Fortune Watch

President Obama signed a legislation last year that brought around many changes to the Credit Card companies and users. Starting early this year, the credit card companies need to comply with a new set of rules. From now on, credit card companies cannot raise interest rates on purchases you already made on your existing balance. The bank won’t be able to charge you for spending more than your credit limit any more. The credit card bills will be more user-friendly, with the payments due on the same day each month and the consequences of paying just the minimum monthly payment clearly printed on it.

From now on, banks will need to send you a minimum 45 days prior notice before raising cash advance and late fees. Mandatory fees (like the annual or application fees) should be less than 25 percent of the credit limit, a rule that puts an end to the credit card company’s pursuit of people with poor credit histories.

The new rules are going to make it increasingly difficult for students to get credit card. For a start, no one under the age of 21 can get a credit card unless they have a co-signer or offer substantial proof of their ability to repay the debt. This move assures that no irresponsible student ends up having a large loan on his credit card without any means of repaying it. However, there’s one fee that has not been curbed, in spite of drawing serious flak from numerous customers for over a decade. Of course, we are speaking about the foreign transaction or currency conversion fee, a fee that earns several million dollars annually for the credit card companies.

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You can’t put it off any more. You need to – drum roll please – call your credit card company. If the thought of talking to a credit card company employee over Alexander Graham Bell’s invention makes you queasy, just keep in mind that being prepared is half the battle. You can get through this and you might even – gasp – get what you want.

Know when to call…and when to keep quiet

You should call your credit card company if:

*You always pay on time but are charged a late fee after missing a payment once. In this case, you can usually get the credit card company to waive the fee, but don’t try this if your record of payments is spotty.

*You don’t recognize a payment on your credit card. Sure, it may be embarrassing to realize on the phone that you charged Aunt Ethel’s present and forgot about it, but you need to report any suspicious activity just in case you are a victim of identity theft.

*You need a limit increase, a waived transfer balance, or a lowered interest rate. You should call when you have been a cardholder for some time and have made payments on time for at least six months. If your payment track record is not great, try paying on time for at least a few months before the phone call.
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Eleven people were recently indicted on multiple charges of fraud and identity theft after stealing more than 41 million credit and debit card numbers, according to Associated Press. The 11 who stole the credit and debt information by hacking into the wireless networks of some of the nation’s largest retailers.

It is believed to be the largest hacking and identity theft case ever prosecuted by the Department of Justice. The charges include conspiracy, computer intrusion, fraud and identity theft.

“While technology has made our lives much easier it has also created new vulnerabilities,” U.S. Attorney Michael J. Sullivan said in a statement. “This case clearly shows how strokes on a keyboard with a criminal purpose can have costly results.”

They used sophisticated computer hacking techniques, that would allow them to breach security systems and install programs that gathered enormous quantities of personal financial data, which they then allegedly either sold to others or used themselves, and in total, they caused widespread loses by banks, retailers, and consumers.

After the credit card information was stolen it was either sold or encrypted onto credit cards and used to make purchases and withdraw money from ATMs.

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If you are applying for a credit card, mortgage, car or personal loan, you should be familiar with the information included in your credit report. You are issued a number, known as a FICO score, which is calculated based on your previous payment history, number of debts with a balance, recent credit inquiries, and balance to available credit ratio.

I often hear remarks about ones Beacon Score for Credit Cards being low because of poor credit management. The Beacon Score (also called Fico Score) is one of the major factor in a credit analysis. Whenever you apply for a credit card, a mortgage, a personal loan or a line of credit, the financial institution will pull out a credit report and look at your score. If it’s not high enough, you could be declined base solely on this information.

Many consumers are aware that they can obtain a credit report, for a fee, from the three major credit reporting agencies. These include TransUnion, Experian and Equifax and they provide your credit report to loan officers, credit card companies, financial institutions and anyone whom you give permission to obtain a copy of your credit file. While many consumers know that credit reports can be obtained for a fee, many do not know that everyone is entitled to a free copy of their credit report from each of the 3 credit bureaus each year. Once every 12 months, you can visit and gain instant access to your free credit report online no fee needed.

When looking at a copy of your credit report, you will be able to view payment histories as submitted by each of your creditors, current and previous addresses along with any information included on public record. This may include civil judgments, bankruptcy or foreclosures, etc. If any of the information contained in your credit file is incorrect, you have the right to dispute that information directly with the credit bureau. At the time a dispute is submitted, the credit reporting agency will investigate and correct any errors that are made.

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If you need to cut your debt costs, a quick and easy way is to transfer your credit card balances to an introductory rate credit cards. In other words, you can get credit cards with low interest (or better still no interest at all).

Such special offers are designed to encourage people to swap credit card companies in return for a honeymoon period in which they pay little or no interest. Of course, the purpose is to gain a lot of customers who do in fact end up paying interest.

You can get credit cards with low interest from a number of different credit card providers. Monthly credit card interest costs place such a burden on many families that they struggle to meet everyday needs as a result. You can transfer your balance again as your low or zero interest periods come to an end. By doing this, you can ensure you are always paying little or no interest on your credit card balance.

No annual fee credit cards imply no charge for annual servicing of your account. No annual fee credit products may also include a balance transfer fee card offers card.

Most people who get credit cards with low interest or no interest do not think to transfer their balance to other balance transfer credit cards to avoid interest rates. It is certainly not an advertised strategy. However, if you have a large balance which will not be paid off within the special rate period, it is in your best interest to continue to transfer your balance until you have paid off your credit card entirely.

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Your first reaction when you hear discussion about Credit Cards and debt tells you that debt is bad and should be avoided. Well, credit cards or any type of debt are really just a financial tool, and when used properly, can be very beneficial.

For example, how many people could save up hundreds of thousands of dollars to buy a home with cash? It can be done, but it might take a few decades to reach that goal. Instead, by borrowing money you can use leverage to make the purchase now instead of waiting.

When you Apply for a Credit Card it is always advisable to search, compare and select for the right Credit card suitable to your needs. One of the most costly mistakes you can make with credit cards is getting into the habit of only paying the minimum amount due each month. While the minimum amount may be affordable; it will also cost you more money in the long run.It is easy to get into the habit of making only the minimum payments. They are low and it can free up cash flow for other areas of your finances. Unfortunately, paying the minimum can be very costly as demonstrated above. Even a very low balance can cost you more in interest and take over a decade to repay.

Compound this problem with multiple credit cards and higher balances and you can see why it can be so difficult to get out of debt.Credit cards do have their place in business just as they do in personal finance. They are a convenient way to make purchases and potentially receive cash back or other rewards. What you have to realize is that you should treat a Business Credit Cards just like you would a personal card. Only charge what you can afford to pay back, keep interest rates low, and make payments on time.

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A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user’s account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid to the merchant.

We all want credit card deals that offer great value! If you are one of those people who quite rightly want the best financial deals at their fingertips right now then have we got the site for you! There is everything from credit cards to mortgages to home insurance! About your money boasts to be the best financial comparison site on the Internet, but does it live up to its promises or fall flat on its face?

The site itself is highly organized and extremely accessible. You can literally lay your hands on anything you want from anywhere is the site within a matter of seconds, from interest free credit cards to home insurance quotes, which is something that cannot be said about the majority of comparison sites!

You can jump from balance transfer interest free credit cards to the home insurance best buys table in one click of the mouse, and find great deals on both! In fact, it seems that you can find great deals on all of the pages on the site. There is not one category that lets the site down so whatever you happen to be looking for; you are pretty much guaranteed to find it!

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Credit cards can be an excellent tool to help you manage your finances. But sometimes we make poor choices, or sometimes the events in life take us beyond our expectations and we are left to foot the bill. Perhaps you have had a few months of extra, unexpected expenses that you are now paying for. What can you do? Bank of America is known to help you manage your money successfully. If you see their terms and conditions they can assist you with you money management program.

Credit cards can be an excellent tool to help you manage your finances and buy the things you want or need. But when things go on a ride and your bills get out of hand, which happens to even the best of us, choosing a personal loan as a way to consolidate those bills will help you reduce your interest rates and set up a fixed amount of payment. Reduced interest rates will ultimately increase the amount of money you keep and a fixed amount due every month will help you plan your budget.

Gather together all of your credit card bills and add up the amount that you owe. Factor in the extra expenses you haven’t heard on your credit cards since you receive those bills. Add to that about ten or twenty per cent, which is the “whoops, I forgot about that” factor. Then, with that figure, start shopping around for a loan.

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An identity thief takes your personal information and uses it without your knowledge. The thief may run up debts or even commit crimes in your name. Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record.

As the name suggests, it is the theft of the personal information of another. The theft would be incomplete unless the information was used for some nefarious process, and it is in many different ways. Keeping your personal information from falling into the wrong hands will help you from becoming another identity theft victim.

The most common form of identity theft is not the stealing of credit card numbers. Instead, the devious individual is aiming for your social security number. Why? That number is the basis of many different financial transactions.

With a social security number, an identity thief can take many financial steps. They can open multiple credit card accounts. They even apply for a loan once they establish a second address.

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Credit cards can be an excellent tool to help you manage your finances. But sometimes we make poor choices, or sometimes the events in life take us beyond our expectations and we are left to foot the bill. Perhaps you have had a few months of extra, unexpected expenses that you are now paying for. What can you do?

Gather together all of your credit card bills and add up the amount that you owe. Factor in the extra expenses you haven’t heard on your credit cards since you receive those bills. Add to that about ten or twenty per cent, which is the “whoops, I forgot about that” factor. Then, with that figure, start shopping around for a loan.

Get the loan and pay off your credit card bills. If you think that you may still use your credit cards, you may want to hide them away so that you reduce the temptation to use them. Now, instead of having several credit card bills at a high interest rate due by the end of the month, you now have one bill that is due once a month at a lower rate. This is called consolidation. At first glance it may not seem obvious why you’d want to do this but there are two reasons:

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