Citi Simplicity Credit Card Review

April 2nd, 2012 by Joshua Heckathorn

Citibank finally "got the memo"—credit card users hate fees! In response, they've given us the Citi Simplicity Card, which is definitely the best credit card on the market right now for those that have a severe aversion to fees, want a 0% interest credit card, and like to keep their finances simple. Here are my top 4 things to love about the new Citi Simplicity Card:

As offers grow more valuable, consumers still slow to adopt

by admin on March 31, 2012

Consumers' attitudes toward credit card use changed dramatically during the recent recession and though many card issuers are now sending out offers, even those that are being accepted may not be as profitable as they once were, according to a report from the Wall Street Journal. In many cases, affluent consumers may be spending more on their cards than they were in the past, but they may not be carrying the balances they used to as a means of keeping their debt payments down.

IRS Offers New Penalty Relief for Unemployed & Self-Employed

March 30th, 2012 by Joshua Heckathorn

Uncle Sam is usually a pretty unforgiving guy, but if you were unemployed in 2011 he might be willing to cut you some slack on your taxes this year. While Uncle Sam will of course want the full amount of taxes you owe at some point in time, you may be eligible to receive extra time to pay your 2011 tax bill without incurring additional failure-to-pay penalties (.5% to 1% of your unpaid taxes for each month up to 25 percent of your unpaid taxes). That could save you as much as $500 per month!

Borrowers putting car payments ahead of credit cards and home loans

by admin on March 29, 2012

Consumers seemed to be far more focused on making their car payments than any other lines of credit last year, according to a recent study by the credit bureau TransUnion. In all, just 9.5 percent of borrowers were late on their car payments last year while remaining current on their credit cards and mortgage bills. By contrast, 17.3 percent allowed their cards to fall delinquent while maintaining the others, and 39.1 percent were late on their mortgage payments.

American Express Prepaid Debit Card Now Allows Direct Deposit

March 28th, 2012 by Joshua Heckathorn

The American Express Prepaid Card hit the market in 2011 and garnered a great deal of attention since it had a very low fee structure compared to competing prepaid debit cards. Unfortunately, the card offer was quickly criticized by a lot of consumers as well because it lacked a key component— the ability to direct deposit paychecks onto the card. For consumers without bank accounts who might have been interested in the American Express Prepaid Card because of its low fee structure, the inability to set up direct deposit from their employers was often a total deal killer. Amex's $200 limit on ATM cash withdrawals wan't that appealing to potential cardholders either.

Ask Creditnet: Pay Off Credit Cards vs. Installment Loan

March 26th, 2012 by Joshua Heckathorn

Dear Creditnet: Will it be better for my credit scores if I pay down my credit card debt (I have about $8000 in balances) or pay off an installment loan of $10,000? I am looking to buy a home in the next year and I need to improve my credit score about 50 points. - Pete from GA

Improving credit conditions help Discover

by admin on March 25, 2012

Discover Financial Services recently announced that it saw profits jump 36 percent in the fiscal first quarter as consumers both slashed delinquency and default and also began to use their credit cards more often, according to a report from the Wall Street Journal. In the latter case, the amount of money consumers spent on their Discover cards climbed 7 percent on an annual basis to a total of $25.6 billion in the three-month period.

New Sony smartphone may help promote digital wallet adoption

by admin on March 23, 2012

The new smartphone from Sony known as the "Xperia sola" could help to push more consumers toward adopting digital wallet purchases because of the near-field communications technology that comes embedded in the device, according to a report from TG Daily. The reason some think this phone is different from the handful of other NFC-enabled smartphones currently on the market in the U.S. is that it allows for uses beyond digital wallet platforms.

To Sign or Not to Sign? Does the "See ID" Practice Really Work?

March 23rd, 2012 by Joshua Heckathorn

There's a lot of confusion among consumers about whether writing ‘See ID” on the back of a credit card is a smart move. I can certainly understand why, since there's a great deal of conflicting information available on the web. While it’s tough to prove this practice will actually prevent identity theft, I personally find it hard to believe it hurts. However, as far as Visa and Mastercard are concerned, a credit card is technically not valid unless it's signed. Merchants are even instructed to not accept credit cards without signatures.

PayPal hopes to cut into Square's territory with mobile card reader

by admin on March 21, 2012

PayPal, the payment processing division owned by eBay, will soon announce plans to launch its own mobile credit card payment processing device to compete directly with industry leader Square, according to a report from Bloomberg News.