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Looking for Credit Cards
Aug 17th
Before you apply for that next credit card, you might want to visit www.credit-card-authority.com to do your research.
Credit-card-authority.com is especially noteworthy due to the following features and benefits:
- Detailed listings of the credit card offers with side-by-side comparison of terms, conditions and benefits.
- Credit card suggestions for various categories such as No Annual Fee, Business Credit, Student Credit, Instant Approvals, Rewards Programs, etc.
- Specific credit card recommendations based on credit history.
- A Credit Card eZine with up-to-date articles on credit cards.
- An International section for Belgian and UK credit card reviews.
- Customer care service to answer all your credit card related questions.
I also like the design of the website; it is intuitive and easy-to-use. This is a big plus especially if you want to scan the info quickly and read summaries instead of wading through tons of information. In addition, you’re likely to find the right credit card for your specific needs.
Bottom line, if you’re doing research on credit cards, this site is one worth visiting. This site may not have every single credit card application available, but it certainly features the best ones that most customers are likely to want or need.
Do Credit Card Rewards Rip Consumers Off?
Jul 2nd
This latest blog post is a comment on Jessica Dickler’s article on CNNMoney.com dated June 2, 2008. First, let’s begin with a summary of her key points.
- Eighty-five (85) percent of U.S. households participate in a rewards program.
- Reward cards have more complicated rules and restrictions.
- These credit cards carry a higher annual percentage rates (APR).
- Some rewards programs charge an annual fee.
- Consumers often do not use their rewards (41% of rewards cardholders).
The article is not entirely doom and gloom. The silver lining to this article is Dickler’s comments about maximizing the value of a rewards program. Here’s a quick summary.
- Participate in a program where you are a frequent consumer.
- Project spending to determine true return on your investment (your estimated annual spend vs. actual rewards).
- Opt for cash back rewards over points.
- Don’t carry a balance.**
- If your program involves airline miles, use them fast and often.
- Don’t overspend to earn your rewards.
** The only time I would consider carrying a temporary balance if the card offered a promotional 0% APR for 6-12 months. After that, pay off the entire balance to avoid higher rates.
Lifelock CEO bitten by identity theft
May 23rd
You’ve probably heard the ad below:
“My name is Todd Davis. My social security number is 457-55-5462.
I’m Todd Davis, CEO of LifeLock, and yes, that’s my real social security number*. Identity theft is one of the fastest growing crimes in America, victimizing over 10 million people a year and costing billions of dollars. So why publish my social security number? Because I’m absolutely confident LifeLock is protecting my good name and personal information, just like it will yours. And we guarantee our service up to $1 million dollars.”
Todd is the CEO of Lifelock. His ad was a bold challenge and a great marketing move in support of his services. Unfortunately, this challenge did not fall on deaf ears.
Yesterday, Jordan Robertson from the Associated Press wrote an article explaining how Davis’ ad has come back to bite him. This stunt has resulted in eighty-seven attempts to steal Davis’ identity; one man was even successful. Here come the lawsuits! Read on.
Tips to Protect Your Wealth
May 19th
This post is inspired by Mary Dalrymple’s article, “Wealth Defense: The Biggest Threat to Your Money”. Here’s a quick summary of the tips for you to consider:
- Your Bank – If you’re not getting the most out of your bank, look for better rates (other banks or alternative investments to boost your interest rate). This suggestion also applies to bank fees for checking accounts and minimum deposit amounts.
- Your Credit Cards – Are you paying an annual fee? If so, WHY? There are so many good no annual fee credit cards. Also, check your annual percentage rates. You can call your credit card company to ask for a better rate. In addition, find out if there are any promotional rate offers. Even better, go for a cash back, no annual fee credit card.
- Your Credit Report – Check your credit score and report carefully. Your score can affect the rate you’ll receive on your loans. In addition, you want to check regularly for possible signs of identity theft.
- Your Retirement Accounts – Are you taking advantage of an IRA and/or your company’s 401K plan? If not, look into this especially if your employer provides matching on your contributions. If you’re not getting the maximum match on your contributions, then you’re leaving money on the table.
- Your Brokerage Account(s) – If you’re investing through a stock brokerage, check your fees and commissions especially if you make frequent trades every year. If you invest in mutual funds, check the fees for your fund carefully because you may be leaking money in the back end. Finally, look into dividend re-investment options if your stock pays a dividend.
- Your Will – Do you have a will? Has it been updated? You don’t want your estate to go into probate.
These are just a few ideas. If you have other suggestions, feel free to comment.
In Search of Credit Card Deals
May 5th
Recently, I discovered a resource to help one find the best credit card deals. The website is called RequestCredit. While I’ve seen similar sites, this site offers a nice presentation, layout, and navigation. For instance, check out the different category winners such as Best Rates for Everyday Purchase or Great Choice for Balance Transfers on the home page.
Another interesting feature on this site is the credit news and articles. Other sites tend to focus on the credit cards and simply facilitate the application process. RequestCredit takes the extra step to educate consumers on this important topic.
Finally, I like how the reviews are also sorted by credit score. For instance, if I have a fair credit score, I can navigate to a web page that shows only the Fair Credit Credit Cards. If I have no credit history, I can view the best deals for this situation as well.
Despite the positive features, the one limitation I spotted immediately is the credit cards by banks section. There are several major credit card issuers missing from this list such as Bank of Amercia and JPMorgan Chase (Chase Credit Cards). However, this limitation can be easily fixed as the site continues to evolve over time.
Enjoy!