Credit Card Rewards, 0% APR Credit Cards, Low Interest Credit Cards » 2005

Credit Card Rewards, 0% APR Credit Cards, Low Interest Credit Cards » archive for December, 2005

Prepaid Visa / Mastercard a viable alternative to mainstream credit cards

December 31st, 2005

Pre-paid MasterCard and Visa cards become an alternative to credit, debit cards

While credit cards and bank-machine cards have long been favoured by many shoppers because of their ease of use and wide acceptance among retailers, a new generation of cash alternatives is becoming available.

Affiliates of MasterCard and Visa have begun offering pre-paid cards that don’t provide you with credit or draw directly from your bank account but in other ways work much like the more familiar cards in your wallet.

While these payment methods do offer certain advantages over credit cards – no need to have an approved credit history, for instance – they also charge a variety of fees and come with certain restrictions that may limit their appeal.

The Visa Wired Plastic Card is a reloadable pre-paid card for purchases from merchants that take Visa/MasterCard. They can also do cash withdrawals from bank machines on the Cirrus network.

Unlike credit cards, however, the pre-paid cards don’t charge interest since you’re not borrowing money from the issuer. On the other hand, the money loaded onto the card doesn’t earn you interest either.

Check out these recommended pre-paid credit cards.

Vaya Prepaid Mastercard

Eufora Prepaid Mastercard

First Vineyard Prepaid Mastercard

Why would credit card companies target newly bankrupt people?

December 28th, 2005

Credit Cards … for the Bankrupt?
Is offering credit to bankrupt folks the right thing to do?

If you’ve spent any time in our eye-opening Credit Center, you probably realize that the credit card industry does everything it can to make money off people who carry plastic in their pockets. Grace periods? They’ve gotten shorter. Teaser rates? They don’t last too long. Annual fees charged on no-annual-fee cards? They’ve been known to appear.

So maybe you won’t be surprised to learn that credit card issuers are going after newly bankrupt Americans. That’s right. And right now, there are a heck of a lot of bankrupt Americans. According to The New York Times, the credit card industry spent $100 million over the past few years lobbying for changes in bankruptcy law. It got what it wanted, and before the new bank-friendly, not-so-consumer-friendly laws went into effect in mid-October, a record number of Americans had filed. In 2005, more than 2 million people have filed for bankruptcy.

Orchard Bank – The #1 Credit Card for Bankruptcy Filers

The Times reported that many of these folks are regularly getting tempting credit card offers in the mail. It might not seem to make sense, since these folks tend to be bad risks, but considering that the new laws make it much harder for people to get out from debilitating debt, it’s not so unreasonable for lenders. (Although we might imagine that most people in steep credit card debt are there because of irresponsible spending, many actually end up there from life’s hardships, such as costly illnesses or job losses.)

If you are newly bankrupt and interested in rebuilding your credit, the following credit cards are recommended.

Orchard Bank

Tribute Mastercard

Continental Finance Gold Mastercard

New Millenium Bank Guaranteed Secured Credit Card Offer

December 22nd, 2005

Millennium Bank Secured Platinum Visa or Mastercard

New Millennium Bank has guaranteed your credit approval for up to $10,000** (with both cards) in secured credit with no credit check!

GUARANTEED ISSUE

COMPLIMENTARY ONLINE SERVICES FOR ACCOUNT MANAGEMENT AND PAYMENTS

NO CREDIT CHECK

BE APPROVED REGARDLESS OF INCOME or CREDIT HISTORY

REPORTS TO THE THREE MAJOR CREDIT BUREAUS

You have been approved for a secured Platinum Visa and a Platinum Mastercardwith a total credit limit of $10,000** (with both cards) in secured credit! You get the benefits of Platinum status: emergency cash transfers, free $150,000 accident insurance, free auto rental insurance, free extended warranty protection.

Life Gets Better with the Guaranteed Credit Card from New Millenium Bank – No Credit Checks

When we receive your processing fee you will be sent instructions by e-mail on how to redeem a “FREE COMPANION AIRFARE.*” You can travel to most major US cities when you purchase one adult round trip airfare.

You will also be automatically enrolled in The World’s Best Travel Club.com where you will receive discounts and low, low prices on all your travel needs!

Your credit line will be equal to and secured by your New Millennium Bank Savings account (Minimum deposit $300, Maximum deposit $5,000 per card)**

When you make your first condo booking* through the World’s Best Travel Club, the club will send you a cash rebate of $69.00!

When you apply you will get:

FREE COMPANION AIR TICKET VALUED AT HUNDREDS OF $$$
MEMBERSHIP IN THE WORLD’S BEST TRAVEL CLUB.COM
CASH REBATE OF $69.00 ON YOUR FIRST CONDO BOOKING**

*Terms and conditions apply.

**Fees and terms Apply.

Citbank and American Express find common ground in the Citi American Express Credit Card

December 20th, 2005

Introduces Suite of Products, Providing Credit Card Essentials, Worldwide

Acceptance and No-Fee Extras

Citibank® and American Express® announce today that they will offer consumers Citibank premium benefits and customer service through cards that are accepted wherever American Express is welcome. Plus, many of the new Citi American Express Cards
reward cardmembers for doing what they already do, like making purchases at grocery and drug stores, or putting gas in the car.

“We’re excited by this new relationship, and the prospect of providing our customers and prospective customers with the superior benefits and services these new cards will have,” says Vik Atal, Chairman and CEO, Citi Cards North America. “As always, we’re committed to exceptional customer service, and by
issuing some of our most popular card products on the American Express Network, we’re offering customers many of the features and benefits they want in a credit card.” Peter Godfrey, President of American Express Global Network Services adds, “This partnership brings

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together two highly successful and internationally recognized brands for the benefit of all cardmembers looking for high quality products and service. We are delighted that Citibank is providing consumers
with a credit card on the American Express Network that allows them to experience the best of both worlds.” The Citi American Express Cards offer value, rewards and cash-back benefits. The initial offerings will begin later this month, and the full suite of card products will be available to consumers as of January 15, 2006: * The Citi® Platinum American Express® Card, a no-annual fee card, offers points on purchases through ThankYou Network, Citi’s no-fee rewards program featuring a variety of merchandise, travel and gift cards at leading retailers and restaurants. Cardmembers will enjoy services to source hard-to-find tickets to shows, concerts and sporting events along with direct access to a live customer service representative 24 hours a day. A special 12 month introductory offer provides a 0% APR on eligible balance transfers. * The Citi® Dividend American Express® Card enables cardmembers to earn 5% cash back on purchases at supermarkets, drug stores and gas stations; 1% cash back on other purchases and eligible cash advances; and cash back on eligible balance transfers. Cardmembers also pay no annual fee. * The Citi® / AAdvantage® American Express® Card allows cardmembers to earn one American Airlines AAdvantage® mile for every dollar they spend on purchases—up to 60,000 miles per calendar year. * The Citi PremierPass® American Express® Card, with no-annual fee, offers cardmembers one ThankYou Point for every three miles flown on any airline and one ThankYou Point for every dollar spent on purchases—up to 100,000 ThankYou Points per year, up to 50,000 of which can be earned for miles flown. * The Citi® Diamond Preferred Rewards American Express® Card offers cardmembers five ThankYou Points on purchases made at supermarkets, drug stores and gas stations and one ThankYou Point for every dollar spent on other purchases during their first year of cardmembership. Thereafter, cardmembers will earn one ThankYou Point on all eligible purchases. Other benefits of the Citi American Express suite of cards include: * $0 Liability on unauthorized purchases * 24/7 customer service * Citi Identity Theft Solutions and Fraud Early Warning * Pay over time or pay in full * Worldwide Car Rental Loss & Damage Insurance * 24-hour Emergency Assistance Services * Worldwide Travel Accident Insurance * Access to more than 2,200 American Express Travel Services locations * Price Protection, Retail Protection and Extended Warranty * Deals and discounts * Worldwide acceptance of American Express

Credit Cards Companies offer creative incentives to get your business.

December 15th, 2005

Bank of America and American
Express have both offered what’s called “spend to save” cards. They deposit a small portion of each card purchase into a separate savings account.

“I want to get a card like that,” said a credit card user. “I’m not a very good saver, so I probably would do that.”

Most Americans are not very good savers, so the new cards sound attractive.

But be sure and read the fine print of the contracts. Annual fees and any charges for debit transactions could wipe out your new savings.

Other credit card companies are trying to entice consumers tired of paying high fees.

Citi Group’s “Simplicity” card has no annual fee and waives the $39 late fee so long as you use the card at least once a month. That’s a plus if you have a hard time paying on time.

But it can also backfire on you. The fine print says if you miss a payment or fail to use the card at least once a month, your interest rate will shoot up and you’ll pay penalties.

Still, increasing competition among the card companies can mean real benefits.

“I’m more interested in frequent flier miles,” said a credit card user.

Just be sure to choose a card that meets your needs, so you don’t end up not getting what you pay for.

Everything you need to (and should) know about credit cards

December 15th, 2005

Consumer Action and American Express partner new free, multilingual education initiative
Dec. 12, 2005 – Here’s one thing you can check off your holiday list-getting to know the terms on your credit card.

Credit cards get a lot of use during the holiday season-but how well do you know your card? Consumer Action and American Express have partnered to create a free, multilingual consumer education series called Credit Cards: What You Need to Know.

“We created our campaign to educate consumers about credit card terms and conditions so that they will learn how to compare credit card offers, read and understand credit card terms and conditions, maintain their credit card accounts in good standing and avoid penalties and fees,” said Ken McEldowney, executive director of Consumer Action.

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The holiday season is a busy time-credit card due dates and credit limits are not at the top of our minds. But the way you handle your credit card is important. Not managing your credit wisely can lead to:

Increased annual percentage rates (APRs)
Unnecessary fees * A decline in your credit score
Denials of future credit

“Credit Cards: What You Need to Know” is designed to help consumers:

Understand the types of cards available
Sort through card offers
Compare card terms and conditions
Avoid penalty rates and fees
Find more information and assistance

The “Credit Cards: What You Need to Know” series is available on Consumer Action’s web site (www.consumer-action.org). It includes a brochure available in Chinese, English, Korean, Spanish and Vietnamese; a question-and-answer backgrounder guide; a training guide for presenting the materials in a classroom setting and a 65-slide PowerPoint set.

Police officer steals credit card from the man he arrested.

December 15th, 2005

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Chicago cop allegedly runs up $1,600 on arrestee’s credit cards

Nik Lohja went out to a Wicker Park bar in early November to have a few drinks and shoot some pool. But he got in an argument, punches were thrown and Lohja ended up in handcuffs after someone called the police.

Responsibility for the trouble that started at the Wicker Park bar was partly his, Lohja said. But the rest of the night, he said he became the victim-of the police.

As Lohja was being escorted to the police wagon, he said the officer who arrested him slipped his hand into his back pocket and drew out Lohja’s driver’s license, his credit card and debit cards. Lohja, 31, who spent the night in jail, said he never saw the credit cards again.

On Tuesday, the officer who allegedly took those cards, James L. Chevas II, a Wood District patrol officer, was charged with official misconduct and stealing from an arrestee, police said.

Chevas, 36, allegedly ran up about $1,600 in charges on Lohja’s credit cards, said Monique Bond, a spokeswoman for the Chicago Police Department.

Police said they had have security video from Nov. 5 showing Chevas using the cards in at least one of the three Northwest Side stores.

Get the most for your frequent flyer credit card miles

December 13th, 2005

What Cards Are Friendliest to Frequent Fliers?

FOR millions of travelers, credit card reward programs are the best way to score free airline tickets and hotel rooms. But with credit card issuers and travel companies ratcheting up the competition for customers in recent months – for instance, JetBlue recently rolled out a new card with American Express – how do you know which card in your wallet is worth reaching for?

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“All of these cards have pros and cons, and the trick is to figure out, based on your own travel and consumption behavior, how they work in your case,” Mr. Winship said.

International travelers who want upgrades and free seats, for instance, should consider the United Mileage Plus Platinum Visa Signature card, issued by Chase Manhattan Bank. According to Mr. Winship, it is one of the few cards for which miles count toward elite status.

Mr. Winship said that miles that qualify for elite status are only awarded for actually flying. “Elite status, after all, is a way of rewarding the airline’s best customers, not the credit card issuer’s best customers,” he said. In all other respects, though, a mile earned by flying United has the same value as a mile earned by charging purchases to the airline’s card.

Otherwise, travelers should consider a card that is affiliated with an airline that serves their favorite foreign destinations. On this front, the American Express Delta SkyPoints card has garnered praise from advocacy groups like Consumers Union. Unlike many other airline-specific cards, the card does not impose blackout dates. (It also offers double points for many purchases.) And Delta SkyMiles members can transfer their miles to programs within the nine-member SkyTeam Alliance, including KLM, Air France and Aeromxico, among others, and trade points for ticket discounts.

Apply for the American Express Delta Skymiles Gold – Get Free Miles – Click Here!

For occasional travelers who want a free domestic ticket every few years, the Starwood American Express card is a good option, since it can yield fairly quick awards for those who use it for routine purchases and intermittent trips. The card only offers a 4,000-point sign-up bonus, but it is free for the first year and $30 thereafter, and includes 6,000 bonus points for Starwood hotel stays. When cardholders reach the 20,000-point level, the company adds 5,000 points when you convert the points to miles, which means they are then in the range of a domestic ticket on most airlines.

The JetBlue Card from American Express is also worth considering, since its mileage awards start at a relatively low threshold – 20,000 “Award Dollars” versus 25,000 points for most others – and since it has a comparatively low annual fee ($40). And the airline offers double Award Dollars for tickets bought with the card, as well as many entertainment and dining purchases.

Another solid option for this group is the Orbitz Platinum MasterCard, which offers two points for each dollar spent on air travel on Orbitz.com, the online travel agency, and with every 10,000 points earned, cardholders receive $100 off air fare bought on Orbitz using their card. The Citibank PremierPass card, which has no annual fee, is another good choice.

Credit card issuers and travel suppliers are fighting more aggressively for consumers who use loyalty cards, analysts and executives said, because typical loyalty program members spend a lot of money and pay off their debts. So with airline profits scarce, it is not surprising that some carriers have been offering better deals.

For example, in May, Continental’s World MasterCard, which is issued by Chase Manhattan Bank, began offering new cardholders a 5 percent discount on fares they buy on Continental.com during the first year. In addition, the company now offers an enrollment bonus of 15,000 miles, compared with 10,000 miles for the Platinum.

“It’s a very aggressive industry right now,” said Wade Amerson, who manages Continental Airlines’ credit card partnerships. Mr. Winship’s Web site, FrequentFlier.com, has charts that allow visitors to compare offers on airline- and hotel-related cards, and provides details about bank-specific cards that yield travel rewards.

Subtleties are important. For instance, those who sign up for United’s card can use their miles to book flights on any of the Star Alliance members, which include US Airways and many international carriers.

Each of the major airlines has such an alliance, but there are limits to watch for. Since British Airways and American Airlines compete on trans-Atlantic routes, for instance, consumers with American’s World MasterCard or the British Airways Visa Signature card cannot switch over to the other carrier when booking those routes.

And even if you sign up for an airline-related card, you still have to enroll in the company’s frequent-flier program to reap all the benefits. If you buy a trans-Atlantic flight on British Airways using its branded Visa card, and you’re a member of the airline’s Executive Club frequent-flier program, the airline will credit your frequent-flier account for the trip after you’ve paid for it as well as for the amount charged on the card. If you’re not an Executive Club member, you will only receive credit for the $800 or so you spent on the ticket and you will have lost the chance for a shortcut to a free trip.

Bankruptcy filers targeted by credit card issuers - considered low credit risk

December 13th, 2005

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Looking for a post bankruptcy credit card – Orchard Bank Unsecured/Secured Credit Cards can help rebuild your credit Try Tribute Mastercardas well, perfect credit card for bankruptcy filers.
Credit cards solicit newly bankrupt

TACOMA, Wash., Dec. 11 (UPI)—Credit card companies are looking for new customers among many of the more than 2 million Americans who filed bankruptcy this year.

A new bankruptcy law makes it harder for the newly bankrupt to escape new credit card debt and extends to eight years from six the time before which they could liquidate their debts through bankruptcy again, The New York Times reported.

That makes them more attractive to the banking industry, which spent more than $100 million lobbying for the new law.

“The theory is that people who have just declared bankruptcy are a good credit risk because their old debts are clean and now they won’t be able to get a new discharge for eight years,” said John D. Penn, president of the American Bankruptcy Institute, a nonprofit clearinghouse for information on the subject.

The new law also requires many of those who do go back into bankruptcy to pay previous credit card bills that may have been excused under the old law, the newspaper said.

Credit Card Issuers for People who just Filed Bankruptcy
1. Orchard Bank
2. Tribute Mastercard

New details on the Citi® Professional Card

December 13th, 2005

Citi® Professional(SM) Card with Thank You(SM) Network

0% APR on purchases for 12 months*

10,000 ThankYou® Points after $250 in purchases, redeemable for a $100 gift card*

Get 3 ThankYou Points for every dollar you spend on purchases at restaurants, gas stations, on auto rentals and at certain office supply merchants*

1 ThankYou Point for every dollar you spend on other purchases*

Online Expense Organizer helps track, categorize and report expenses for billing, reimbursement and taxes

No Annual Fee

Apply Now!

Citi® Professional(SM) Cash Card

0% APR on purchases for 12 months*

Earn 3% cash back on purchases made at restaurants, gas stations, certain office supply merchants, and for auto rentals. Plus earn 1% cash back on other purchases.*