Wells Fargo to Pay Your Foreign ATM Fees

Feb 14, 2011 Posted Under: Credit Cards Info

If you were among the handful of Wells Fargo impacted by uncooperative ATMs this past week within their network, your ATM fees will be reimbursed if you turned to an out-of-network ATM. After its 12,000 ATMs crashed Monday and lasted well into the evening, the Bank blamed a systems issue. Fees reimburse includes any fee Wells Fargo/Wachovia or another bank may have assessed for using an out-of-network machine, plus the fee charged by the out-of-network ATM. Wells Fargo charges $2.50 for withdrawals on its accounts made at alternative ATMs, and the bank or other entity that owns the alternate ATM often charges its own fee of $2 or more.

Bank of America Adding Annual Fee to Some Credit Cards

Feb 13, 2011 Posted Under: Credit Cards Info

In a bid to mitigate risk, Bank of America is adding a $59 annual fee to select credit cards, according to ABC News.

The Charlotte-based bank began sending notices out to card holders last week, and will assess the annual fee on May credit card statements.

The change doesn’t affect a specific credit card issued by the bank, but rather a specific type of card holder.

Those with lower-than-average Fico scores and those who often make late payments are being targeted.

Additionally, many of those subject to the fee don’t have any other relationship with Bank of America, such as a checking and/or savings account.

Bank of America said the average customer being assessed the annual fee has an interest rate of 14%, and noted that such customers wouldn’t qualify for such a credit card today.

This looks to be a loophole around the new credit card rules, which prohibit interest rate hikes in the first year an account is opened, or on existing balances.

We were all warned that the credit card companies would come up with some way to fund the shortfall tied to the new rules, and this appears to be one way.

A company spokesperson said roughly 5% of the bank’s credit card customers would be affected.

This news makes it all the more clear that having a good credit score is even more important going forward.

Credit Card Skimmers Could Break Your Bank

Feb 13, 2011 Posted Under: Credit Cards Info

A new warning from the Identity Theft Resource Center (ITRC) says thieves are now skimming RFID information in order to steal credit card and debit card information. According to the not-for-profit organization, identity thieves are able to harvest numbers and personal details from new debit and credit cards by brushing past a purse or wallet.

How is the New RFID Technology Scanned?

Many credit and debit card issuers have started releasing cards to the public that come equipped with an embedded radio frequency identification (RFID) chip.  The cards use radio waves to transmit card information by simply swiping it through the air in general proximity of the card reader.

While the new technology makes it simple to complete card transactions, the ITRC says it makes identity theft simple as well. By

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GSM/GPRS-based machines launched by ATM maker NCR

Feb 11, 2011 Posted Under: Credit Cards Info

ATM machine manufacturer NCR Corp has come up with a set of four new GSM/GPRS-based machines. The motive behind the introduction of these new machines is to add on to the rising opportunities from the financial inclusion of the government.

The new machines also include two real time cash depositors which are aimed at increasing the penetration of the cash dispensation market.

“These launches further establish our commitment to this market, which by the number of our employees, is already the second largest market outside our home market US,” NCR India Managing Director Jaivinder Gill said.

Apart from ATM manufacturing, the company also ventures in retail, travel and marketing software solutions for the banking industry. It has also come up with a service named NCR Aptra e-Marketing software. Using this software, bankers can go for customized marketing channels.

“We are very bullish about these products and have already received 3,000 bookings for these models.

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Three Reasons to Use Credit Cards for Monthly Expenses

Feb 11, 2011 Posted Under: Credit Cards Info

Credit cards can be excellent money management tools for organizing and paying monthly living expenses, especially when used properly. Aside from the obvious benefits, such as being able to repay the monthly expenses over the course of a year in small increments, using credit cards to pay recurring bills carries a number of other advantages as well. Consider the following three reasons to use credit cards for monthly expenses.

Establishing and Maintaining a Budget

Although it is possible to design a comprehensive monthly budget which can be adhered to using cash, debit, checks and other basic payment methods, using a credit card will provide simplified expenditure monitoring and recording which can greatly enhance the accounting process. By having access to all of the details which pertain to all of the transactions conducted during the monthly cycle within a centralized online banking interface, it is possible to effectively maintain and revise a sustainable budget month after month.

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Customer charged 79% Interest by Credit Card Company: It’s like Highway Robbery

Feb 10, 2011 Posted Under: Credit Cards Info

58 year old Ms. Toni Riss of Texas was happy when her application was approved by First Premier Card but she almost got a heart attack when she found that she has been charged 79 percent interest instead of the starting rate of 29.9 percent.

Around the same time Ms Riss made her charge, First Premier bank came up with a new credit card for which the interest rate was 79.9 percent. However, when many had bad debts on this card, they brought it down to 59.9 percent CNN said. 700,000 people signed up for the card later and the majority had a balance at the end of the month according to CEO of the Bank Miles Beacom.

According to card act, high interest rates are legal. Though they charge high interest rate for their credit card, they have heavy demand from those who have bad credit. The bank says that there are 3 million customers and gets around 200,000 to 300,000 applications per month. It also issues 50,000 cards a month.

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Consumer Credit Scores Fell Two Points Since January 2010

Feb 8, 2011 Posted Under: Credit Cards Info

Consumer credit scores fell a whopping two points since January 2010, according to a survey released this week by Credit Karma.

The company, which provides a quasi free credit score, said the national average credit score was 667 last month, down one point from December and two points from January 2010.

That’s much lower than the so-called average credit score from Fico, which weighs in at a healthy 713.

Consumers in Los Angeles and Philadelphia fared the worst, with credit score declines of five points, while New York residents saw an average decline of four points, and Chicago, Houston and Seattle residents saw three point declines.

However, seven states, including Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma and South Carolina still have what’s considered fair to bad credit scores of 650 or lower.

The report revealed that Massachusetts had the highest credit score nationally with an average score of 685, while Mississippi was lowest at 631.

Since January 2010, the average consumer with an account:

- Decreased credit card debt 9% to $7,200
– Decreased home mortgage loan balances 4% to $173,967
– Decreased home equity 5% to $49,469
– Increased auto loans 3% to $15,140
– Increased student loans 9% to $28,715

Remember, the best way to raise your credit score is to simply pay all bills on time and keep debt levels low.

If you’re curious where you stand credit wise, click to get all 3 credit scores free for 30 days.

Saving Money on Existing Balances and New Purchases Using 0% APR Credit Cards

Feb 6, 2011 Posted Under: Credit Cards Info

The majority of credit card offers sent out in the mail today promise a 0% APR (annual percentage rate) introductory period which lasts anywhere from three months to a year, depending on the credit score of the potential applicant, the credit card issuer and the specific terms of the product on offer. Interest-free introductory periods can be used to repay existing outstanding balances without incurring additional interest charges and they can also be used to save money on new purchases. The following information discusses several ways 0% APR credit cards can help to save money on existing balances and new purchases.

0% APR Credit Cards for New Purchases

The amount of money which can be spent on new purchases during an introductory period, without incurring interest charges, depends on a variety of factors like the introductory period and the overall credit limit available to the cardholder.

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