee?
Also look at the annual percentage rate, or APR. Is there a special low introductory rate that shoots up after six months? Is the rate variable or fixed?
The card with the lowest APR is not necessarily the best for you. Take into account penalty and late fees, especially if you’ve been known to miss payments. And look at other fees, such as balance transfer fees or foreign transaction fees, which could make the card less appealing.
Also, read the restrictions on rewards programs. For frequent-flier cards, there may be blackout dates. Cash-back cards may have a limit on how much you can earn each month.
Other credit card perks
Credit cards come with benefits other than their rewards programs, so it pays to read the fine print. Here are a few benefits you should consider:
- Roadside assistance: Some cards will come to your rescue if you’re stranded on a snowy highway with a flat tire. But there may be geographical limitations or time-of-day limits.
- Purchase protection: Some cards come with return protection in case a retailer won’t take back a recent purchase. Others offer extended warranties on top of a manufacturer’s warranty or protection against theft or accidental damage.
- Travel assistance: Some credit cards will coordinate medical care or legal aid if you are traveling abroad. Others will cover airline fees, such as checked-bag fees, or offer access to airport lounges. Car rental, travel accident and trip-cancellation insurance are other popular perks.
Â
Article source: http://www.bankrate.com/finance/credit-cards/12-tips-to-manage-credit-card-debt-2012-1.aspx?ic_id=Top_Financial%20News%20Center_link_2
Posted in Best Credit Cards Gas | No Comments »
Tags: credit cards hacked numbers, credit cards have how many numbers, credit cards help, credit cards high limit, credit cards highest cash back, credit cards in brazil, credit cards in china, credit cards in europe, credit cards in india, credit cards in israel, credit cards information, credit cards instant, credit cards instant approval, credit cards interest rates, credit cards iphone, credit cards japan, credit cards java, credit cards jcb, credit cards jobs, credit cards jobs in dubai, credit cards john lewis, credit cards joint account, credit cards journal, credit cards judgement, credit cards just for gas, credit cards kids, credit cards kohls
December 31st, 2011
It’s time for New Year’s resolutions: Along with promises to yourself about cutting out the reality TV and hitting the gym more often, there are also some financial goals you should set for 2012. Specifically, there are some goals you should set regarding your credit cards, credit card spending and outstanding balances. Yes, looking at your statements in January after weeks of holiday-fueled spending might make you wince, but take a deep breath and start 2012 with these credit card New Year’s resolutions.1. Transfer a balance. Credit card companies are aggressive with their offers of 0% teaser rates for transferred balances. It’s not uncommon to see no-interest offered for 12 months or even longer, and a couple of issuers have even begun waiving the typical 3% balance transfer fee. If your credit is otherwise good but you’re paying off a balance at a high interest rate, apply for one of these cards. The caveat is that these cards can come with higher standard rates; arrange — and rearrange, if necessary — your budget so you can pay that balance off before the 0% promotional period expires. Finally, resist the urge to begin charging again on the card from which you just transferred the balance.
2. Pay off a balance. If you’re currently revolving balances from month to month, commit to paying one off entirely over the course of 2012. Experts have differing opinions on whether it’s better to target the card with the highest interest rate or the smallest balance. Basically, whichever will motivate you to keep chipping away at that accumulated debt is the best way for you. Don’t close the card after the outstanding debt is paid off, though, since this hurts your utilization ratio. The exception here is if you know you won’t be able to resist the temptation, in which case, cancel away.
(MORE: 4 Best Credit Card Offers for Holiday Spending)
3. Ditch superfluous monthly charges. Give your statement a close look. Are you paying for a membership, subscription or other service that you never (or hardly ever) use? Contact the merchant and cancel it. Depending on when in your billing cycle you make that move, it may take another statement before the charges stop. Give it a month and check back to make sure your cancellation has been applied.
4. Ask for a credit limit increase. If you have an account in good standing, this is an easy way to boost your credit utilization ratio without having to open a new account. Opening a new account lowers the average age of your accounts, which pulls down your credit score a little bit. The inquiry from the lender also has a slight impact on your score. For both these reasons, boosting the limit on an existing account is a better way to go. It helps if the card is one you use frequently and if you have a strategy planned out when you call customer service. Be specific: Tell them why you’d like the increase and how much more you expect to charge as a result.
(MORE: 3 New Year’s Resolutions that Reflect Reality)
5. Make sure your cards fit your needs. Take a look at your primary card or cards and ask yourself: Do you use the perks? Cash in any points or miles you earn on a regular basis? Your lifestyle changes over the years. Maybe an airline card with lots of frequent-flier miles and upgrades to first class was a good fit before, but maybe you’d be better off now getting a card that helps you save toward a child’s college tuition. If the card’s offerings no longer mesh with your needs, make a list of what you would like in a card and start shopping around for a new one.
Article source: http://moneyland.time.com/2011/12/22/5-credit-card-new-years-resolutions/?xid=rss-topstories
Posted in Credit Card | No Comments »
Tags: credit cards accepted at costco, credit cards accepted at sams club, credit cards after bankruptcy, credit cards american express, credit cards and bankruptcy, credit cards and college students, credit cards and credit score, credit cards applications, credit cards apr, credit cards average credit, credit cards bad credit, credit cards bankruptcy, credit cards best, credit cards by credit score, credit cards calculator, credit cards capital one, credit cards cash back, credit cards chase, credit cards citi, credit cards college students, credit cards companies, credit cards compare, credit cards comparison, credit cards consolidation
December 31st, 2011
It’s time for New Year’s resolutions: Along with promises to yourself about cutting out the reality TV and hitting the gym more often, there are also some financial goals you should set for 2012. Specifically, there are some goals you should set regarding your credit cards, credit card spending and outstanding balances. Yes, looking at your statements in January after weeks of holiday-fueled spending might make you wince, but take a deep breath and start 2012 with these credit card New Year’s resolutions.1. Transfer a balance. Credit card companies are aggressive with their offers of 0% teaser rates for transferred balances. It’s not uncommon to see no-interest offered for 12 months or even longer, and a couple of issuers have even begun waiving the typical 3% balance transfer fee. If your credit is otherwise good but you’re paying off a balance at a high interest rate, apply for one of these cards. The caveat is that these cards can come with higher standard rates; arrange — and rearrange, if necessary — your budget so you can pay that balance off before the 0% promotional period expires. Finally, resist the urge to begin charging again on the card from which you just transferred the balance.
2. Pay off a balance. If you’re currently revolving balances from month to month, commit to paying one off entirely over the course of 2012. Experts have differing opinions on whether it’s better to target the card with the highest interest rate or the smallest balance. Basically, whichever will motivate you to keep chipping away at that accumulated debt is the best way for you. Don’t close the card after the outstanding debt is paid off, though, since this hurts your utilization ratio. The exception here is if you know you won’t be able to resist the temptation, in which case, cancel away.
(MORE: 4 Best Credit Card Offers for Holiday Spending)
3. Ditch superfluous monthly charges. Give your statement a close look. Are you paying for a membership, subscription or other service that you never (or hardly ever) use? Contact the merchant and cancel it. Depending on when in your billing cycle you make that move, it may take another statement before the charges stop. Give it a month and check back to make sure your cancellation has been applied.
4. Ask for a credit limit increase. If you have an account in good standing, this is an easy way to boost your credit utilization ratio without having to open a new account. Opening a new account lowers the average age of your accounts, which pulls down your credit score a little bit. The inquiry from the lender also has a slight impact on your score. For both these reasons, boosting the limit on an existing account is a better way to go. It helps if the card is one you use frequently and if you have a strategy planned out when you call customer service. Be specific: Tell them why you’d like the increase and how much more you expect to charge as a result.
(MORE: 3 New Year’s Resolutions that Reflect Reality)
5. Make sure your cards fit your needs. Take a look at your primary card or cards and ask yourself: Do you use the perks? Cash in any points or miles you earn on a regular basis? Your lifestyle changes over the years. Maybe an airline card with lots of frequent-flier miles and upgrades to first class was a good fit before, but maybe you’d be better off now getting a card that helps you save toward a child’s college tuition. If the card’s offerings no longer mesh with your needs, make a list of what you would like in a card and start shopping around for a new one.
Article source: http://moneyland.time.com/2011/12/22/5-credit-card-new-years-resolutions/?xid=rss-topstories
Posted in Credit Card | No Comments »
Tags: credit cards accepted at costco, credit cards accepted at sams club, credit cards after bankruptcy, credit cards american express, credit cards and bankruptcy, credit cards and college students, credit cards and credit score, credit cards applications, credit cards apr, credit cards average credit, credit cards bad credit, credit cards bankruptcy, credit cards best, credit cards by credit score, credit cards calculator, credit cards capital one, credit cards cash back, credit cards chase, credit cards citi, credit cards college students, credit cards companies, credit cards compare, credit cards comparison, credit cards consolidation
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