Fed Says Fewer Americans Carry Credit Card Balances

June 13th, 2012 by Joshua Heckathorn

The Fed's most recent Survey of Consumer Finances was released earlier this week, and in spite of all the negative reports concerning shrinking incomes and net worth, it actually contained some tidbits of positive news regarding credit card debt. They're hard to find among all the other depressing information, but hey, I'll take what little good news we get these days!

Apple's possible mobile payments platform comes with significant potential

by admin on June 12, 2012

Many companies are now rolling out or testing their own versions of mobile wallet programs that allow consumers to use their smartphones as they would their credit cards, making use of near-field communications technology to complete purchases without swiping. But one of the world's best-known tech giants has largely stayed out of the game to this point, and some experts now believe that won't last much longer, according to a report from the New York Times.

There's No Such Thing as a Prepaid Credit Card

There are many different types of plastic to choose from out there. We have credit cards, debit cards, prepaid cards, and gift cards, but there's actually no such thing as a "prepaid credit card".

Updated by Joshua Heckathorn on Mon, 2012-06-11 17:00

Chase Freedom Visa Review: $100 Cash Back Promo

June 11th, 2012 by Joshua Heckathorn

Personally, I tend to stick with cards that offer an unlimited amount of rewards at a fixed amount per dollar spent. It's easier to keep track of and I hate worrying about "signing up" for cash back promotions each quarter. That said, Chase's $100 cash back sign-up bonus after spending just $500 during the first 3 months makes the Chase Freedom Visa Card more appealing than it has been at times in the past. If you're searching for a new cash back credit card and you prefer a card with no annual fee, here's 6 reasons why you may want to consider this latest offer from Chase:

Consumers continue eschewing cash in favor of credit and debit

by admin on June 10, 2012

While cash remains the most popular purchasing method overall, that is no longer the case when it comes to in-store retail purchases, according to new data from Javelin Strategy and Research. Debit and credit are now the most used purchasing methods when it comes to point of sale retail purchases, with debit coming in first and credit lagging only slightly behind.

Ask Creditnet: Will a Loan Modification Hurt My Credit Scores?

June 8th, 2012 by Joshua Heckathorn

Dear Creditnet: I'm thinking about applying for a loan modification so I can hopefully continue to afford the mortgage payments on my home, but I've heard it will really hurt my credit scores. Is that true? If so, what kind of hit can I expect my scores to take? -Wendy in CA

Consumer credit card debt tumbled in April

by admin on June 7, 2012

The amount of revolving credit carried by consumers in April fell 4.8 percent on a year-over-year basis, after spiking somewhat in the month of March, according to the latest statistics on consumer credit issued by the Federal Reserve Board. Revolving credit is typically considered to be any balance that can be added to or subtracted from between one month and another, and is most commonly associated with credit cards.

Auto Sales Up on Easier Credit

June 6th, 2012 by Joshua Heckathorn

Auto sales were up nearly 30 percent in May over the same month last last year. Meanwhile, the stock market saw its worst month in two years, consumer confidence weakened, and unemployment rates were still pitiful.

Yet, in spite of all the negative news, for some reason Americans ran out and snatched up 1.3 million cars and trucks. Why?

Head of ABA says credit card rules need changing

by admin on June 5, 2012

One provision of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 states that consumers over the age of 21 applying for a new account must provide proof of independent income sufficient to cover the costs they might incur on their card, according to an editorial by American Bankers Association president and chief executive officer Frank Keating for the Huffington Post.

Retailers now increasing value of in-store credit card offers

by admin on June 3, 2012

Retailers are now recognizing consumers' changing credit card borrowing habits and trying to entice them into spending more on their branded accounts by giving a larger number of more valuable perks to borrowers, according to Consumer Reports Money Adviser. Among the myriad benefits many national retail chains are now offering for their store-branded cards, the most popular seem to be cash back rewards and special sales open only to cardholders.