Credit Card Base

Trick or treat?  You can only count on getting the former of those two options from credit card issuers.

This article from Reuters has details about more of the sneaky fees that are expected to go into wider use in the next few months, targeted specifically at customers who pay on time and those who carry little or no balance.

These practices represent just a few of the new ways credit card companies have found to trick and trap consumers.  They’re also raising interest rates in anticipation of the Credit CARD Act’s implementation and randomly and suddenly cutting credit limits while they still can.  Luckily, consumer advocates and our friends in Congress are working to expedite the provisions of these new consumer protections, but it’s a good idea to pay close attention to your wallet in the meantime.

(Photo: PaulKeleher)

On Monday, Senator Chris Dodd introduced new legislation that would freeze credit card interest rates until the implementation of the Credit CARD Act.

Dodd introduced the Credit CARD Act earlier this year, and it passed and was signed by President Obama in May.  While this bill is seen as a great step forward for consumers who use credit cards, recent reports have indicted that some credit card companies are increasing their interest rates and fees in the months leading up to these changes in an attempt to get around the new regulations.

Reuters has Dodd’s words on the matter:

“We worked long and hard to enact the safeguards included in” the new rules, Dodd said in a statement. “And n

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If you dispute a credit tradeline and it’s noted on your credit report, Fannie Mae and Freddie Mac will make it more difficult for your mortgage to get approved, according to a report in the LA Times.

The pair, which own or guarantee a large chunk of mortgages these days, recently changed their automated underwriting guidelines to kick back any files that show signs of credit disputes.

While a credit dispute isn’t inherently a bad thing (it shouldn’t hurt your credit score), the mortgage financiers wants to make sure the dispute(s) is legit, as there are certainly companies and consumers out there gaming the system.

You know, those credit repair companies that claim to remove negative items from your credit report even if they are legitimate and accurate.

While it may seem like an unnecessary, untimely bureaucratic move, it’s a measure to reduce fraud, because mortgage delinquencies continue to rise at the pair of government sponsored entities.

They won’t decline your mortgage application outright, but they will force it into manual underwriting, which will slow the process and lead to a lot more scrutiny.

That means there’s a greater chance your home loan application will get pushed to the bottom of the pile, or possibly never get processed if business is flowing relatively smoothly otherwise for loan originators.

All that said, if you believe a creditor is reporting something in error, you should attempt to fix it; learn more about how to dispute an item on your credit report.

As a teenager enters college, more doors of opportunities open up. This is the time when you can get your own license and drive your own car, work part time jobs to earn your own money, and build up your personal credit history. As you prepare yourself for the future, building up a solid credit is best started while you’re in college. Below are some tips on how you can build good credit:

Get a department store or gas station credit card.

A lot of department stores offer credit cards that can be used for purchases. Since there is no credit check, anyone can get approved instantly. Gas stations also offer gas credit cards to their frequent customers and if you drive a car, you can easily get one. Like a department store card, no credit check is need so you can get approved right away.

Department store cards and gas station cards are quite similar to credit cards, in the sense that it allows the cardholder to purchase in advance and pay at a later date. U

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Photo by borman818

Have you ever thought about how much you would pay to keep your credit card?

Years of no annual fees, favorable grace periods, and reasonable interest rates probably kept you from pondering such a question. But as major credit issuers search for ways to replace the revenue they stand to lose as a result of the CARD Act of 2009, you may soon be forced to determine just how much you’re willing to pay for the convenience of paying with plastic.

After announcing a paltry third-quarter profit of $101 million last week, the CEO of Citigroup, Vikram Pandit, said “Looking forward, we will continue to focus on sustainable profitability of growth, repaying TARP and helping support America’s economic recovery.” Of course, at the same time, Citigroup is notifying consumers across the country that interest rates are increasing, annual fees are returning, and grace periods are shrinking. And Cit

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Another credit card review, this time “Ink from Chase.”

This is a new credit card from Chase reserved only for business owners, which the company says comes with business-sized credit limits.

That means credit limits that are large enough to take care of major purchases, or flexible spending capacity that may grow as necessary with your business.

This is especially important for small business owners right now, with all the credit lines being cut in the wake of the ongoing credit crisis.

Employers can get additional free credit cards for their employees that earn points for the associated rewards program.

Individual spending limits can be set for each employee, and related spending reports can be generated.

There are four types of Ink credit cards available, including Ink, Ink Plus, Ink Bold, and Ink Cash; annual fees range from $0-$95 (first year free for those with fees).

Ink Cash provides a 3% cash back rebate for eligible purchases at gas stations, hardware and home improvement stores, office supply stores, and restaurants (this is the biggie).

You’ll also earn 1% cash back for all other eligible purchases.

The Ink credit cards that provide rewards offer double points on air travel, as well as other annual bonuses.

Points associated with Ink from Chase are also more valuable than those redeemed for travel at American Express; for example, a flight that normally requires 35,000 points would only take 28,000.

Points can also be transferred to leading frequent flyer and hotel loyalty programs, and Ink Plus and Ink Bold grant free access to airport lounges in more than 100 countries.

All Ink cards also provide zero liability protection, early fraud warning, purchase protection, and extended warranty.

The Ink Bold provides all of the above along with price, return, and identity protection.

Most Ink from Chase credit cards also offer the Blueprint technology, which allows card holders to manage and track payments.

Some of the Ink cards provide 0% APR for the first six months on both purchases and balance transfers.

Photo by Helico

I used to have an online savings account with a popular national bank. Now, my account is with a different bank I happen to despise due to several poor customer service experiences.

Of course, I didn’t choose to take my business to this new bank. My old bank happened to tank in grand fashion and its competitor gobbled it up before things got even worse. I should just be happy that all is well and my savings are safe, right?

I wish I could say that I am, but now I’m struggling through this transition period I’ve dreaded for quite some time. And it’s really been more painful than I could have imagined.

With all the mergers and acquisitions taking place in the banking world lately, chances are you may face a similar situation in the near future. Or perh

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