How to Use Credit Cards for Overdraft Protection

Sep 16, 2010 Posted Under: Credit Cards Info

A lot of people are currently having trouble making their credit card repayments, dealing with debt consolidation, and escaping a seemingly endless mound of debt. As well, many individuals have problems budgeting, especially predicting exactly how much their bills will be each month, which is the main reason late penalties and overdraft fees occur. Keeping an accurate record of expenditure can help prevent this, but in some cases human error is inevitable, which is why overdraft protection is essential.

Overdrafting to Pay Credit Card Bills

Rather than risking a late penalty or having a credit card account penalized with higher rates because of a missed payment, most people choose to overdraft their bank account balance instead. Or, some people make a simple mistake and type the wrong amount into the bank or credit card’s billpay system, causing an overdraft. R

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Pensioners hit by record credit card debt

Sep 14, 2010 Posted Under: Credit Cards Info

Cash-strapped pensioners owe a record £ 1.1bn on their credit cards as they struggle with meagre interest rates and soaring inflation.

Revised Rules for Student Credit Cards

Sep 13, 2010 Posted Under: Credit Cards Info

Most fully mature adults have experienced some form of debt in their life, and this is by no means considered abnormal. Even so, dealing with debt as an adult is just as difficult as dealing with it during the college years, and some people never escape credit card debt. In the last decade, this pattern has transferred from being seen in middle aged adults, to being an epidemic amongst young adults with student credit cards.

Young people are going into debt at an alarming rate, with an endless sea of temptations that beg the student to swipe the magic plastic card at every store in the mall. In fact, studies have shown that more than 80% of students do not repay their credit card balances in full each month, which means they are accumulating debt. This statistic shows a trend towards financial irresponsibility, and perhaps even more disappointing is the fact that credit card companies are largely responsible for causing this trend.

Tempting Advertising Tactics

It has become obvious that credit card issuers will do just about anything to attract new customers.

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Cause and Effect On The CARD Act

Sep 13, 2010 Posted Under: Credit Cards Info

The Card Act, or any consumer protection act, is always about tradeoffs.   You can make the rules more restrictive, but you have have to expect that the companies will try to make money in ways that you didn’t restrict.

Getting It Wrong About CARD

I recently came across this article about the CARD Act over at the Huffington Post.   In it, Tim Chen argues that “We Will All Have to Pay for Financial Reform”.    He argues against financial reform by quoting various bank CEOs saying that they will just have to raise other prices to counter their losses due to regulations.     My problem comes when he compares financial regulation to the CARD Act:

The same concept applies to credit cards as well. The CARD Act was meant to end the practices of imposing exorbitant fees and 30% penalty APRs on late credit card payments, along with other such evils. But in their

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Credit card usage declines in India

Sep 11, 2010 Posted Under: Credit Cards Info

The severe cold calls by banks to customers for pushing credit cards , it always seemed evident to analysts that the market for credit card would continue to grow in India.

But recent data released by Reserve Bank of India says a different story altogether. The data shows that the usage of credit cards has shown a decline in the country.

Moreover, the usage of credit card is not only declining but plastic money is also underutilized in India.

” Debit cards have had a slow start and their growth only took off in the last three years. On the other hand, credit cards grew faster since inception, with the growth turning negative in the latest year,” noted IIT- Bombay faculty Ashish Das, who authored a paper ‘Cashless payment system in India A roadmap’.

From the year 2005 to 2008, there was a surge in the credit card business in India. The credit card market was found to grow by more than a crore in the three year span.

But things changed after the global economy was hit by the financial crisis.

“We have seen several customers surrender their credit cards.

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Credit Card Loyalty Improved Among Consumers Thanks to CARD Act

Sep 10, 2010 Posted Under: Credit Cards Info

A new report from J.D. Power and Associates found consumers have not been very loyal to their credit cards in 2010. However, this news isn’t entirely bad since credit card loyalty among consumers has managed to improve since 2009.

Satisfaction is Rebounding

According to the report released on Tuesday, consumers may be less willing to take advantage of new credit card offers than in the past. Well, that’s according to the 22 percent of consumers surveyed who said they will not be switching primary cards. Though this percentage may seem pretty low, especially in comparison to 30 percent who felt this way in 2008, it is still an improvement over the 3-year low number of satisfied cardholders in 2009.

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Credit CARD Act Has Made a Difference

The researchers for J.D. Power seem to think that the changes that have taken effect as a result of the Credit CARD Act have been a contributing factor in consumers feeling a bit more satisfied with their credit cards.

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Federal Bank links ATMs to NFS

Sep 9, 2010 Posted Under: Credit Cards Info

Private sector lender, Federal Bank has linked its ATM network to National Financial Switch (NFS). NFS is managed by National Payments Corporation of India (NPCI).

NFS is currently the largest network of shared ATMs in India.

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Ten Tips for Credit Card Holders

Sep 8, 2010 Posted Under: Credit Cards Info

Credit cards can be a financial blessing or the cause of years of debt, depending on how they’re used. Reaping maximum benefits from a credit card requires awareness and understanding of various card terms and conditions. The following ten tips for credit cardholders should help anyone avoid some of  the debt pitfalls often associated with irresponsible and misinformed credit card selection and usage.

1. Understand the Terms and Conditions

Most credit card companies will not advertise the negative aspects of their cards, which is why it is necessary to thoroughly examine the terms and conditions before applying for any card. Never apply for a card without first being sure about every sentence in the card contract. Even a small misunderstanding could lead to unnecessary fees and penalties, so don’t be afraid to ask questions if the terms and conditions are confusing.

2. Look

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